Walker Greenbank - Expectations met, tough UK conditions persist
Year-end comments confirm FY19 results are expected to be in line with management estimates. Strong Licensing performance is likely to have contributed meaningfully to this outcome and towards an ungeared balance sheet position. UK market trends remain weak and cause us to reduce our earnings estimates by 20–25% for FY20 and FY21 although, in the absence of fresh guidance, we have assumed that DPS is maintained at FY18 levels ahead of FY19 results, which are scheduled for 10 April.Walker Greenbank is engaged in the design, manufacture, marketing and distribution of wallcoverings, furnishing fabrics and associated products for the consumer market. Co. manages its operations as two reportable segments: Brands, which is engaged in the design, marketing, sales and distribution, and licensing activities of Sanderson, Morris & Co, Harlequin, Zoffany, Anthology, Scion, Clarke & Clarke and Studio G brands operated from the U.K. and its foreign subsidiaries in the U.S. and France; and Manufacturing, which is engaged in the wallcovering and printed fabric manufacturing businesses operated by Anstey and Standfast respectively.
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