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N Brown Group PLC - Manchester-based digital-only retailer of clothing and footwear - Pretax profit more than doubles to £19.2 million in the year ended February 28 from £9.2 million the year before. Explains this with a 32% lower impairment loss on customer receivables of £94.4 million compared to £139.1 million.
Also incurs lower finance costs and realises an exceptional gain of £4.8 million.
Annual revenue falls 1.8% to £715.7 million from £728.8 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%
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