BU7006 Strategic Financial management Assignment Sample 2024
1. Introduction
This study evaluated the different ratios of Next PLC for the previous four years to understand its financial performance. Performance of Next PLC will be evaluated in this study by considering financial and non-financial elements. Strategic financial management of Next PLC will be discussed based on the SWOT analysis and significant development criteria that can sustain its existence will be enlightened in this study.
SWOT of Next PLC was evaluated to find the strength and weaknesses of Next PLC and estimated challenges and opportunities will be discussed for long term decision making. Several types of profitability, efficiency, investors and liquidity ratios of Next PLC will be discussed to measure its performance accurately for strategic financial management.
2. Ratio analysis
Profitability Ratio
Ratio of gross profit
Gross profit margin has been calculated for Next PLC to measure its financial performance that can help to make a financial strategy. Gross profit ratio is calculated to estimate the total income of a company before exemption of indirect expenses. Gross profit ratio of Next PLC was around 34% in 2018 and has increased to almost 39% in 2019. More than 3.9% gross margin was earned by Next PLC in 2020 and that was decreased to 3.5% in 2021.
Profitability of Next PLC was affected in the last year due to uncertainties and inability to manage financial resources. Pandemic situation, price rise and Brexit have affected the gross margin of Next PLC. After evaluating the gross margin of the last four years of Next PLC it has been found that it has executed a consistently high rate of return on investment.
Net profit margin
Net margin of profit of Next PLC is around 14.47% in 2018, 14.37% in 2019 and approximately 14.29% in 2020. Ratio of net profit is calculated to find the actual earnings of a company after deduction of indirect expenses. Next PLC has made around 8.12% net margin that is lower than the previous year’s profitability.
A large amount of money has been invested to maintain hygiene in retail stores and the sanitization process. The company’s pre-planned goals are affected in 2021 however this company has an effective financial management team that has maintained a consistent net margin over years.
Return on capital employed
Company’s profitability that can be distributed to shareholders before paying tax is calculated based on return on capital employed. The ROCE of Next PLC is almost 46% in 2018 and will decrease to 33% in 2019. A continuous demotion has seen in the ROCE of Next PLC that it has made ROEC almost 31% in 2020 that has decreased to more than 16% in 2021.
A massive fall in profitability of Next PLC has seen Next PLC due to uncertainties. A large number of investors have withdrawn their investment due to continuous fall in return rate. Profitability is the key to sustaining the existence of a business for a long period that it must take innovative ideas to recover its loss in the coming future.
Liquidity ratio
Current ratio
Next PLC is efficient to manage its current assets and liabilities and it can easily manage operating activities. The current ratio of Next PLC is almost 1.96 in 2018 and will decrease to 1.59 in 2019. More than 1.5, current ratio is effective for a company of retail industry and it is necessary to ensure working capital of the organization.
Current ratio is around 2.057 in 2020 that will decrease to 1.91 in 2021. Next PLC has faced a lot of difficulties due to pandemic restrictions and has failed to make appropriate utilization of available current assets that current ratio is comparatively higher than average ratio of previous years.
Quick ratio
Quick ratio is an efficient accounting tool to measure liquidity of a company and excludes inventories from current assets during calculation. This ratio helps to identify a company’s ability to pay its current liabilities without selling available inventories. Next PLC’s quick ratio is almost 1.45 in 2018 that has decreased to around 1.18 in 2019.
The Quick ratio of Next PLC has improved in 2020 that is almost 1.50 however it has decreased to 1.46 in 2021. Next PLC has managed to execute excellent liquidity in this firm however there was an opportunity to better utilization of available current assets and increase profitability by taking necessary steps.
Efficiency ratio
Inventory turnover ratio
Next PLC’s inventory turnover ratio is almost 5.7 in 2018 and will decrease to 5 in 2019. Ratio of inventory turnover was calculated to understand how many times a company takes to change its stocks. In the other words, inventory turnover days show the time that is taken to convert available inventories and sales. Inventory turnover ratio is around 4.89 in 2020 that will decrease to 4.27 in 2021. Day of inventory turnover has increased during 2020-21 due to a decrease in demand and the company has taken a large amount of time to convert its inventories into sales.
Trade receivable ratio
Ratio of trade receivable is more than 3.47 in 2018 that has decreased to 3.27 in 2019. Trade receivable ratio is calculated to estimate the number of times required to collect available dues by the consumers. Next PLC’s trade receivable ratio is more than 3.27 in 2020 that has decreased to 3.2. Analysis of trade receivable days has shown that debtors have consistently increased receivable days over years.
Trade receivable days are around 105 days in 2018 that have increased to 113 days in 2021. Increasing trade receivable days affects the financial strategy of a company that Next PLC has faced a lot of complications to manage its financial strategies.
