LONDON (dpa-AFX) - Brown (N.) Group PLC (BWNG.L) reported that its first-half adjusted EBITDA declined 46.9% driven by prior year Financial Services performance. The Group recorded lower product revenue due to softer market conditions in first half largely offset by margin focus. Looking forward, the Group anticipates continued softness in trading over the second half as macroeconomic pressures continue to weigh on consumers, despite government support.
First half adjusted profit before tax declined to 4.3 million pounds from 24.4 million pounds, prior year. Adjusted earnings per share was 0.71 pence compared to 4.39 pence.
Statutory profit before tax was 7.2 million pounds compared to 28.4 million pounds, last year. Earnings per share from continuing operations was 1.21 pence compared to 5.09 pence.
Group revenue declined to 331.5 million pounds from 347.4 million pounds, previous year, a decline of 4.6%. Product revenue was 211.2 million pounds, down 5.2%.
The Group now expects fiscal 2023 adjusted EBITDA to be in the region of 60 million pounds. The Board will defer the decision on the reintroduction of a divided until fiscal 2024.
Over the medium term and if current macroeconomic conditions improve, the Board targets 7% product revenue growth with a 13% EBITDA margin.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
