Walker Greenbank PLC Half Year Trading Update (5570W)
02 August 2018 - 4:01PM
UK Regulatory
TIDMWGB
RNS Number : 5570W
Walker Greenbank PLC
02 August 2018
For immediate release 2 August 2018
WALKER GREENBANK PLC
("Walker Greenbank" or "the Company")
Half Year Trading Update
Walker Greenbank PLC (AIM: WGB), the luxury interior furnishings
group, announces its pre-close trading update for the six months
ended 31 July 2018. Trading in the half year continues to reflect
the difficult marketplace described by the Company in the trading
update announced on 24 July 2018.
Total brand sales in the half year were down 5.7 per cent in
reportable currency (down 5.1 per cent in constant currency)
compared with the first half last year.
Brand sales in the UK were down 6.8 per cent whilst
international brand sales were down 4.4 per cent in reportable
currency (down 3.0 in constant currency). Brand sales in the US,
our second largest market after the UK, were down 1.6 per cent in
reportable currency (up 4.9 per cent in constant currency).
Licensing income again performed strongly during the half year,
up approximately 40.4 per cent in reportable currency compared with
the first half last year (up 42.6 per cent in constant currency).
Licence income during the first half was driven by apparel and by a
strong performance from our Japanese licensees.
Whilst the Board materially revised down its expectations for
licensing income in the current year, as detailed in the trading
update issued on 24 July 2018, a number of new licence agreements
were signed in the first half and licensing income in the current
financial year will represent a substantial upward step change
compared with last year.
In manufacturing, third-party sales were up 11.1% in the first
half, helped by strong export growth.
The Board's expectations for the full year remain unchanged
following the trading update issued on 24 July 2018, which stated
that adjusted profit before tax* for the year ending 31 January
2019 is likely to be in the range of GBP9.5 million to GBP10.0
million.
The Company intends to issue its half year results in early
October 2018.
* Excludes accounting charges relating to share-based
incentives, defined benefit pension charge and non-underlying
items.
For further information:
Walker Greenbank PLC +44 (0) 1895 221068
John Sach, Chief Executive
Mike Gant, Chief Financial Officer
Caroline Geary, Company Secretary
Investec Bank plc (Nominated Adviser
and Broker) +44 (0) 20 7597 5970
Garry Levin / David Anderson / Alex Wright
- Corporate Finance
Henry Reast - Corporate Broking
Buchanan +44 (0) 20 7466 5000
Mark Court / Sophie Wills / Catriona
Flint
Notes for editors:
About Walker Greenbank
Walker Greenbank PLC is a luxury interior furnishings company
that designs, manufactures and markets wallpapers, fabrics and
paints. In addition, the Company derives significant licensing
income from the use of its designs on a wide range of interior
products such as bed linen, rugs and tableware.
Walker Greenbank's brands include Sanderson, Morris & Co,
Harlequin, Zoffany, Scion, Clarke & Clarke and Studio G.
The Company has a strong UK manufacturing base, comprising a
wallpaper factory in Loughborough and a fabric printing factory in
Lancaster. Both factories manufacture for the Company and for other
wallpaper and fabric brands.
Walker Greenbank employs more than 600 people and its products
are sold in more than 85 countries worldwide. It has showrooms in
London, New York, Chicago, Paris, Amsterdam, Moscow and Dubai along
with a partnership showroom in Shenzhen, China.
Walker Greenbank trades on the AIM market of the London Stock
Exchange under the ticker symbol WGB.
For further information please visit:
www.walkergreenbank.com
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END
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