3 Feb 2016 07:00
For immediate release | 3 February 2016 |
WALKER GREENBANK PLC
("Walker Greenbank" or "the Company")
Full Year Trading Update
Walker Greenbank PLC (AIM: WGB), the luxury interior furnishings group whose brands include Sanderson, Morris & Co., Harlequin, Zoffany, Scion and Anthology, announces its pre-close trading update for the year ended 31 January 2016.
Group sales for the year are expected to be up 5.8% on the previous year at £88.2 million, and adjusted profit before tax and exceptional items is anticipated to be in line with market expectations.
The Company is working closely with its insurer in connection with the flooding at Standfast & Barracks, which was announced on 7 December 2015, and expects to receive an interim payment in respect of loss of profits and damage to assets.
Brand sales in the year to 31 January 2016 were up 6.4% in constant currency (5.7% in reportable currency). In the UK, the Company's largest market, brand sales grew 4.8%. In the US, brand sales grew by 11.9% in constant currency and in Western Europe by 10.5% (20.1% and 0.0% respectively in reportable currency). Brand sales in the Rest of the World grew 5.4% in constant currency (3.1% in reportable currency).
The Company's manufacturing operations performed well during the period although the flooding at Standfast & Barracks affected the final seven weeks' trading. Progress towards restoring production at Standfast & Barracks is proceeding on track and it is expected that digital printing will begin to resume later this month.
Walker Greenbank intends to issue its preliminary results on 13 April 2016.
For further information:
Walker Greenbank PLC | +44 (0) 844 543 4668 |
John Sach, Chief Executive Mike Gant, Chief Financial Officer | |
Caroline Geary, Company Secretary | |
Investec Bank plc | +44 (0) 20 7597 5970 |
Garry Levin / David Anderson - Nominated Adviser | |
Henry Reast - Corporate Broking | |
Buchanan | +44 (0) 20 7466 5000 |
Mark Court / Helen Chan / Sophie Cowles |
Notes for editors:
About Walker Greenbank
Walker Greenbank PLC is a luxury interior furnishings company that designs, manufactures and markets wallpapers and fabrics together with a wide range of ancillary interior products. The Company's brand portfolio - comprising Sanderson, Morris & Co, Harlequin, Zoffany, Scion and Anthology - spans heritage and contemporary design and its products are sold in more than 85 countries worldwide. The Company derives significant licensing income from the use of its designs in lifestyle products such as bed linen, rugs and tableware.
The Company employs more than 600 people and has showrooms in London, New York, Paris, Amsterdam and Dubai along with partnership showrooms in Moscow and in Shenzhen, China. Its UK manufacturing base, which includes a wallpaper factory in Loughborough and a fabric printing factory in Lancaster, manufactures product both for the Group and for other wallpaper and fabric brands. Continued investment in manufacturing has allowed the Group to offer a wide range of printing techniques.
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/