Walker Greenbank PLC Full Year Trading Update (1651W)
February 07 2017 - 2:00AM
UK Regulatory
TIDMWGB
RNS Number : 1651W
Walker Greenbank PLC
07 February 2017
For immediate release 7 February 2017
WALKER GREENBANK PLC
("Walker Greenbank" or the "Company")
Full Year Trading Update
Walker Greenbank PLC (AIM: WGB), the luxury interior furnishings
group, announces a trading update for the year ended 31 January
2017.
The results for the year are expected to be in line with the
Board's expectations and will include a first-time contribution
from Clarke & Clarke, which was acquired by the Company at the
end of October 2016. The Board is pleased with progress at Clarke
& Clarke, which continues to perform in line with Board
expectations.
In addition to the profit contribution from Clarke & Clarke,
profit before tax will include received and anticipated insurance
payments relating to the flood in December 2015 at Standfast &
Barracks, the Company's fabric-printing business. During the year,
the Company received a total of GBP15.3 million in insurance
payments relating to the flood for damage to assets and loss of
profits.
Group sales for the year, which reflect the impact of the flood,
are expected to be GBP92.4 million (2016: GBP87.8 million),
including sales of GBP7.3 million from the first 18 weeks of
ownership of Clarke & Clarke.
Brand sales excluding Clarke & Clarke were up 1.5% in
reportable currency (down 2.2% in constant currency) compared with
the previous year and were adversely impacted by the flood. In the
UK, brand sales were down 4.1%. US brand sales were up 8.3% in
reportable currency (down 5.2% in constant currency); Western
Europe brand sales were up 22.4% in reportable currency (up 7.9% in
constant currency); and Rest of the World brand sales were up 3.2%
in reportable currency (up 0.3% in constant currency).
The Company's manufacturing performance was affected by the
flood for much of the year although the impact was mitigated by the
insurance payments outlined above. As previously announced,
Standfast & Barracks is back in full production and the
Company's Milton Keynes warehouse is fully stocked with the
Company's printed textiles. The construction of flood defences to
protect the Standfast & Barracks factory was recently
completed.
Walker Greenbank intends to announce its results for the year
ended 31 January 2017 on 26 April 2017.
For further information:
+44 (0) 844 543
Walker Greenbank PLC 4668
John Sach, Chief Executive
Mike Gant, Chief Financial Officer
Caroline Geary, Company Secretary
Investec Bank plc (Nominated Adviser +44 (0) 20 7597
and Broker) 5970
Garry Levin / David Anderson /
Alex Wright - Corporate Finance
Henry Reast - Corporate Broking
+44 (0) 20 7466
Buchanan 5000
Mark Court / Sophie Cowles / 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 and Anthology. The brand portfolio was
recently extended with the acquisition in October 2016 of the
Clarke & Clarke and Studio G brands.
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, Paris, Amsterdam and Dubai along with partnership
showrooms in Moscow and 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/
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTTFMRTMBIMBBR
(END) Dow Jones Newswires
February 07, 2017 02:00 ET (07:00 GMT)
Sanderson Design (LSE:SDG)
Historical Stock Chart
From Apr 2024 to May 2024
Sanderson Design (LSE:SDG)
Historical Stock Chart
From May 2023 to May 2024