Digital fashion retailer N Brown Group Plc (BWNG.L) Thursday reported that its fiscal 2024 profit before tax was 5.3 million pounds, compared to last year's loss of 71.1 million pounds.
Basic earnings per share were 0.17 pence, compared to loss of 11.19 pence a year ago.
Adjusted profit before tax was 12.8 million pounds, compared to 16.4 million pounds last year.
Adjusted EBITDA dropped 12.5 percent on a comparable 52-week basis to 47.6 million pounds. The company noted that adjusted EBITDA was above market expectations, supporting a return to statutory profit.
Group revenue declined to 600.9 million pounds from last year's 677.5 million pounds. On a comparable 52 week basis, revenues fell 9.8 percent from 666.0 million pounds last year, reflecting the continued challenging market conditions and a focus on driving profitable sales.
Regarding the current trading and outlook, the company said gradual improvement in trading is expected through fiscal 2025.
The rate of fiscal 2024's product revenue decline has moderated at the start of new year, with first quarter declining by 6%.
For the full year, the Group anticipates product revenue will return to a moderate level of growth, alongside a modest improvement in the rate of decline in Financial Services revenue and a Group gross margin rate consistent with FY24.
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