B&M special divi as H1 revenue soars 25% to £2.2bn

Liverpool-based B&M European Value Retail said on Thursday its revenues increased 25.3% to £2.24 billion in the 26 weeks to September 26, 2020, while profit before tax increased 122.4% to £235.6 million.

B&M is proposing a special dividend of 25p per share — equating to £250 million — to return surplus cash to shareholders. 

An ordinary half year dividend of 4.3p per share and the special dividend will be paid as one interim dividend together on December 4, 2020 to shareholders on the register at November 20, 2020.

The dividend payment will be subject to a deduction of Luxembourg withholding tax of 15%.

B&M is based in Liverpool and registered in Luxembourg — but its shares trade in London, where its stock has risen 45% in the past 12 months to give the firm a current stock market value of around £5 billion.

B&M CEO Simon Arora said: “The group delivered a strong performance in the first half, with our business model proving well-attuned to the evolving needs of customers. 

“Our combination of everyday value across a broad range of product categories and convenient Out of Town locations has proved popular with shoppers.  

“During such challenging times, we have been proud to play an active role in supporting the communities in which we operate, having created over 1,800 new jobs across the group during the past six months in addition to repaying the £3.7m furlough support originally received during the height of the crisis.  

“I am proud of the way in which our colleagues have risen to the many challenges posed by Covid-19.  

“I thank them for the commitment, hard work and resilience they have demonstrated in keeping our shelves filled and maintaining an environment which is as safe as possible for our colleagues and customers. 

“Despite the wider economic uncertainty and ongoing restrictions related to Covid-19, we remain confident in our business model and future prospects.”