American growth helps boost earnings at Walker Greenbank

LUXURY interior furnishings group Walker Greenbank yesterday announced an increase in adjusted profit of 11.7 per cent for its latest year, which saw the launch of the company’s fifth brand.

Profit excluding an accounting change climbed to £6.38m from £5.72m for the year to the end of January, while revenue went up by 2.3 per cent to £75.7m.

Chairman Terry Stannard said that sales in the UK increased by 2.5 per cent and the firm saw significant growth in the US for the first time since 2008.

Meanwhile year-on-year sales in the Eurozone were down 9.4 per cent, or three per cent excluding currency movements.

John Sach, the Aim-listed group’s chief executive, said in a statement: “We achieved encouraging growth in many of our international markets, including an excellent performance in the US. During the current year, we will continue to build our business internationally and remain confident of continued progress.”

The company owns big-name wallpaper and textile brands Sanderson, Morris & Co. and Harlequin, and launched the more youthful brand Scion last year.

The firm reported net funds for the first time since 2000, though its pension deficit widened to £8.2m during the year.