Walker Greenbank PLC (AIM: WGB), the luxury interior furnishings group, announces the following update on trading in respect of the financial year ending 31 January 2018.
In its interim results announcement on 4 October 2017, the Company stated that order intake was growing ahead of last year and on an improving trend in the run-up to the key autumn selling period. Since that announcement, momentum in order intake has not been sustained and Brand sales in the UK, excluding Clarke & Clarke, have weakened significantly against management's expectations.
The Company is more than half way through the key autumn selling period and, owing to the disappointing UK Brand sales and knock-on effect on manufacturing, the Board now expects that profits for the year ending 31 January 2018 are likely to be approximately 10 per cent lower than its expectations.
Whilst the UK remains Walker Greenbank's largest market, the Board is focused on driving the Company's international business where Brand sales are ahead of the same period last year. Licensing income continues to grow strongly and the Board expects full year licensing income to be up approximately 15 per cent on a like-for-like basis, in line with its expectations.
The Company will provide a further update on performance for the year ending 31 January 2018 in its full year trading statement expected to be issued in early February 2018.
For further information:
|Walker Greenbank PLC||+44 (0) 844 543 4668|
|John Sach, Chief Executive|
|Mike Gant, Chief Financial Officer|
|Investec Bank plc (Nominated Adviser and Broker)||+44 (0) 20 7597 5970|
|Garry Levin / David Anderson / Alex Wright - Corporate Finance|
|Henry Reast - Corporate Broking|
|Buchanan||+44 (0) 20 7466 5000|
|Mark Court / Sophie Cowles / Catriona Flint|
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 Sanderson, Morris & Co, Harlequin, Zoffany, Scion and Anthology. The brand portfolio was extended with the acquisition of the Clarke & Clarke and Studio G brands in October 2016.
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 600 people and its products are sold in more than 85 countries worldwide. It has showrooms in London, New York, Paris, Amsterdam and Dubai along with partnership showrooms in Moscow and in Shenzhen, China.
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