B&M Retail’s profits soar to £24.5m

DISCOUNT retail chain B&M Retail has seen its profits for 2009 rocket by more than 150% to £24.5m.

The Blackpool-based business has increased turnover from £255.9m in 2008 to £426.6m last year.

This has been achieved by increasing market share in its existing 89 stores as well by adding another 50 shops to its portfolio throughout 2009.

A directors’ report for the year until the end of December 2009 shows that customer awareness of the chain is improving as it expands its geographical footprint.

The directors have also stated that they believe that the current property market presents attractive opportunities to expand store numbers.

The report states: “The company continues to invest heavily in its infrastructure and the strength of its management team.

“The directors are confident the business is well placed to exploit the current market opportunities, albeit on a prudent and cautious basis.”

B&M Retail, owned and run by Hale-based brothers SImon and Bobby Arora had profits of £9.94m in 2008.

The expansion has resulted in the firm’s number of staff increasing from 3,119 to 4,831.

The directors are not recommending the payment of a dividend in 2009, but instead intend to transfer the £24.5m to reserves.

The company is relocating to Speke in Liverpool in the next year.