B&M maintain dividend at 2.7p per share

DividendMax Ltd.

B&M maintain dividend at 2.7p per share

B&M have announced an interim dividend of 2.7p per Ordinary Share will be paid on 20 December 2019 to shareholders on the register at 22 November 2019 which is in line with the prior year (FY19:2.7p).

The dividend payment will be subject to a Luxembourg withholding tax of 15%.

Other financial highlights include:

Group revenues (excluding Babou which was acquired after the half year in FY19) increased by +12.4% to £1,759.4m, and +12.3% on a constant currency basis1

B&M UK stores business2 revenue was up +13.8%, which included like-for-like ("LFL") revenues3 of +3.7%

Trading so far in Q3 has seen continued solid LFL3 sales growth in the B&M UK stores business and it is well placed for the 'golden quarter' trading

Group adjusted EBITDA5 increased by 5.7% and on a post IFRS basis by 12.0%.The B&M UK stores business adjusted EBITDA5 grew by +13.7% to £137.3m (FY19: £120.8m)

Group adjusted profit before tax5 decreased by 2.8% to £96.0m (FY19: £98.8m). The Group's profit before tax4 decreased by 70.5% to £32.2m (FY19: £109.1m), which included an impairment charge of £59.5m relating to Jawoll. Earnings per share were 1.5p (FY19: 8.9p) and adjusted diluted earnings per share5 were 8.2p (FY19: 8.0p)

30 gross new B&M UK store openings of which 4 were relocations (net 25 after 1 closure), and on track to open at least 46 net new B&M UK stores this financial year

Heron Foods has continued to trade well and opened 10 gross new stores (net 9 after 1 closure), and on track to open at least 20 gross new stores this financial year

Continued disappointing financial performance in Germany, due to distribution issues and weak sales performance. Strategic review being undertaken to determine the future of the business

Important progress in evolving the product offer at Babou, with the first 3 B&M branded stores opened in France. After a year of ownership, progress made on the integration of Babou with the clearing of old stock and introduction of a number of directly sourced new product ranges 

Cash flow from operations after Jawoll impairment was £165.9m (FY19: £142.7m) reflecting EBITDA growth offset by working capital increases

Completion of construction phase of new 1 million sq ft Distribution Centre in Bedford, which is currently in fit-out and initial 'soft opening' phase. Strong investor demand for the sale and leaseback investment

Companies mentioned