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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 8.5 5.6
2018A 108.8 15.9 12.5 14.4 7.6 11.1
2019E 111.0 16.2 12.8 14.4 7.6 6.1
2020E 114.4 16.8 13.3 15.0 7.3 6.0

Last updated on 28/06/2018

Investment summary

FY18 ended on a weaker UK trading note but Walker Greenbank still delivered good overall growth from the enlarged business and demonstrated manufacturing stability after previous disruption. We consider an increasing emphasis on international markets and developing complementary revenue streams to be a logical strategy without waiting for returning confidence among UK consumers. Comments at the AGM point to lower headline sales ytd in FY19 but underlying patterns and indications of further improvement in H2 offer encouragement. we believe it is reasonable to retain our existing projections. We anticipate hearing more about the development of international sales and licence income as the year progresses.

Last updated on 29/06/2018

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 29/06/2018

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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