10th Oct 2018 10:38
LONDON (Alliance News) - Interior furnishings firm Walker Greenbank PLC on Wednesday said Chief Executive John Sach has stepped down after 15 years at the helm.
The company also reported interim results, with pretax profit for the six months to July dropping as revenue also fell.
Sach will leave the company at the end of the month, but has left his role with immediate effect.
Current Non-Executive Director Christopher Rogers will become interim Executive Chairman whilst a new CEO is appointed. Current Non-Executive Chairman Terry Stannard will remain as a non-executive director.
Stannard commented: "On behalf of the board, I would like to thank John for his significant contribution to the company and the pivotal role he has played in the company's development during more than 20 years."
"He leaves the company with our best wishes, and we wish him every success for the future. The search for a new chief executive has commenced and reflects the leadership needs of the business going forwards."
Walker Greenbank's pretax profit fell 8.8% to GBP3.1 million, with adjusted underlying pretax profit slumping 28% to GBP4.3 million. Profit was hurt by a fall in revenue and a dip in net other income, which is made up of the sale of marketing material and related services.
The company's revenue declined to GBP54.7 million from GBP55.5 million, in a "generally difficult" environment.
Walker Greenbank has kept its interim dividend flat year-on-year at a price of 0.69 pence per share.
Trading in the first nine weeks of its second half has seen a "modest" improvement, with the UK improving slightly. The company expects to meet its expectations for the 12 months to January 31.
Shares were 3.3% lower on Wednesday at a price of 72.06p each.
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