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N Brown Group (BWNG) investor relations material
N Brown Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved year-on-year profit growth in H1 FY25, with adjusted EBITDA up 7.4% to £18.8m and statutory profit before tax of £0.2m, reversing a loss in H1 24.
Strategic transformation advanced: new websites and Product Information Management system launched for all strategic brands, Financial Services platform in testing.
Focused on profitable sales, margin improvement, and disciplined cost management amid a soft market environment.
Remained cash generative after increased self-funded investment, with accessible liquidity exceeding £150m and no unsecured borrowings.
Financial highlights
Group revenue declined 6.7% year-over-year to £277.2m; product revenue down 7.9%, FS revenue down 4.6%.
Adjusted EBITDA rose to £18.8m (margin 6.8%), adjusted profit before tax £3.6m, statutory profit before tax £0.2m.
Adjusted EPS increased to 0.61p from 0.15p; cash and cash equivalents up 34.4% to £66.0m.
Adjusted net debt reduced to £211m (from £258m); total accessible liquidity at £150m.
Gross customer receivables at period end were £480m, down from £529m in H1 24.
Outlook and guidance
Full-year adjusted EBITDA outlook remains unchanged and in line with management expectations.
Early Q3 trading encouraging, with product revenue trajectory improving to -2% year-over-year.
Continued improvement in H2 anticipated, supported by strategic initiatives and increased marketing investment.
Strategic investment to remain self-funded through managed cash flows.
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