# NEXT Plc materially outperformed expectations, profit at a record high of £918m

- Link: https://www.directorstalkinterviews.com/next-plc-materially-outperformed-expectations-profit-at-a-record-high-of-918m/4121148388
- Published: 2024-03-21T07:45:28+00:00
- Author: Amilia Stone

**[NEXT plc](https://www.directorstalkinterviews.com/ftse-company/next-plc/nxt.l)**(
LON:NXT) preliminary results for the year ended 27 January 2024 have been submitted
in full unedited text to the Financial Conduct Authority’s National Storage Mechanism
and will be available shortly for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

**_Dividends_**

The Board has recommended a final ordinary dividend for the year ended 27 January
2024 of 141p per share. If approved, it will be paid on 1 August 2024 to shareholders
who are on the register of members at 5 July 2024, taking the total ordinary dividends
for the year to 207p per share.  This is subject to approval by shareholders at 
the Annual General Meeting to be held on 16 May 2024.  Shares will trade ex-dividend
from 4 July 2024.

**CHAIRMAN’S STATEMENTIn the context of the wider economic environment, the year
to January 2024 was a very good year
for NEXT and the business materially outperformed
our initial expectations. NEXT Group profitbefore tax1 rose to a record high of 
£918m, up +5.0%. Cash flow remained strong and we returned£425 million to shareholders
through a combination of dividends (£248 million) and share buybacks(£177 million).

In the last year we have focused on improving our product ranges, improving our 
online service
levels, managing costs and profitability, whilst also laying the 
foundations for future growthbusinesses. We launched three new Total Platform clients(
JoJo Maman Bébé, Joules and MADE),taking our total number of clients to seven. We
also made a number of new investments, increasingour equity stake in Reiss by 21%
to 72% and taking a 97% equity stake in FatFace. We also acquired100% of the intellectual
property in Cath Kidston.

The year ahead will see a number of changes to our Board. Amanda James, who has 
been with NEXT
for 28 years and our Finance Director for nine years, retires from
the Board in July. Amanda has seenmany changes over that time and has made a huge
contribution to the Group. She has been anexceptional guardian of our finances and
an integral part of the leadership of the Company. Ourfinancial position today is
testament to her diligence and hard work and, on behalf of all of us atNEXT, I thank
Amanda for her amazing work.

I am delighted that Jonathan Blanchard will succeed Amanda on the Board. Jonathan
was most
recently the Chief Financial Officer and Chief Operating Officer of the
Reiss Group, having joinedReiss as a Board Director in 2017. We have worked closely
with Jonathan for over three years sincewe acquired an equity stake in Reiss. Jonathan
brings to the Board a wealth of retail experience, astrong eye for financial detail
and a good understanding of our operations, gained through managingReiss’s transition
onto Total Platform. I am very confident that he will make an excellent addition
toour Board.

Dame Dianne Thompson, one of our non-executive directors, is leaving the Board in
May. Dianne has
made a valuable contribution to the Board over the last nine years.
In particular, I would like tothank Dianne for the time and insight she has given
to the Board’s relationship with colleaguesthrough her participation in our people
and communication forums.

Finally, I am pleased that Amy Stirling and Venetia Butterfield will be joining 
our Board in April as
independent non-executive directors. Between them they bring
a breadth and depth of expertisethat will enhance and broaden the Board’s collective
knowledge.

The continued success of NEXT is built on the hard work, dedication and decision
making of all the
people who work for NEXT. I would like to thank them all for their
contribution during the year; Ihave little doubt and much expectation that they 
will rise to the new challenges and opportunitiesthat are presented in 2024.

Michael Roney
Chairman21 March 2024

_1 NEXT Group profit before tax excludes: (1) an exceptional gain, (2) the cost 
of brand amortisation and (3) the profit attributable to shares that we do not own
in subsidiary companies. Statutory profit before tax, including exceptionals, brand
amortisation and consolidating subsidiaries in which we have a controlling interest,
is £1,016m, up +16.9%. See page 29 for a bridge between NEXT Group profit and statutory
profit, and Note 2 of the financial statements for further details._

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