Walker Greenbank PLC Half Year Trading Update (0443G)
August 03 2016 - 1:00AM
UK Regulatory
TIDMWGB
RNS Number : 0443G
Walker Greenbank PLC
03 August 2016
For immediate release 3 August 2016
WALKER GREENBANK PLC
("Walker Greenbank" or "the Company")
Half Year Trading Update
Walker Greenbank PLC (AIM: WGB), the luxury interior furnishings
group whose brands include Sanderson, Morris & Co., Harlequin,
Zoffany, Scion and Anthology, is pleased to announce a trading
update for the six months ended 31 July 2016.
Trading remains in line with the Board's expectations for the
full year.
On 15 June 2016 the Company stated in its AGM Statement that
sales continued to be impacted by the flood in December last year
at Standfast & Barracks, the Company's fabric printing
business. With the factory almost back in full production, good
progress is being made in fulfilling the backlog of printed fabric
orders, both for the Company's own brands and third party
customers, and in building up stocks of finished fabric at our
Milton Keynes warehouse.
During the half year the Company received two interim insurance
payments totalling GBP12 million in connection with the flood.
Further interim insurance payments will be received in due
course.
Trading at the Company in the six months to 31 July 2016 has
continued broadly in line with the AGM statement, but with some
evidence of improving trends now that Standfast & Barracks is
almost back to full production.
Brand sales were down 2.1% at the half year in reportable
currency, down 4.2% in constant currency, compared with the
corresponding period last year. Brand sales in the UK, the
Company's largest market, were down 6.1% at the half year. Brand
sales overseas were up 4.0% in reportable currency at the half
year, down 1.6% in constant currency.
It is too early for the Board to comment in detail on the impact
on the Company of the UK's decision to leave the European Union.
However, the Board does not expect the Company to be adversely
affected by the current weakness of Sterling. Walker Greenbank is
an international business, whose products are sold in more than 85
countries worldwide and a large proportion of the Group's
activities and earnings are denominated in US Dollars and Euros. As
a result, if the current relative weakness of Sterling continues,
the Board would expect a modest gain to reported sales and
profitability.
Walker Greenbank intends to announce its half year results in
mid-October 2016.
For further information:
+44 (0) 844 543
Walker Greenbank PLC 4668
John Sach, Chief Executive
Mike Gant, Chief Financial Officer
Caroline Geary, Company Secretary
+44 (0) 20 7597
Investec Bank plc 4000
Garry Levin / David Anderson
/ Alex Wright - Nominated Adviser
Henry Reast - Corporate Broking
+44 (0) 20 7466
Buchanan 5000
Mark Court / Sophie Cowles /
Catriona Flint
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/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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