High street woes pay off for B&M

Discount retailer B&M has reported soaring full-year profits and is ramping up expansion plans as it prepares to cash in on a slowing economy and a squeeze in consumer spending.

The group, which aims to have 950 stores in the UK, said pre-tax profit rose 18 per cent to £182.9 million in the year to 25 March, while revenue rocketed 19 per cent to £2.4 billion.