B&M first-half revenue up 10% to £2.5bn

Liverpool-based FTSE 100 firm B&M European Value Retail S.A. said its revenues increased 10.4% to £2.549 billion and statutory profit before tax rose 10.5% to £222 million in the 26 weeks to September 23, 2023.

An interim dividend of 5.1 pence will be paid (H1 FY23: 5.0p).

On current trading and outlook, B&M said: “In the first six weeks of the Golden Quarter, B&M UK LFL growth has been 1.6%.

“Momentum has been particularly strong in the last three weeks, with LFL exit growth of 4.5%.

“The group is trading against tough comparatives making this a pleasing result against an uncertain and ever-changing economic background.

This volatile background makes forecasting for the full year difficult.

“However, given the strong first half results and positive momentum, the group’s FY24 adjusted EBITDA (pre-IFRS 16) guidance is increased to a range of £620m – £630m, materially higher than FY23 performance (£573m).”