Liverpool-based B&M European Value Retail said its group revenues rose 22.4% to £2.97 billion in the 53 weeks to March 31, 2018, and profit before tax increased 25.4% to £229.3 million.

B&M CEO Simon Arora said: “The B&M model is highly relevant for the current difficult economic environment, with its strong position in the value and convenience areas of retailing where physical stores are winning.

“The business is well placed for continued profitable, long-term growth.

“In a retail sector beset by structural challenges B&M’s unique, disruptive model stands out as a success story.”     

B&M’s recommended final dividend increased 23.1% to 4.8p per share, bringing the full year ordinary dividend to 7.2p per share, an increase of 24.1%.

B&M said 47 gross new B&M UK stores opened in the period “and at least a further 45 net new stores are planned for this financial year as we benefit from the availabilty of attractive new store opportunities.”