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)
2017A 92.4 13.4 10.4 12.9 9.1 5.9
2018A 108.8 15.9 12.5 14.4 8.1 11.8
2019E 111.0 16.2 12.8 14.4 8.1 6.5
2020E 114.4 16.8 13.3 15.0 7.8 6.4

Last updated on 13/04/2018

Investment summary

There were a number of headwinds and tailwinds in FY18, in which good growth was delivered, but lower earnings expectations have dominated sentiment. Walker Greenbank has some strong and unique market positions and is becoming increasingly active in broadening its revenue mix into faster-growing segments. Success here and greater stability in UK demand will translate to rating expansion in our view.

Last updated on 13/04/2018

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

Last updated on 06/04/2018

Key management

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

Company address

Bradboure Drive
Tilbrook
Milton Keynes
MK7 8BE
United Kingdom
+44 (0) 845 126 5582
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