StockMarketWire.com - Luxury furnishings group Walker Greenbank said its first-half sales had slumped, though an improving trend had emerged in the latter part of the period.

In a trading update for the six months through July, the company said its brand sales, before licensing, discounts and rebates, dropped 28% on-year to £31.3m.

Such sales fell 31% in the UK, while international sales fell 24%.

Manufacturing operations that were temporarily closed during lockdown had resumed.

'The current third-party order book is good and demand continues to grow, particularly from the US,' Walker Greenback said.

It added that its liquidity remained robust with cash headroom against banking facilities rising to £19.5m at the end of July.

'Whilst the first half, as previously reported, has been materially impacted by Covid-19, there was recovery in the business at the half year end with the improving trend continuing month on month,' chief executive Lisa Montague said.

'We remain cautious as we look forwards to the second half of the year; the Covid-19 pandemic continues to create uncertain conditions impacting the markets in which the company operates.'




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