Brown (N.) Group (BWNG)

Sector:

Retailers

Index:

FTSE Small Cap

103.00p
   
  • Change Today:
    -4.90p
  • 52 Week High: 162.80
  • 52 Week Low: 85.20
  • Currency: UK Pounds
  • Shares Issued: 282.06m
  • Volume: 177,913
  • Market Cap: £290.52m
  • RiskGrade: 455

N Brown expects another ?30m hit from PPI claims, debt set to rise

By Michele Maatouk

Date: Thursday 12 Sep 2019

LONDON (ShareCast) - (Sharecast News) - Clothing retailer N Brown said on Thursday that it will need to make an additional provision of up to £30m following a surge in payment protection insurance information requests and complaints (PIRs) in the run-up to the August deadline, with debt expected to rise as a result.
The company said it received more than 10 times the average volume of PIRs seen in the months prior to this, with around 110,000 in August and more than 40,000 in the final week before the deadline.

N Brown, which has already paid out £108m in redress, said it is working through all additional PIRs received.

"Although it is not possible to be precise about the final outcome, the group now believes it will be necessary to make an additional provision in the range of £20m to £30m in its half year results for the six months to 31st August 2019," it said.

As a result, full-year net debt guidance is expected to rise to between £460m and £490m from between £440m and £460m.

The company said it will continue to work through the PIRs received following the deadline for submission of claims and will provide an update, including the size of provision, in its first-half results in October.

At 1215 BST, the shares were down 4.3% at 105.80p.

House broker Shore Capital said: "Ahead of interim results scheduled for 10th October, we leave our profit expectations unchanged though note the potential for slight downward pressure from higher finance costs.

"Whilst clearly unwelcome, we reiterate that FY2020 is expected to be a watershed year for N Brown as it will see the end to the painful cash headwinds from legacy issues that have dogged the company in recent years, so allowing for more robust underlying cash flow credentials to come to the fore."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

BWNG Market Data

Currency UK Pounds
Share Price 103.00p
Change Today -4.90p
% Change -4.54 %
52 Week High 162.80
52 Week Low 85.20
Volume 177,913
Shares Issued 282.06m
Market Cap £290.52m
RiskGrade 455

BWNG Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
98.72% above the market average98.72% above the market average98.72% above the market average98.72% above the market average98.72% above the market average
91.84% above the sector average91.84% above the sector average91.84% above the sector average91.84% above the sector average91.84% above the sector average
Price Trend
38.12% below the market average38.12% below the market average38.12% below the market average38.12% below the market average38.12% below the market average
33.33% below the sector average33.33% below the sector average33.33% below the sector average33.33% below the sector average33.33% below the sector average
Income
94.35% above the market average94.35% above the market average94.35% above the market average94.35% above the market average94.35% above the market average
68.42% above the sector average68.42% above the sector average68.42% above the sector average68.42% above the sector average68.42% above the sector average
Growth
87.48% below the market average87.48% below the market average87.48% below the market average87.48% below the market average87.48% below the market average
62.96% below the sector average62.96% below the sector average62.96% below the sector average62.96% below the sector average62.96% below the sector average

What The Brokers Say

Strong Buy 1
Buy 0
Neutral 6
Sell 0
Strong Sell 0
Total 7
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

BWNG Dividends

  Latest Previous
  Interim Final
Ex-Div 02-Jan-20 04-Jul-19
Paid 05-Feb-20 02-Aug-19
Amount 2.83p 4.27p

Trades for 20-Jan-2020

Time Volume / Share Price
10:12 500 @ 102.99p
10:12 175 @ 103.00p
10:12 540 @ 103.00p
10:12 2,909 @ 103.00p
10:12 320 @ 103.00p

BWNG Key Personnel

CFO Craig Lovelace
CEO Steve Johnson

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