Double downgrade as N Brown leaves FTSE250
N BROWN, the Manchester-based online, catalogue and high street plus-size fashion retailer, has been dropped from the FTSE250 list.
Not only that but the company, which designs, sources and creates its product offer in Manchester and employs over 2,600 people across the UK, has also dropped below the FTSE350 and FTSE350 high yield to the FTSE Small Cap Index.
Its fall follows results which showed that while adjusted pre-tax profit for the half year was ahead of expectations at £31.6m, it was still down almost 20% on the previous half year. Statutory half year pre-tax profit was down 11% to £21.1m with a marginal 1% increase in half year revenues to £429.4m.
Last year’s overall group turnover increased 3.5% to £866.2m, although underlying profit before tax fell by 2% to £84.5m.
In a January third quarter trading update chief executive Angela Spindler said: “We are benefitting from improved trading agility as a result of the transformational changes we have made.
“This was reinforced by our performance across Cyber fortnight which resulted in two record-breaking weeks for the business. In light of our trading performance, as we approach the year-end, we are comfortable with current market expectations.
“We are operating in what continues to be a challenging period for the industry and are still in the process of delivering some key elements of our transformation plan. I am, however, very pleased with the progress we are making.”
The company’s three ‘power brands’ are JD Williams, which includes the Fifty Plus brand, Simply Be and Jacamo.
