B&M European Value Retail S.A. (BME.L) reported Wednesday that its fiscal 2023 profit before tax declined 17 percent to 436 million pounds from last year’s 525 million pounds. Earnings per share were 34.7 pence, down 17.6 percent from 42.1 pence a year ago.
Group adjusted profit before tax was 459 million pounds, compared to 524 million pounds a year ago. Adjusted earnings per share were 36.5 pence, compared to last year’s 41.6 pence.
Group revenues grew 6.6 percent to 4.98 billion pounds from last year’s 4.67 billion pounds. Group revenues were 30.7 percent ahead of pre-pandemic FY20 levels on a constant currency basis.
Group adjusted EBITDA (pre-IFRS 16) was 573 million pounds, down 7.4 percent from last year, but was significantly ahead of pre-pandemic FY20 levels of 342 million pounds.
Further, the variety goods value retailer recommended final dividend of 9.6p per share, down from 11.5p last year. This brings the full year ordinary dividend to 14.6p per share, compared to 16.5p a year ago.
Regarding the current trading, the company noted that in the first 9 weeks of FY24, B&M UK LFL sales have run at 8.3 percent, France and Heron continue their trading momentum.
For fiscal 2024, the company expects Group adjusted EBITDA (pre-IFRS 16) to be higher than last year.
The company expects to grow sales and profits in FY24, despite economic uncertainty.
Separately, B&M European Value Retail announced that Carolyn Bradley has decided, for personal reasons, not to stand for re-election as a Non-Executive Director at the Annual General Meeting to be held on July 25.
Accordingly, Carolyn will retire as a Non-Executive Director of the Company at the conclusion of the AGM.
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