Walker Greenbank encouraged by revenue momentum

14th Apr 2010 08:20

Luxury interior furnishings group Walker Greenbank revealed a decline in annual pre-tax profit but said it was encouraged by revenue momentum going into the second half.The group, whose brands include Sanderson and Morris & Co, said profit before taxation fell to £1.6m for the 12-month period ended 31 January 2010 from £2.8m the year before. Revenue dropped to £60.4m from £63.7m previously. Second half revenues were up 1.8% compared with the year before.Chairman Terry Stannard commented, "Whilst remaining cautious we are convinced by the potential of the group, which is in a strong position to exploit domestic and international opportunities even in uncertain market conditions." In the UK, its largest market for its brands, retail performance has been relatively robust with annual revenues down 2% compared with a fall of 10% at the half year. Stannard said the group remains focused on international expansion but in the year, Continental Europe and the USA have experienced much tougher trading conditions, being down 20% and 25% respectively. Revenues in the Rest of the World have grown by 14% particularly in the Far East and Australasia. It added that its mid-market brands, Harlequin and Sanderson, have performed well during the economic downturn.