Walker Greenback records annual rise in profits and sales

Luxury interior furnishings group Walker Greenback unveiled an increase in annual profits boosted by sales in the US and strong performance of new brands Scion and Sanderson Home.

Luxury interior furnishings group Walker Greenback unveiled an increase in annual profits boosted by sales in the US and strong performance of new brands Scion and Sanderson Home.

Adjusted pre-tax profit for the year to January 31st 2013 came to £6.38m, up 11.7% from £5.72m in 2012.

Sales increased 2.3% to £75.7m, buttressed by a 17.6% growth in the US.

Harlequin, a brand of fabrics and wall coverings, was the group's biggest seller in the US as sales rose 39.4% year-on-year.

In the UK, the group's largest market, sales increased 2.5% despite challenging trading conditions as a result of solid manufacturing performance.

However, a tough a market environment in the Eurozone saw sales in the region fall 9.4%.

Internationally, the company's new product launches Scion and Sanderson helped to drive sales.

Scion products include fabrics and wallpapers while Sanderson sells home accessories including tableware, linen and toiletries.

Adjusted earnings per share rose 14.6% to 9.41p per share. Cash inflow from operating activities came to £5.8m compared to £4.28 a year earlier, reflecting robust operating profits and investments in products.

The group invested capital expenditure of £3.12m, up from £2.54m the year before.

Nevertheless, the firm had net funds for the first time since 2000 of £1.2m at year-end compared with a net debt of £0.67m a year ago.

A final dividend of 1.25p per share was recommended, a 25% increase on the prior year.

"The current financial year has started well. In the first 11 weeks, our UK manufacturing base has performed strongly and our brand sales are in line with the strong comparator period last year," said Chairman, Terry Stannard.

"We are excited by our new product launches, including the second collection from the Scion brand, and by the opportunities to develop our business internationally. We look forward with confidence to the year ahead."

RD

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

How the stamp duty holiday is pushing up house prices
Stamp duty

How the stamp duty holiday is pushing up house prices

Stamp duty is an awful tax and should be replaced by something better. But its temporary removal is driving up house prices, says Merryn Somerset Webb…
25 Sep 2020
Can Rishi Sunak’s winter plan save the UK economy?
UK Economy

Can Rishi Sunak’s winter plan save the UK economy?

With his Winter Economic Plan, chancellor Rishi Sunak is hoping to support the economy through the dark months ahead as restrictions tighten again. Jo…
25 Sep 2020
The electric-car bubble could get an awful lot bigger from here
Renewables

The electric-car bubble could get an awful lot bigger from here

The switch to electric cars is driving a huge investment bubble. But that’s not necessarily a bad thing, says John Stepek. Fortunes will be made and l…
24 Sep 2020