REG - Sanderson Design Grp - Full Year Results
26/04/2023 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230426:nRSZ4490Xa&default-theme=true
RNS Number : 4490X Sanderson Design Group PLC 26 April 2023
26 April 2023
SANDERSON DESIGN GROUP PLC
("Sanderson Design Group", the "Company" or the "Group")
Financial Results for the year ended 31 January 2023
Strong performances from licensing income, US sales and the Morris & Co.
brand
Margin improvement from strategic progress
Sanderson Design Group PLC (AIM: SDG), the luxury interior design and
furnishings group, announces its audited financial results for the year ended
31 January 2023.
Financial
highlights
Year ended 31 January 2023 2022 Change
Revenue £112.0m £112.2m (0.2%)
Adjusted underlying profit before tax* £12.6m £12.5m 0.8%
Adjusted underlying EPS* 14.18p 13.75p 3.1%
Statutory profit before tax £10.9m £10.4m 4.8%
Statutory profit after tax £8.8m £7.8m 12.8%
Basic EPS 12.42p 10.93p 13.6%
Net cash** £15.4m £19.1m (19.4%)
*excluding share-based incentives, defined benefit pension charge and
non-underlying items as summarised in note 7
** Net cash is defined as cash and cash equivalents less borrowings. For the
purpose of this definition, borrowings does not include lease liabilities
· Revenue unchanged at £112.0m (FY2022: £112.2m), representing a
resilient performance in a challenging consumer environment
· Licensing momentum continues with revenue up 25.0% at £6.5m
(FY2022: £5.2m) including accelerated licensing income of £2.4m (FY2022:
£1.4m)
· Brand products sales down 0.8% at £83.4m (FY2022: £84.1m) and
down 2.8% in constant currency
o Morris & Co. brand continuing to perform well with reported sales up
15.9% and up 13.8% in constant currency
o North America continues to deliver a strong performance with reported
sales up 19.3% in reported currency and 6.3% in constant currency, driven by
the Morris & Co., Sanderson and Clarke & Clarke brands
· Third party manufacturing sales performed robustly against a strong
comparator with sales down 3.1% in reported currency
· Adjusted underlying profit before tax of £12.6m (FY2022: £12.5m).
Reported profit before tax of £10.9m, up £0.5m (FY2022: £10.4m)
· Liquidity and headroom^ of £27.9m (FY2022: £31.6m) with net cash of
£15.4m (FY2022: £19.1m)
· Proposed final dividend of 2.75p per share (FY2022: 2.75p) to give a
total dividend for the year of 3.50p (FY2022: 3.50p)
^ comprising net cash of £15.4m and banking facilities of £12.5m
Operational highlights
* Significant licence renewals in the year including Bedeck, NEXT and Williams
Sonoma along with strong generation of new collaborations and a resilient
performance from core bedding and Japanese partnerships
* Morris & Co. sales driven by the Simply Morris collection with the current
year launch of Emery Walker's House Collection being well received
* Sanderson extended its National Trust collaboration for a further 2 years and
announced an exciting collaboration with Disney to revive vintage Disney
characters in the Sanderson archive from 1936
* Harlequin's Own the Room campaign gained momentum with colour panel events,
colour pods in two top John Lewis stores and an exclusive edit with Brewers
* Further investment in digital printing with two new printers installed at the
Anstey wallpaper factory, introducing new capability in design
Sustainability highlights
· Planet Mark certification for Year 5 of carbon reduction,
reflecting our Live Beautiful sustainability pledge
· CO(2) emissions reduced by 14.5% in FY2023 on location basis,
ahead of our plan to reach ZeroBy30
· Energy consumption all from renewables, validated by Planet Mark
· LED lighting installed across all sites
· Investment in digital printing greatly reduced water consumption
· Anstey received ISO45001 certification from BSI in January 2023,
an international standard of excellent occupational health and safety
management systems
Dianne Thompson, Sanderson Design Group's Chairman, said:
"Our full year results reflect the strategic progress we have made in
difficult market conditions. We will continue to deliver our strategy, to
control costs carefully and to focus resources on international market
opportunities given the ongoing uncertainty in the UK consumer environment.
"As we start the current financial year, inflationary pressures on input costs
persist but the US market continues to perform well, licensing income has
performed strongly and hospitality contract orders are encouraging. We are
also excited by recent and upcoming launches from our brands and through
collaborations, including Sophie Robinson for Harlequin and the vintage Disney
Home x Sanderson collection. The Board's expectations for the year remain
unchanged."
Analyst meeting and webcast
A meeting for analysts and institutional investors will be held at 9.30am
today, 26 April 2023, at the offices of Buchanan, 107 Cheapside, London EC2V
6DN. For details, please contact Buchanan at SDG@buchanan.uk.com.
A live webcast of the meeting will be available via the following link:
https://stream.buchanan.uk.com/broadcast/642c5b6209685ed988693680
(https://stream.buchanan.uk.com/broadcast/642c5b6209685ed988693680)
A replay of the webcast will be made available following the meeting at the
Company's investor website, www.sandersondesign.group
(http://www.sandersondesign.group) .
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, Clarke & Clarke and Scion.
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, and Amsterdam.
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
(http://www.sandersondesigngroup.com) .
This announcement contains certain forward-looking statements that are based
on management's current expectations or beliefs as well as assumptions about
future events. These are subject to risk factors associated with, amongst
other things, the economic and business circumstances occurring from time to
time in the countries and sectors in which Sanderson Design Group operates. It
is believed that the expectations reflected in these statements are reasonable
but they may be affected by a wide range of variables which could cause actual
results, and Sanderson Design Group's plans and objectives, to differ
materially from those currently anticipated or implied in the forward-looking
statements. Investors should not place undue reliance on any such statements.
Nothing in this announcement should be construed as a profit forecast.
CHAIRMAN'S STATEMENT
In the financial year ended 31 January 2023 we delivered a resilient trading
performance amid challenging market conditions and input cost inflation.
Whilst the sales performance was solid, delivering a flat result year-on-year,
strategic and operational initiatives increased margins, overcoming cost
increases to deliver a slight improvement in reported profits against last
year.
The profit growth was achieved through the improving efficiency of the
business and a proactive approach to product pricing, with price increases in
February and August last year, along with tight control of costs. The margin
improvement also reflects the strong contribution from our high margin
licensing activities, which had another excellent year with revenue up by
25.0% to £6.5m (FY2022: £5.2m).
Our licensing activities underline the strength of our brands and of our
creative skills in scaling and colouring designs for a multitude of different
products. In addition to royalty income, licensed products bring wider
consumer awareness of our brands across multiple finished goods categories,
thereby potentially stimulating the sales of our own core products of fabric,
wallpaper and paint.
During the year, we signed a significant number of new licensing
collaborations, including Disney, along with important licence renewals
including NEXT, Bedeck and Williams Sonoma. In Japan, Sangetsu is preparing to
launch the first full collection of wallcoverings, jacquards and flooring in
June 2023, under the agreement announced in 2021. The momentum has continued
into the current financial year, with the announcement of a further agreement
with NEXT and a new agreement with the Sainsbury's brands Habitat and Tu. Both
of these agreements highlight our strategic emphasis on collaborating with
larger companies.
The US, where the Group's brands have historically been under-represented, is
an area of strategic focus and it is pleasing to report that product sales
were up 6.3% in constant currency during the year. Consumer confidence in
the UK resulted in a decline of 2.5% in UK brand product sales whilst product
sales in Northern Europe were down 16.5% in constant currency, impacted
particularly by the cessation of trade in Russia where prior year sales were
£1.8m.
Our Morris & Co. brand continued its strong growth during the year, up
almost 13.8% in constant currency, whilst the
difficult consumer environment impacted the performance of our other brands.
Clarke & Clarke, our biggest selling brand, was resilient with sales down
5.7% in constant currency though it delivered a record performance of market
sales in the US.
Our manufacturing operations, which print fabric and wallpaper for our own
brands and third parties, performed robustly against a strong comparator in
the previous year when companies were restocking after Covid-19. Third party
manufacturing sales were down 3.1% in the year at £22.2m.
We have continued to advance our Live Beautiful sustainability strategy, which
has two major commitments: for the Company to be net carbon zero by 2030 and
to be the employer of choice in the interior design and furnishings industry.
Energy saving measures, which are also helping to mitigate energy price
increases, include the installation of LED lighting across all our locations.
Our increasing adoption of digital printing contributed to the decrease in our
net carbon footprint during the year.
Further details of the Group's progress are included in the Chief Executive
Officer's Strategy and Operating Review.
Financial results
The results for the year ended 31 January 2023 show that the Group's strategy
is continuing to deliver in challenging market conditions. Adjusted underlying
profit before tax at £12.6m was up 0.8% on the previous year (FY2022:
£12.5m). Reported profit before tax of £10.9m was up 4.8% on the year ended
31 January 2023 (FY2022: £10.4m). The Group's Balance Sheet remains strong
with net cash at the year end of £15.4m compared with £19.1m at 31 January
2022 and £15.0m at 31 July 2022.
Dividend
The Directors recommend a final dividend of 2.75p (FY2022: 2.75p) taking the
full year dividend to 3.50p (FY2022: 3.50p). This payment will be made on 11
August 2023 to the shareholders registered on the Company's register on 14
July 2023 if approved at the Company's forthcoming Annual General Meeting.
