Walker Greenbank (WGB)

Business description

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.

Y/E Jan Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 87.8 11.8 8.9 11.6 20.6 20.2
2017A 92.4 12.7 10.4 12.9 18.5 12.1
2018E 114.7 17.4 14.3 16.1 14.8 11.8
2019E 119.7 18.4 15.2 17.0 14.0 10.5

Last updated on 29/08/2017

Investment summary

Our estimates show a good step forward in expected FY18 earnings for Walker Greenbank and H1 pre-close statement comments were consistent with this. Most of Walker Greenbank’s identified market segments will show a positive like-for-like performance against the prior year in H117. Manufacturing activities are naturally showing regained momentum and Brands’ international and licensing revenues are also running ahead of the prior year, boosted by a currency tailwind; although Brands’ UK LFL revenue – prior to including the positive Clarke & Clarke acquisition effects – was more subdued at the period end.

Last updated on 06/09/2017

Industry outlook

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 those businesses that are able to differentiate themselves from competition by consistently offering innovative and high-quality design and products.

Last updated on 06/09/2017

Key management

Terry Stannard, Chairman
Terry Stannard, Chairman
John Sach, CEO
Mike Gant, FD

Company address

Bradboure Drive
Milton Keynes
United Kingdom
+44 (0) 845 126 5582
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