Brown and Jackson improves profitability
Value retailer stengthens board
Brown & Jackson, operator of the Instore and Poundstretcher value retail chains, has reported trading in line with forecasts at its year end.
For the year to February 26, Brown & Jackson said the outcome for the year will be broadly in line with expectations.
The company, which has been converting Poundstretcher stores to the updated Instore fascia under chief executive Angus Munro, has also appointed some high profile non-executive directors as part of a restructuring of its board.
The appointments include Sir Geoffrey Mulcahy, former Kingfisher chief executive, and retail analyst and consultant John Richards. John Gnodde, a director of South African finance group Brait, is also joining.
Gary Brown, group finance director, is to assume executive responsibility for the company’s distribution and business risk activities.
Brown & Jackson chairman Christo Wiese: “We are pleased to announce that in this, the second year of our turnaround programme, we have achieved significantly improved profitability. Much has been achieved during the year and we are confident of our prospects for the year 2005/6.
“The transition to our new Distribution Centre is well advanced and it will become fully operational from mid March.
“I am also delighted to welcome onto the board such a wealth of experience. Sir Geoffrey Mulcahy and John Richards bring with them impeccable retail credentials and John Gnodde has extensive experience in the world of finance.
Together they significantly add to the strength of our board and I am looking forward to their respective contributions to our business.”