Trade payable ratio
Ratio of trade payable days was around 15.88 in 2018 that has decreased to 12.25 in 2019. Days of trade payable is used to measure efficiency of a company that can pay their dues to suppliers frequently. High ratio of trade payable shows low payable days and it is necessary to improve the credit score of a company.
Trade payable days are more than 30 days in 2020 that will decrease by around 3 days in 2021. Next PLC’s trade payable ratio is 12.13 in 2020 that has increased to 13.26 in 2021. This company will never face any complications to collect funds or stocks due to its low trade payable ratio.
Investor’s ratio
Earnings per share
Per-share earnings are almost 4.16 in 2018 and have increased to 4.43 in 2019. A large number of investors are highly motivated to invest in Next PLC due to its consistent high rate of earning per share. EPS is one of the most essential accounting tools that are required to make a company’s future decisions. Market value of Next PLC has increased over years except 2021.
EPS of Next PLC is almost 4.72 in 2020 however it has decreased to 2.24 in 2021. Net income of Next PLC is more than 592 million GBP in 2018 however that has decreased to 2.24.
Return on Equity ratio
Return on equity was more than 1.22 in 2018 and will increase to around 1.63 in 2019. Company’s efficiency of managing financial resources is calculated by ROE and it shows earnings of equities on their investment. ROE of Next PLC was 1.38 in 2020 that has decreased to 0.43 in 2021.
A lot of companies in the retail industry have faced a lot of complex situations during 2021 and have closed their business due to consistent losses. Next PLC has executed a consistently high ROE that has decreased in 2021 that can be considered as a good sign of an efficient management team. Financial management team of Next PLC is more efficient than market competitors because most of them have a negative balance in 2021.
3. PEST analysis and significant developments of Next PLC
3.1 PEST analysis of Next PLC
| Factors | Impact | Description |
| Political | Medium | Political impact on Next PLC is medium because it has a good infrastructure of maintaining finance. Brexit has impacted retail companies and most of the companies have suffered from the financial crisis. Next PLC has a good liquidity ratio and it has not faced that much complication during executing operational activities.
Companies in the retail industry have faced losses consistently due to the pandemic period and Brexit has impacted the political environment of Next PLC. Next PLC takes almost 30% commissions from collaborative companies for selling their products in its stores. Pre-planned budget of Next PLC was impacted by Brexit and it has to bear a large number of funds for sanitation during 2020-2021. Political environment is not supported during this crisis but having a sustainable supply chain has helped Next PLC to run its business during this crisis. Making expansion plans is hard due to the lack of funds in this situation and political instability has decreased the share value of Next PLC. |
| Economic | Medium | Economic environment is not supportive in 2020-2021 because national and international transportation has closed during the pandemic. Next PLC was unable to execute international dealings that there was no scope of earning foreign exchanges.
Inflation of GBP has increased which has affected company’s performance. Most of the consumers are from the UK and have good sources of income that company’s profit has not gone down in negative balance. Economy of Next PLC has been impacted but effective decision making and short term plans have helped this company to recover its investment within a short period. It is hard to make long term strategies during an ever-changing economy that short term plans have helped to survive in this period. |
| Social | High | Social impact is the most of the performance of Next PLC because consumer demand has changed from luxury clothes to daily needs. Consumers have become aware of their spending that has impacted the annual sales of Next PLC.
A large number of employees have lost their lives during working in pandemic situations. Employees are fired in most of the organizations due to continuous loss that affordability of consumers has decreased during this period. Next PLC has executed half sales than the previous year. Demand for luxury goods decreased, which has impacted the financial management of the company. Maintaining health is essential during a pandemic period where people are highly motivated to consume foods that can improve the immunity power people. Response of society is necessary to execute business operations and it is hard to visit different retail stores to purchase luxury clothes during a pandemic. A large number of consumers have started using substitute products that are affordable. It is the main reason for decreasing annual sales of Next PLC. Maintaining more than 700 retail stores was expensive but consumers are unable to visit stores due to lack of transportation. |
| Technological | Medium | Next PLC has its own online website for retail marketing but that is not as efficient as digital marketing companies that have faced complications during maintaining its websites and application.
Implementation of innovative technologies is necessary to sustain the existence of business for a long period. New technologies have reduced the charging of products but Next PLC was unable to reduce the price of clothes due to a lack of efficient technologies. Engagement of consumers in retail stores has decreased with time but online selling has increased which has helped it to operate a business during uncertainties. Next PLC was unable to implement new technology to improve its supply chain and productivity that which has impacted its performance. |
Table 1: PEST analysis of Next PLC
(Source: Curmei et al. 2018)
3.2 Significant developments within Next Plc and the wider retail sector
Next PLC has more than 700 retail stores all over the UK and it includes famous brands and its targeted consumers are 20 to 46 years old and have a good source of income. This company has a large consumer base and demand for products will increase in the post-pandemic period so that it has an opportunity to earn a large amount of money and expand its business all over the world.
