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Walker Greenbank
- BY: Andrew Hore |
- POSTED: 28/07/2010 |
- COMMENTS: Add yours
Interior furnishings supplier Walker Greenbank says trading is significantly ahead of expectations.
Revenues are expected to be 13% higher at £33m plus in the six months to July 2010. Operating profits before exceptionals will nearly double to £2m. Pre-tax profit should be £2.1m compared to £568,000 last time.
Both the brands and the manufacturing operations have done well. Harlequin and Sanderson, helped by its 150th anniversary, are the best selling brands. Higher priced brand Zoffany has started to recover. Manufacturing had a poor first half of last year and lost money. It is trading strongly and being helped by restocking.
At 34p a share, up 3.5p, Walker Greenbank is valued at £19.9m. This is a similar share price to when the company reported its full year figures and a £3m profit was forecast for 2010-11. Edison Investment Research is now forecasting an improvement in full year profit from £2.4m to £3.6m. The shares are trading on less than eight times prospective earnings for 2010-11.
Net debt should fall from £3.11m to £2.53m and there will be a further sharp drop next year.
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