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N Brown Group Q1 Trading In Line With Expectations, Group Rev Up 0.5%

N Brown Group plc (BWNG.L), on Thursday, reported a 0.5% group revenue growth and a good momentum in product revenue, which returned to growth with a 4.6% increase in the first quarter.

Group revenue improved 0.5% to £168.7 million for the first quarter, and product revenue grew 4.6% to £106.9 million, driven by the five strategic brands which grew 15.5% in the period.

In the first quarter of fiscal 2022, strategic brands were 81% of product revenue compared to 67% in the same period 2 years ago and this represents the first quarter of product revenue growth since the third quarter of 2018.

The Group finished the period with net cash of £84.9 million, leaving it well positioned to continue its investment in strategic initiatives to drive profitable growth. Adjusted net debt was £287.7 million, incorporating £84.9 million of cash and £372.6 million of debt drawn against the securitisation funding facility which is backed by the eligible customer receivables.

For fiscal 2022, the company expects product revenue growth of between 3% and 7%, while financial services revenue is expected to be lower compared to fiscal 2021. The company sees fiscal 2022 group revenue growth to be 1% - 4%.

Steve Johnson, Chief Executive, said, "The strategic transformation initiatives we have enacted over the past two years have now started to deliver product revenue growth, with customers responding well to the new ranges across our core brands... Whilst the external environment remains challenging, we have made a good start to the financial year and trading remains in-line with our expectations."

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