18th May 2022 14:58
N Brown Group PLC - Manchester-based digital-only retailer of clothing and footwear - Pretax profit more than doubles to GBP19.2 million in the year ended February 28 from GBP9.2 million the year before. Explains this with a 32% lower impairment loss on customer receivables of GBP94.4 million compared to GBP139.1 million.
Also incurs lower finance costs and realises an exceptional gain of GBP4.8 million.
Annual revenue falls 1.8% to GBP715.7 million from GBP728.8 million. Blames this on lower Product and Financial Services revenue, due to business interruptions and adverse macroeconomic conditions that impacted customer behaviour. Plans to consider the reintroduction of a dividend this year.
Remains confident that its strategy will support the delivery of 7% product revenue growth with a 13% earnings before interest, tax, depreciation, and amortization margin in the medium term.
Current stock price: 32.49 pence, up 23% on Wednesday
12 month change: down 55%
By Abby Amoakuh; [email protected]
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