1st Oct 2013 10:07
LONDON (Alliance News) - Luxury interior furnishings company, Walker Greenbank PLC, Tuesday reported an increase in pretax profit and revenue for the first-half, boosted by strong sales across the business.
The company, whose brands include Sanderson, Morris & Co., Harlequin, Zoffany and Scion, posted pretax profit of GBP2.0 million for the period ended 30 June, up from GBP1.9 million a year earlier, while revenue rose slightly to GBP39.1 million from GBP38.1 million in 2012.
Walker attributed the increase to overall sales growth of 2.2% across its international arms, with sales in the US, its largest market outside the UK, growing 7.4%.
"[This] is particularly encouraging and the territory continues to represent [a] good opportunity for market share growth," the company said.
It now plans to build on this by extending its flagship showroom in New York, which will be completed in the second-half of the current financial year.
Walker said it has achieved growth of 6.5% in Western Europe, its second largest market outside the UK, for the first time since the Eurozone crisis.
However, in the UK, brand sales experienced a small decline of 1.7%, which it blamed on its Zoffany brand.
Walker said Zoffany is positioned at the upper end of the premium market which has been the most challenging area of the market in the past 12 months. In light of this, the company made the decision to discontinue some older slow-selling collections slightly early, which contributed to an overall decline in sales.
The board approved a 21.7% increase in the interim dividend to 0.28 pence, from 0.23 pence in the previous period.
Walker shares were trading at 157.00 pence, down 6.50 pence or 4.2%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
WGB.L