Brown (N) Group PLC has released its full-year results for the 52 weeks ended 2 March 2024, showcasing continued strategic progress and a return to profit. The company's adjusted EBITDA exceeded market expectations, and it reported a strong balance sheet and liquidity. Despite a decrease in group revenue, the company's adjusted EBITDA margin remained robust at 7.9%. The Chief Executive, Steve Johnson, expressed confidence in the company's strategy and its ability to deliver sustainable growth while enhancing the customer experience.
The company highlighted several operational and strategic achievements, including the launch of new product lines across its strategic brands and the progress of its Financial Services transformation. It also reported an improved Net Promoter Score and its commitment to reducing greenhouse gas emissions. Brown (N) Group PLC received recognition for Diversity and Inclusion and was named one of The Sunday Times Best Places to Work in 2024.
Financially, the company's adjusted EBITDA exceeded market expectations, supporting a return to statutory profit. Despite macro-economic challenges, management actions drove the adjusted EBITDA margin up, and the full-year adjusted group gross profit margin increased to 47.7%. The company also reported a robust balance sheet and available liquidity, with no unsecured borrowings.
Looking ahead, the company expects a gradual improvement in trading through FY25, with the anticipation of product revenue returning to a moderate level of growth and a modest improvement in the rate of decline in Financial Services revenue. The company has clear priorities to set the business up for 2024 peak trading.
Overall, Brown (N) Group PLC's full-year results demonstrate its resilience and strategic progress, with a focus on delivering a better customer experience and achieving sustainable growth.