Walker Greenbank PLC – Full Year Financial Results
Walker Greenbank PLC (AIM: WGB), the luxury interior furnishings group, is pleased to announce its financial 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.
Christopher Rogers, the Interim Executive Chairman of Walker Greenbank, said:
“In our international markets trading is marginally ahead of last year whereas in the Group’s core market in the UK trading conditions remain challenging and the outlook uncertain. To mitigate difficult trading we remain focused on growing revenue and cost saving initiatives. At this very early stage of the new financial year the Group continues to trade in line with the Board’s expectations.”