Walker Greenbank PLC AGM Trading Update (3898U)
29 Julio 2020 - 1:00AM
UK Regulatory
TIDMWGB
RNS Number : 3898U
Walker Greenbank PLC
29 July 2020
For immediate release 29 July 2020
WALKER GREENBANK PLC
("Walker Greenbank" or the "Company")
AGM Trading Update
Walker Greenbank PLC (AIM: WGB), the luxury interior furnishings
group, will hold its Annual General Meeting ("AGM") later this
morning. Ahead of the meeting, the Company's Chairman, Dianne
Thompson, provides the following update on current trading.
" In the Company's results for the year ended 31 January 2020,
which were announced on 30 June 2020, we reported that product
sales in the first half of the current financial year were
significantly impacted by Covid-19 and that sales have been on an
improving trend since the start of April 2020 as lockdown measures
have progressively eased.
" We also reported that Brand product sales in the first five
months of the current financial year were down 35% compared with
the same time last year, and that in the four weeks prior to the
results announcement sales were down some 31%. This recovery has
continued such that Brand product sales in the first 25 weeks of
the current financial year were down 32% and in the four weeks to
24 July 2020 were down 15% on the prior year.
"Core licensing income during the first 25 weeks of the year has
been impacted to a lesser extent by Covid-19, being down
approximately 10% compared with last year. Our manufacturing sites,
which are almost back to full operation as demand builds, are
continuing to benefit from export-led new orders, particularly from
the US.
"The Company's focus on liquidity continues and on 27 July 2020
the Company had cash headroom of GBP17.8 million against its
banking facilities, compared with headroom of GBP16.0 million on 26
June 2020 as reported in our accounts for the year ended 31 January
2020.
"The Covid-19 pandemic continues to create uncertain conditions
in the markets in which the Company operates. Our focus remains on
mitigating the impact of these conditions on the business whilst
continuing to progress the Company's strategic development.
"Further information on trading during the current year will be
provided in our half year results announcement currently planned
for October this year."
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.
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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