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Sandra Halliday Published
October 12, 2025
The six months to early September offered “further strategic progress and robust liquidity” for N Brown with the firm’s H1 adjusted EBITDA being in line with board expectations, it said. However that was the good news. And the bad? Revenue still fell, and the company made a statutory pre-tax loss.
Looking first at the headline figures, group revenue in the first half of FY24 was down 10.4% at £297 million and product revenue fell 11.2% to £187.5 million. Financial services revenue was down 9% at £109.5 million.
Adjusted EBITDA was £17.5 million, a fall of 37.3%. The adjusted EBITDA margin was down at 5.9% from 8.4% and adjusted profit before tax dropped 97.7% to £0.1 million. It reported a loss before tax of £4.1 million, after a profit before tax or £7.2 million a year ago. But that “includes adjusting items of £4.5 million relating to restructuring activities to right-size the cost base”.
The company said the revenue fall reflected “the challenging market conditions including unseasonable weather through spring and July to August”.
But there was an improvement in the product revenue trend during Q2. And its strategic brands were down ‘only’ 7.4%, tracking ahead of the online pureplay market.
“Despite the continued macro-economic challenges that saw softer trading and higher costs, H1 adjusted EBITDA performance was in line with the board’s expectations, supported by disciplined management of areas within the business’s direct control,” it said.
It remained upbeat on some of the positive steps taken during the period, highlighting the successful launch of its new mobile-first website for Jacamo, the second of its three strategic brands to have transitioned to the new platform, “and a key transformational priority”.
It also saw “good traction in Net Promoter Score (NPS), up 5pts against full year FY23, benefiting from continued focus on operational improvements including extension in order cut-off for next day delivery to 11pm”.
And “building on recent strategic progress, a clear set of priorities is in train for the year ahead to set the business up for 2025 peak trading”.
It also “offset successfully” the considerable cost inflation “through ongoing mitigating actions” and reduced adjusted operating costs by £4.7 million, with “volume-related savings and management actions more than offsetting c. £7 million of inflationary pressures”.
As far as its three key key brands are concerned (Simply Be, JD Williams, and Jacamo), H1 saw new, high-profile marketing support, and the addition of more third-party labels to their platforms.
Just as H1 ended, it also launched Anthology, a JD Williams own premium line, “designed with an elevated approach to dressing, which offers versatile quality fabrics”.
And it has ramped up the availability of its core labels with other retailers. For instance, Simply Be's swimwear proposition is “now a leading category in Next. The launch of Simply Be on Sainsbury's online platform during the first half and selected stores in early September, marked another significant milestone and provides enhanced exposure to a variety of different customer segments”.
And while its costs remain higher than a year ago it has a “robust balance sheet and available liquidity”.
It added that FY24 adjusted EBITDA is expected to be in line with market expectations and trading during the first five weeks of Q3 “reflects a further improvement over the Q2 run rate”.
CEO Steve Johnson said: “We expected external market conditions to remain soft and for the first half of FY24 to be particularly challenging. In response, we acted decisively to adapt to the trading environment and maintain real focus and discipline in areas which we can directly control.
“Alongside this, we're pleased with the delivery of our strategy as we position the business for medium-term growth. Our investment across JD Williams, Simply Be and Jacamo has led to new commercial partnerships and technology upgrades to drive performance. We have a clear set of transformational priorities in train and expect to continue to deliver further progress during the second half of the year.”