The Board remains committed to a progressive dividend policy as part of the
capital allocation priorities of the Group.
People
On behalf of the Board, I would like to thank all of our colleagues for their
commitment, energy and adaptability during another year which has brought
challenges both to businesses and more widely.
Outlook
Our full year results reflect the strategic progress we have made in difficult
market conditions. We will continue to deliver our strategy, to control costs
carefully and to focus resources on international market opportunities given
the ongoing uncertainty in the UK consumer environment.
As we start the current financial year, inflationary pressures on input costs
persist but the US market continues to perform well, licensing income has
performed strongly and hospitality contract orders are encouraging. We are
also excited by recent and upcoming launches from our brands and through
collaborations, including Sophie Robinson for Harlequin and the vintage Disney
Home x Sanderson collection. The Board's expectations for the year remain
unchanged.
Dianne Thompson
Non-executive Chairman
25 April 2023
CHIEF EXECUTIVE OFFICER'S STRATEGY AND OPERATING REVIEW
INTRODUCTION
I am pleased to report a resilient trading performance in the year ended 31
January 2023. It was reassuring in challenging market conditions that our
strategy continued to deliver: we maintained Group sales and profits at a
similar level to last year's against a challenging consumer environment whilst
also faced with rising energy, raw material and other input cost inflation.
Our decision to cease trading in Russia, which contributed £1.8m in sales in
FY2022, also impacted trading and the year-on-year comparison. The team
performed strongly and I applaud their energy, commitment and skill in
navigating market challenges.
Our profit was driven by strong performances from licensing, US sales and the
Morris & Co. brand, all of which bring further growth opportunities. Of
our three main revenue streams - brand product sales, licensing, and
third-party manufacturing - licensing was the star performer, with licensing
revenue increasing by 25.0% to £6.5m (FY2022: £5.2m).
.
Significant strategic and operational progress was made during the year -
progressing our licensing strategy, improving the efficiency of the business,
and investing in manufacturing. We again finished the year with a strong
balance sheet, with net cash at 31 January 2023 of £15.4m, which will protect
the business during the current economic uncertainty and enable us to invest
for growth.
We signed a number of exciting collaborations during the year, and also
launched some superb new collections of wallpapers and fabrics. This momentum
has continued into the current year with the announcement of important new
licensing agreements and product launches, including the recent launch by
Morris & Co. in celebration of Emery Walker's House Trust - it has been a
privilege to commercialise for the first time some original designs of the era
in a range of 28 wallpapers and 28 fabrics.
Further details of our strategy and operational performance are given below.
STRATEGY AND PROGRESS
We set out our growth strategy for the Group in October 2019 and this strategy
remains unchanged. The key elements are summarised below:
Driving the brands: The Group has a strong and broad portfolio of powerful
brands, each with clear market positioning. Our intention is to focus
precisely on the individuality of each brand, giving each its own market,
channel, product, and communications strategy; thereby strengthening their
appeal to drive demand in their respective marketplaces.
Focusing on core products: The Group has two strong manufacturing arms that
benefit the brands' business. Our strategy is to focus on our core products of
wallpaper, fabric and paint and to build our finished goods offer with our
partners.
Partnering with key customers: The strategic focus on the individuality of
each brand, and our tailored service, will help cement relationships with key
customers, while enhanced communication will drive demand for both heritage
and contemporary brands from consumers, through our interior design partners,
retail channels and hospitality partners. We will continue to deepen our
relationships with existing licensing partners and seek new opportunities.
Investing in people: People, and creativity, are at the heart of our business.
In our industry, Sanderson Design Group is a favoured destination for emerging
new designers, and we will benefit from doing even more to bring in new
creative and other talent, nurture it and create a high-performance culture.
Growing key geographies: Our brands have significant international market
potential, reflected in their being sold in more than 85 countries worldwide.
To maximise return, we are focused on building market share in three key
geographies: the UK, Northern Europe and the USA. Our approach is tailored to
each individual region.
We have made significant progress during the year in pursuing this strategy in
a challenging marketplace.
Efficiency
Improving the efficiency of the business by reducing the number of stocked
items (SKUs) was an integral part of our strategy set out in 2019. The target
SKU reduction, of approximately 12,000 SKUs, was achieved in FY2022 and the
effect of this is shown in the profitability of the business as it is one of
the factors that has enabled us to report unchanged profits even though input
costs have risen. During the year, we reduced the SKU target to 10,000 and
this further reduction is now complete with all obsolete stock having been
cleared. Our latest thinking is that 11,000 is the right goal to fill some
product demand from customers now that we can clearly see the gaps. We made a
strategic investment in best-selling SKUs during the year, resulting in a high
quality, year-end inventory of £27.8m (FY2022: £22.7m).
Our focus continues to be on fewer, stronger collection launches as
historically only a proportion of them sold particularly well whilst others
added to costs and inventory. Our expectation is that margin improvement from
the SKU reduction and strengthened product management will continue in the
current year and beyond.
Launching collections digitally, rather than through pattern books, and
monitoring online sample requests has helped us identify the most popular
designs and colourways in new collections. This has saved cost on stock,
avoided out-of-stocks, and improved efficiency. The pattern books that we
print only include designs and colourways that are most likely to perform
strongly on an individual SKU ROI basis.
Sustainability
Our Live Beautiful sustainability strategy, launched in April 2021, comprises
a broad range of initiatives and two major commitments: for the Group to be
net carbon zero by 2030 and to be the employer of choice in the interior
design and furnishings industry.
We last carried out our employee engagement survey in 2021, which gave an
overall employee satisfaction rating of 78%, which compared with 58% in 2019.
The two-yearly survey will next be conducted this year, with the target
satisfaction raised to 80%, compared with 70% in 2021.
Energy efficiency has been an important area of focus. LED lighting was
installed across all our locations and the shift towards digital printing from
traditional methods is also reducing our energy consumption; an additional
focus for us given the volatility of energy prices.
We were pleased to receive our Planet Mark Year 5 certification earlier this
year, marking the fifth financial year that the sustainability of our business
has been measured by Planet Mark, the sustainability certification
organisation. In the year to 31 January 2023, our total carbon footprint was
6,368.5 tonnes, a decrease on FY2022's 7,452.9 tonnes reflecting the number of
initiatives across the Group including the greater use of digital printing,
which reduces gas consumption compared with traditional printing and
significantly reduces water consumption.
Digital and direct-to-consumer initiatives
Through a number of incubator projects, we have been experimenting with
digital and direct-to-consumer routes to market to identify the best
opportunities for each of our brands. We have gained many insights through
these projects and we continue to consider future strategy in this area.
However, we would need confidence in the consumer environment to commit the
significant investment required to scale any of these opportunities directly
and continue to explore partnerships such as the franchise operation of
Scionliving.com.
OPERATIONAL REVIEW
The table below shows the Group's sales performance in the year ended 31
January 2023, compared with FY2022. The table shows our three key revenue
streams of brand product sales, licensing income and manufacturing. It also
gives the four key geographies of our brand product sales: the UK, Northern
Europe, North America and Rest of the World.
Year ended 31 January (£m) 2023 versus 2022
2023 2022 Reported Constant currency
UK Brand product sales 42.6 43.7 (2.5%) (2.6%)
International Brand product sales 40.8 40.4 (1.0%) (3.3%)
- North America 19.8 16.6 19.3% 6.3%
- Northern Europe 10.8 13.2 (18.2%) (16.5%)
- Rest of the World 10.2 10.6 (3.8%) (3.1%)
Total Brand product sales 83.4 84.1 (0.8%) (2.8%)
(includes carriage income)
Licensing income 6.5 5.2 25.0% 25.1%
Total Brand sales including 89.9 89.3 0.7% (1.2%)
Licensing
Total Manufacturing sales* 39.0 41.7 (6.5%) -
Intercompany elimination* (16.9) (18.8) (10.1%) -
Total Revenue* 112.0 112.2 (0.2%) -
*does not report in constant exchange rate
LICENSING
Licensing is the most profitable part of the Group, with royalty income at a
100% margin. Our licensing activities underline the strength of our brands and
our creative skills in scaling and colouring designs for a multitude of
different products. Licensing enables us to leverage our design archives and
bring wider consumer awareness of our brands across multiple finished goods
categories. This wider visibility of our designs brings the potential to
stimulate the sales of our core products of fabric, wallpaper and paint and
reinforces our identity as a design-led business.
Our strategy for licensing has been to focus on larger, long-term partners
including high street retailers such as NEXT and Sainsbury's in the UK,
Williams Sonoma in the US and category specialists such as bedlinen company
Bedeck. To support this strategy, we reorganised our design teams during the
year so that we now have dedicated designers who work solely on licensing
agreements, which are highly collaborative. From our side, we provide the
design and the design expertise to transfer the design from a wallpaper or
fabric, or from our own archives, to a multitude of different finished
products of all sizes, materials and uses. In essence, we drive the design
work, which is a key value we bring to the collaboration, and the partner
drives the product production and marketing.
