Strong final results numbers from N Brown today18 May 2022 08:27
* Year end active customers increased for the first time in four years
* Statutory profit before tax up 108.7% at 19.2m
* Adjusted EBITDA up 11.9% to £95.0m
* Strong balance sheet with unsecured net cash of £43.1m
* Adjusted profit before tax 43.1m up by 46.6%
* Accounting provision made of £28m in relation to the dispute with Allianz
* The Board will consider the introduction of a dividend payment in FY23
* Strategic brands product revenue grew 9.9%
* Financial Services gross margin was 61.8% in FY22, 15.9ppts higher than FY21
Steve Johnson, Chief Executive, said:
"I am pleased with our continued progress in transforming N Brown into a more focused digital business, with a distinct and improving offer across our strategic brands. Our strategic brands returned to growth in the year with growing customer numbers. As we move forward, we are evolving our priorities to concentrate our growth focus on Simply Be, JD Williams and Jacamo, where we see the strongest market potential. We're executing on our investment plans to unlock these opportunities including through new websites which will be rolled out progressively over the coming months.
"In what has been another volatile period in the consumer environment, I would like to thank all of my colleagues for their continued commitment to serving customers, and their role in delivering a strong performance in the year. The work we have done means we are significantly better placed than we were before the pandemic and, although cautious in the short-term due to inflationary impacts and consumer behaviour, we remain confident that over the medium-term our strategy will support the delivery of 7% product revenue growth with a 13% EBITDA margin."
Good luck, Brighty
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