Walker Greenbank sees 'significant impact' to H1 from Covid-19
By Iain Gilbert
Date: Tuesday 11 Aug 2020
(Sharecast News) - Interior furnishings group Walker Greenbank cautioned on Tuesday that the Covid-19 pandemic had made "a significant impact" to first-half trading.
While WG said the "improving trend" seen from April had gained momentum towards the mid-way point of the year, total brand sales, before licensing, discounts and rebates were still down 28% at £31.3m.
Brand product sales, before discounts and rebates, in the UK, the AIM-listed company's largest market, were down 31%, while US brand product sales were down approximately 32% in reportable currency and Northern Europe sales were down roughly 13%.
Core licensing income in the first half was impacted to a lesser extent and down approximately 10%.
WG added that manufacturing operations, which were temporarily closed during lockdown, had resumed, with its current third-party order book in "good" standing and demand continuing to grow, particularly from the US.
Chief executive Lisa Montague said: "Whilst the first half, as previously reported, has been materially impacted by Covid-19, there was recovery in the business at the half year-end with the improving trend continuing month on month.
"We remain cautious as we look forwards to the second half of the year; the Covid-19 pandemic continues to create uncertain conditions impacting the markets in which the company operates."
As of 1000 BST, WG shares were down 1.52% at 45.30p.
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