Licensing performed strongly during the year, with sales and profits up 25.0%
at £6.5m (FY2022: £5.2m) including £2.4m of accelerated income (FY2022:
£1.4m). Accelerated income represents the total minimum guaranteed sales
associated with newly signed contracts with a discount rate applied to them.
It is a requirement of IFRS 15 that these minimum guarantees are recognised in
this way on contract signature although it is hoped that, once the licensed
products are launched, their sales will potentially exceed the minimum
guarantees.
Notable licensing agreements signed during the year include a three-year
renewal with Bedeck, which has rights in multiple geographies to a wide range
of bedlinen and towelling for the Morris & Co., Sanderson, Harlequin and
Scion brands, and a renewal with NEXT for up to two years for Morris & Co.
womenswear. The Morris & Co. kitchenware partnership Williams Sonoma,
initially signed in August 2021, was extended by two years to 2025.
Most of our agreements are out-licensing deals but we also sign some
in-licensing ones, which do not attract accelerated income, but which are
potentially valuable over time. In-licensing agreements include a Sanderson
collaboration with the National Trust announced in 2020, and which we are
excited to have recently renewed for a further two years, a Clarke &
Clarke collaboration with Wedgwood signed in 2021 and our collaboration with
Emma J Shipley.
During the year, for our Sanderson brand, we signed an exciting in-licensing
collaboration with Disney. Under the terms of the agreement, the Sanderson
brand will be able to create wallpapers and fabrics based on a wide range of
Disney Classic franchises, based on original Sanderson archives dating back to
1936 and Disney archival material. Products developed under the agreement will
be distributed internationally through the Group's existing sales network and
are planned for launch this autumn.
All our brands have potential to attract licence income, from heritage brands
Morris & Co. and Sanderson to contemporary, licensing-focused brand Scion
and recently Clarke & Clarke.
By region, the US is an important opportunity for licensing. The Morris &
Co. agreement with Williams Sonoma, signed in 2021, was our first licensing
agreement for the US and has been extended on initial success. Towards the
year end, we announced a second agreement in the US with a washable rug
company, Ruggable, again with the Morris & Co. brand. A US specific
collaboration with Studio McGee led to a small Morris & Co capsule of
exclusive edits creating high impact at the beginning of this year.
The process of product development, manufacturing and launch follows all of
our licensing announcements, and this pre-launch period is often a year or
more. During the coming weeks and months, we look forward to product launches
resulting from earlier agreements. These include Sangetsu in Japan, which is
launching its first collection, called Morris Chronicles, following an
exclusive agreement signed in May 2021 for Morris & Co. products in Japan
and 14 countries in east and southeast Asia. NEXT will also be launching a new
range of Morris & Co. womenswear for Autumn/Winter this year.
Since signing our first licensing agreement with NEXT in March 2020, NEXT has
become an increasingly important licensing partner for the Group across the
Morris & Co., Sanderson and Scion brands and across a broad range of home
and apparel products. In February 2023, we were particularly pleased to
announce a major licensing agreement with NEXT for Clarke & Clarke
homewares, marking the brand's first significant licensing agreement.
In March 2023, we were also delighted to announce a major agreement with the
Habitat homewares brand and the Tu clothing brand, both of which are owned by
Sainsbury's, the supermarket group. The agreement, with the Morris & Co.
and Scion brands, marked the first time that we have collaborated with
Sainsbury's, a group with a substantial distribution network both online and
in-store.
The Company is continuing to progress a pipeline of further licensing
opportunities, leveraging its brands and design archives.
THE BRANDS
The Brands segment comprises heritage brands Zoffany, Sanderson, and Morris
& Co; and contemporary brands Harlequin, Scion and Clarke & Clarke.
Year ended 31 January
(£m) 2023 versus 2022
Brands 2023 2022 Reported Constant currency
Morris & Co. 19.0 16.4 15.9% 13.8%
Sanderson 14.0 14.4 (2.8%) (4.6%)
Zoffany 8.8 8.6 2.3% 1.0%
Clarke & Clarke 23.6 24.6 (4.1%) (5.7%)
Harlequin 15.8 17.6 (10.2%) (12.9%)
Scion 1.8 2.2 (18.2% (18.8%)
Other 0.4 0.3 (33.3%) (33.3%)
Total 83.4 84.1 (0.8%) (2.8%)
Morris & Co.
Morris & Co. had another year of strong growth of its brand product sales,
and it is now our second biggest selling brand with sales at £19.0m in
reported currency, up 15.9% compared with FY2022. By region, sales were up
19.9% in the UK, in Northern Europe were down 11.7% and in North America were
up 36.8% in constant currency.
Morris & Co. sales were driven by the Simply Morris collection, a modern
interpretation of Morris & Co. designs using clear grounds as a fresh take
on maximalism targeting the sunshine states. This collection was launched in
Autumn 2021 and has continued to gain momentum.
For the current financial year, the Emery Walker House Collection is a much
more traditional collection which has been well received. This collection has
resulted from a sponsorship agreement with the Emery Walker Trust, the charity
that preserves the London home of Emery Walker, a typographer and engraver and
a close friend of William Morris.
Marketing initiatives during the year included the first-ever show garden for
the Morris & Co. brand at last year's Chelsea Flower Show. The Morris
& Co. show garden won a gold medal with the garden's designer, Ruth
Wilmott, founding her highly imaginative design on two of William Morris's
best-known wallpapers, Trellis and Willow Boughs.
Morris & Co. paints were relaunched at the start of the financial year
under review, having been out of production since 2008 though frequently
requested by customers.
Studio McGee launched four exclusive wallpapers in a special edit in their
influential USA online store at the beginning of this year, with great
success.
Sanderson
Brand product sales at Sanderson in the UK were down 3.4%, in Northern Europe
were down 27.7% and in North America were up 3.8% in constant currency
compared with FY2022.
In line with our strategy of fewer, stronger launches, Sanderson collections
have been rationalised to one big launch each year. Water Garden was launched
last year and performing well, and this year's Spring launch Arboretum, which
has been very well received.
This autumn, Salvesen Graham, a renowned British design duo, are styling
Sanderson for an editorial shoot, and launching a small collection (36 SKUs)
of trimmings in collaboration with the brand, to meet demand in the market.
The Disney capsule announced in August 2022 launches in Autumn 2023, in
celebration of the original archival characters in a sophisticated collection
of fabrics and wallpapers, which are sure to bring a smile to our customers
and have been a joy for us to work on.
With plans already in place for next year, the end of this current financial
year will see the launch of a collaboration with Giles Deacon, the renowned
couture designer and illustrator, who has innovatively reworked original
Sanderson designs.
Zoffany
Zoffany is the Group's interior designer-led brand, which occupies the top
price point of the Group's brands. During the year, the brand product sales in
the UK were down 5.1%, in Northern Europe down 0.7% but in North America were
up 5.1% in constant currency compared with FY2022.
We hosted a major presentation at Temple Newsam, the stately home and museum
in Leeds, which reminded our top UK customers of Zoffany's origins in the
1980s restoration projects and in the redecoration of expansive homes. The
brand celebrates the best of English design and excellence in craftsmanship.
Arcadian Thames is the most recent collection of Zoffany, celebrated for its
artistry and celebration of historic houses along the river, with special
pieces designed in collaboration with QEST scholar Melissa White and
commissioned works Livia Papiernik, from the Royal School of Needlework and
subsequently the Royal College of Art.
We are further leveraging the brand's heritage and skill with a new launch
later this year, working closely with historic English silk manufacturers on a
collection of damasks and classic woven stripes, which revisits the brand's
Temple Newsam history with the highest quality of execution, in celebration of
our country's best makers.
Clarke & Clarke
Clarke & Clarke, our biggest selling brand, had an exciting year and
recorded its best ever performance in North America, where it is distributed
by Kravet Inc. Its brand product sales in the UK were down 7.2%, in Northern
Europe were down 10.4% and in North America were down 1.0% in constant
currency compared with FY2022.
The brand's partnership with heritage tableware company Wedgwood resulted in
the launch of Wedgwood homewares last year, including fabrics and wallpapers
for international distribution through both brands' networks. The sales
performance from this partnership has been encouraging.
Historically, the Clarke & Clarke brand has been almost entirely fabric
collections so a key strategic ambition for the brand is to launch
complementary wallpapers. We made progress by launching two small wallpaper
collections last year and plan to launch a further two this financial year.
To further increase the revenue streams from this highly popular, accessibly
priced brand, we were delighted to announce in February 2023 that Clarke &
Clarke had signed its first significant licensing agreement with NEXT as
described in the Licensing section above.
Harlequin
The year was a year of consolidation for Harlequin, where the focus was on
embedding the colour science initiative into the brand. This initiative
includes the colour quiz, which seeks to empower consumers to choose the best
designs and colours for their individual emotional and physical well-being.
Harlequin collections are presented as colour stories to suit each of four
profiles: Rewild, Reflect, Retreat and Renew.
Good progress is being made in this journey. Importantly, John Lewis has
embraced the concept with the launch of Harlequin colour pods in two top
stores, which have been well received and give confidence in the strategy,
with further partnership planned in this current financial year.
Brewers/Wallpaperdirect launched an exclusive special edit of Harlequin
designs in September 2022, which is backed by a stock commitment and is
performing very well.
