Walker Greenbank positive as profit set to exceed expectation
WALKER Greenbank group says it expects to exceed the expectations of analysts when it releases its annual accounts in April.
The luxury furnishings group which owns brands including Sanderson, Harlequin, Zoffany, Morris & Co and Scion said a strong second half to 2013 meant pre-tax profit would be higher than first thought, up 3.4 per cent on the previous year.
A spokesman said: “Encouragingly, brand sales in the UK, the company’s largest market, returned to growth in the second half delivering growth of 0.6 per cent during the year.”
Profits were boosted in the second part of the year by licence income from lifestyle brand products, including bedlinen, tableware and rugs. Over the year sales were up 3.3 per cent, compared to 2.2 per cent in the first part of 2013.
Overall, brand sales grew 8.3 per cent in the US and 9.1 per cent in western Europe. Walker Greenbank shares were buoyed by 2.78 per cent at market close yesterday, up at 170p.
The company manufactures wallpaper and fabrics using digital printing methods, and invested heavily in the process last year. It purchased a second digital printer for its factory at Lancaster as well as a machine to engrave images onto wallpaper.