A number of executive changes have been introduced as the business looks to its Back to B&M Basics plan to spark improved trading, but B&M warned it will be 12 to 18 months before the action taken has an impact.

Group adjusted operating profit for the 26 weeks to 27 September fell from £258m to £177m, with statutory operating profit tumbling from £235m to 149m and statutory profit before tax falling from £169m to £75m.

B&M UK total sales in the first half grew by 3.5 per cent with LFL sales up 0.1 per cent, with positive volume and value LFL sales in general merchandise offset by a decline in FMCG LFL sales

The listed business said it was taking "decisive actions" to correct the weakness in LFL sales with our Back to B&M Basics plan.

However, B&M cautioned that the full impact of these actions will take 12-18 months to take effect, but it is confident of restoring B&M's value proposition and support a return to sustainable LFL sales growth for B&M UK.

Tjeerd Jegen, chief executive at B&M, said: "Our Back to B&M Basics plan is progressing and we are taking decisive actions to improve our retail execution and restore our financial performance.

"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 CFO experience from a variety of corporate backgrounds, including Selecta Group, FatFace and Mobico Group plc.

"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."

Commenting on the latest results from B&M Julie Palmer, partner at Begbies Traynor, said: "It has been a turbulent year for B&M grappling with plummeting shares, leadership changes and wider market challenges, but this former retail winner’s half year results showing top line revenue growth despite expected falling profits, along with the strategic leadership appointments, could be a sign that the business has turned a corner.

"There is no doubt that B&M is in a precarious position during the crucial golden quarter. As pressure mounts from food retail heavyweights, who are seeing success amid rising costs, B&M needs to continue to recentre its strategy on delivering value to customers to navigate the choppy waters ahead.

“Customers are looking to save cash during these times opting to spend less, but when they do make purchases in the run up to Christmas, B&M has to make sure they come knocking at its door to get the brands they want at better prices.

"Regardless of the Budget uncertainty facing retailers, if B&M doesn’t review its strategy to proactively identify where it can achieve growth and take market share through the golden quarter, it risks losing out to other discount retailers and supermarkets - a situation it may not be able to bounce back from."