N Brown which trades across the JD Williams, Simply Be and Jacamo brands experienced a significant decline in business which it attributes to the pandemic. It has reported a 13 per cent fall in revenues from £837.5m to £728.8m for the year to 27 February 2021 with adjusted pre-tax profits down 49.4per cent to £30.1m, from £59.5m in the previous year. During the year the business completed a £100m equity fundraising and moved its listing from the London Stock Exchange’s main market to the Alternative Investment Market (AIM).
Steve Johnson, chief executive, said: “In a year where we have all had to overcome multiple challenges, we have continued our transformation of the Group through a relentless focus on our five strategic brands, improving our product offering and enhancing our digital capabilities, all of which will position us better with our target customers. Although we remain cautious, we are beginning to see some early signs of progress.”
He added: “Our capital raise has enabled us to strengthen our balance sheet and allows us to accelerate our investment into strategic initiatives, particularly our digital platform and brand websites. Whilst wider consumer dynamics remain uncertain as we emerge from lockdown, we have significantly transformed the shape of the business from where it was at the start of the pandemic.
“I would like to thank every single one of our colleagues for helping us make those changes at pace, whilst delivering a very high standard of service to our customers through very difficult times.”
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