Shares of Liverpool-based FTSE 100 firm B&M European Value Retail S.A. rose as much as 8% as it published results for the 52 weeks to March 25, 2023, (FY23) showing revenue rose 6.6% to £4.983 billion and adjusted profit before tax fell 12.6% to £459 million.

B&M also said it expects to grow sales and profits in FY24.

The firm is recommending a final dividend of 9.6p per share (FY22: 11.5p), bringing the full year ordinary dividend to 14.6p per share (FY22: 16.5p) in addition to the 20p special dividend it paid in January 2023 (FY22: 25.0p).

B&M is based in Liverpool and registered in Luxembourg — but its shares trade in London, where its stock rose as much as 8% to around £5.09 to give the company a stock market value of around £5 billion. The stock is up about 30% for the past 12 months.

B&M CEO Alejandro Russo said: “FY23 has been another year of strong underlying progress for B&M and the long-term future looks very positive.

“It has also been a year of planned management transition. Simon Arora has stepped down after 19 years of leading this business and we thank him and wish him well for the future.

“B&M has many years of profitable growth ahead, to be delivered through our four channels of growth (existing B&M UK stores, new B&M UK stores, France and Heron) and in delivering this growth, B&M will generate cash and compound earnings growth for our shareholders.

“We are actively responding to the short-term pressure on consumers from the cost-of-living crisis, with a relentless focus on price and value.

“A strengthened management team and the hard work of our 39,000 employees executing our unchanged strategy will help us deliver in the current financial year.

“We expect to grow sales and profits in FY24, despite economic uncertainty.”

B&M also said Carolyn Bradley has decided, for personal reasons, not to stand for re-election as a non-executive director of the company at the AGM on July 25, 2023.

“Carolyn has served as a non-executive director since 15 November 2018,” said B&M. “During that time, she has been a member of the Audit and Risk, Remuneration and Nomination Committees of the company, as well as fulfilling the role of Designated Non-Executive Director for Workforce Engagement.”

B&M chairman Peter Bamford said: “On behalf of the board I would like to thank Carolyn for her valuable insight and contribution to the board and the committees on which she has served over the last four and a half years.

“Carolyn has also had a significant input to our work on workforce engagement. We wish her well for the future.”