Member Info for Romford

AGM voting forms that dropped on June 18, 2026, the agenda for the upcoming meeting on July 21, 2026 has the formal approval for a share buyback program.

I think people in the city think this is trading cheap.

Free Cash Flow: Post-tax free cash flow actually increased to £321 million (up from £311 million last year). Turnover is vanity, profit is sanity, but cash flow is reality.

​Debt Lowered: Net debt was slashed by 15.9% down to £656 million, bringing their leverage ratio safely back into their target range. (hes smarter than the average bear). (knows pension funds will buy if the ratio comes under control)

​France is Booming: While UK sales were flat, B&M France saw revenue jump 13.4%, (why are they no expanding into France? )

The UK value market feels crowded, the rest of Europe is still wide open territory.

France, & the elephant in the room; is 3i’s Action, a dominant juggernaut whose explosive European expansion is aggressively eating into B&M’s growth potiental.

Books 75p

For a retailer like B&M (or any other company that leases most of its stores/warehouses), the accounting change known as IFRS 16 is huge.

The short version: B&M's profit looks higher, but their cash flow hasn't changed.

The Breakdown (Short Version)

| Financial Metric | Old System (Pre-2019) | New System (IFRS 16) | Impact on Reported Figures |

|---|---|---|---|

| Old Expense | All rent was a simple Operating Expense. | Split into Depreciation and Interest. | |

| Balance Sheet | Lease debt was hidden ("Off-Balance Sheet"). | Now shows a large Lease Liability (debt) and ROU Asset. | Debt Increases (major impact). |

| Operating Profit (EBIT) | Subtracted the full rent. | Only subtracts Depreciation. Interest is lower down. | EBIT Inflates (looks better). |

| EBITDA | Subtracted the full rent. | Interest and Depreciation are added back (by definition). | EBITDA Inflates (looks much better). |

Why This Matters for B&M

B&M, like most major retailers, leases hundreds of stores.

* Debt Visibility: Before IFRS 16, B&M's debt looked low. Now, their Lease Liability is clearly visible, giving investors a better picture of the company's total financial commitment.

* The EBITDA Trap: B&M often reports "Adjusted EBITDA (pre-IFRS 16)" to show investors the true, comparable underlying profit. If you look at the Post-IFRS 16 EBITDA (which they often also provide), it is significantly higher because the massive store rental costs have been moved out of the calculation.

Bottom Line for Investors: When comparing B&M's current EBITDA to old results or to a competitor's that owns its property, always use the "pre-IFRS 16" number for a like-for-like view of operating performance

🏷️ 1. Put the bargain buys right at the front

The first thing a customer should see when they walk in is the savings.

When you feel like you’ve just bagged a deal, you’re already in a good mood — and more open to spending. That’s retail psychology 101.

💄 2. Follow with toiletries and beauty

These are high-margin essentials. People always need them — so placing them right after the bargain zone makes sense.

They feel like small, sensible buys… but they add up fast.

🎄 3. Then guide shoppers through seasonal aisles

By now, customers have a few “value” items in their basket and are in saving mode.

That’s when they start picking up extra bits — candles, decorations, gadgets — the stuff they didn’t plan to buy.

Impulse buying done right.

🧾 4. Fix the basics: pricing sticker & tills

Too often, prices are missing or mismatched on shelves. That kills trust.

Most B&M stores I visit have one till open. Queues build up fast.

Even with self-checkouts, customers want a smoother experience — especially when buying bulky items. Eps system

⚙️ The simple strategy:

Small changes = happier customers + higher margins.

I’d love to see B&M’s new CEO Tjeerd Jegen

It’s smart retail psychology — the problem is that the stores I visited so far all have these problems. Its worrying. You walk in. Fall over stock left on the floors, its dark, look at the price mismatched and think to yourself with are the bargins.

And if you buy something. You annoyed by the queues at the tills.

I dont see the point of Tjeerd Jegen going into work when hes losing his life savings buying B&M stock.

Well:

I made book value closer to £1.60 a share. Breakup value of the company.

Mainly because they have so few assets that are worth selling and i dont think they will get anything for intangible assets.

So could B&M sink more; Sure boohoo did. If you did a recession is coming, how many retailers will survive? (Woolswoeths)

Is their a need for B&M; Yes, punter likes to buy cheap stuff made in china.

Now everyone goes on about revenue. The problem is lease debt is being counted in revenue column. So opening more shops might not be a great strategy.

Personally in my area. B&M have every major location nailed down. I think they really need to work on margins.

With profits warning ⚠️ recently you can see why the stocks going down. It was artificially inflated by covid.