AGM Statement

RNS Number : 0470Q

Walker Greenbank PLC

28 July 2010

 



For immediate release

28 July 2010

 

WALKER GREENBANK PLC

("Walker Greenbank" or "the Company")

AGM Statement

Walker Greenbank PLC (AIM: WGB), the luxury interior furnishings group whose brands include Sanderson, Morris & Co., Harlequin and Zoffany, will hold its Annual General Meeting in London this morning.

Terry Stannard, the Company's Chairman, will make the following comments:

"With just a few days remaining in the first half of our financial year, I am pleased to report that the Company's financial performance is significantly ahead of management expectations. We have had a very successful first half, with our brands and our manufacturing performing well.

"Turnover in the six month period to 31 July 2010 will be at least £33 million, up 13% on the first half last year. Operating profits before exceptionals are up substantially from £1.05 million in the first half last year to around £2 million this time. Post-exceptional operating profits are up from £1.01 million in the first half last year to around £2.4 million.

"Profit before tax in the six month period is expected to be £2.1 million, a near four-fold increase on the £0.57 million reported in the first half last year.

"Our mid-market brands Harlequin and Sanderson were our best-selling brands in the first half, continuing a trend seen last year. Sanderson's sales have been boosted by the brand's 150^th anniversary and by the appeal of recently launched collections. Encouragingly, our premium-end brand Zoffany has returned to growth in the first half. Sales of printed fabrics across our brands have continued to grow, reflecting the return to popularity of the vibrant colours that print allows.

"Performance of our fabric printing and wallpaper manufacturing operations in the first half were particularly pleasing. Manufacturing is benefiting from a good level of order intake, from customer restocking and from the reorganisation last year.

"We are encouraged by the performance of our business and look forward to the full year out-turn with confidence."

For further information:

Walker Greenbank PLC	0844 543 4667
John Sach, Chief Executive
Alan Dix, Finance Director
Julian Wilson, Company Secretary
Arden Partners plc	020 7614 5900
Chris Hardie / Adrian Trimmings
Buchanan Communications	020 7466 5000
Mark Court / Suzanne Brocks / George Prassas

 

END

 

 

AGMEASXPAALEEEF