StockMarketWire.com - Luxury furniture group Walker Greenbank swung to a first-half loss and scrapped its dividend after the Covid-19 pandemic led to a temporary closure of its manufacturing sites and lockdowns sapped demand.

Pre-tax losses for the six months through July amounted to £0.9m million, compared to a year-on-year profit of £3.5 million. Revenue slumped 31% to £38.8 million.

Walker Greenbank said remained committed to future dividend payments 'when conditions allow'.

The company said trading had been better-than-expected in July, August and September 2020.

At the same time, it said its outlook remained cautious at the start of the autumn selling period, given the ongoing impact of Covid-19.

'The first-half results reflect both the impact of Covid-19 on the business and its end markets as well as the exceptional commitment and adaptability of all our colleagues at the Company, for which I thank them,' chairman Dianne Thompson said.

'At the start of our key autumn selling period, we remain cautious on the outlook for the months ahead.'

'The Board believes that the actions taken by the leadership team have given the business a strong foundation on which to withstand the impact of Covid-19 and to build for future growth.'




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