Walker Greenbank sales boosted by Clarke & Clarke acquisition

Luxury interior furnishings group Walker Greenbank announce its pre-close trading update for the six months to 31 July on Wednesday, reporting that brand sales - including Clarke & Clarke - were up 35.6% in reportable currency compared with the same period last year.

The AIM-traded firm said that underlined the “step change” in the company's financial performance following the acquisition of Clarke & Clarke in October last year.

On a like-for-like basis, brand sales excluding Clarke & Clarke were up 3.6% in reportable currency and up 0.5% in constant currency.

“In our AGM Statement in June we indicated that Europe and the US were outperforming the UK,” Walker Greenbank’s board said in its statement.

“This trend has continued through the half year with brand sales in Europe and the US up 11.9% and 12.9% respectively in reportable currency, up 3.3% and 2.7% respectively in constant currency, whereas sales in the UK declined 1.8%.”

Licence income continued to perform strongly in the half year and was expected to be up by approximately 21.0% in reportable currency, 18.0% in constant currency compared with the same period last year.

That growth was driven by the new licensing agreements signed in the prior financial year relating to blinds in the UK and bedding in the US and Asia, the board claimed.

“As highlighted in June's AGM statement, the company's manufacturing operations have benefited in the half year from improving order books, driven by digital printing and an increase in orders from both new and existing third party customers.

“The board continues to expect to meet its full year expectations.”

Walker Greenbank said it intended to announce its half year results in early October.