During the year, Harlequin's brand product sales in the UK were down 8.1%, in
Northern Europe were down 31.3% and in North America were down 7.1% in
constant currency compared with the prior year.
Further momentum will be added to Harlequin's colour science this year, when a
capsule collection of wallpapers and fabrics in signature colours and
exuberant styling will be launched through a collaboration with Sophie
Robinson, known as the "Queen of Colour", which is expected to be launched in
Autumn 2023.
A new collaboration will follow for Autumn/Winter 2024 with designer and
tastemaker Henry Holland of henryhollandstudio.com.
Scion
Scion is predominantly a licensing brand, and its licensing revenue makes a
strong contribution to the Group. It's also a direct-to-consumer brand from
the scionliving.com website, which brings all Scion products onto one
platform. Owing to this positioning, the Company no longer produces full
collections of wallpapers and fabrics but launches capsule collections instead
to bring newness.
In September 2022, Scion launched a capsule collection of wallpapers and
fabrics created in collaboration with Designs in Mind, a social enterprise
that uses art and design to support people with mental health challenges. The
collection, which was created through workshops hosted by the Scion design
team and is available via the Scion online shop, demonstrates the Company's
commitment to the positive power of design and its Live Beautiful commitment.
To celebrate the brand's 10(th) anniversary, Scion launched its most recent
refresh, Going Lohko, a powerful colour edit of Scion classics comprising a
dozen SKUs of wallpaper.
Scion's brand product sales in the UK were down 12.9%, in Northern Europe were
down 37.9% and in North America were down 21.2% in constant currency compared
with the prior year.
MANUFACTURING
Our unique, integrated vertical supply chain is an important pillar in our
growth strategy and continues to be the focus of increased investment,
particularly in digital printing technology.
The two factories, Standfast & Barracks and Anstey Wallpaper Company,
print for our own brands and for third parties, positioning them at the centre
of our industry. Our third-party sales, in the UK, Europe and the USA, reflect
our premium print technologies and world-class excellence in design,
manufacturing, customer service and innovation.
The performance at the factories during the year was robust against a strong
comparator in FY2022, which included a period of restocking after Covid.
Year ended 31 January (£m) 2023 versus 2022
2023 2022 Reported
Sales to Group brands 16.8 18.8 (10.6%)
Third party sales 22.2 22.9 (3.1%)
Total Manufacturing sales 39.0 41.7 (6.5%)
Standfast & Barracks ('Standfast')
Standfast, our fabric printing factory, is widely regarded, internationally,
as the destination for creative, innovative and high-quality fabric printing.
Standfast continues to exploit its extensive archive and original artwork,
with a talented design studio that reinterprets antique, heritage and classic
design into prints relevant for today.
Investment during the year included the introduction of a new ERP system.
Digital printing at Standfast as a proportion of factory output was 74%
(FY2022: 69%).
Total sales at Standfast in the year were £20.7m (FY2022: £21.3m).
Anstey Wallpaper Company ('Anstey')
Anstey, our wallpaper printing and paint-tinting business, is an unrivalled
factory in its range of wallpaper printing techniques on one site. We continue
to invest in new technology to extend the potential of the factory and to
build on its unique capabilities. Third-party customers reference the unique
ability of Anstey to work consistently across the range of techniques and to
combine them.
Investment in digital printing at Anstey during the year included two new
digital printers, which offer enhanced capabilities including speed. Digital
printing at Anstey as a proportion of factory output was 16% (FY2022: 18%).
Total sales at Anstey were £18.3m (FY2022: £20.4m).
SUMMARY
Our strategy has delivered a resilient trading performance during the year
amid challenging market conditions and input cost inflation. Strategic
initiatives during the past four years such as SKU reduction, coupled with
tight cost control, have increased the profitability of the business. Price
increases introduced in February and August last year, and again in February
this year, are also protecting the margin in an environment of increased input
costs, whilst maintaining value for the customer We continue to focus on the
efficiency and agility of the business along with investment in growth
opportunities for the near and long term. In the current consumer market, the
strength of our balance sheet provides significant protection in the event of
any further deterioration in trading conditions.
As we start the current financial year, inflationary pressures on input costs
persist but the US market continues to perform well, licensing income has
performed strongly and hospitality contract orders, are encouraging. We are
also excited by upcoming launches from our own brands and through
collaborations, including Sophie Robinson for Harlequin and the vintage Disney
Home x Sanderson collection. The Company continues to trade in line with Board
expectations for the current financial year.
I would like to express my sincere gratitude and heartfelt thanks to all of
our colleagues for making the business a success throughout another
challenging year as we look forward from a stronger platform and embrace
future opportunities.
Lisa Montague
Chief Executive Officer
25 April 2023
CHIEF FINANCIAL OFFICER'S REVIEW
The Chairman's Statement and the Chief Executive Officer's Strategic and
Operating Review provide analysis of the key factors contributing to our
financial results for the year ended 31 January 2023. The results show a
resilient performance in challenging market conditions.
Revenue
Our reported revenue for the year was £112.0m compared with £112.2m in
FY2022.
Revenue FY2023 FY2022 Change
£m £m FY2022
Brands 83.4 84.1 (0.8%)
Licensing 6.5 5.2 25.0%
Total Brands 89.9 89.3 0.7%
Manufacturing - External 22.1 22.9 (3.5%)
Group 112.0 112.2 (0.2%)
Gross profit
Gross profit for the full year was £74.2m compared with £73.8m in FY2022
whilst the gross profit margin at 66.3% represents an increase of 50 basis
points over FY2022.
2023 2022
Brands and Manufacturing 105.5 107.0
Revenue (£m)
Gross profit (£m) 67.7 68.6
% 64.2% 64.1%
Licensing 6.5 5.2
Revenue (£m)
Gross profit (£m) 6.5 5.2
% 100% 100%
Total 112.0 112.2
Revenue (£m)
Gross profit (£m) 74.2 73.8
% 66.3% 65.8%
Excluding the impact of licence income, which generates 100% gross profit,
margins improved to 64.2% in FY2023 versus 64.1% in FY2022. This margin
performance was achieved through the improving efficiency of the business and
a proactive approach to product pricing, with price increases in February and
August last year along with tight control of costs. These measures allowed
us to offset the inflationary pressure we experienced with our own factories
and third-party suppliers. Our fixed price electricity contract expired in
October 2022 following which we have been paying at the UK Government capped
rate. Our long-term gas fixed rate agreement will expire in October 2023
which will put further pressure on margins moving forward.
Profit before tax
Profit before tax was £10.9m up from £10.4m in FY2022. This resilient
performance is driven by the strength of licensing revenues, gross margin
improvement and a continued focus on cost control.
2023 2022
£m £m
Revenue 112.0 112.2
Gross profit 74.2 73.8
Distribution and selling expenses (25.1) (25.1)
Administration expenses (43.0) (42.8)
Net other income 4.5 4.5
Finance costs - net 0.3 -
Profit before tax 10.9 10.4
Distribution and selling expenses of £25.1m represented 22% of revenue in
line with prior year levels.
Administration expenses grew to £43.0m in FY2022 from £42.8m in FY2022.
Inflationary pressures impacted all areas of spend, however we continued to
implement cost efficiency measures which limited this increase to only 1%
compared to the prior year. Administration expenses remain £2.7m below the
pre-Covid FY2020 levels.
Adjusted underlying profit before tax
Adjusted operating profit was £12.6m up from £12.5m in FY2022.
2023 2022
£m £m
Profit before tax 10.9 10.4
Amortisation of acquired intangible assets 0.8 1.0
Restructuring and reorganisation costs - 1.2
Forgiveness of loan - (0.4)
Release of a provision for legal case - (0.6)
Underlying profit before tax 11.7 11.6
Share-based payment charge 0.5 0.4
Net defined benefit pension charge 0.4 0.5
Adjusted underlying profit before tax 12.6 12.5
In calculating the adjusted underlying profit before tax, the Group adjusts
for non-underlying items which are material non-recurring items or items
considered to be non-operational in nature and do not relate to the operating
activities of the group. Share based payment charges are added back in the
adjusted underlying profit as they are non-cash measure.
Adjusted measures are used as way for the Board in monitoring performance of
the Group and are not considered to be superior or a substitute to statutory
measure but are provided to provide further depth and understanding to the
users of the financial information to allow for improved assessment of
performance. The Group considers adjusted underlying profit before tax to be
an important measure of Group performance and is consistent with how the
business performance is reported and assessed by the Board. This is a measure
used within the Group's incentive plans.
Non-underlying item in the year of £0.8m (FY2022: £1.0m) refers to the
amortisation of intangible assets in respect of the acquisition of Clarke
& Clarke in October 2016. Please refer to note 7(b) for the details of the
adjusted underlying profit before tax.
Taxation
Tax for the year is charged on profit before tax based on the forecast
effective tax rate for the full year. The estimated effective tax rate (before
adjusting items) for the year is 19% (FY2022: 25%).
Capital expenditure
Capital expenditure in the year totalled £4.8m (FY2022: £2.1m). As
planned, we continue to focus our investment in digital printing technology,
particularly at our Anstey wallpaper factory, and in projects that reduce our
environmental impact and support our Live Beautiful sustainability strategy.