Effective utilization of available resources will improve productivity of Next PLC and production cost was comparatively lower than traditional method of work. Next PLC has a lot of current assets that can be used efficiently to make more money and it is necessary to sustain the existence of business for a long period.
Retails stores are not as profitable as online stores in upcoming years. The company has to improve its online websites and develop an effective supply chain for faster delivery. Consumers are highly influenced by the creators of social media platforms that promote products and services in online platforms that can create a chance of high engagement.
Retail industry is primarily focused on traditional stores and a large number of people are highly influenced to visit retail stores in a post-pandemic situation where Next PLC can make more revenue through an effective infrastructure of retail marketing by maintaining proper sanitisation and government rules.
Next PLC serves those consumers who can easily spend more than 500 GBP frequently to get branded products. Considering substitute goods for the making of products can reduce cost of products and increase affordability of consumers.
Next PLC can develop its financial condition by launching a sub-brand that can contain products that are made with substitute raw materials and middle-class people can easily afford that product easily. Strategic financial management can improve performance of Next PLC by making accurate budgeting plans based on the upcoming uncertainties.
Retail industry was impacted by Brexit and Covid-19 in 2020-21 and has lost a large amount of foreign revenue in that year. Companies in the retail industry have to take innovative strategies to make decisions because the future is unpredictable. Digital marketing strategy is the most efficient and effective strategy for retailers because implementation cost is low and there is no need for human resources as salesmen to attract consumers.
Retailers have to follow big data analysis to understand consumer behaviour and predict upcoming trends in the market. A supply chain is the key indicator of success in digital marketing. Efficient and fast supply chain is essential to sustain the existence of business in the long run.
Next PLC is the second-highest retail company after Burberry and has an opportunity to become the global leader of the retail industry. Business expansion plan will improve financial condition and performance. Entrepreneurs have taken initiatives and personalized digital marketing and have earned a large amount of revenue within a short period.
Making innovative decisions can attract investors to earn a high rate of return on equities. Net profit will be improved and inventory turnover days will be reduced due to high demand in the market. Separate price segmentation based on the economy of different countries can attract international consumers and earn foreign exchange to expand a business.
Share price of Next PLC will be improved for its innovative decisions and high net profit margin. Consumers have to visit retail stores for a long period however consumer engagement will be high in the post-pandemic period.
4. SWOT analysis, challenges and opportunities of Next PLC
4.1 SWOT analysis of Next PLC
| Strengths | Weaknesses |
| ● Next PLC has a well maintained current ratio that it never faces difficulties during operational tasks.
● Targeted consumers belong to rich families that financial crisis does not affect their buying behaviour. |
● Old technology of digital marketing is a major weakness for Next PLC that marketing cost is comparatively high in it.
● Lack of an international supply chain is a big weakness for Next PLC in that its warming rate of foreign exchange is low. |
| Opportunities | Threats |
| ● A large number of consumers are highly motivated to visit retail stores after a pandemic situation that may increase demand for products.
● Competitor Company’s profitability is running in negative balance and business expansion plans are easier than competitors. |
● Competitors’ new strategies are highly efficient and middle-class people can easily afford those products that consumer segmentation is big.
● Consumers have to pay extra charges because Next PLC takes more than 30% commission on every sale of collaborative companies. |
Table 2: SWOT analysis of Next PLC
(Source 🙂
Strength
Next PLC creates individual brands that consumers easily identify its presence in a competitive market. Customer segmentation of this company is between 20 and 46 years and their main demand is to use high quality and branded products. Next PLC provides value for money by serving quality products that increase brand loyalty. Potential consumers belong to rich families that Brexit and recessions do not affect their buying behaviour.
Designs are made by professionals of this company that gives appropriate control over product quality and own branding helps to increase consumer awareness about this particular brand. Next PLC has a well balanced current ratio to manage operational activities and it has earned almost 3280 million GBP in previous year.
Weaknesses
Consumer behaviour is ever-changing and companies make products according to their demand to reduce risk of selling. Control over price of products is so low in Next PLC that consumers have to bear a large amount of money. Entrepreneurs have come with innovative ideas and using substitute products has reduced the cost of quality products. Lack of effective ideas to control cost is a major weakness of Next PLC.
Next PLC is overdependence on the domestic market because its products are not affordable in different countries due to a lack of an efficient supply chain. A long term growth plan is prepared by Next PLC that is not applicable in uncertainties that its net income has decreased by around 53% in the previous year.
Opportunities
Next PLC has executed consistent profitability that investors always show interest to invest in this company. More than 90% of revenue comes from the UK market; its international demand is low due to its price. Making an efficient supply chain Next PLC can expand its business in the global market that will help it to become a global leader within a short period.
