NEXT plc (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 STATEMENT
In 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 profit
before 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 growth
businesses. 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, increasing
our equity stake in Reiss by 21% to 72% and taking a 97% equity stake in FatFace. We also acquired
100% 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 seen
many changes over that time and has made a huge contribution to the Group. She has been an
exceptional guardian of our finances and an integral part of the leadership of the Company. Our
financial position today is testament to her diligence and hard work and, on behalf of all of us at
NEXT, 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 joined
Reiss as a Board Director in 2017. We have worked closely with Jonathan for over three years since
we acquired an equity stake in Reiss. Jonathan brings to the Board a wealth of retail experience, a
strong eye for financial detail and a good understanding of our operations, gained through managing
Reiss’s transition onto Total Platform. I am very confident that he will make an excellent addition to
our 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 to
thank Dianne for the time and insight she has given to the Board’s relationship with colleagues
through 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 expertise
that 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; I
have little doubt and much expectation that they will rise to the new challenges and opportunities
that are presented in 2024.
Michael Roney
Chairman
21 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.
