Sanderson Design Group PLC Full Year Trading Update (0822P)
February 07 2023 - 2:00AM
UK Regulatory
TIDMSDG
RNS Number : 0822P
Sanderson Design Group PLC
07 February 2023
For immediate release 7 February 2023
SANDERSON DESIGN GROUP PLC
("Sanderson Design Group", the "Company" or the "Group")
Full Year Trading Update
Sanderson Design Group PLC (AIM: SDG), the luxury interior
design and furnishings group, is pleased to announce its trading
update for the financial year ended 31 January 2023.
Strong performances from the Morris & Co. brand, licensing
and North America were offset by withdrawal from the Russian
market, and a small decrease in manufacturing revenue against a
strong comparator, to give Group sales for the year of
approximately GBP112.0 million (2022: GBP112.2m).
Underlying profits for the financial year ended 31 January 2023
are expected to be in line with Board expectations, reflecting the
strength of licensing income, the implementation of price increases
in February and August 2022 and careful cost control across the
business to manage inflationary pressures.
FY23 FY22 FY23 v FY22 FY23 v FY22
Constant
Reported Reported Currency
(GBPm) (GBPm) Reported(GBPm) (GBPm)
--------- --------- --------------- ------------
Brand product revenue 83.4 84.1 -1% -3%
--------- --------- --------------- ------------
Brand licence revenue 6.4 5.2 23% 23%
--------- --------- --------------- ------------
Third party manufacturing
revenue 22.2 22.9 -3% -3%
--------- --------- --------------- ------------
Total revenue 112.0 112.2 0% -2%
--------- --------- --------------- ------------
In brand product sales, Morris & Co. recorded strong growth
of approximately 14% at constant currency. By region, North America
delivered product sales growth of around 5% at constant currency
(18% in reported currency) whilst the UK was almost unchanged at
minus 1%. Product sales in Northern Europe were down 17% in
constant currency, impacted particularly by the previously
announced cessation of trade in Russia where prior year sales were
GBP1.8 million.
The Company's high-margin licensing activities performed very
strongly in the year, with revenues up approximately 23% at GBP6.4
million, buoyed by the signing of new agreements and the renewal or
expansion of existing licensing arrangements.
Third party manufacturing sales declined by approximately 3%
reflecting the strong comparator of the previous year, a period of
restocking after Covid.
The Group's net cash position as at 31 January 2023, excluding
leases, remained robust at approximately GBP15.2 million (31 July
2022: GBP15.0 million) after the strategic investment made earlier
in the year in inventory to ensure availability of key lines of
wallpaper and fabric.
Sanderson Design Group's full year results, including a detailed
outlook on the current financial year, will be announced in April
2023.
For further information:
Sanderson Design Group PLC c/o Buchanan +44 (0)
20 7466 5000
Lisa Montague, Chief Executive Officer
Mike Woodcock, Chief Financial Officer
Caroline Geary, Company Secretary
Investec Bank plc (Nominated Adviser
and Joint Broker) +44 (0) 20 7597 5970
David Anderson / Alex Wright / Ben
Farrow
Singer Capital Markets (Joint Broker) +44 (0) 20 7496 3000
Tom Salvesen / Jen Boorer / Alex Emslie
Buchanan +44 (0) 20 7466 5000
Mark Court / Toto Berger / Abigail
Gilchrist
SDG@buchanan.uk.com
Notes for editors:
About Sanderson Design Group
Sanderson Design Group PLC is a luxury interior furnishings
company that designs, manufactures and markets wallpapers, fabrics
and paints. In addition, the Company derives licensing income from
the use of its designs on a wide range of products such as bed and
bath collections, rugs, blinds and tableware.
Sanderson Design Group's brands include Zoffany, Sanderson,
Morris & Co., Harlequin, Scion, Clarke & Clarke and Archive
by Sanderson Design.
The Company has a strong UK manufacturing base comprising Anstey
wallpaper factory in Loughborough and Standfast & Barracks a
fabric printing factory, in Lancaster. Both sites manufacture for
the Company and for other wallpaper and fabric brands.
Sanderson Design Group employs approximately 600 people, and its
products are sold worldwide. It has showrooms in London, New York,
Chicago, Amsterdam and Dubai.
Sanderson Design Group trades on the AIM market of the London
Stock Exchange under the ticker symbol SDG.
For further information please visit:
www.sandersondesigngroup.com
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