Walker Greenbank plc (AIM: WGB) – positive AGM statement but lots of questions
Walker Greenbank, the luxury interior furnishings group, issued a positive trading update yesterday moving the shares back up close to highs reached in July 2014. However, all is not quite as rosy as the headline numbers suggest!
The statement confirmed that trading is progressing well, with a continued strong performance in the UK (the Group’s largest market) and an acceleration of sales internationally. The Group sell a variety of brands including Sanderson, Morris & Co., Harlequin, Zoffany, Scion and Anthology. In the first four and a half months of the current financial year, total brand sales are up 8.9%. Walker Greenbank now sell in 85 countries worldwide and international sales have seen a 10.1% increase during the start of this year. This has been hugely enhanced by the Anthology brand, designed primarily for export markets. The opening…