Walker Greenbank

LN: WGB

£34.8m market cap

49p last close

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.

Investment summary

Walker Greenbank’s FY20 results date has been reset to 30 June (and complies with updated FCA policy guidance). Its latest update provides no new financial information though orders continue to be received despite lockdown conditions. Operational steps already taken appear to be appropriate, retaining sufficient infrastructure to service prevailing sales demand levels while additional actions aimed at preserving business liquidity are referenced, consistent with those seen elsewhere in the quoted sector. Taken together, the company appears to have quickly adjusted its business model to meet current market challenges in FY21.

Y/E Jan
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2019A 113.3 12.9 9.0 10.1 4.9 2.8
2020A 111.5 11.0 6.6 7.9 6.2 3.6
2021E N/A N/A N/A N/A N/A N/A
2022E N/A N/A N/A N/A N/A N/A
Industry outlook

The UK interior furnishings industry has experienced uncertainty for many years. Many brands have failed to grow, while manufacture for the volume segment has 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.

Last updated on 13/08/2020
Sector
Industrials
Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 7.7 16.7 (43.0)
Relative* 4.2 10.0 (35.6)
52-week high/low 91.0p/27.5p
*% relative to local index
Key management
Lisa Montague CEO
Michael Williamson CFO

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