04/10/2006
Wallpaper, furnishings and textiles play Walker Greenbank has just furnished shareholders with its first interim pre-tax profits since the turn of the millennium.
For the half to end-July, losses of �1.4m were converted into pre-tax profits of �1.86m. Turnover from continuing business lifted 12% to �25.8m and there was also upbeat news on the pension deficit, with the liability cut from a year-end �8m to just shy of �6m. Strong performances were announced from the brand portfolio and the group’s UK factories, buoyed by improved trading conditions in the ‘mid-to-premium’ sector.
All brands grew, with mid-market brand Harlequin proving the star turn, snaring market share and more than doubling profits. Investment in the acquired Sanderson brand led to improved returns and the Zoffany brand enjoyed underlying sales growth. One disappointment was the US, where sales grew more slowly than predicted.
For the year to January, research house Edison predicts pre-tax profits of �1.38m from �52m sales, giving earnings of 2.27p, ahead of a �2.4 million profit and earnings of 3.9p in 2008. Those forecasts place the shares on forward multiples of 14.6 and just 8.5. While the return to the black is welcome, we're not fans of this dowdy sector. Avoid.
Leslie Copeland
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