Walker Greenbank Maintaining Momentum
Edison | Jun 21, 2017 06:54AM ET
AGM comments were very much in line with those at the beginning of the year and our estimates are unchanged. Walker Greenbank (LON:WGB) is on track for a good profit uplift in FY18 derived from organic progress in both divisions and a full year contribution from Clarke & Clarke. Moreover, the business retains significant financial flexibility for further investment. We would expect the share price to regain or exceed the higher levels seen earlier this year in due course.
Early H1 trading trends confirmed
The Brands division’s organic revenue growth in the first four and a half months of FY18 was +4.5% y-o-y (or +1.1% at constant currency), which is in line with figures cited for the first 12 weeks of the year (ie +4.4% and +0.9%, respectively). Demand in overseas markets has been firmer than in the UK, which is broadly flat. Clarke & Clarke (acquired in October 2016) is trading in line with management expectations and will contribute an additional six months’ trading in Brands’ H118 results.
The Manufacturing division’s year-to-date revenue performance was not quantified but is said to be on an improving trend, again with a pick-up in export orders noted. H117 trading was affected by flood-related factory disruption and, hence, will be a relatively weak comparator for H118.
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Walker Greenbank Maintaining Momentum
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