Walker Greenbank PLC AGM Statement (6612I)

TIDMWGB

RNS Number : 6612I

Walker Greenbank PLC

21 June 2017

 
  For immediate release   21 June 2017 
 

WALKER GREENBANK PLC

("Walker Greenbank" or the "Company")

AGM Statement

Walker Greenbank PLC (AIM: WGB), the luxury interior furnishings group, will hold its Annual General Meeting ("AGM") in London this morning.

At the AGM, Terry Stannard, Walker Greenbank's Chairman, will make the following statement:

"In the first four-and-a-half months of the current financial year, Brand sales were up 4.5% in reportable currency and up 1.1% in constant currency, with sales in Europe and the USA outperforming the UK, where sales were in line with the same period last year. Brand sales exclude Clarke & Clarke, which continues to trade in line with the Board's expectations and remains an exciting addition to our product portfolio.

"Licence income continues to perform strongly, and is benefiting from the new licensing agreements signed in the prior financial year.

"Our two manufacturing sites both have improving order books and have recently started to print for the Clarke & Clarke and Studio G brands. There has been a noticeable increase in export orders from new customers at both sites, though it is too early to predict the strength of this trend.

"We are pleased to announce today the final settlement of our insurance claim following the flood at our fabric printing factory in December 2015. We expect to receive the final payment of GBP2.4 million by our half-year end, bringing the total amount received in respect of the claim to GBP19.3 million.

"The current financial year is set to mark a step change in Walker Greenbank's financial performance as it will include a full year's contribution from the Clarke & Clarke acquisition. Whilst today's AGM comes at a time of political and economic uncertainty in the UK, at this early stage of our financial year we continue to expect to meet Board expectations for the full year."

For further information:

 
                                          [phone] 
 Walker Greenbank PLC                      4668 
 John Sach, Chief Executive 
  Mike Gant, Chief Financial Officer 
 Caroline Geary, Company Secretary 
 
 Investec Bank plc (Nominated Adviser     [phone] 
  and Broker)                              5970 
 Garry Levin / David Anderson / 
  Alex Wright - Corporate Finance 
 Henry Reast - Corporate Broking 
 
                                          [phone] 
 Buchanan                                  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/

This information is provided by RNS

The company news service from the London Stock Exchange

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June 21, 2017 02:00 ET (06:00 GMT)