- Variety goods value retailer B&M European Value Retail hiked its dividend after reporting annual profit that more than doubled as pandemic stockpiling boosted sales.

For the 52 weeks to 27 March 2021, pre-tax profit increased 108.5% to £525.4 million year-on-year as revenue increased 25.9% to £4.80 billion.

Such performance reflects success across a number of product categories, particularly those related to the pandemic where elevated demand was seen throughout FY21.

Performance of the 43 new B&M UK store opened would be weighted towards H2 following 'initial delays caused by Covid-19 at the start of FY21 offset by 18 closures,' the company said.

The company recommended a final dividend increased of 140.7% to 13.0 pence per share, bringing the full year ordinary dividend to 17.3 pence per share, at the top end of its ordinary dividend pay-out policy.

Looking ahead within its UK business, the company said it would be up against the strong comparatives from last year but remained 'confident that the B&M customer proposition ... will prove highly relevant to the needs of shoppers.'

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