B&M pays £200m special dividend, extra wages

Liverpool-based B&M European Value Retail said on Thursday it will pay a further special dividend of 20p per share — equating to £200 million in total — as it announced revenue rose 22.5in its third quarter to December 26, 2020. 

The special dividend will be paid on January 29, 2021, to shareholders on its register at January 15, 2021.

B&M also said it will also give 30,000 store and distribution staff an extra week’s wages in recognition of their efforts. 

The retailer said it has narrowed its previous guidance for FY21 group adjusted EBITDA to be within the range of £540 million to £570 million.

B&M is based in Liverpool and registered in Luxembourg — but its shares trade in London, where its stock has risen about 45% in the past 12 months to give the firm a current stock market value of around £5.3 billion.

B&M CEO Simon Arora said: “Our trading performance is testament to the hard work and commitment of all our colleagues, to whom I express my sincere thanks.

“The safety and wellbeing of our customers and colleagues has remained our priority during these unprecedented times, whilst we have worked hard to provide customers with the everyday essentials they need.

“We are awarding some 30,000 store and distribution colleagues an extra week’s wages in recognition of their considerable efforts. 

Notwithstanding our status as an essential retailer, with lockdown restrictions in the UK having tightened there remain uncertainties ahead. 

“With our combination of exceptional value and convenient Out of Town locations, we are confident that our business model will prove highly relevant to the needs of customers in 2021.”