N Brown Group plc, the Manchester based direct catalogue home shopping group, today announces its preliminary results for the year to 27th February 1999.
The year under review has shown a strong performance by the group's core businesses, and seen the group exit from its non-core property and financial services businesses.
Highlights of the results from continuing operations include:
- Profit before tax £43.2 million (1998 : £40.2 million)+ 7.4%
- Operating profit £46.7 million (1998 : £43.4 million)+ 7.8%
- Turnover £324.3 million (1998 : £310.8 million)+ 4.3%
- Earnings per share 20.67p (1998 : 19.17p)+ 7.8%
- Final dividend per share 5.80p (1998 : 5.25p)
Giving a total dividend per share for the year of 8.20p (1998 : 7.50p) + 9.3%
- £10m cash inflow, with gearing reduced to 29% (1998: 41%)
1998 figures restated to exclude discontinued operations
Commenting on the results, Sir David Alliance CBE, Chairman, said:
"I am delighted to report another record result, in tough retail trading conditions. This has been achieved by pursuing our stated strategy of growth in profit through product range development, improved customer targeting and better quality of service.
We are streamlining many of our operational processes, to further improve both customer service and our cost base, which is crucial in a low inflation economy. The group is well placed to benefit from the return of consumer confidence and corresponding growth in our markets.
Turnover for the first 9 weeks of the new financial year is 6% ahead of the previous year."
