Full Year Trading Update

RNS Number : 1849Z

Walker Greenbank PLC

04 February 2014

 

For immediate release

4 February 2014

WALKER GREENBANK PLC

("Walker Greenbank" or "the Company")

Full Year Trading Update

Walker Greenbank PLC (AIM: WGB), the luxury interior furnishings group whose brands include Sanderson, Morris & Co., Harlequin, Zoffany and Scion, announces its pre-close trading update for the year ended 31 January 2014.

The Company has continued to perform well following the announcement of its half year results in October. The second half performance has been stronger than the first half, reflecting continued investment in the business and the improving macro-economic environment in the majority of the Company's geographic markets. As a result of this increased momentum, adjusted profit before tax for the year is expected to be ahead of the top end of analyst forecasts.

Group sales are expected to be up 3.4% on the previous year at £78 million.

Total brand sales were up 3.3% during the year, compared with 2.2% in the first half, assisted by licence income from lifestyle products such as bedlinen, rugs, towels and tableware. Brand sales grew by 8.3% in the US and 9.1% in Western Europe in reportable currency (6.8% and 4.8% respectively in constant currency). Encouragingly, brand sales in the UK, the Company's largest market, returned to growth in the second half delivering growth of 0.6% during the year.

The Company's manufacturing operations have also performed well, with rapid growth in digitally printed fabric and wallpaper. Investment in manufacturing during the year included a new hybrid rotary gravure machine at the wallpaper factory in Loughborough and a second high speed digital printer at the fabric factory in Lancaster.

Walker Greenbank intends to issue its preliminary results on 29 April 2014.

For further information:

Walker Greenbank PLC	[phone]
John Sach, Chief Executive
Caroline Geary, Company Secretary
Investec Bank plc	[phone]
Garry Levin - Nominated Adviser
Henry Reast - Corporate Broking
Buchanan	[phone]
Mark Court / Fiona Henson / Sophie Cowles

 

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