Business
Preliminary Results
Preliminary Results.
About this update from B&m European Value Retail Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6467A\n B&M European Value Retail S.A.\n 03 June 2021\n \n \n \n \n \n \n \n \n 3 June 2021\n \n \n B&M European Value Retail S.A.\n \n \n \n \n \n FY21 Preliminary Results Announcement\n \n \n \n \n \n An Exceptional Year\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 Preliminary Results for the 52 weeks to 27 March 2021 (\"FY21\").\n \n \n \n \n \n HIGHLIGHTS\n \n \n · \n Group revenues increased by 25.9% to £4,801.4m (FY20: £3,813.4m), 25.7% on a constant currency basis1\n \n \n · \n B&M UK fascia2 revenue up 29.9%, including like-for-like3 (\"LFL\") revenue growth of 23.8% within which H1 was 23.0% and H2 was 24.5%\n \n \n · \n Group adjusted EBITDA4 (pre-IFRS16) increased by 83.0% to £626.4m (FY20: £342.3m) with an exceptional adjusted EBITDA4 margin of 13.0% (FY20: 9.0%) driven by higher sales densities, an elevated gross margin due to lack of markdown activity and operating leverage in the core B&M UK business\n \n \n · \n Group statutory profit before tax, stated post-IFRS16, increased 108.5% to £525.4m (FY20: £252.0m) with statutory diluted earnings per share 42.7p (FY20: 19.5p6)\n \n \n · \n 43 gross new B&M UK store openings, weighted towards H2 following initial delays caused by Covid-19 at the start of FY21, offset by 18 closures \n \n \n · \n Babou delivered an adjusted EBITDA4 of £11.1m (FY20: £(3.0)m), despite the disruption caused by 10 weeks of lockdown restrictions. FY21 ended with a total French estate of 104 stores, of which 73 now trade as \"B&M\" \n \n \n · \n Cash generated from operations of £944.0m (FY20: £539.5m), reflecting EBITDA growth and tight working capital discipline\n \n \n · \n Year-end net debt5 of £519.8m, with net debt5 to adjusted EBITDA4 leverage ratio (pre-IFRS16) of 0.8x (FY20: 1.0x), comfortably within our stated leverage ceiling of 2.25x\n \n \n · \n Rewarded colleagues and invested in the communities we serve through the payment of colleague recognition bonuses in relation to Covid-19 and the creation of over 7,200 new UK jobs\n \n \n · \n Recommended final dividend7 increased by 140.7% to 13.0p per share (FY20: 5.4p), bringing the full year ordinary dividend to 17.3p per share (FY20: 8.1p), at...