Divi up slightly4 Jun 2025 07:07
Group revenues increased by 3.7% to £5.6bn (+4.0% constant currency5) primarily driven by the contribution from new stores
Group adjusted EBITDA (pre-IFRS 16)1 of £620m (FY24: £616m) is in the upper half of the guided range from February 2025, and is 0.6% higher than the previous year
Group adjusted operating profit1 of £591m (FY24: £602m) decreased 1.8%, due to higher depreciation from our asset base
Robust Group gross margin performance underpinned by an increase in B&M UK's trading margin6 which rose by 42 bps to 36.7% due to increased General Merchandise sales participation and clean sell-through during the year
Operating profit of £566m (FY24 53 weeks: £608m) decreased due to higher depreciation and adjusting items, with profit before tax of £431m (FY24 53 weeks: £498m) impacted by increased interest and finance costs
Adjusted diluted earnings per share1 of 33.5p (FY24: 35.9p) and statutory diluted earnings per share of 31.8p (FY24 53 weeks: 36.5p)
Post-tax free cash flow2 of £311m (FY24 53 weeks: £382m), principally with a year-on-year working capital outflow from increased stock holding leading to lower free cash generation
Net debt4 to adjusted EBITDA (pre-IFRS 16)1 leverage ratio4 of 1.26x (FY24: 1.17x). Net debt including leases4 to adjusted EBITDA (post-IFRS 16)1 2.56x (FY24: 2.40x)
Recommended final dividend3 of 9.7p per ordinary share, bringing the full year dividend to 15.0p per share (2024: 14.7p) in addition to the 15.0p special dividend paid in February 2025 (FY24: 20.0p)
Group adjusted return on capital employed (ROCE)7 of 30.4% demonstrates continued efficient use of capital. £2.1bn returned to shareholders over the last five years.
Opened 70 gross new stores across the Group (45 in B&M UK, 14 in Heron Foods and 11 in B&M France). Pipeline well-set for next year
New UK import centre set to be operational this summer and the distribution centre expansion project in France is progressing well
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Redomicile process, which will simplify administrative processes and enable greater flexibility in returning capital to shareholders, including through share buybacks, is progressing to plan. Process now focused upon redomicile to Jersey and expected to complete within the calendar year, subject to the necessary regulatory and legal clearances
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As announced on 15 May 2025, Tjeerd Jegen will join as CEO on 16 June 2025
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