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N Brown warns on profit amid weaker financial services revenue

By BFN News | 10:03 AM | Thursday 16 January, 2020


N Brown warned on profit blaming a weaker-than-expected financial services revenue amid lower product sales. Due to a lower than expected benefit from the IFRS9 non-cash provision estimate, combined with lower Financial Services revenue and a highly promotional market, the company said it now expected 2020 adjusted pre-tax to be in the range of £70m of £72m. For the 18 week period to 4 January 2020, revenue fell 5%, with digital revenue up 2.5%, but product revenue down 4%. Financial Services revenue fell 4.6%, due 'to lower product revenue and impact of previously announced measures undertaken on changes to our lending practices,' the company added. At 10:03am: (LON:BWNG) Brown N Group PLC share price was -37.3p at 104.6p Story provided by StockMarketWire.com

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