Value homewares retailer B&M Homestore has reported ‘strong growth’ in both its UK and German markets as turnover rose by 18.9%.
According to B&M European Value Retail’s interim results for the 26 weeks to 24 September 2016, total group revenues jumped to £1,105.9m, a growth of 17.7% at constant currency, with UK like-for-like sales up by 1.9% on an underlying basis.
Group adjusted EBITDA increased by 14.6% to £99.2m from £86.6m last year, whilst adjusted pre-tax profit swelled to £77.9m, an uptick of 17.2%.
Within the UK, B&M saw sales grow 18% to £1,017m, with adjusted EBITDA increasing by 14.4% to £90.5m, as outdoor furniture ranges proved to be successful within its new larger store format.
During the period under review, B&M opened 20 new UK stores, surpassing its 500 store milestone, as well as confirming that it is on track to open at least 50 this financial year.
Simon Arora, chief executive, said: “B&M performed strongly in the first half, serving customers well and delivering good growth in revenue, profit and cash flow.
“Naturally we are mindful of the current economic uncertainties in the UK but given the strength of our retail model and with the full benefits now flowing from the step change investments we made last year in our store opening programme and new supply chain capacity, we are confident of meeting expectations during the remainder of this year.”