Minimum Guaranteed Licensing Receivables
In accordance with IFRS 15, the Group recognises the fair value of fixed
minimum guaranteed income that arises under multi-year licensing agreements,
in full upon signature of the agreement provided that there are no further
performance conditions for the Group to fulfil. A corresponding receivable
balance is generated which then reduces as payments are received from the
licence partner in accordance with the performance obligations laid down in
the agreement (usually the passing of time).
Licensing revenues above the fixed minimum guaranteed amount are recognised in
the period in which they are generated.
During the year, several long-term licensing agreements were agreed, including
those with NEXT Plc and Bedeck. As a result, at 31 January 2023, minimum
guaranteed licensing receivables due after more than one year grew to £2.6m
(FY2022: £1.6m) and those due within 1 year grew to £1.4m (FY2022: £0.9m).
Inventories
Net inventories ended the year at £27.8m compared to a prior year £22.7m.
This increase on FY2022 reflects a combination of cost increases (for both
finished goods and raw materials) and strategic investments to assure strong
availability of our best-selling ranges.
Whilst our SKU reduction strategy is substantially complete for range planning
purposes, margin improvement and better product management will continue to be
realised in future years.
We have also recognised £0.8m of marketing materials as part of inventories
for FY2022.
Trade receivables
Trade receivables declined to £12.0m (FY2022: £13.5m).
The ageing profile of trade debtors shows that payments from customers are
close to terms although the current economic environment presents an enhanced
level of credit risk. In addition to specific provisions against individual
receivables, a provision has been made of £0.9m (FY2022: £0.8m), which is a
collective assessment of the risk against non-specific receivables calculated
in accordance with IFRS 9.
The Group has experienced limited bad debts in the last year and continues to
focus on its credit management procedures to mitigate future potential credit
risks.
Cash position and banking facilities
Net cash from operating activities was £5.6m (FY2022: £9.0m).
Key contributors behind the year-on-year reduction were the increased
investment in inventory (see above) and £1.0m (FY2022: £nil) payments
related to the restructuring of our French subsidiary announced in the prior
year.
All foreign currencies are bought and sold centrally on behalf of the Group.
Regular reviews take place of our foreign currency cash flows. The Group
undertakes hedging only where there are highly probable future cash flows and
to hedge working capital exposures. The strong performance of the Group's
North American business during the year created a requirement to put in place
a limited level of hedging contracts against the US dollar surplus that is
expected to arise. The revaluation of the open contracts generates an asset
at year end of £0.1m (FY2022: £nil).
The Group's banking facilities are provided by Barclays Bank plc. The Group
has a £12.5m multi-currency revolving credit facility which is due for
renewal in October 2024. The agreement also includes a £5m uncommitted
accordion facility to further increase available credit. This provides
substantial headroom for future growth. Our covenants under this facility
are EBITDA and interest cover measures. This facility has not been drawn
during the year.
Net defined benefit pension
The Group operates two defined benefit schemes in the UK. These comprise the
Walker Greenbank Pension Plan and the Abaris Holdings Limited Pension Scheme.
These were both closed to new members and to future service accrual from 30
June 2002 and 1 July 2005 respectively.
During the year, the triennial valuation of the schemes has been concluded
based on the schemes' position on 5 April 2021. New deficit contribution
schedules have been agreed as part of the valuations and the Group will
continue making cash contributions, at levels similar to historical amounts,
into the schemes to make good any deficits, as well as making contributions
towards the ongoing expenses incurred in the running of the schemes.
The methodology and assumptions prescribed for the purposes of IAS 19 mean
that the Balance Sheet surplus or deficit, the Profit or Loss figures and the
Statement of Comprehensive Income figures are inherently volatile and vary
greatly according to investment market conditions at each accounting date. As
a result of changes in assumptions (primarily the change in the discount
rate), experience loss (inflation being higher than expected) and asset
returns being lower than expected, the Group reports a net liability of £2.5m
at 31 January 2023 compared with a £2.6m surplus at 31 January 2022.
Further details of these movements are disclosed in note 11 to the financial
statements.
Dividend
During the financial year, an interim dividend of 0.75p per share was paid on
25 November 2022. A final dividend of 2.75p is now proposed taking the full
year dividend to 3.50p. This payment will be made on 11 August 2023 to the
shareholders registered on the Company's register on 14 July 2023 if approved
at the Company's forthcoming Annual General Meeting. The Board remain
committed to a progressive dividend policy as part of the capital allocation
priorities of the Group.
Capital allocation policy
The level of capital investment required in the coming years is likely to be
significantly above historical levels as we look to boost our digital printing
capacity in both our factories whilst also investing in improved systems to
improve our customer service proposition. Our forward expenditure programme
is closely aligned to our Live Beautiful strategy with capital maintenance
projects only being approved if they can be proven to support us on our
journey to ZeroBy30.
We remain committed to retaining a strong balance sheet and acknowledge that
we have two defined benefit pension plans we are committed to supporting. We
continue to look at whether there is appropriate action which could be taken
to help reduce pension scheme risks within our wider business objectives.
Going concern
The Directors reviewed a Management Base Case model and considered the
uncertainties regarding any further impact of Covid-19, supply chain and
inflationary pressures and the Russian invasion of Ukraine for the assessment
of going concern. The Directors consider that, having reviewed forecasts
prepared by the management team which have been stress tested, the Group has
adequate resources to continue trading for the foreseeable future. For this
reason, they continue to adopt the going concern basis in preparing the
financial statements. Further details of the review are disclosed in note 1
to the financial statements.
Mike Woodcock
Chief Financial Officer
25 April 2023
CONSOLIDATED INCOME STATEMENT
YEAR ENDED 31 JANUARY 2023
Note 2023
Total 2022
£000 Total
£000
Revenue 3 111,978 112,200
Cost of sales (37,761) (38,365)
Gross profit 74,217 73,835
Net operating expenses:
Distribution and selling expenses (25,043) (25,052)
Administration expenses (42,997) (42,796)
Other operating income 4 4,470 4,342
Profit from operations 10,647 10,329
Finance income 445 184
Finance costs (152) (154)
Net finance income 5 293 30
Profit before tax 10,940 10,359
Tax expense 6 (2,115) (2,600)
Profit for the year attributable to owners of the parent 8,825 7,759
Earnings per share - Basic 7 12.42p 10.93p
Earnings per share - Diluted 7 12.31p 10.80p
Adjusted earnings per share - Basic* 7 14.18p 13.75p
Adjusted earnings per share - Diluted* 7 14.08p 13.59p
All of the activities of the Group are continuing operations.
* These are alternative performance measures.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 31 JANUARY 2023
2023
£000 2022
£000
Profit for the year 8,825 7,759
Other comprehensive (expense)/income:
Items that will not be reclassified to profit or loss
Remeasurements of defined benefit pension schemes (6,981) 6,492
Tax credit/(charge) relating to pension schemes 1,745 (1,233)
Cash flow hedge 112 -
Total items that will not be reclassified to profit or loss (5,124) 5,259
Items that may be reclassified subsequently to profit or loss
Currency translation gains 429 70
Other comprehensive (expense)/income for the year, net of tax (4,695) 5,329
Total comprehensive income for the year attributable to the owners of the 4,130 13,088
parent
CONSOLIDATED BALANCE SHEET
AS AT 31 JANUARY 2023
Note 31 January 2023 (restated) (restated)
£000 31 January 2022 1 February 2021
£000 £000
Non-current assets
Intangible assets 26,448 26,979
28,325
Property, plant and equipment 12,619 11,258
12,061
Right-of-use assets 4,577 3,923
5,783
Retirement benefit surplus 1 - 2,577
-
Minimum guaranteed licensing receivables 2,637 1,619
1,222
46,281 46,356 47,391
Current assets
Inventories 27,774 22,652
19,633
Trade and other receivables 8 16,327 16,792
15,885
Minimum guaranteed licensing receivables 1,433 879
1,221
Financial derivate instrument 112 -
-
Cash and cash equivalents 15,401
19,050 15,549
61,047 59,373 52,288
Total assets 107,328 105,729
99,679
Current liabilities
Trade and other payables (16,286) (18,282)
(19,263)
Lease liabilities (1,701) (1,983)
(2,676)
Provision for liabilities and charges 9 - (1,043)
(559)
Borrowings - -
(412)
(17,987) (21,308) (22,910)
Net current assets 43,060 38,065 29,378
Note 31 January 2023 (restated) (restated)
£000 31 January 2022 1 February 2021
£000 £000
Non-current liabilities
Lease liabilities (3,421) (1,920)
(3,206)
Deferred income tax liabilities (1,121) (1,998)
(514)
Retirement benefit obligation 10 (2,446) -
(5,637)
Provision for liabilities and charges 9 (1,037) (790)
(650)
(8,025) (4,708)
(10,007)
Total liabilities (26,012) (26,016) (32,917)
Net assets 81,316 79,713 66,762
Equity
Share capital 715 710
710
Share premium account 18,682 18,682
18,682
Foreign currency translation reserve (367) (796)
(866)
Retained earnings 21,779 20,610
7,729
Other reserves 40,507 40,507
40,507
Total equity 81,316 79,713 66,762
A third consolidated balance sheet as at 1 February 2021 has been shown above
to show the effect of the prior year restatement as detailed in note 11.
