Follow us


N Brown sees revenue and profits drop in H1

Sophie Smith
06 October 2022

N Brown Group has reported a 4.6% drop in revenue to £331.5 million for the first half ending 27 August 2022, largely due to ongoing macroeconomic challenges. 

The group's product revenue fell 5.2% to £211.1 million in the first half, while its financial services revenue dropped 3.5% to £120.3 million.

Adjusted EBITDA decreased 46.9% to £27.9 million, compared to £52.5 million last year. Adjusted EBITDA margin dropped by 6.7 percentage points to 8.4%, from 15.1% in 2021.

Adjusted profit before tax was down 82.4% to £4.3 million and adjusted net debt totalled £243.5 million, compared to £268.3 million last year.

Looking ahead, N Brown Group expects to see the decline in product revenue continue into the second half, due to ongoing challenging market conditions. The group also expects adjusted EBITDA for FY23 to be around £60 million.

Steve Johnson, CEO of N Brown Group, said: “In a difficult period of weakening consumer confidence, we’ve balanced our objectives between disciplined trading – with a focus on upholding margin – and delivering on our long-term strategy to transform the business.

"We anticipate continued softness in trading over the second half as macroeconomic pressures continue to weigh on consumers, despite government support. We will, therefore, maintain our focus on tightly managing both our costs and margins. At the same time, given our ongoing confidence in our strategy and the strength of our balance sheet, we will continue to invest in our digital transformation to deliver sustainable profitable growth.”

Free NewsletterVISIT