New customers boost profits for B&M as Leahy prepares to step down

New customers have driven Liverpool-headquartered B&M European’s like-for-like half year revenue up by nearly 22% to £1.35bn as its chairman of five years standing Sir Terry Leahy announced his decision to step down next spring.

Meanwhile, profit before tax increased by 17.8% to £86.8m in the six months to September 23.

There were 20 new B&M UK store openings including three relocations and the company ison track to open gross 50 new B&M stores this financial year.

Its German business Jawoll, opened seven new stores in the period, and on track to open 11 more.

Leahy said: “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.

“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 we look forward to the remainder of the financial year with confidence.”

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 like-for-like 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.”

The company has also announced that former Tesco boss Leahy retire from the board on March 1, 2018. He will be succeeded by non-executive chairman Peter Bamford from that date.

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