Walker Greenbank PLC Half Year Trading Update (8064M)

TIDMWGB

RNS Number : 8064M

Walker Greenbank PLC

02 August 2017

 
  For immediate release   2 August 2017 
 

WALKER GREENBANK PLC

("Walker Greenbank" or the "Company")

Half Year Trading Update

Walker Greenbank PLC (AIM: WGB), the luxury interior furnishings group, is pleased to announce its pre-close trading update for the six months ended 31 July 2017.

Brand sales, including Clarke & Clarke, were up 35.6% in reportable currency compared with the same period last year, underlining the step change in the Company's financial performance following the acquisition of Clarke & Clarke in October last year.

On a like-for-like basis, Brand sales excluding Clarke & Clarke were up 3.6% in reportable currency and up 0.5% in constant currency. In our AGM Statement in June 2017 we indicated that Europe and the USA were outperforming the UK. This trend has continued through the half year with Brand sales in Europe and the USA up 11.9% and 12.9% respectively in reportable currency, up 3.3% and 2.7% respectively in constant currency, whereas sales in the UK declined 1.8%.

Licence income has continued to perform strongly in the half year and is expected to be up by approximately 21.0% in reportable currency, 18.0% in constant currency compared with the same period last year. This growth has been driven by the new licensing agreements signed in the prior financial year relating to blinds in the UK and bedding in the US and Asia.

As highlighted in June's AGM Statement, the Company's manufacturing operations have benefited in the half year from improving order books, driven by digital printing and an increase in orders from both new and existing third party customers.

The Board continues to expect to meet its full year expectations.

Walker Greenbank intends to announce its half year results in early October 2017.

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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August 02, 2017 02:00 ET (06:00 GMT)