Walker Greenbank (AIM: WGB) – Positive trading update and valuation still looks interesting
The luxury interior furnishings group whose brands include Sanderson, Morris & Co, Harlequin, Zoffany and Scion announced yet another positive trading update. The shares have had terrific momentum in 2012.
The Company issued a solid trading statement with total brand sales up 4% from H1 2011. Western Europe has shown a 12% decrease in sales (in reportable currency, -6% in constant currency) but this has been offset by a strong sales increase of 6% in the UK. Strong international market demand has seen sales in the U.S up 18%, Russian sales up 10% and Far East sales up 13%. The Company launched The Scion brand in February 2012 and it is currently well placed to increase sales. With over 800 stockists in the UK and distribution partners in 60 countries…