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29 Jul 2020 07:00
For immediate release | 29 July 2020 |
WALKER GREENBANK PLC
("Walker Greenbank" or the "Company")
AGM Trading Update
Walker Greenbank PLC (AIM: WGB), the luxury interior furnishings group, will hold its Annual General Meeting ("AGM") later this morning. Ahead of the meeting, the Company's Chairman, Dianne Thompson, provides the following update on current trading.
"In the Company's results for the year ended 31 January 2020, which were announced on 30 June 2020, we reported that product sales in the first half of the current financial year were significantly impacted by Covid-19 and that sales have been on an improving trend since the start of April 2020 as lockdown measures have progressively eased.
"We also reported that Brand product sales in the first five months of the current financial year were down 35% compared with the same time last year, and that in the four weeks prior to the results announcement sales were down some 31%. This recovery has continued such that Brand product sales in the first 25 weeks of the current financial year were down 32% and in the four weeks to 24 July 2020 were down 15% on the prior year.
"Core licensing income during the first 25 weeks of the year has been impacted to a lesser extent by Covid-19, being down approximately 10% compared with last year. Our manufacturing sites, which are almost back to full operation as demand builds, are continuing to benefit from export-led new orders, particularly from the US.
"The Company's focus on liquidity continues and on 27 July 2020 the Company had cash headroom of £17.8 million against its banking facilities, compared with headroom of £16.0 million on 26 June 2020 as reported in our accounts for the year ended 31 January 2020.
"The Covid-19 pandemic continues to create uncertain conditions in the markets in which the Company operates. Our focus remains on mitigating the impact of these conditions on the business whilst continuing to progress the Company's strategic development.
"Further information on trading during the current year will be provided in our half year results announcement currently planned for October this year."
For further information:
Walker Greenbank PLC | +44 (0) 1895 221068 |
Lisa Montague, Chief Executive Officer Michael Williamson, Chief Financial Officer | |
Investec Bank plc (Nominated Adviser and Broker) | +44 (0) 20 7597 5970 |
David Anderson / Henry Reast / Alex Wright | |
Buchanan | +44 (0) 20 7466 5000 |
Mark Court / Toto Berger / Charlotte Slater |
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 Zoffany, Sanderson, Morris & Co, Harlequin, Scion and Clarke & Clarke.
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 650 people and its products are sold in more than 85 countries worldwide. It has showrooms in London, New York, Chicago, Paris and Dubai. Walker Greenbank trades on the AIM market of the London Stock Exchange under the ticker symbol WGB.
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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