29th Feb 2016 08:00
LONDON (Alliance News) - Online, catalogue and high street retailer N Brown Group PLC on Monday outlined a series of restatements to its debtor impairments provisions which will push up its pretax profit for its just-ended financial year and the next.
The FTSE 250-listed company, which owns brands such as House of Bath, SimplyBe, Jacamo, and figleaves.com, said it will make an adjustment to its net asset levels at the end of March 2014 of GBP45.0 million to GBP55.0 million. These adjustments will reflect a rise in its debtor impairment provision level from 8.0% to between 17.5% and 19.0% at the end of March 2014.
This will also result in its debtor impairment provisions level at February 28, 2015 moving to between 15.5% and 16.5% from 6.5% and, for the year to February 27, 2016, to between 14.5% and 15.5%.
The net result of the adjustments will be to increase pretax profit for N Brown for the year to February 27, 2016 by around GBP4.0 million to GBP7.0 million and by GBP3.0 million to GBP4.0 million for the year to February 27, 2015.
By Sam Unsted; [email protected]; @SamUAtAlliance
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