Business
Full Year Trading Update and Results Notification
Full Year Trading Update and Results Notification.
About this update from Sanderson Design Group Plc
[{"type":"text","content":"\n \nRNS Number : 5510C Walker Greenbank PLC 11 February 2020 \n\n\n\n\n\n\n\n11 February 2020\n\n\n\n \n \nWALKER GREENBANK PLC\n(\"Walker Greenbank\" or the \"Company\")\n \nFull Year Trading Update\nand \nNotice of Results\n \n \nWalker Greenbank PLC (AIM: WGB), the luxury interior furnishings group, announces its full year trading update for the financial year ended 31 January 2020. \n \nThe results for the year are expected to be in line with the Board's expectations. \n \nGroup sales for the year are expected to be approximately £111.0 million, down 2.0% compared with the previous year (2019: £113.3 million), reflecting a generally difficult marketplace offset by continued strong performances from the Morris & Co. and Clarke & Clarke brands, core licensing and digital fabric printing.\n \nTotal brand sales, which exclude licensing income, were down 2.7% in reportable currency (down 3.0% in constant currency) compared with the prior year. In the UK, our largest market, brand sales were down 3.0% owing to the subdued UK consumer environment. In the US, our second largest market, brand sales were down 3.8% in reportable currency (down 6.9% in constant currency) with the decrease, in part, resulting from the necessary change mid-year in the distribution of the Clarke & Clarke brands. The new distribution partnership, with Kravet Inc., which has been extended to include Canada, is progressing in line with the Board's expectations. Brand sales in Northern Europe were up 1.1% in reportable currency (up 2.1% in constant currency). \n \nThe Morris & Co brand continued its strong growth, up 22.3% in constant currency compared with the prior year, reflecting the continued revival of interest in the Arts & Crafts movement. The Company has continued to invest in Morris & Co to leverage this growing interest. The brand grew strongly in all key territories and grew particularly strongly in Scandinavia, where the brand's sales were up 28.7%.\n \nThe integration of the Clarke & Clarke business is now complete and positive growth is continuing from the Clarke & Clarke brands. The Company's focus on cost reduction initiatives, with approximately £1 million of savings delivered during the second half of the year, has included Clarke & Clarke'...