Walker Greenbank PLC (AIM: WGB), the international luxury interior furnishings group, is pleased to announce its financial results for the 12 month period ended 31 January 2017.
- Sales up 5.2% to £92.4 million (2016: £87.8 million)
- Adjusted underlying profit before tax* up 16.9% at £10.4 million (2016: £8.9 million)
- Standfast & Barracks fully recovered following flood in December 2015. Financial results include insurance proceeds for loss of profits and net proceeds for asset replacement of £5.1 million for the period
- Acquisition of Clarke & Clarke in October 2016 delivered a profit contribution of £1.0 million in the first 18 weeks of ownership with performance continuing to be in line with the Board’s expectations
- UK licensing income gaining momentum, up 25.6% in reportable currency, 13.1% in constant currency, at £2.6 million with new distribution agreements for bedding in the US and China
- Underlying profit from operations** up 19.5% to £9.8 million (2016: £8.2 million)
Total statutory profit from operations down 3.7% to £7.9 million (2016: £8.2 million) due to acquisition, restructuring and reorganisation costs
- Adjusted earnings per share* up 14.6% at 13.67p per share (2016: 11.93p per share)
- Final dividend up 24.9% to 3.06p per share (2016: 2.45p per share), giving a total dividend up 24.9% at 3.61p per share (2016: 2.89p per share)
* Excludes accounting charges relating to share-based incentives, defined benefit pension charge and non-underlying items.
** Excludes acquisition costs, Standfast flood-related costs and restructuring and reorganisation costs.