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06 Aug 2019 | 07:53

Walker Greenbank says first-half performance in line, as revenue inches higher

Luxury furniture retailer Walker Greenbank said its performance in the first half was in line with its expectations amid challenging trading conditions.

In a trading update for the six months through July, the company said its brand sales over the period had risen 0.4%, though they had fallen 0.7% on a constant currency basis.

Brand sales in the UK fell 3.1%, while international brand sales rose 4.4%.

Walker Greenback said the rise in international sales reflected a temporary change in its US reporting model.

On a like-for-like basis, international brand sales fell 1.5% and were 2.9% lower on a constant currency basis.

Licensing income was expected to rise 25%, while third-party manufacturing sales were seen falling 4.6%.

'The company progressed a number of efficiency and cost-saving initiatives during the first half, including the warehouse and back office integration of the Clarke & Clarke business into the Style Library portfolio of brands,' Walker Greenback said.

'This integration work is substantially complete and the board expects that this will result in a saving of approximately £2m on an annualised basis of which approximately £1m will be delivered in the current financial year.'

'The company continues to focus on working capital management with the net funds position at the end of the last financial year maintained at the half year.'

'The board's expectations for the full year remain unchanged although visibility is limited by Brexit and continuing wider macro-economic uncertainties.'

Walker Greenbank intends to announce its half year results in mid-October 2019, at which time an update will be provided on the Board's review of the Company's strategy.

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