N Brown Group plc, the Manchester based direct catalogue home shopping retailer, today announces its interim results for the 26 weeks to 28 August 1999.
The encouraging results reflect increased sales across all main customer and product groups. A record number of new customers have been recruited during the period and the launch of the new catalogue "Simply Be" has been well received.
The group is developing its e-commerce capabilities, including Internet sites, and has established a new fulfilment services offering for external clients.
Highlights of the results from continuing operations include:
- Profit before tax £21.4m (1998 : £18.8m) up 13.6%
- Operating profit £23.0m (1998 : £20.6m) up 11.9%
- Turnover £172.5m (1998 : £157.7m) up 9.4%
- Earnings per share 10.33p (1998 : 8.97p)up 15.2%
- Interim dividend per share 2.70p (1998 : 2.40p) up 12.5%
1998 figures quoted excluding discontinued operations
*1998 figure restated under FRS14
Sir David Alliance CBE, Chairman, said:
"I am pleased to report a good set of results, particularly in light of the difficult retail climate. Our value strategy has served us well and will be of even greater importance in the future.
"We have recently set up a new venture with its own dedicated management team, to provide end-to-end fulfilment services, including credit, to external clients. A number of parties have already expressed an interest in these services and in the medium term we believe this venture will make a meaningful contribution to our results.
"Autumn catalogues and the continuing high level of customer recruitment are both performing to expectations. Turnover for the last 5 weeks is 8% ahead of the same period last year."
