1 Aug 2016 07:00
For immediate release | 1 August 2016 |
WALKER GREENBANK PLC
("Walker Greenbank" or the "Company")
Interim Insurance Payment
Walker Greenbank PLC (AIM: WGB), the luxury interior furnishings group whose brands include Sanderson, Morris & Co., Harlequin, Zoffany, Scion and Anthology, announces that it has received a further interim insurance payment of £3.2 million following last year's flood at Standfast & Barracks, the Company's fabric printing factory in Lancaster.
This is the second interim insurance payment to be received by the Company in its ongoing insurance claim following the flood in December 2015; the first payment of £8.0 million was received in March 2016. A further interim insurance payment of £0.8 million is expected shortly and further payments will be received in due course.
Full production has almost returned to Standfast & Barracks and the factory is benefiting from the faster production rates of the new digital printers installed after the flood. Good progress is being made in fulfilling the backlog of printed fabric orders, both for our own brands and third party customers.
This second interim insurance payment is in respect of damage to business assets and loss of profits. The Company's insurance policy covers flood damage and business interruption until December 2017.
For further information:
Walker Greenbank PLC | +44 (0) 844 543 4668 |
John Sach, Chief Executive Mike Gant, Chief Financial Officer |
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Caroline Geary, Company Secretary |
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Investec Bank plc (Nominated Adviser and Broker) | +44 (0) 20 7597 5970 |
Garry Levin / David Anderson / Alex Wright - Corporate Finance |
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Henry Reast - Corporate Broking |
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Buchanan | +44 (0) 20 7466 5000 |
Mark Court / Sophie Cowles / Catriona Flint |
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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/