28 Jul 2010 07:00
| For immediate release | 28 July 2010 |
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 and Zoffany, will hold its Annual General Meeting in London this morning.
Terry Stannard, the Company's Chairman, will make the following comments:
"With just a few days remaining in the first half of our financial year, I am pleased to report that the Company's financial performance is significantly ahead of management expectations. We have had a very successful first half, with our brands and our manufacturing performing well.
"Turnover in the six month period to 31 July 2010 will be at least £33 million, up 13% on the first half last year. Operating profits before exceptionals are up substantially from £1.05 million in the first half last year to around £2 million this time. Post-exceptional operating profits are up from £1.01 million in the first half last year to around £2.4 million.
"Profit before tax in the six month period is expected to be £2.1 million, a near four-fold increase on the £0.57 million reported in the first half last year.
"Our mid-market brands Harlequin and Sanderson were our best-selling brands in the first half, continuing a trend seen last year. Sanderson's sales have been boosted by the brand's 150th anniversary and by the appeal of recently launched collections. Encouragingly, our premium-end brand Zoffany has returned to growth in the first half. Sales of printed fabrics across our brands have continued to grow, reflecting the return to popularity of the vibrant colours that print allows.
"Performance of our fabric printing and wallpaper manufacturing operations in the first half were particularly pleasing. Manufacturing is benefiting from a good level of order intake, from customer restocking and from the reorganisation last year.
"We are encouraged by the performance of our business and look forward to the full year out-turn with confidence."
For further information:
| Walker Greenbank PLC | 0844 543 4667 |
| John Sach, Chief Executive |
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| Alan Dix, Finance Director |
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| Julian Wilson, Company Secretary |
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| Arden Partners plc | 020 7614 5900 |
| Chris Hardie / Adrian Trimmings |
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| Buchanan Communications | 020 7466 5000 |
| Mark Court / Suzanne Brocks / George Prassas |
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WGB.L (WGB)