The Walker Greenbank Board has declared an interim dividend of 0.52p per share (H1 2018: 0.69p) with the previous year's dividend pay-out ratio expected to be maintained for the current financial year. The interim dividend will be payable on 22 November 2019 to shareholders on the register as at 25 October 2019.
Other financial highlights include:
Total Brand product sales up 1.2% in reportable currency, up 0.1% in constant currency reflecting International sales offset by challenging trading conditions in the UK. On a like-for-like basis, international brand sales were down 1.3% in constant currency
Licence income up 60.0% in both reportable and constant currency, largely driven by the IFRS 15 recognition of future guaranteed licensing income but also reflecting core licensing growth over the period. Excluding the recognition of fixed minimum guaranteed licensing income under IFRS 15 and income from apparel contracts, core licensing income was up approximately 12.2% in reportable currency (up 12.4% in constant currency)
Total Manufacturing sales including Group sales up 5.1% in reportable currency. Total third-party manufacturing sales down 4.7% driven by lower UK sales but offset in part by strong overseas manufacturing sales up 16.6%
Net debt down following the adoption of IFRS 16 'Leases' £7.7 million (31 January 2019: £9.2 million on an equivalent basis). Excluding impact of IFRS 16 net funds of £0.9 million (31 January 2019: net funds of £0.4 million)
New five year bank facilities to 2024 comprising £12.5 million rolling credit facility and £5 million accordion