15 Jun 2016 07:00
For immediate release | 15 June 2016 |
WALKER GREENBANK PLC
("Walker Greenbank" or "the Company")
AGM Statement
Walker Greenbank PLC (AIM: WGB), the luxury interior furnishings group whose brands include Sanderson, Morris & Co., Harlequin, Zoffany, Scion and Anthology, will hold its Annual General Meeting in London this morning.
Terry Stannard, Walker Greenbank's Chairman, will make the following statement:
"We highlighted in our preliminary results in April 2016 that sales continue to be impacted by the flood in December last year at our fabric printing business, Standfast & Barracks, and that the consequential loss of profits is being mitigated by our insurance policy.
"Immediately following the flood, we were able to satisfy orders from the substantial stocks of fabric held in our Milton Keynes warehouse. These stocks fell whilst the factory was being returned to production, which has impacted brand sales to date in the current financial year. I'm pleased to say that the factory is almost back to full production, however, it will take some months to return to a full stock holding position in Milton Keynes.
"In the first four-and-a-half months of the current year, total brand sales were down 3.0 per cent in reportable currency, down 4.5 per cent in constant currency, compared with the same period last year. In the UK, brand sales are down 6.7 per cent. Brand sales overseas were up 2.6 per cent in reportable currency, down 1.3 per cent in constant currency.
"Whilst the flood at Standfast & Barracks has been disruptive, the Company's comprehensive insurance policy covers loss of profits. We expect further insurance payments in due course.
"Our key new product launches, including Sanderson's Woodland Walk, Morris's Pure and Anthology's fourth collection, have all been well received. We are also making exciting progress in licensing; of particular note is the launch this autumn of the first footwear range from a licensing agreement between Sanderson and the well-known US brand Sperry.
"We remain confident of the outlook for the rest of the financial year and current guidance remains unchanged."
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 / 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 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/