THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 ("EU
MAR") AND ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS
IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM (THE
"UK") BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018
("UK MAR").
24 February
2025
B&M European Value Retail
S.A.
(the "Company")
DIRECTORATE CHANGE AND UPDATE
ON FY25 GUIDANCE
The Company today announces that Alex
Russo has advised the Board of his intention to retire as Group
Chief Executive and a Director of the Company with effect from 30
April 2025.
The Board is in the advanced stages
of a recruitment process to appoint a new CEO with the support of a
leading executive search firm, and will provide an update in due
course.
The Company today updates its
previously disclosed profit guidance range. FY25 Group adjusted
EBITDA (pre-IFRS 16) is now expected to be in the range of £605m to
£625m, which reflects the current trading performance of the
business, an uncertain economic outlook and the potential impact of
exchange rate volatility on the valuation of our stock and creditor
balances which is a non-cash item.1 The Company looks
forward to releasing its FY25 Post Close Trading Update at the end
of April 2025.
Tiffany Hall, Chair of the Board,
said:
"I
would like to thank Alex for his commitment, energy, dedication and
hard work since joining the business in 2020 and, in particular,
since becoming CEO in September 2022. Alex has increased our store
footprint in both UK and France and driven a relentless focus on
high operational standards and low costs, enabling the Company to
provide great products and everyday low prices to our customers
whilst generating continued strong cash returns for our
shareholders. We wish him well for the
future."
Alex Russo said:
"I have thoroughly enjoyed my time at B&M since joining in
2020. The business has been successfully steered through the
pandemic years and is now larger and stronger with group revenues
increasing by almost 50% and cash distributions to shareholders in
excess of £2.0 billion during my tenure. It has been professionally
rewarding to assemble and work with a high quality leadership team
and to retire leaving growing businesses with great potential in
both UK and France. I wish the Board and the leadership team every
success in the years ahead."
The Company's remuneration committee
has exercised its discretion to allow Alex Russo to be eligible for
annual bonus for the current financial year and to retain his
awards under the Company's share plans. Details of his
remuneration, including bonus and share plan treatment, and
severance terms will be in line with his service agreement and the
Directors' Remuneration Policy approved by shareholders at the AGM
in July 2024. Further details will be set out in the FY25 Annual
Report.
Enquiries:
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B&M European Value Retail S.A.
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For further information please
contact +44 (0) 151 728 5400 or Investor.relations@bandmretail.com
Tiffany Hall, Chair
Mike Schmidt, Chief Financial
Officer
Dave McCarthy, Investor
Relations
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Media
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For media please contact +44 (0) 207
379 5151
H/Advisors Maitland
Neil Bennett
Sam Cartwright
bmstores-maitland@maitland.co.uk
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The person responsible for arranging
release of this announcement on behalf of the Company is Alex
Simpson, General Counsel.
1.
This stated guidance range includes an allowance of up to £5m at
the top and bottom of the range for any adjusted EBITDA benefit or
reduction that results from the accounting for FX differences on
the valuations of our stock and creditor balances. This
non-cash adjustment arises in respect of our US dollar stock
purchases, where the valuations of stock and creditors is required,
under relevant accounting standards, to be based upon differently
calculated US dollar/sterling exchange rates at period end. The
amount of this adjustment to FY25 profit will reverse in FY26 once
creditor balances are settled using the US dollars forward bought
under our hedging strategy, and the stock purchased is
sold.
Disclaimer
This announcement contains statements
which are or may be deemed to be 'forward-looking statements'.
Forward-looking statements involve risks and uncertainties because
they relate to events and depend on events or circumstances that
may or may not occur in the future. All forward-looking statements
in this announcement reflect the Company's present view with
respect to future events as at the date of this announcement.
Forward-looking statements are not guarantees of future performance
and actual results in future periods may and often do differ
materially from those expressed in forward-looking statements.
Except where required by law or the Listing Rules of the UK Listing
Authority, the Company undertakes no obligation to release publicly
the results of any revisions to any forward-looking statements in
this announcement that may occur due to any change in its
expectations or to reflect any events or circumstances arising
after the date of this announcement.
About B&M European Value Retail
S.A.
B&M European Value Retail S.A. is
a variety retailer with 772 stores in the UK operating under the
"B&M" brand, 340 stores under the "Heron Foods" and "B&M
Express" brands, and 134 stores in France also operating under the
"B&M" brand as at 28 December 2024.
The B&M Group was founded in 1978
and listed on the London Stock Exchange in June 2014. For more
information, please visit www.bandmretail.com.
