LONDON (Alliance News) - Interior furnishings firm Walker Greenbank PLC said Thursday its half-year results continued to suffer from a "difficult marketplace", as revenue was expected to fall more than 5%.
For the six months ended July, Walker Greenbank expects brand sales to fall a reported 5.7% on the year prior. On a constant-currency basis, however, they are expected to be down just 5.1%.
This was after UK brand sales dropped 6.8% whilst international sales were just 4.4% lower on a reported and 3.0% on a constant-currency basis. Sales in the US - its second-largest market after the UK - were 1.6% lower on a reported basis, but up 4.9% in constant currency.
Licensing income jumped 40% on the year prior on a reported basis, up 43% at constant currency. This was primarily driven by its apparel unit and "strong performances" from its Japanese licensees. Walker Greenbank also signed a "number" of new license deals during the period.
The firm retained its full-year expectations as outlined in late July. Walker Greenbank, therefore, are still anticipating adjusted pretax profit of between GBP9.5 million and GBP10.1 million for the year ending January 2019.
For the year that ended January 2018, Walker Greenbank generated adjusted pretax profit of GBP12.5 million on revenue of GBP108.8 million.
Shares in Walker Greenbank were 3.2% lower at 75.50 pence on Thursday.
