B&M profits surge over lockdown

B&M (LON: BME) has reported a 95% rise in first-half core earnings for the six months to 26 September.

The high street discounter saw profits soar over the lockdown and posted a 25.3% increase in revenue to £2.24bn.

B&M has adjusted its earnings before interest, tax, depreciation, and amortisation to £295.6m.

The group has closed 10 stores this year, however, plans to open a further 40-50 in the UK.

Chief executive Simon Arora said: “Despite the wider economic uncertainty and ongoing restrictions related to Covid-19, we remain confident in our business model and future prospects.”

In France, the Babou business was “severely” hit by the lockdown.

The group said: “Unfortunately, whilst approximately half of stores in France remain open, they are currently restricted to selling essential goods only during the November lockdown.”

Shares (LON: BME) in the group are up 49% over this past year.