2 Aug 2017 07:00
For immediate release | 2 August 2017 |
WALKER GREENBANK PLC
("Walker Greenbank" or the "Company")
Half Year Trading Update
Walker Greenbank PLC (AIM: WGB), the luxury interior furnishings group, is pleased to announce its pre-close trading update for the six months ended 31 July 2017.
Brand sales, including Clarke & Clarke, were up 35.6% in reportable currency compared with the same period last year, underlining the step change in the Company's financial performance following the acquisition of Clarke & Clarke in October last year.
On a like-for-like basis, Brand sales excluding Clarke & Clarke were up 3.6% in reportable currency and up 0.5% in constant currency. In our AGM Statement in June 2017 we indicated that Europe and the USA were outperforming the UK. This trend has continued through the half year with Brand sales in Europe and the USA up 11.9% and 12.9% respectively in reportable currency, up 3.3% and 2.7% respectively in constant currency, whereas sales in the UK declined 1.8%.
Licence income has continued to perform strongly in the half year and is expected to be up by approximately 21.0% in reportable currency, 18.0% in constant currency compared with the same period last year. This growth has been driven by the new licensing agreements signed in the prior financial year relating to blinds in the UK and bedding in the US and Asia.
As highlighted in June's AGM Statement, the Company's manufacturing operations have benefited in the half year from improving order books, driven by digital printing and an increase in orders from both new and existing third party customers.
The Board continues to expect to meet its full year expectations.
Walker Greenbank intends to announce its half year results in early October 2017.
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 (Nominated Adviser and Broker) | +44 (0) 20 7597 5970 |
Garry Levin / David Anderson / Alex Wright - Corporate Finance | |
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, 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 extended with the acquisition of the Clarke & Clarke and Studio G brands in October 2016.
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/