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Homewares and gardening discounter B&M eyes expansion as revenues rise

Profits are up at discount retailer B&M according to its first full-year results as a listed company.

The homewares and gardening discount retailer said adjusted profits before tax increased by 56 per cent to £135m in the 52 weeks ending 28 March 2015. Group adjusted earnings before interest, taxes, depreciation and amortisation rose by 34 per cent to £174.2m over the same period. Group revenues were up by 30 per cent to £1.65bn.

During the year, B&M launched 52 stores in the UK, with 60 more expected in the next year.

B&M chairman Sir Terry Leahy said: "It is pleasing to report to shareholders that in B&M's first year as a public company it has delivered strong increases in sales, profits and cash generation whilst pushing on with rapid store rollout and investing in new infrastructure to support continued growth."

B&M chief executive Simon Arora said: "For many shoppers across the UK, B&M is now an established part of their regular shopping habits and, in tandem with our strong roll-out programme, this has enabled us to become one of the leaders in the rapid growth of value-led retailing in the UK.

"I am proud of the hard work and teamwork of our 19,000 colleagues in delivering such a strong performance in our maiden year as a listed company."

"We believe our total store base in the UK can be doubled in size during the years ahead and we continue to see a good flow of attractive new site opportunities, including a steady stream of suitable stores coming from the larger-spaced retailers as they downsize their portfolios in response to shifts in consumer demand in their markets."

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