Business
FY23 Preliminary Results
FY23 Preliminary Results.
About this update from B&m European Value Retail Plc
[{"type":"text","content":"\n\n\n \n31 May 2023\nB&M European Value Retail S.A.\n \nFY23 Preliminary Results Announcement\n \nStrong growth and disciplined delivery in FY23, excellent profitable momentum into FY24\n \nB&M European Value Retail S.A. (\"the Group\"), the UK's leading variety goods value retailer, today announces its Preliminary Results for the 52 weeks to 25 March 2023 (\"FY23\"). \n \nHIGHLIGHTS\n\n\n\n\n\n· \n\n\nGroup revenues of £4,983m were 30.7% ahead of pre-pandemic FY20 levels on a constant currency1 basis\n\n\n\n\n· \n\n\nGroup adjusted EBITDA4 (pre-IFRS 16) of £573m normalising from COVID boosted FY22 of £619m; in line with guidance and significantly ahead of pre-pandemic FY20 levels of £342m\n\n\n\n\n· \n\n\nGroup adjusted EBITDA4 (pre-IFRS 16) margin of 11.5% has stepped up compared to the 9.0% achieved in FY20. Group adjusted EBITDA4 (post-IFRS 16) was £796m (FY22: £828m)\n\n\n\n\n· \n\n\nGroup cash generated from operations was £866m (FY22: £598m), year-on-year (\"YoY\") growth of 44.8% reflecting planned stock reductions of £99m YoY and inventory discipline\n\n\n\n\n· \n\n\nGroup statutory profit before tax of £436m (FY22: £525m) with statutory diluted earnings per share 34.7p (FY22: 42.1p)\n\n\n\n\n· \n\n\nB&M UK LFL customer transaction numbers increased every month since June - demonstrating underlying growth and widening of appeal\n\n\n\n\n· \n\n\nB&M UK fascia2 revenue increased by 4.0% YoY, driven by one-year like-for-like3 (\"LFL\") revenue increase of 0.7% and the increase in space through new store openings. Q4 LFL run rate of 3.2%, exiting the year with momentum\n\n\n\n\n· \n\n\nB&M UK fascia adjusted EBITDA4 % (pre-IFRS 16) normalised to 12.4% (FY22: 14.4%), with a full year trading trading gross margin8 % reduction of 148 bps. Trading gross margins significantly improved into the second half versus the first, with a 92 bps reduction versus last year...