Business expansion strategy through social media marketing in developed and developing countries can control marketing costs and consumer engagement will be increased. Next PLC has an opportunity to enter the international market with venture capital investment because companies of different countries are suffering from a financial crisis due to pandemic situations and it will give them an opportunity to build new infrastructure to sustain the existence of their business.
Threat
New entrants are a threat for Next PLC because their innovative ideas are more efficient than it. Big data analytics have helped small companies to understand the demand of consumers. It has created a competitive advantage for competitor companies that are a big threat for Next PLC. Consumer behaviour has changed from retail shopping from stores to online shopping.
Next PLC has more than 700 retail stores all over the UK and their maintenance cost is high but consumer engagement is low. Managing offline stores during the financial crisis and pandemic situation is a big threat for Next PLC. Website and application n have so many bugs that consumers face difficulties during purchasing some products that consumer engagement is decreasing day-by-day. Future is unpredictable and unexpected changes in the internal and external environment of business are threats for Next PLC.
4.2 Evaluation of challenges and opportunities of Next PLC
Challenges of Next PLC
Financial challenges
Next PLC does not have any financial infrastructure that can be sustained for a long period during uncertainties. This company does have not any pre-planned budget for uncertainties that sudden requirement of financial resources to manage business operation has affected it. Uncertainties have impacted the annual sales of Next PLC in the previous year that has decreased to almost 3534 million GBP from 4266 million GBP. Brexit has affected the equities of Next PLC and it has suffered to build a sustainable supply chain.
Making a sustainable supply chain is necessary to provide service to the consumers fast and efficiently. Recovery period is high in Next PLC because trade receivables take more than 100 days to pay their dues. Sanitisation process is an extra financial burden for Next PLC that making profit is hard with these financial challenges.
Business expansion plan is required for Next PLC to earn foreign exchange to become a global leader in the retail industry but it has no financial support for the expansion plan. Net profit margin has decreased in 2021 due to maintenance of hygiene and proper sanitation, indirect cost is high in Next PLC and there is m no opportunity for remote work in the retail industry.
Non-financial challenges
New entrants are efficient and new generations are unable to find the difference between actual products and substitute products that they purchase at a low price. Ever-changing environment has affected production of clothes and Next PLC has faced a lack of experienced local employees.
Most of the employees come from different regions but they are removed for not paying salaries during the pandemic. Competitors have made different strategies to increase profitability by moderating their websites and presenting attractive templates for their applications. Local marketers have started using a digital marketing strategy that they have got an opportunity to engage in the international market through it.
Engagement of local marketers in the global market has increased competition of Next PLC and business expansion in different countries needs professional plans and forecasting of the international market environment is hard in this situation.
Opportunities of Next PLC
Financial opportunities
Investors are highly motivated to invest in those companies that use digital technology in their marketing strategy. Up-gradation of existing digital marketing strategy based on the upcoming environmental changes can attract investors to reinvest in Next PLC. Preliminary cost of implementing new technology is high but it is profitable in the long term.
Well defined budget will help Next PLC to deal with complex situations and total utilization of available resources tends to improve its performance of it. Expanding business in different regions based on their economy tends to improve the source of income that will lead it to become a global leader.
Business expansion will increase demand for products that high production units reduce per-unit cost. In this way, products will be affordable by middle-class people and adoption of the social media market will reduce the cost of marketing.
Non-financial opportunities
Burberry, the global leader of retail marketing is suffering from loss during the pandemic situation and Next PLC can utilize this opportunity to make a profit. Making a long term profitable expansion plan can attract a large number of investors toward Next PLC. Next PLC has so many retail stores in the different regions in the UK and a few of them can be converted into warehouses that will enhance the supply chain.
Consumers will be able to get their products within a short period because having a warehouse of products in different regions enhances the delivery process. A large number of companies are suffering from Brexit so that Next PLC can expand its business by acquiring competitor organizations.
Using big data analytics can help the management team of a company to make sustainable decisions. Consumers have not visited offline stores for a long time and they are highly motivated to visit physical stores for shopping in the post-pandemic period.
5. Conclusion
This study has evaluated financial performance of Next PLC and it can be concluded that it is a profitable company and stakeholders are satisfied over years but it has faced a lot of complications during executing business operations in 2021.
PEST analysis has shown that the impact of the political, economical and technological environment is medium due to having a good infrastructure in Next PLC. The social environment has highly impacted the performance of Next PLC that is the main reason for the losses during 2021.
After SWOT analysis of Next PLC, it can be said that it has a great opportunity to expand its business in the international market efficiently. It will face some financial and non-financial challenges during the business expansion plan however making a strategy according to the demand will ensure sustainability of Next PLC ion retail market. Innovative strategies must be taken into consideration in Next PLC to become a global leader in the retail market of luxury products.
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