N Brown reveals "pleasing growth" in product revenue in 2021
N Brown Group has published its trading update for the 52 weeks ending 26 February 2022, revealing "pleasing growth" in product revenue from its strategic brands, which increased approximately 9% year-on-year.
N Brown expects to report all financial metrics in line with the guidance provided at the Q3 update on 20 January, including an adjusted EBITDA between £93 million and £96 million.
The company has a net debt at year end of approximately £260 million and available liquidity of over £200 million, including around £40 million in cash.
The group also reported proactive actions were taken by management to mitigate the operational impact of the global supply chain challenges during FY22.
Looking at the year ahead, as a result of the escalating and fast-moving inflationary environment, N Brown currently anticipates that adjusted EBITDA for FY23 will be similar to the level reported in FY21, before growing again as the macroeconomic headwinds recede and the group's strategy is executed.
N Brown has said it enters FY23 "confident" that it will generate revenue growth from its strategic brands.
Steve Johnson, Chief Executive at N Brown, said:"I am pleased with the progress which we continue to make and despite the volatile backdrop our expected full year numbers remain in line with previous guidance. It's encouraging to see full year customer numbers return to growth and to be closing the year with a strong balance sheet.
"We enter the new financial year with continued confidence in our proposition. We are not immune to the supply chain and inflationary cost pressures being seen across the wider market. However, we continue to take proactive actions to offset these and mitigate the impact on our FY23 performance."