Overview

• The retailer lowered full-year adjusted EBITDA guidance to £470m–£520m from £510m–£560m after uncovering the error.
• First-half adjusted EBITDA is now expected to be about £191m, reduced from a prior estimate of £198m.
• Chief financial officer Mike Schmidt will step down and remain until a successor is appointed to ensure an orderly transition.
• B&M said the underlying system issue has been fixed and the board will commission a comprehensive third‑party review.
• Shares fell roughly 15%–18% in early trading to multi‑year lows, with a fuller update due alongside interim results on 13 November.