Business
Preliminary Results Announcement
Preliminary Results Announcement.
About this update from B&m European Value Retail Plc
[{"type":"text","content":"\n \nRNS Number : 9610Z B&M European Value Retail S.A. 23 May 2019 \n\n \n \n23 May 2019\nB&M European Value Retail S.A.\n \nPreliminary Results Announcement\n \nStrong Q4 and On-going Performance\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 30 March 2019.\n \nHIGHLIGHTS\n \n● Group revenues1 increased by 17.1% to £3,486.3m (2018: £2,976.3m), 17.0% at constant currency2 for the 52 week comparable period to the previous year\n \n● UK B&M3 store fascia revenue1 growth of 8.7%, including Like-for-Like revenue4 growth of 0.7% for the year, including 5.8% in the fourth quarter, unadjusted for Easter timing (+6.7% after Easter adjustment)\n \n● Group profit before tax increased by 8.7% to £249.4m for the 52 week period (2018: £229.3m), diluted earnings per share 20.5p (2018:18.6p)\n \n● UK B&M store fascia Adjusted EBITDA1&5 growth of 13.5% to £297.0m (2018: £261.7m), with a 45bps increase in margin to 10.6% of revenue\n \n● Important progress clearing out slow-moving inventory in both Germany and France with more work to be done to implement the direct sourcing model in those markets\n \n● Cash generated from operations of £259.4m for the 52 week period (2018: £242.0m), year-end net debt6 of £621.6m and net debt6 to EBITDA of 1.99x, which equates to 1.75x excluding the capital expenditure incurred to date on the Bedford distribution centre (2018: 1.72x)\n \n● Recommended final dividend7 increased to 4.9p per share (FY18: 4.8p) to be paid on 2 August 2019, bringing full year ordinary dividend to 7.6p per share, an increase of 5.7% \n \n● 44 net new B&M UK fascia stores opened in the period (54 gross) and at least a further 50 gross new stores planned for this financial year, benefiting from plentiful availability of attractive new store opportunities \n \n● New 1m sq ft distribution centre under construction in Bedford (to support UK store expansion needs for foreseeable future) on schedule for January 2020 commissioning, with rental and commissioning costs of c.£12m being incurred in FY20 before operational efficiencies are realised in FY21 \n \n● Pleasing start to Q1 with mid-single digit Like-for-...