Walker Greenbank PLC (AIM: WGB), the international luxury interior furnishings group, is pleased to announce its interim results for the six-month period ended 31 July 2018.
Highlights
- Total Group sales down 1.4% to £54.7 million (H1 2017: £55.5 million*) with good growth from some segments amid a generally difficult marketplace
- Licensing income up 35.4% in reportable currency, 37.4% in constant currency, at £2.0 million driven by apparel and Japanese licensees
- Third party manufacturing sales up 10.7% in reportable currency, helped by export growth and digital printing
- Encouraging in-market growth in the US, our second largest market, with Brand sales of £6.9 million (up 5.8% in constant currency and down 0.7% in reportable currency)
- Total statutory profit from operations down 12.2% at £4.3 million (H1 2017: £4.9 million)
- Statutory profit after tax down 8.8% at £3.1 million (H1 2017: £3.4 million)
- Adjusted underlying profit before tax** down 28.3% at £4.3 million (H1 2017: £6.0 million)
- Adjusted underlying earnings per share** down 32.6% at 4.73 pence (H1 2017: 7.02 pence)
- Interim dividend unchanged at 0.69 pence per share (H1 2017: 0.69 pence per share)
- Net debt reduced to £3.4 million at 31 July 2018 (31 July 2017: £5.2 million)
- Commenced in-house paint tinting and distribution for our Sanderson and Zoffany brands in partnership with global paint manufacturer PPG
- Direct business models launched in Moscow and Germany
- Our online, direct to consumer, product offering has recently been extended with the addition of paint and bedding through our website www.stylelibrary.com.
- Board changes announced separately today: John Sach has stepped down as Chief Executive; Christopher Rogers, Nonexecutive Director, to become Interim Executive Chairman; and Terry Stannard, Non-executive Chairman, to become a Non-Executive Director
* The prior period has been restated for IFRS 15 Revenue from Contracts with Customers.
** Excludes accounting charges relating to share-based incentives, defined benefit pension charge and non-underlying items.
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