16 April 2024
FY24 Post Close Trading
Statement
Volume growth led delivery at
the top end of guidance
B&M European Value Retail S.A.
("the Group"), the UK's leading variety
goods value retailer, today provides an
update for the 53 week financial reporting period to 30 March 2024
("FY24").
Highlights
Fascia revenue
performance
|
FY24
£m
|
FY24
y-o-y %
|
FY23
y-o-y
%
|
|
B&M
UK1
|
£4,410m
|
8.5%
|
4.0%
|
|
B&M France
|
£514m
|
19.2%
|
22.1%
|
|
Heron
Foods
|
£560m
|
15.3%
|
18.1%
|
|
|
|
|
|
| |
|
|
|
|
|
|
·
|
Group revenues of £5.5bn increased
by 10.1%
(+10.1% constant
currency2) underpinned by
volume growth and positive like-for-like3 ("LFL") performance. Group revenue
growth also benefitted from the extra week of trading and early
Easter timing, which will not be repeated in FY25
|
·
|
B&M UK Q4
LFL3 was 2.9% in the
14 week period to 30 March 2024. This was driven by strong volume
performance across both FMCG and general merchandise. FY24 B&M
UK LFL3 was 3.7%, driven
by increased customer transaction numbers
|
·
|
Opened 47 B&M UK gross new
stores, two ahead of previous guidance. The openings are trading
well, including those Wilko stores acquired in the year, which are
performing ahead of expectations
|
·
|
FY24 Group adjusted EBITDA (pre-IFRS
16) is expected to be £629m, at the top end of our £620m-£630m
guidance range. This is a 9.8% increase versus FY23 (FY23: £573m)
and 83.9% higher versus FY20
|
·
|
Strong operating cash generation,
supported by a clean inventory exit position, has resulted in
leverage4 beneath 1.2x (FY23:
1.3x), after payment of a £201m special dividend in February
2024
|
·
|
Cumulative cash distributions of
£1.8bn paid during the financial periods between FY21 and FY24,
demonstrating a continued disciplined approach to capital returns
and shareholder value creation
|
|
|
|
|
| |
Alex Russo, Chief Executive, said,
"The Group
has performed well in the year delivering strong operational
execution. We serve our customers through a relentless focus on
everyday low prices (EDLP), great product ranges and excellence in
operational standards. This delivers profitable, cash generating
growth for our shareholders. The business and team are well set up
for the year ahead, our pipeline remains on track to open not less
than 45 UK B&M stores in each of the next two financial years
and our French and Heron businesses continue to demonstrate
significant profitable growth potential."
Notes:
1.
References in this announcement to the B&M
business include the B&M fascia stores in the UK except for the
'B&M Express' fascia stores. References in this announcement to
the Heron Foods business include both the Heron Foods fascia and
B&M Express fascia convenience stores in the UK.
2. Constant
currency comparison involves restating the prior year Euro revenues
using the same exchange rate as that used to translate the current
year Euro revenues.
3. One-year
like-for-like revenues relate to the B&M UK estate only
(excluding wholesale revenues) and are based on either 53 week vs.
53 week or 14 week vs. 14 week comparison periods. They include
each store's revenue for that part of the current period that falls
at least 14 months after it opened compared with its revenue for
the corresponding part of FY23. This approach has been adopted as
it excludes the 2-month halo period which new stores experience
following opening.
4. Defined as Net
Debt (pre-IFRS 16, excluding capitalised operating leases) / Group
Adjusted EBITDA (pre-IFRS16).
Conference call
There will be a conference call for
investors and analysts to discuss this trading update on Tuesday 16
April 2024 at 09:00am (UK). Investors and analysts should register
for the call using the following link:
https://register.vevent.com/register/BI8ced413966e749d2a90707c64b580de0
Preliminary Results Presentation - Wednesday 5th June 2024 at 09:30 GMT
Enquiries
B&M European Value Retail
S.A.
For further information please
contact: +44 (0) 151 728 5400 Ext. 6363
Alex Russo, Chief Executive
Officer
Mike Schmidt, Chief Financial
Officer
Dave McCarthy, Head of Investor
Relations, Investor.relations@bandmretail.com
Media
For media please contact:
Sam Cartwright, H-advisors,
sam.cartwright@h-advisors.global +44 (0) 7827 254
561
Jonathan Cook, H-advisors,
jonathan.cook@h-advisors.global
+44 (0) 7730 777 865
Disclaimer
This announcement contains
statements which are or may be deemed to be 'forward-looking
statements'. Forward-looking statements involve risks and
uncertainties because they relate to events and depend on events or
circumstances that may or may not occur in the future. All
forward-looking statements in this announcement reflect the
Company's present view with respect to future events as at the date
of this announcement. Forward-looking statements are not guarantees
of future performance and actual results in future periods may and
often do differ materially from those expressed in forward-looking
statements. Except where required by law or the Listing Rules of
the UK Listing Authority, the Company undertakes no obligation to
release publicly the results of any revisions to any
forward-looking statements in this announcement that may occur due
to any change in its expectations or to reflect any events or
circumstances arising after the date of this
announcement.
About B&M European Value Retail S.A.
B&M European Value Retail S.A.
is a variety retailer with 741 stores in the UK operating under the
"B&M" brand, 335 stores under the "Heron Foods" and "B&M
Express" brands, and 124 stores in France also operating under the
"B&M" brand as at 30 March 2024. It was admitted to the FTSE
100 index on 21 September 2020.
The B&M Group was founded in
1978 and listed on the London Stock Exchange in June 2014. For more
information, please visit www.bandmretail.com