Exports lift Walker Greenbank
Furnishing group Walker Greenbank has told shareholders that export markets are outperforming the UK and that it has settled its flooding insurance claim.
Terry Stannard, chairman of the Sanderson, Morris & Co, Harlequin, Zoffany, Scion and Anthology owner told its AGM: ‘In the first four-and-a-half months of the current financial year, brand sales were up 4.5% in reportable currency and up 1.1% in constant currency, with sales in Europe and the USA outperforming the UK, where sales were in line with the same period last year. Brand sales exclude Clarke & Clarke, which continues to trade in line with the board's expectations and remains an exciting addition to our product portfolio.
‘Licence income continues to perform strongly, and is benefiting from the new licensing agreements signed in the prior financial year.
‘Our two manufacturing sites both have improving order books and have recently started to print for the Clarke & Clarke and Studio G brands. There has been a noticeable increase in export orders from new customers at both sites, though it is too early to predict the strength of this trend.
‘We are pleased to announce today the final settlement of our insurance claim following the flood at our fabric printing factory in December 2015. We expect to receive the final payment of £2.4m by our half-year end, bringing the total amount received in respect of the claim to £19.3m.
‘The current financial year is set to mark a step change in Walker Greenbank's financial performance as it will include a full year's contribution from the Clarke & Clarke acquisition. Whilst today's AGM comes at a time of political and economic uncertainty in the UK, at this early stage of our financial year we continue to expect to meet board expectations for the full year.’
Image: Clark & Clark’s Halcyon