Brown (N.) Group (BWNG)

Sector:

Retailers

Index:

FTSE AIM All-Share

39.30p
   
  • Change Today:
      0.20p
  • 52 Week High: 39.40p
  • 52 Week Low: 13.98p
  • Currency: UK Pounds
  • Shares Issued: 467.63m
  • Volume: 1,319,539
  • Market Cap: £183.78m
  • RiskGrade: 350

N Brown discovers accounting mistake, late to roll out online platform

By Oliver Haill

Date: Thursday 22 Sep 2016

LONDON (ShareCast) - (ShareCast News) - N Brown revealed its US web platform will be launched later than planned, that it made a mistake in an earlier calculation of financial customer complaint redress and that its JD Williams subsidiary has gained regulatory approval to continue offering consumer credit.
The FTSE 250 clothing retailer, which has notified the Financial Conduct Authority about the error and said it was undertaking a "detailed review", calculated it will result in an exceptional cash cost of £5-8m.

The company also confirmed that its new USA web platform is scheduled to go live "within the next few days, slightly later than planned".

N Brown said it would use "learnings" from this launch will as it plans the roll out of its new UK web platform and financial services system, which will result in a change to its previously communicated timetable and possibly a resulting increase in costs.

The FCA has also given full approval with no conditions or caveats, after it took charge as regulator of the consumer credit industry from the Office of Fair Trading.

Management have confirmed that the announcement "marks the successful completion of the application process", with house broker Shore Capital describing the unconditional and caveat-free approval as "a very positive outcome"

Shore Cap added: "With some commentators suggesting that gaining FCA approval could lead to a material impact on the medium to long term prospects for financial services income and profitability, we see today's announcement as a major positive for the N Brown investment case."

Shares in the company were down 1.3% to 187.5p as the statement emerged late on Wednesday afternoon.

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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 39.30p
Change Today 0.20p
% Change 0.51 %
52 Week High 39.40p
52 Week Low 13.98p
Volume 1,319,539
Shares Issued 467.63m
Market Cap £183.78m
RiskGrade 350

BWNG Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
73.20% above the market average73.20% above the market average73.20% above the market average73.20% above the market average73.20% above the market average
80.95% above the sector average80.95% above the sector average80.95% above the sector average80.95% above the sector average80.95% above the sector average
Price Trend
97.96% above the market average97.96% above the market average97.96% above the market average97.96% above the market average97.96% above the market average
95.24% above the sector average95.24% above the sector average95.24% above the sector average95.24% above the sector average95.24% above the sector average
Income Not Available
Growth
84.87% below the market average84.87% below the market average84.87% below the market average84.87% below the market average84.87% below the market average
71.43% below the sector average71.43% below the sector average71.43% below the sector average71.43% below the sector average71.43% below the sector average

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 31-Oct-2024

Time Volume / Share Price
15:07 519,567 @ 39.14p
16:36 1,330 @ 39.30p
16:36 1,330 @ 39.20p
16:35 413 @ 39.30p
16:35 295 @ 39.30p

BWNG Key Personnel

CFO Dominic Appleton

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