Walker Greenbank - Tough FY19, dividends rebased
A new CEO appointment follows other board changes; with tough UK conditions set to persist, operational improvements, international growth and brand development are all firmly on the agenda and a refreshed strategic update will come from the new team later in the year. With a broadly maintained payout ratio in FY19, lower earnings drove a similar reduction in dividends. With lower earnings anticipated in FY20, the company is trading on a prospective 3.8% dividend yield and a 7.8x P/E.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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