Walker Greenbank rolls out sales rise
Luxury interior furnishings group Walker Greenbank reported an increase in half year sales after an upturn in the US interior furnishings industry although sales in Western Europe continued to be hampered by economic problems.
Luxury interior furnishings group Walker Greenbank reported an increase in half year sales after an upturn in the US interior furnishings industry although sales in Western Europe continued to be hampered by economic problems.
The group, which designs and manufactures fabrics, wallpapers and furnishings and whose brands include Sanderson, Morris & Co and its new contemporary brand Harlequin & Scion, said brand sales in the US jumped 21.5% in the half year to July 31 2012 and 18% at constant currency. Brand sales in the UK, its largest market, were up 5.6%.
Sales were up 13% in the Far East and rose 9% in Eastern Europe. However sales in the Eurozone declined 11.6% or 6% in constant currency as difficult market conditions persisted.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Chairman Terry Stannard commented: "We are pleased with our underlying performance in the first half. We enter the key autumn selling period with some excellent products, including those from our recently launched Scion and Sanderson Home offerings and also those from new product categories such as Harlequin trimmings."
Licensing income rose 19% to £0.80m, with strong growth in Japan.
Group adjusted pre-tax profit rose to £2.7m in the six-month period from £2.43m the year before. Unadjusted pre-tax profit fell to £1.94m from £2.03m a year earlier. Sales rose to £38.3m from £37.4m after robust growth in the US, the Far East and Eastern Europe.
Commenting on current and future trading, Walker Greenback said brand sales in the current half were subdued in August but grew 2.4% in September compared with the previous year.
"Our manufacturing sites continued to perform well throughout. We remain confident of achieving market expectations for the full year," it said in a company statement.
The group has increased the interim dividend 15% to 0.23p per share.
CJ
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?
Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
By Kalpana Fitzpatrick Published
-
What does Rachel Reeves’s plan for growth mean for UK investors?
Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
By Katie Williams Published