Provision for liabilities and charges is analysed into current and non-current
assets as detailed in note9.
CONSOLIDATED CASH FLOW STATEMENT
YEAR ENDED 31 JANUARY 2023
2023 (restated)
2022
Cash flows from operating activities £000 £000
Profit from operations 10,647 10,329
Intangible asset amortisation 1,493 1,725
Property, plant and equipment depreciation 2,429 2,545
Right-of-use asset depreciation 2,407 2,520
Loss on disposal of fixed assets 86 -
Share-based payment equity charge 493 253
Defined benefit pension charge 500 487
Employer contributions to pension schemes (2,382) (2,209)
Increase in inventories (4,911) (3,018)
Decrease/(increase) in trade and other receivables 28 (614)
Increase in minimum guaranteed licencing receivables (1,231) (55)
Decrease/(increase) in trade and other payables (2,111) 92
(Decrease)/increase in provision for liabilities and charges (822) 624
Tax paid (1,009) (3,754)
Forgiveness of loan into grant - (412)
Unrealised foreign exchange losses* - 468
Net cash from operating activities 5,617 8,981
Cash flows from investing activities
Finance income received 28 5
Purchase of intangible assets (686) (379)
Purchase of property, plant and equipment (4,103) (1,750)
Net cash used in investing activities (4,761) (2,124)
Cash flow from financing activities
Repayment of lease liability (1,984) (2,686)
Interest paid - (76)
Repurchase of shares vesting from share-based payment (430) -
Dividends paid (2,484) (532)
Net cash used in financing activities (4,898) (3,294)
Net decrease in cash and cash equivalents (4,042) 3,563
Net foreign exchange movement 393 (62)
Cash and cash equivalents at beginning of year 19,050 15,549
Cash and cash equivalents at end of year 15,401 19,050
* In the prior year, the unrealised foreign exchange losses related to
overseas entities were not allocated to their Individual cash flow lines.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AS AT 31 JANUARY 2023
Attributable to owners of the parent
Share capital Share premium account Other reserves
£000 £000 Retained Total equity
earnings £000
£000
Capital reserve Merger reserve £000 Foreign currency translation reserve
£000 £000
Balance at 1 February 2021 710 18,682 7,729 43,457 (2,950) (866) 66,762
Profit for the year - - 7,759 - - - 7,759
Other comprehensive income/(expense):
Remeasurements of defined benefit pension schemes - - 6,492 - - - 6,492
Tax credit relating to pension schemes - - (1,233) - - - (1,233)
Currency translation differences - - - - - 70 70
Total comprehensive income/(expense): - - 13,018 - - 70 13,088
Transactions with owners, recognised directly in equity:
Dividends - - (532) - - - (532)
Share-based payment equity charge - - 253 - - - 253
Related tax movements on share-based payment - - 142 - - - 142
Balance at 31 January 2022 710 18,682 20,610 43,457 (2,950) (796) 79,713
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
AS AT 31 JANUARY 2023
Attributable to owners of the parent
Share capital Share premium account Retained Other reserves Total
£000 £000 earnings equity
£000 £000
Capital reserve Merger reserve Foreign currency translation reserve
£000 £000 £000
Balance at 1 February 2022 710 18,682 20,610 43,457 (2,950) (796) 79,713
Profit for the year 8,825 8,825
Other comprehensive income/(expense):
Remeasurements of defined benefit pension schemes - - (6,981) - - - (6,981)
Tax charge relating to pension schemes - - 1,745 - - - 1,745
Cash flow hedge - - 112 - - - 112
Currency translation differences - - - - - 429 429
Total comprehensive income/(expense): - - (5,124) - - 429 (4,695)
Transactions with owners, recognised directly in equity:
Dividends - - (2,484) - - - (2,484)
Issuance of share capital for share-based payment vesting 5 - (5) - - - -
Share-based payment equity charge - - 493 - - - 493
Related tax movements on share-based payment - - (106) - - - (106)
Share-based payment vesting - - (430) - - - (430)
Balance at 31 January 2023 715 18,682 21,779 43,457 (2,950) (367) 81,316
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. Accounting policies and general information
General information
Sanderson Design Group PLC ('the Company') and its subsidiaries (together 'the
Group') is a luxury interior furnishing group whose brands include Morris
& Co., Sanderson, Zoffany, Clarke & Clarke, Harlequin and Scion. The
brands are targeted at the mid to upper end of the premium market. They have
worldwide distribution including prestigious showrooms at Chelsea Harbour,
London and the D&D Building, Manhattan, New York. Part of the Brand's
inventory is sourced in-house from the Group's own specialist manufacturing
facilities of Standfast & Barracks, the fabric printing business situated
in Lancaster, and Anstey Wallpaper Company, situated in Loughborough. The
manufacturing businesses produce for other interior furnishing businesses both
in the UK and throughout the world. The Company is a public limited company
which is listed on the Alternative Investment Market of the London Stock
Exchange and is registered, domiciled and incorporated in the UK. The Company
registration number is 61880 and the address of its registered office is
Chalfont House, Oxford Road, Denham, UB9 4DX.
Basis of preparation
The financial information contained within this final results announcement for
the year ended 31 January 2023 and the year ended 31 January 2022 is derived
from but does not comprise statutory financial statements within the meaning
of section 435 of the Companies Act 2006. Statutory accounts for the year
ended 31 January 2022 have been filed with the Registrar of Companies and
those for the year ended 31 January 2023 will be filed following the Company's
Annual General Meeting.
The auditors' report on the statutory accounts for the year ended 31 January
2023 and the year ended 31 January 2022 is unqualified, does not draw
attention to any matters by way of emphasis, and does not contain any
statement under section 498 of the Companies Act 2006. The statutory
consolidated financial statements, from which the financial information in
this announcement has been extracted have been prepared in accordance with
UK-adopted international accounting standards and with the requirements of the
Companies Act 2006 as applicable to companies reporting under those standards.
The accounting policies applied are consistent with those set out in the
Sanderson Design Group PLC Annual Report and Accounts for the year ended 31
January 2022.
Going concern
In the context of the continuing invasion of Ukraine by Russia and the current
economic difficulties but with Covid-19 impact ebbing away, the Board of
Sanderson Design Group PLC has undertaken an assessment of the ability of the
Group and Company to continue in operation and meet its liabilities as they
fall due over the period of its assessment. In doing so, the Board considered
events throughout the period of their assessment from the date of signing of
the report to 31 January 2025, including the availability and maturity profile
of the Group's financing facilities and covenant compliance. These financial
statements have been prepared on the going concern basis which the Directors
consider appropriate for the reasons set out below.
The Group funds its operations through cash generated by the Group and has
access to a £12.5m Revolving Credit Facility ('RCF') which is linked to two
covenants. These covenants are tested quarterly at 30 April, 31 July, 31
October and 31 January each year until the facility matures in October 2024.
Throughout the financial year and up to the date of this report the Company
has met all required covenant tests and maintained headroom over £5m. The
total headroom of the Group at 31 January 2023 was £27.9m (2022: £31.6m),
including cash and cash equivalents of £15.4m and the committed facility of
£12.5m. The Group has also access to an uncommitted accordion facility of
£5.0m with Barclays.
A Management Base Case ('MBC') model has been prepared, together with
alternative stress tested scenarios, given the uncertainty regarding the
impact of economic difficulties (including continuing inflationary pressures
and interest rate rises) and the Ukraine war (including impact of sanctions,
duration of war and inflationary pressures). These scenarios indicate that the
Company retains adequate headroom against its borrowing facilities and bank
covenants for the foreseeable future.
The actual results which will be reported will be undoubtedly different from
the MBC and other scenarios modelled by the Company. If there are significant
negative variations from the MBC, management would act decisively, as they
have done in recent years, to protect the business, particularly its cash
position. Having considered all the comments above the Directors consider that
the Group and the Company have adequate resources to continue trading for the
foreseeable future and will be able to continue operating as a going concern
for a period of at least 12 months from the date of approval of the financial
statements. For this reason, they continue to adopt the going concern basis in
preparing the financial statements.
2. Critical accounting estimates and judgements
The Group makes estimates and assumptions concerning future events. The
resulting accounting estimates will seldom precisely equal the related actual
results. The Group applies its best endeavours in setting accounting
estimates, and uses historical experience and other factors, including input
from experienced and specialist management. Estimates and assumptions are
periodically re-evaluated and the resulting accounting balances updated as new
information, including actual outcomes, become apparent.
The estimates and judgements that have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within
the next financial year are discussed below.
a) Retirement benefit obligations
The Group recognises its obligations to employee retirement benefits. The
quantification of these obligations is subject to significant estimates and
assumptions regarding life expectancy, discount and inflation rates, wage and
salary changes, the rate of increase in pension payments, and the market
values of equities, bonds and other pension assets. In making these
assumptions the Group takes advice from a qualified actuary about which
assumptions reflect the nature of the Group's obligations to employee
retirement benefits. The assumptions are regularly reviewed to ensure their
appropriateness.
