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Walker Greenbank lifts profit forecast to finish year in style

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Luxury wallpaper and fabric specialist Walker Greenbank (LON:WGB) has upped its full-year profit forecast after a new brand of textured wall-coverings took off.

The group said the introduction of its Anthology brand helped total brand sales rise 8.2% in the year to January.

As a result, sales for the year are expected to be up 6.4% on the previous year at £83mln, while adjusted profit before tax is predicted to be at the top end of analysts' forecasts.

Sales in the UK, the company's largest market, grew 10.3%.

US brand sales jumped 5.1% in constant currency terms with an 11.4% rise in Western Europe.

At the half-year, Walker reported  a 7% rise in adjusted profit before tax to £3.28mln.

John Sach, chief executive, said the company's manufacturing operations performed well, with strong demand for digital printing contributing to double-digit sales growth.

Investec analysts said the momentum in trading gives confidence for the year ahead.

“The group continues to invest in the proposition, such as international showrooms, as well as new techniques such as digital printing, which in our view allow it to maintain its competitive edge.”

The broker upgraded its share price target to 218p.” Shares gained 4p to reach 200p.

Quick facts: Walker Greenbank PLC

Price: 78.5 GBX

AIM:WGB
Market: AIM
Market Cap: £55.72 m
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