Walker Greenbank PLC (AIM: WGB), the international luxury interior furnishings group, is pleased to announce its interim results for the 12 month period ended 31 January 2019.

Financial Highlights

  • Revenue up 1.0% to £113.3m (2018: £112.2m*), reflecting a difficult trading environment particularly in the UK
    • Licence income up 103.1% following one-off H&M collaboration
    • US sales growth up 9.0% in constant currency, 7.4% in reportable currency
  • In line with expectations, adjusted underlying** PBT was down 25.2% at £9.5m (2018: £12.7m*)
  • Adjusted underlying** EPS down 26.9% at 10.80p (2018: 14.77p*)
  • Statutory profit before tax down 51.4% at £6.3m (2018: £13.0m*)

  • Statutory profit after tax down 57.1% at £5.1m (2018: £11.9m*)

  • Net funds of £0.4m (2018: net debt £5.3m)
  • Full year dividend payout ratio maintained with a proposed final dividend of 2.55p (2018: 3.68p), giving a total dividend of 3.24p (2018: 4.37p) and reflecting the reduction in profits

Operational Highlights

  • Board reshaped for next stage of development including the appointment of Lisa Montague as the new CEO
  • Operational efficiency programmes already underway including integration of back offices
  • Continued focus on licensing and international growth
  • Direct model introduced in Russia and in Germany

* The financial period ended 31 January 2018 has been restated for IFRS 15 'Revenue from Contracts with Customers', on a like-for-like basis with the current period.
** Adjusted underlying profit before tax excludes accounting charges relating to share-based incentives, defined benefit charge and non-underlying items.

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