Under IAS 19, the net defined benefit pension scheme asset that can be
recognised is the lower of the surplus and the asset ceiling i.e. the economic
benefits available in the form of refunds or reductions in future
contributions or a combination of both, in accordance with IFRIC 14 'IAS
19-The Limit on a Defined Benefit Asset, Minimum Funding Requirements and
their Interaction'. In order to determine whether there are any restrictions
on the surplus as outlined in IFRIC 14, the Schemes' Trust Deeds and Rules
were reviewed, and legal advice was acquired. It is the Group's understanding
that, it is able, without condition or restriction placed on it by the
trustees, to run the Schemes until there are no remaining members; wind up the
Schemes at that point; and reclaim any remaining monies. Consequently, the
Group can recognise in full any surplus calculated in accordance with IAS 19
and IFRIC 14.
The Group determines the appropriate discount rate at the end of each year.
This is the interest rate that should be used to determine the present value
of estimated future cash outflows expected to be required to settle pension
obligations. In determining the appropriate discount rate, the Group considers
the interest rates of high-quality corporate bonds that are denominated in the
currency in which the benefits will be paid, and that have terms to maturity
approximating the terms of the related pension liability.
b) Impairment of non-financial assets
The Group tests annually whether goodwill or its indefinite life intangible
asset has suffered any impairment, in accordance with its accounting policy.
Other intangibles and property, plant and equipment are also reviewed whenever
impairment triggers are apparent. The recoverable amounts of cash-generating
units have been determined based on value in use ('VIU') calculations. These
calculations require use of estimates of future sales, margins, and other
operating and administration expenses, and of discount rates.
In assessing whether an impairment of goodwill is required the carrying value
of the cash-generating unit ('CGU') or group of CGUs is compared with its
recoverable amount. The recoverable amounts for each CGU, being a division of
the business operated at a separate site, and collectively for groups of CGUs
that make up the segments of the Group's business, have been based on the
value in use ('VIU').
The Group estimates the VIU using a discounted cash flow model ('DCF'), where
the projected cash flows for separate or collective groups of CGUs are
discounted using a post-tax rate of 10% (2022: 9.25%). The discount rate used
is the same across all segments.
The Group has used formally approved budgets for the first two years (2022:
two years) of its VIU calculation, with extrapolation beyond the last explicit
year using an assumption of growth for future years ranging from 1% to 2%
(2022: 1% to 2%) depending upon the CGU being tested.
The cash flows used in the calculation of the VIU are derived from experience
and are based on operating profit forecasts, which in turn rely upon
assumptions relating to sales growth, price increases, margins and operating
and administration expenses. The cash flows have not included the benefits
arising from any future asset enhancement expenditure and therefore exclude
significant benefits anticipated from future capital expenditure. The 2%
growth rates included within the assumptions supporting the VIU calculations
do not therefore represent the Group's anticipated total forecast growth, but
rather only the growth deriving from capital expenditure completed at the
Balance Sheet date.
The Group makes provision for impairment in the carrying amount of its
inventories and marketing materials. The nature of the Group's products are
exposed to changes in taste and attitudes from time to time, which can affect
the demand for those products. The Group has skilled and experienced
management who utilise historical sales information, and exercise their
judgement, in making estimates about the extent of provisions necessary based
on the realisable value of inventory and expected future benefit to the Group
of marketing materials considering the estimated price and volume of future
sales or usage, less the further costs of sale and holding costs.
3. Segmental analysis
The Group is a designer, manufacturer and distributor of luxury interior
furnishings, fabrics and wallpaper. The reportable segments of the Group are
aggregated as follows:
- Brands - comprising the design, marketing, sales and distribution, and
licensing activities of Morris & Co., Sanderson, Zoffany, Clarke &
Clarke, Harlequin and Scion brands operated from the UK and its foreign
subsidiaries in the US, France, the Netherlands and Germany.
- Manufacturing - comprising the wallcovering and printed fabric
manufacturing businesses operated by Anstey and Standfast & Barracks
respectively.
This is the basis on which the Group presents its operating results to the
Board of Directors, which is the CODM for the purposes of IFRS 8. Other
Group-wide activities and expenses, predominantly related to corporate head
office costs, defined benefit pension costs, long-term incentive plan
expenses, taxation and eliminations of inter-segment items, are presented
within 'intercompany eliminations and unallocated'.
a) Principal measures of profit and loss - Income Statement segmental
information
Year ended 31 January 2023 Brands Manufacturing Intercompany eliminations Total
£000 £000 and unallocated £000
£000
UK revenue 42,612 15,024 - 57,636
International revenue 40,800 7,093 - 47,893
Licence revenue 6,449 - - 6,449
Revenue - external 89,861 22,117 - 111,978
Revenue - internal - 16,953 (16,953) -
Total revenue 89,861 39,070 (16,953) 111,978
Profit/(loss) from operations 7,811 3,713 (877) 10,647
Net finance income - - 293 293
Profit/(loss) before tax 7,811 3,713 (584) 10,940
Tax expense - - (2,115) (2,115)
Profit/(loss) for the year 7,811 3,713 (2,699) 8,825
Year ended 31 January 2022 Brands Manufacturing Intercompany eliminations Total
and unallocated
£000 £000
£000
£000
UK revenue 43,682 14,173 - 57,855
International revenue 40,425 8,761 - 49,186
Licence revenue 5,159 - - 5,159
Revenue - external 89,266 22,934 - 112,200
Revenue - internal - 18,807 (18,807) -
Total revenue 89,266 41,741 (18,807) 112,200
Profit/(loss) from operations 5,479 6,602 (1,752) 10,329
Net finance income _ - 30 30
Profit/(loss) before tax 5,479 6,602 (1,722) 10,359
Tax expense - - (2,600) (2,600)
Profit/(loss) for the year 5,479 6,602 (4,322) 7,759
The segmental Income Statement disclosures are measured in accordance with the
Group's accounting policies as set out in note 1. Inter-segment revenue earned
by Manufacturing from sales to Brands is determined on normal commercial
trading terms as if Brands were any other third-party customer.
All defined benefit pension costs, and share-based award expenses, are
recognised for internal reporting to the CODM as part of Group-wide activities
and are included within 'intercompany eliminations and unallocated' above.
Other costs, such as Group insurance, rent and auditors' remuneration which
are incurred on a Group-wide basis are recharged by the head office to
segments on a reasonable and consistent basis for all periods presented and
are included within segment results above. Tax charges have not been allocated
to a segment.
b) Additional segmental revenue information
The segmental revenues of the Group are reported to the CODM in more detail.
One of the analyses presented is revenue by export market for Brands.
Brands international revenue by export market: 2023 2022
£000 £000
North America 16,644
19,762
Northern Europe 13,189
10,809
Rest of the World 10,592
10,229
40,800 40,425
Revenue of the Brands reportable segment - revenue from operations in all
territories where the sale is sourced from the Brands operations, together
with contract and licence revenue:
Brand revenue analysis: 2023 2022
£000 £000
Harlequin 17,623
15,757
Scion 2,210
1,824
Sanderson 14,421
14,039
Morris & Co. 16,444
19,025
Zoffany 8,564
8,821
Clarke & Clarke 24,554
23,577
Other brands 291
369
Licensing 5,159
6,449
89,861 89,266
Revenue of the Manufacturing reportable segment - including revenues from
internal sales to the Group's Brands:
Manufacturing revenue analysis: 2023 2022
£000 £000
Standfast & Barracks 21,310
20,732
Anstey 20,431
18,338
39,070 41,741
4. Other Operating income
2023 2022
£000 £000
Sale of marketing materials and other services 4,046
4,470
Research and development expenditure credit ("RDEC") 296
-
4,470 4,342
5. Net finance income
2023 2022
£000 £000
Interest income:
Interest received on bank deposits 28 5
Unwind of discount on minimum guaranteed licensing income 341 179
Total interest received 369 184
Net pension interest income 76 -
Total finance income 445 184
Interest expense:
Bank facility fee (22) (22)
Lease interest (130) (132)
Total interest paid/finance costs (152) (154)
Net finance income 293 30
In the current financial year, £76,000 relating to net pension income in
administration expenses has been presented as part of net finance income. The
comparative for this item has not been represented.
6. Tax expense
2023 2022
£000 £000
Corporation tax:
- UK current tax 1,433 1,973
- UK adjustments in respect of prior years (278) 224
- overseas, current tax 198 117
- overseas, adjustment in respect of prior year - (107)
Corporation tax 1,353 2,207
Deferred tax:
- current year 697 157
- adjustments in respect of prior years 65 57
- effect of changes in corporation tax rates - 179
Deferred tax 762 393
Total tax charge for the year 2,115 2,600
Reconciliation of total tax charge for the year 2023 2022
£000 £000
Profit on ordinary activities before tax 10,940 10,359
Tax on profit on ordinary activities at 19.00% (2022: 19.00%) 2,079 1,968
Fixed asset differences 173 42
Non-deductible expenditure 129 173
Income not subject to tax - (2)
Share-based payment - 40
Adjustments in respect of prior years - corporation tax (278) 117
Adjustments in respect of prior years - deferred tax 65 57
Overseas tax suffered - 2
Movement in deferred tax not recognised (246) (170)
Effect of changes in corporation tax rates 193 373
Total tax charge for the year 2,115 2,600
7. Earnings per share
7. (a) Earnings per share
Basic earnings per share ('EPS') is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average number of shares
outstanding during the year, excluding those held in the Employee Benefit
Trust ('EBT') and those held in treasury, which are treated as cancelled. The
adjusted basic earnings per share is calculated by dividing the adjusted
earnings by the weighted average number of shares.
