Walker Greenbank is a luxury interior furnishings group combining specialist design skills with high-quality upstream manufacturing facilities. Leading brands include Harlequin, Sanderson, Morris & Co, Scion, Anthology, Zoffany and Clarke & Clarke.
Walker Greenbank reported a small y-o-y increase in group revenue in H120 (15 October), together with more significant profit improvement in both divisions. This chiefly reflected progress with heritage brands and associated manufacturing benefits. Consistent with the end FY19 position, the interim dividend was rebased, with an expectation that the full year payout will be maintained at the prior year level (ie 30%). The company improved its balance sheet net cash position slightly to £0.9m at the period end. We consider the new management team’s refreshed strategy to be evolutionary, bringing greater focus and intensity to existing business strengths.
The UK interior furnishings industry has experienced uncertainty for many years under the influence of economic shifts and fashion changes. Many brands have failed to grow, while significant production capacity has been closed down, with manufacture for the volume segment largely moved overseas. Success continues to be delivered by businesses able to differentiate themselves from competition by consistently offering innovative and high-quality design and products.