Business
Directorate Change and Update on FY25 Guidance
Directorate Change and Update on FY25 Guidance.
About this update from B&m European Value Retail Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 (\"EU MAR\") AND ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM (THE \"UK\") BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"UK MAR\").\n24 February 2025\n\nB&M European Value Retail S.A.\n(the \"Company\")\nDIRECTORATE CHANGE AND UPDATE ON FY25 GUIDANCE\nThe Company today announces that Alex Russo has advised the Board of his intention to retire as Group Chief Executive and a Director of the Company with effect from 30 April 2025.\nThe Board is in the advanced stages of a recruitment process to appoint a new CEO with the support of a leading executive search firm, and will provide an update in due course.\nThe Company today updates its previously disclosed profit guidance range. FY25 Group adjusted EBITDA (pre-IFRS 16) is now expected to be in the range of £605m to £625m, which reflects the current trading performance of the business, an uncertain economic outlook and the potential impact of exchange rate volatility on the valuation of our stock and creditor balances which is a non-cash item.1 The Company looks forward to releasing its FY25 Post Close Trading Update at the end of April 2025.\nTiffany Hall, Chair of the Board, said:\n\"I would like to thank Alex for his commitment, energy, dedication and hard work since joining the business in 2020 and, in particular, since becoming CEO in September 2022. Alex has increased our store footprint in both UK and France and driven a relentless focus on high operational standards and low costs, enabling the Company to provide great products and everyday low prices to our customers whilst generating continued strong cash returns for our shareholders. We wish him well for the future.\"\nAlex Russo said:\n\"I have thoroughly enjoyed my time at B&M since joining in 2020. The business has been successfully steered through the pandemic years and is now larger and stronger with group revenues increasing by almost 50% and cash distributions to shareholders in excess of £2.0 billion during my tenure. It has been professionally rewarding to assemble and work with a high quality leadership team and to retire leaving growing businesses with great potential in both UK and France. I...