Walker Greenbank FY results seen in line with guidance
By Iain Gilbert
Date: Tuesday 11 Feb 2020
(Sharecast News) - Interior furnishings group Walker Greenbank said on Tuesday that full-year results were expected to be in line with guidance.
Full-year sales for the 12 months ended 31 January were expected to be approximately ?111m, down 2% year-on-year and reflecting a "generally difficult marketplace" offset by continued strong performances from the Morris & Co and Clarke & Clarke brands, core licensing and digital fabric printing.
In the UK, Walker Greenbank's largest market, brand sales were down 3% as a result of a "subdued UK consumer environment", while in the US brand sales were down 3.8%. Brand sales in Northern Europe were up 1.1%.
Total brand sales, which exclude licensing income, were down 2.7% on the year.
Sales at the AIM-listed firm's Morris & Co brand were up 22.3% at constant currency compared with the prior year, and the integration of Clarke & Clarke was completed, delivering approximately ?1m in cost reductions in the second half.
Walker Greenbank's high-margin licensing business "performed well" during the year, with core licensing income ahead of historic levels, up 13.9% to ?3.5m.
The company said market conditions remained "generally difficult" so far in 2020, particularly in the UK. However, the implementation of the group's strategy was said to be advancing well.
At 1100 GMT, the shares were up 4.2% at 74p.
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