DIYWEEK.net

B&M has announced its interim results for the 26 weeks to 23 September 2017. Group revenues increased by +21.7% to £1,346.4m, +21.0% at constant currency while like­for­like revenues increased by +7.5%, including growth of +7.7% in the second quarter

"B&M has delivered an excellent performance in the first half of the financial year with strong growth in revenues, EBITDA and profit before tax,” said chairman Sir Terry Leahy. “Our trading momentum in the UK has been maintained, driven by more shoppers seeking out value at B&M combined with further improvements to our offer for customers particularly in ranging, pricing and store standards. We are well placed for the approaching Christmas season and look forward to the remainder of the financial year with confidence".

There were a total of 20 new store openings and five store closures in the first half of FY18. These included three relocations where B&M has continued to take advantage of opportunities to relocate stores to larger and more modern premises, with higher levels of store contribution. The new store opening programme is weighted to the second half of FY18 and at least 50 gross new stores are expected to open of which seven will be relocations in the full year. The UK new store performance and returns continue to remain attractive, said the company. Contracts have been exchanged on the purchase of land in Bedford for large new UK B&M Southern distribution centre, expected to be operational late in the calendar year 2019.

Chief executive Simon Arora said: "B&M continues to prosper in a challenging retail environment and our teams remain wholly focused on helping our customers spend less during uncertain times. Our UK business continues to go from strength to strength, with new and like­for­like stores performing exceptionally well and the acquisition of Heron has added another leg of growth to the Group. We have also taken steps to enable us to push on with expanding our Jawoll business."