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Walker Greenbank interim results - summary and CEO statement

Walker Greenbank interim results - summary and CEO statement

Wed 10 Oct 2018 07:38 by about : trading updates - 0 Comments - 1580 words

Walker Greenbank PLC (AIM: WGB), the luxury interior furnishings group, announces its interim results for the six-month period ended 31 July 2018.


Financial 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 

o  Licensing income up 35.4% in reportable currency, 37.4% in constant currency, at £2.0 million driven by apparel and Japanese licensees 

o  Third party manufacturing sales up 10.7% in reportable currency, helped by export growth and digital printing

o  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)


Operational Highlights

·    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

·    Board changes announced separately today: John Sach has stepped down as Chief Executive; Christopher Rogers, Non-executive 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, see note 1.

**  Excludes accounting charges relating to share-based incentives, defined benefit pension charge and non-underlying items,
see note 6


Terry Stannard, Non-executive Chairman of Walker Greenbank, said:


"The sales performance in the first nine weeks of the second half has seen some modest improvement. In the UK the trend has been less negative and, in total, sales to overseas markets have been broadly similar to the same period last year.


"Subject to this trend being sustained over the key Autumn selling period, the Board expects the outturn for the year ending 31 January 2019 to be in line with its expectations."


These articles are summaries / highlights and dont always include all financial news updates. Check at company website INVESTORS INFORMATION for full published results.

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