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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
N Brown Group
N Brown Group (BWNG) investor relations material
N Brown Group has been acquired
N Brown Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary10 Oct, 2024
Executive summary
Achieved year-on-year profit growth in H1 FY25, with adjusted EBITDA up to £18.8m from £17.5m and adjusted PBT up to £3.6m from £0.1m, despite a soft market environment.
Strategic transformation advanced, including new mobile-first websites and Product Information Management system for all strategic brands, and Financial Services platform in testing.
Maintained strong cash generation and liquidity, with accessible liquidity exceeding £150m and no unsecured borrowings.
Focused on profitable sales and disciplined cost management amid a soft trading environment.
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 year-over-year.
Adjusted net debt reduced to £211m (from £258m); unsecured net cash position at £66m.
Gross customer receivables at £480m at period end, down from £529m in H1 24.
Outlook and guidance
FY25 adjusted EBITDA expected to be in line with management expectations.
Product revenue trajectory improving, with Q3 showing a decline of only 2% year-over-year and further improvement anticipated in H2.
Continued focus on margin rates, cost efficiencies, and self-funded strategic investment.
FS platform: customer impact and full benefit?
How to measure H2 marketing spend impact?
KPIs for new website/PIM success?
Assess impact of new FS platform rollout.
Explain the strategic cost rebalancing.
What drives improved FS gross margin?
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