2023 2022
Earnings Weighted average number of shares Per share amount Earnings Weighted average number of shares Per share amount
£000 (000s) Pence £000 (000s) Pence
Basic earnings per share 8,825 71,074 12.42 7,759 70,983 10.93
Effect of dilutive securities:
Shares under share-based payment 606 850
Diluted earnings per share 8,825 71,680 12.31 7,759 71,833 10.80
Adjusted underlying basic and diluted earnings per share:
Add back share-based payment charge 508 406
Add back net defined benefit pension charge (including National Insurance) 424 487
Non-underlying items (see below) 772 1,207
Tax effect of non-underlying items and other add backs (453) (96)
Adjusted underlying basic earnings per share 10,076 71,074 14.18 9,763 70,983 13.75
Adjusted underlying diluted earnings per share 10,076 71,680 14.08 9,763 71,833 13.59
Sanderson Design Group PLC's issued ordinary share capital with voting rights
consists of 71,468,206 (2022: 70,983,505) ordinary shares of which nil (2021:
nil) ordinary shares are held in treasury and 1* (2022: 220) ordinary shares
are held by the Walter Greenbank PLC EBT. Shares held in treasury or by the
EBT are treated as cancelled when calculating EPS.
*rounded up
The market value of shares held by the EBT at 31 January 2023 was
approximately £1 (2022: £370). The total number of shares held in the EBT at
the year end represented less than 0.1% (2022: 0.1%) of the issued shares. The
number of potentially dilutive shares is 716,000 (2022: 850,000).
In calculating the adjusted earnings the Group adjusts for non-underlying
items which are material non-recurring items or items considered to be
non-operational in nature. The nature of these adjustments is outlined in note
7(b) below.
7. (b) Adjusted underlying profit before tax
The Group uses an Alternative Performance Measure 'adjusted underlying profit
before tax'. This is defined as statutory profit before tax adjusted for the
exclusion of share-based incentives, defined benefit pension charge and
non-underlying items. This is recognised by the investment community as an
appropriate measure of performance for the Group and is used by the Board of
Directors as a key performance measure. The table below reconciles statutory
profit before tax to adjusted underlying profit before tax.
Adjusted underlying profit before tax
2023 2022
£000 £000
Statutory profit before tax 10,940 10,359
Amortisation of acquired intangible assets (a) 772 1,016
Restructuring and reorganisation costs (b) - 1,190
Forgiveness of loan under the Payment Protection Programme (c) - (440)
Release of a provision for a legal case (d) - (559)
Total non-underlying charge included in statutory profit before tax 772 1,207
Underlying profit before tax 11,712 11,566
Share-based payment charge 508 406
Net defined benefit pension charge 424 487
Adjusted underlying profit before tax 12,644 12,459
In calculating the adjusted underlying profit before tax, the Group adjusts
for non-underlying items which are material non-recurring items or items
considered to be non-operational in nature. The nature of these adjustments is
outlined as follows:
(a) Amortisation of acquired intangible assets of £772,000 (2022:
£1,016,000).
(b) Restructuring and reorganisation costs
These relate to the reorganisation of the Group and
comprise of the rationalisation of certain operational and support functions
in the prior year. The costs mainly comprise employee severance and
professional fees associated with the closure of Sanderson Design Group Brands
SARL in France of £1,100,000 and other reorganisation costs of £90,000.
There were no such costs in the current financial year.
(c) In May 2020, the Group entered into a loan contract with Wells Fargo
for US$565,818 under the US Paycheck Protection Programme scheme. In June
2021, this loan was forgiven and the Group treated the forgiveness as a grant
for £440,000.
(d) Release of an accrual of £559,000 for a legal case in the US that
had concluded in the prior year.
8. Trade and other receivables
Current 2023 2022
£000 £000
Trade receivables 12,928 14,262
Less: provision for impairment of trade receivables (921) (775)
Net trade receivables 12,007 13,487
Corporation tax debtor - 339
Other taxes and social security 1,274 842
Other receivables 827 307
Prepayments 2,219 1,817
16,327 16,792
There is no material difference between the carrying amount and the fair value
of the trade and other receivables.
9. PROVISION FOR LIABILITIES AND CHARGES
Property Other Total
£000 £000 £000
1 February 2021 (as restated) 650 559 1,209
Charged 140 1,043 1,183
Released - (559) (559)
31 January 2022 790 1,043 1,833
Charged 247 - 247
Utilised - (1,043) (1,043)
31 January 2023 1,037 - 1,037
2023 2022
£000 £000
Current - 1,043
Non-Current 1,037 790
Total 1,037 1,833
Property
Property-related provisions consist of estimated rectification costs arising
from wear and tear that will fall due on exiting property leases.
Other provisions
Other provisions include provisions for certain legal claims brought against
the Group during the ordinary course of business and provisions for the
Group's obligations arising from committed restructuring activities.
Restructuring provisions and employee termination payments are recognised when
a detailed, formal plan has been established and communicated to those parties
directly affected by the plan. Provisions for legal claims represent
management's best estimate of the likely outcome of the claim at the Balance
Sheet date. During the year, the France restructuring costs of £1,043,000
provided in the previous
year were fully utilised.
In the current year, provision for other liabilities and charges is analysed
into its own category and has been reclassified from other payables and
accruals. The maturity of the expected liabilities has also been restated into
less than or more than one year. Note 11 explains the effect of this prior
year restatement for the year ended 31 January 2022 and 1 February 2021.
10. Retirement benefit SURPLUS/(obligations)
Defined benefit schemes
Sanderson Design Group PLC operates two defined benefit schemes in the UK
which both offer pensions in retirement and death benefits to members: the
Walker Greenbank Pension Plan and the Abaris Holdings Limited Pension Scheme.
Pension benefits are related to the members' final salary at retirement and
their length of service. The schemes are closed to new members and to future
accrual of benefits, although deferred members still in service have a salary
link to their benefits. This disclosure excludes any defined contribution
assets and liabilities.
The Group's contributions to the schemes for the year beginning 1 February
2023 are expected to be £2,404,000.
2023 2022
£000 £000
Present value of funded obligations (54,229) (74,124)
Fair value of scheme assets 51,783 76,701
(Deficit)/surplus in funded scheme (net (liability)/asset on the Balance (2,446) 2,577
Sheet)
The fair value of the assets, which are not intended to be realised in the
short term and may be subject to significant change before they are realised,
and the present value of the schemes' liabilities, which are derived from cash
flow projections over long periods and thus inherently uncertain, were:
2023 2022
£000 £000
Equities, absolute return and property 12,831 30,698
Gilts 8,744 16,294
Fixed interest bonds 3,628 3,573
Liability driven investments 24,260 21,085
Insured annuities 114 145
Cash and cash equivalents 2,206 4,906
Fair value of scheme assets 51,783 76,701
Reconciliation of opening and closing balances of the present value of the
defined benefit obligation
2023 2022
£000 £000
Benefit obligation at beginning of year 74,124 84,926
Interest cost 1,597 1,122
Remeasurement (gains)/losses - changes in financial assumptions (21,601) (6,086)
Remeasurement gains - changes in demographic assumptions (10) (51)
Remeasurement gains - experience 3,244 (1,797)
Benefits paid (3,125) (3,646)
Settlements - (344)
Benefit obligation at end of year 54,229 74,124
11. Explanation of prior year adjustment for the year ended 31 January 2022
The Group has separated the provision for other liabilities and charges from
accruals in trade and other payables and analysed the provision into its
current and non-current components and made a prior year adjustment to reflect
similar analysis in the comparatives. This determination is based on the
Directors' best estimate of the timing of the release or utilisation of the
provision, taking into consideration the types of the provision which are
related to property, employee benefit and other charges. This assessment was
not carried out in the previous year and as such all provisions were shown as
other payables and accruals in error. A prior period adjustment has been
processed to reflect the split in the previous year. This restatement has an
impact on the working capital movements on the cash flow statement but no
effect on the result, equity or retained earnings brought forward in the prior
year. The amounts reclassified as provisions are no longer classified as
financial liabilities.
The following table analyses the Group's provision for other liabilities and
charges into relevant maturity groupings based on the types of the provision
and their estimated release or utilisation dates at the Balance Sheet date.
The impact is to increase non-current liabilities and reduce current
liabilities by £790,000 as at 31 January 2022 and by £650,000 as at 31
January 2021.
Current Non-current Total
Less than Over £000
1 year 1 year
£000 £000
31 January 2022 1,043 790 1,833
31 January 2021 559 650 1,209
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END MSCFZGZDLKGGFZMRecent news on Sanderson Design
See all newsREG - Sanderson Design Grp - Total Voting Rights
AnnouncementREG - Sanderson Design Grp - Notification of Major Holdings
AnnouncementREG - Sanderson Design Grp - Result of AGM
AnnouncementREG - Sanderson Design Grp - AGM Statement
AnnouncementREG - Sanderson Design Grp - Director/PDMR Shareholding and Total Voting Rights
Announcement