Liverpool-based FTSE 100 firm B&M European Value Retail S.A. has published a trading update for the 53 week financial reporting period to March 30, 2024.

B&M said group revenues of £5.5 billion increased by 10.1% “underpinned by volume growth and positive like-for-like performance.”

It said group revenue growth “also benefitted from the extra week of trading and early Easter timing” which will not be repeated in FY25.

B&M is based in Liverpool and registered in Luxembourg — but its shares trade in London, where its stock fell about 2% to around £5 to give the firm a current stock market value of roughly £5 billion.

“FY24 group adjusted EBITDA (pre-IFRS 16) is expected to be £629m, at the top end of our £620m-£630m guidance range,” added B&M.

“This is a 9.8% increase versus FY23 (FY23: £573m) and 83.9% higher versus FY20 …

“Strong operating cash generation, supported by a clean inventory exit position, has resulted in leverage beneath 1.2x (FY23: 1.3x), after payment of a £201m special dividend in February 2024 …

“Cumulative cash distributions of £1.8bn paid during the financial periods between FY21 and FY24, demonstrating a continued disciplined approach to capital returns and shareholder value creation.”

B&M CEO Alex Russo said: “The group has performed well in the year delivering strong operational execution.

“We serve our customers through a relentless focus on everyday low prices (EDLP), great product ranges and excellence in operational standards.

“This delivers profitable, cash generating growth for our shareholders.

“The business and team are well set up for the year ahead, our pipeline remains on track to open not less than 45 UK B&M stores in each of the next two financial years and our French and Heron businesses continue to demonstrate significant profitable growth potential.”