B&M profits plunged in the first half of the financial year, as the retailer’s new chief executive made sweeping changes to his leadership team.
For the 26 weeks to September 27, 2025, B&M reported a 30.2% drop in group adjusted EBITDA to £191m, and a 31.5% slump in group adjusting operating profits to £177m.
Group operating profit before tax for the period slumped 55.6% to £75m, while group operating profits dropped 36.8% to £149m and cash generated from operations fell 3% to £293m.
Group post-tax cash flows fell 29.5% to £51m, while net debts climbed 9.1% to £859m.
Revenues for the period jumped 4% to over £2.7bn, while total sales growth in the first half was up 3.5% with like-for-like sales growth of 0.1%.
In the period, new chief executive Tjeerd Jegen implemented his B&M Basics plan, which he said is “progressing and we are taking decisive actions to improve our retail execution and restore our financial performance”.
B&M opened 15 net new stores across the group in the first half, and noted that sales in the UK in the third quarter have been “at the lower end of the ‘low single-digit positive to low single-digit negative’ percentage assumption range outlined on October 7”.
However, B&M said with the majority of the key golden quarter trading period still to come, it reiterated its guidance range for adjusted EBITDA of between £470m and £520m.
The retailer also today announced a number of new senior-level appointments, including Simon Hathway as group trading director, Helen Cowing as interim chief financial officer and the promotion of Jon Parry to a role in charge of B&M’s supply chain and retail operations.
Jegen said: “While the full financial benefits will build over time, I am confident our actions can restore sustainable like-for-like (LFL) sales growth at B&M UK, which is our number one priority and, in the medium term, low double-digit UK adjusted EBITDA margins as an outcome.
“In the meantime, our store presence in the UK and France continues to expand, supporting Group revenue growth as we reach new customers and support them in these uncertain economic times.
“We continue to strengthen our capabilities and I am pleased to announce the appointment of Simon Hathway as our new group trading director. Simon brings significant retail experience, including as buying and merchandising director at Action Holding B.V., and I look forward to his start at B&M. I am also pleased to welcome Helen Cowing as our interim chief financial officer, who brings a wealth of experience from a variety of corporate backgrounds, including Selecta Group, FatFace and Mobico Group.
“Lastly, I am pleased to confirm I am bringing responsibility for our supply chain and retail operations under Jon Parry, one of our most experienced retail leaders, in order to create a simpler and more cohesive structure that brings our store and supply chain teams even closer together. I would like to thank Gareth Bilton, Mike Schmidt and James Kew for their commitment to B&M and wish them well for the future.”
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