Simon, Bobby and Robin Arora
Simon, Bobby and Robin Arora became multimillionaires since they bought B&M Retail (Asian Rich List)

European variety retailer B&M reported a 55.7% adjusted pre-tax profit rise to £135m (€189m, $206m) in its first full-year report since it listed in June 2014.

B&M European Retail Value, which also holds a majority stake in German brand Jawoll, reported its overall sales increased 29.5% to £1.65bn.

The news was well received by shareholders and B&M's shares went up by 3.31% to 328.53p, a total of 16.11% up from its price when the company floated.

Former Tesco chief executive and B&M chairman Sir Terry Leahy said: "It is pleasing to report to shareholders that in B&M's first year as a public company it has delivered strong increases in sales, profits and cash generation whilst pushing on with rapid store rollout and investing in new infrastructure to support continued growth."

The company has 425 B&M bargain stores open in the UK, a massive expansion since brothers Bobby and Simon Arora bought the company in 2004, when the stores mainly sold groceries.

Since the takeover by the brothers, B&M was sold to private equity investment firm Clayton, Dubilier & Rice before floating in 2014.

Simon, now chief executive of the company, said: "For many shoppers across the UK, B&M is now an established part of their regular shopping habits and, in tandem with our strong roll-out programme, this has enabled us to become one of the leaders in the rapid growth of value-led retailing in the UK."

"I am proud of the hard work and teamwork of our 19,000 colleagues in delivering such a strong performance in our maiden year as a listed company."