Sanderson Design Group PLC (AIM:SDG) shares ripped lower as the wallpaper and textile creator reported a decline in brand product and third-party manufacturing revenue.
Total revenue of £112mln for the financial year ended 31 January was flat compared to the previous year thanks to a 23% rise in brand licence revenue, the smallest element of the group’s turnover but its highest margin.
Brand product takings were down 1% to £83.4mln, with a 17% decline in Europe due to an exit from Russia, while third-party revenue fell 3% to £22.2mln.
Underlying profits are expected to align with internal expectations.
The shares fell 11% in early trading, recovering slightly to 122.2p, a decline of 7%, and over 44% from the all-time highs seen during the pandemic.