10th Apr 2019 11:52
LONDON (Alliance News) - Walker Greenbank PLC on Wednesday reported a significant drop in its annual profit, in line with expectations, due to difficult trading in the UK.
For the year ended January 31, the luxury interior furnishing firm posted pretax profit down 51% to GBP6.3 million from GBP13.0 million a year ago.
Revenue rose 1.0% year-on-year to GBP113.3 million from GBP112.2 million, reflecting a "difficult trading environment in the UK.
"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," Interim Chair Christopher Rogers said.
He added: "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."
The company proposed a final dividend of 2.55 pence per share, lower than the 3.68p final payout issued a year ago. This gives a total annual dividend of 3.24p, down from 4.37p.
Walker Greenbank shares were trading 2.0% lower at 56.34 pence each on Wednesday.
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