16 Apr 2020 07:00
16 April 2020 |
WALKER GREENBANK PLC
("Walker Greenbank" or the "Company")
Notice of Full Year Results
and
Covid-19 Update
Walker Greenbank PLC (AIM: WGB), the luxury interior furnishings group, will announce its results for the year ended 31 January 2020 on 30 June 2020. Details of an analyst meeting to accompany the results announcement will be provided in due course.
The Company had previously intended to announce its results on 23 April 2020, with the change to the results date being consistent with the Financial Conduct Authority guiding companies to take additional time in the preparation of their financial statements owing to the Covid-19 pandemic alongside related issues faced by auditing firms.
As announced on 25 March 2020, the Board and executive management team have moved swiftly to protect the business and its employees in light of Covid-19, including the temporary closure of the Company's factories in the UK and of its showrooms in the UK, New York and Paris. Measures have been taken to preserve cash including suspension of the final dividend and of capital expenditure plus very tight controls over operating costs. Wherever possible, the Company is accessing government support mechanisms both in the UK and overseas.
The Company is continuing to serve its customers in all key territories from its warehouses in the UK and the US, whilst rigorously observing social distancing controls, hygiene measures and safety protocols.
Almost all other trading activities have been reduced significantly, such that the vast majority of the Company's employees are now furloughed under the Government's Coronavirus Job Retention Scheme and similar grant-based programmes overseas. Those furloughed, the Board, management team and others working from home, have accepted a temporary salary reduction of 20%, further reducing the Company's cash burn, pending government guidance on when businesses can safely resume some or all of their operations. Licensing income continues to be received by the Company, though at a reduced level reflecting the ability of licensees to sell their products.
As outlined in the Company's announcement on 25 March 2020, the Company has headroom in its existing £12.5 million revolving credit facility. Significant progress has since been made with the Company's lenders in obtaining a temporary overdraft facility of £2.5 million, the terms of which have been agreed, for use if the Company needs further funding. In addition, the Company has an uncommitted accordion facility of £5.0 million as part of its revolving credit facility.
Lisa Montague, Walker Greenbank's Chief Executive Officer, said: "During the past few weeks we have moved quickly to protect our business and our most important asset - our people - in response to the threats presented by the Covid-19 pandemic. It is testament to the dedication to the Company of all at Walker Greenbank and I would like to thank them for their commitment to the business during this very challenging period.
"Our customers remain a top priority. At the current time, we continue to serve customers in all key territories and we are positioned to resume operations swiftly when circumstances permit."
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.
For further information please visit: www.walkergreenbank.com