Walker Greenbank PLC Notice of Full Year Results and Covid-19 Update (8059J)
16 Abril 2020 - 1:00AM
UK Regulatory
TIDMWGB
RNS Number : 8059J
Walker Greenbank PLC
16 April 2020
16 April 2020
WALKER GREENBANK PLC
("Walker Greenbank" or the "Company")
Notice of Full Year Results
and
Covid-19 Update
Walker Greenbank PLC (AIM: WGB), the luxury interior furnishings
group, will announce its results for the year ended 31 January 2020
on 30 June 2020. Details of an analyst meeting to accompany the
results announcement will be provided in due course.
The Company had previously intended to announce its results on
23 April 2020, with the change to the results date being consistent
with the Financial Conduct Authority guiding companies to take
additional time in the preparation of their financial statements
owing to the Covid-19 pandemic alongside related issues faced by
auditing firms.
As announced on 25 March 2020, the Board and executive
management team have moved swiftly to protect the business and its
employees in light of Covid-19, including the temporary closure of
the Company's factories in the UK and of its showrooms in the UK,
New York and Paris . Measures have been taken to preserve cash
including suspension of the final dividend and of capital
expenditure plus very tight controls over operating costs. Wherever
possible, the Company is accessing government support mechanisms
both in the UK and overseas.
The Company is continuing to serve its customers in all key
territories from its warehouses in the UK and the US, whilst
rigorously observing social distancing controls, hygiene measures
and safety protocols.
Almost all other trading activities have been reduced
significantly, such that the vast majority of the Company's
employees are now furloughed under the Government's Coronavirus Job
Retention Scheme and similar grant-based programmes overseas. Those
furloughed, the Board, management team and others working from
home, have accepted a temporary salary reduction of 20%, further
reducing the Company's cash burn, pending government guidance on
when businesses can safely resume some or all of their operations.
Licensing income continues to be received by the Company, though at
a reduced level reflecting the ability of licensees to sell their
products.
As outlined in the Company's announcement on 25 March 2020, the
Company has headroom in its existing GBP12.5 million revolving
credit facility. Significant progress has since been made with the
Company's lenders in obtaining a temporary overdraft facility of
GBP2.5 million, the terms of which have been agreed, for use if the
Company needs further funding. In addition, the Company has an
uncommitted accordion facility of GBP5.0 million as part of its
revolving credit facility.
Lisa Montague, Walker Greenbank's Chief Executive Officer, said:
"During the past few weeks we have moved quickly to protect our
business and our most important asset - our people - in response to
the threats presented by the Covid-19 pandemic. It is testament to
the dedication to the Company of all at Walker Greenbank and I
would like to thank them for their commitment to the business
during this very challenging period.
"Our customers remain a top priority. At the current time, we
continue to serve customers in all key territories and we are
positioned to resume operations swiftly when circumstances
permit."
For further information:
Walker Greenbank PLC +44 (0) 1895 221068
Lisa Montague, Chief Executive Officer
Michael Williamson, Chief Financial Officer
Investec Bank plc (Nominated Adviser and
Broker) +44 (0) 20 7597 5970
David Anderson / Henry Reast / Alex Wright
Buchanan +44 (0) 20 7466 5000
Mark Court / Toto Berger / Charlotte Slater
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 Zoffany, Sanderson, Morris
& Co, Harlequin, Scion and Clarke & Clarke.
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 650 people and its products
are sold in more than 85 countries worldwide. It has showrooms in
London, New York, Chicago, Paris and Dubai.
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
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END
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