Business
FY22 Interim Results
FY22 Interim Results.
About this update from B&m European Value Retail Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0080S\n B&M European Value Retail S.A.\n 11 November 2021\n \n \n \n \n \n \n \n \n 11 November 2021\n \n \n B&M European Value Retail S.A.\n \n \n \n \n \n FY22 Interim Results Announcement\n \n \n \n \n \n Strong sales and profit growth versus pre-pandemic levels\n \n \n \n \n \n B&M European Value Retail S.A. (\"the Group\"), the UK's leading variety goods value retailer, today announces its interim results for the 26 weeks to 25 September 2021.\n \n \n \n \n \n HIGHLIGHTS\n \n \n · \n Group revenues increased by +1.2% on prior year to £2,268.0m (+1.4% constant currency1) \n or +26.8% on a two-year basis versus H1 FY20\n \n \n · \n B&M UK fascia2 revenue up +1.3% on prior year, with like-for-like3 (\"LFL\") revenues decreasing by (5.0)% \n \n \n o \n On a two-year basis vs H1 FY20, LFL revenues were +16.8% as sales densities remained significantly higher than pre-pandemic levels \n \n \n · \n Gross margin in the B&M UK business was particularly strong, driven by a change in the sales mix towards General Merchandise and high sell-through across Spring/Summer seasonal ranges leading to limited markdown activity\n \n \n · \n Group adjusted EBITDA4 of £282.2m on a pre-IFRS16 basis versus £295.6m5 in the prior year, or £255.7m in the prior year on a comparable basis when reflecting the voluntary charge relating to business rates subsequently made in H2 FY21\n \n \n o \n On a two-year basis versus H1 FY20, Group adjusted EBITDA4 increased +86.4% due to higher sales densities and a favourable sales mix\n \n \n · \n Group statutory profit before tax (post-IFRS16) increased +2.4% to £241.4m (H1 FY21: £235.6m5) and Group adjusted profit before tax4 (pre-IFRS16) decreased by (6.2)% to £238.0m (H1 FY21: £253.6m5)\n \n \n · \n Statutory diluted earnings per share of 19.0p (H1 FY21: 18.7p) and adjusted diluted earnings per share4 of 18.7p (H1 FY21: 20.1p)\n \n \n · \n 14 gross new B&M UK store openings and 9 store closures in H1 FY22\n \n \n · \n More challenging trading conditions in Heron Foods as average transaction values for grocery shopping normalise to pre-pandemic levels, but satisfactory earnings through careful cost control and cash discipline\n \n \n · \n Strong strategic and financial progress in France, with 100 o...