REG - Sanderson Design Grp - Full Year Results
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RNS Number : 2929C Sanderson Design Group PLC 29 April 2026
29 April 2026
SANDERSON DESIGN GROUP PLC
("Sanderson Design Group", the "Company" or the "Group")
Financial Results for the year ended 31 January 2026
Sanderson Design Group PLC (AIM: SDG), the luxury interior furnishings group,
announces its audited financial results for the year ended 31 January 2026.
Financial highlights
Year ended 31 January 2026 2025 Change
Revenue £99.5m £100.4m (1.0)%
Adjusted underlying profit before tax* £5.3m £4.4m 22.2%
Adjusted underlying EPS* 5.39p 3.92p 37.5%
Statutory (loss)/profit before tax £3.1m £(13.9)m 122.6%
Basic EPS 2.98p (21.22)p 114.0%
Dividends per share 1.5p 1.5p -
Net Cash** £9.8m £5.8m 68.7%
* Excluding share-based incentives, defined benefit
pension charge and non-underlying items as summarised in note 8.
** Net Cash is defined as cash and cash equivalents less
borrowings. For the purpose of this definition, borrowings does not include
lease liabilities.
· Revenue of £99.5m (FY2025: £100.4m) including robust underlying performance
from licensing, an improved performance from manufacturing and growth in North
America
· Licensing sales of £10.5m (FY2025: £11.0m) with strong growth in underlying
licensing revenue, up 36% at £9.0m (FY2025: £6.6m)
· Third-party manufacturing sales up 5% to £19.0m (FY2025: £18.1m) and
manufacturing returned to profitability (excluding exceptional items) in the
full year
· Brand revenue stable at £70m (FY2025: £71.3m) with a strong performance from
North America in line with strategy
· Total annualised cost savings achieved in the year of £2.5m, including £1.5m
in manufacturing and £1.0m in head office costs
· Adjusted underlying profit before tax up 22.2% at £5.3m (FY2025: £4.4m).
Reported profit before tax of £3.1m (FY2025: loss of £13.9m)
· Liquidity and headroom of £19.8m (FY2025: £15.8m) with cash position of
£9.8m (FY2025: £5.8m) and undrawn banking facilities of £10.0m (FY2025:
£10.0m)
· Proposed final dividend of 1.00p per share (FY2025: 1.00p) to give a total
dividend for the year of 1.50p (FY2025: 1.50p)
Operational highlights
· Increased digital presence and replatformed the Trade Hub; launch of
direct-to-consumer websites for all of the Group's brands
· Key product launches including Highgrove by Sanderson in May 2025 and the
Morris & Co. x Huntington in September 2025
· The Highgrove by Sanderson collection donates a percentage of sales to The
King's Foundation, the global charity preserving the built and natural
environment and heritage crafts
· Continued momentum in licensing with the signing of new agreements and
renewals, including Ruggable
· Continued growth in North America where brand product sales have grown
significantly to over £22m in FY2026
· Manufacturing transformed through reorganisation across both factories,
returning to profitability and with a revitalised, more agile team
· Planet Mark certification for Year 8 of carbon reduction, reflecting Live
Beautiful sustainability pledge
Dianne Thompson, Sanderson Design Group's Chairman, said:
"The Group has achieved strong progress against its strategic initiatives,
prioritising digitalisation, North America as the key growth territory, and
improving the efficiency of its manufacturing operations. Alongside the focus
on inventory reduction, year-end net cash also increased substantially.
"We are proud to export our heritage, via products and designs, to clients in
all corners of the globe. Our primary growth efforts are focused on North
America, which remains our fastest growing and most profitable territory where
the opportunity is considerable.
"The Board continues to monitor the external macro-environment with
geopolitical volatility presenting a challenging backdrop for the financial
year ahead. Against this, the Group entered FY2027 with good momentum which
has been maintained and current trading is in line with full year
expectations.
"The Board retains full confidence in the Group's strategy, the strength of
its brands, archive and balance sheet, and looks forward to continued progress
in FY2027 and beyond."
Analyst meeting and webcast
A meeting for analysts and institutional investors will be held at 9.30am
today, 29 April 2026, at the offices of Singer Capital Markets, 1 Bartholomew
Lane, London EC2N 2AX. For details, please contact Burson Buchanan at
SDG@buchanan.uk.com (mailto:SDG@buchanan.uk.com) .
A live webcast of the meeting will be accessible via the following link:
https://stream.buchanan.uk.com/broadcast/69cb82f1110dcd00126122a5
(https://stream.buchanan.uk.com/broadcast/69cb82f1110dcd00126122a5) .
A recording of the webcast will be made available following the meeting at the
Company's investor website, www.sandersondesign.group
(http://www.sandersondesign.group) .
In addition, the Company will present via the Investor Meet Company platform
at 14:00 today.
https://www.investormeetcompany.com/sanderson-design-group-plc/register-investor
(https://www.investormeetcompany.com/sanderson-design-group-plc/register-investor)
.
For further information:
Sanderson Design Group PLC c/o Burson Buchanan +44 (0) 20 7466 5000
Lisa Montague, Chief Executive Officer
Mike Woodcock, Chief Financial Officer
David Gracie, Company Secretary
Singer Capital Markets +44 (0) 20 7496 3000
Jen Boorer / Sara Hale / James Todd
Burson Buchanan +44 (0) 20 7466 5000
Helen Tarbet / Sophie Wills / Toto Berger / Abigail Gilchrist
SDG@buchanan.uk.com (mailto: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 500 people and its products are
sold worldwide. It has showrooms in London, New York and Chicago.
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) .
CHAIRMAN'S STATEMENT
Introduction
For the year ended 31 January 2026, I am pleased to report strong progress
against the strategic initiatives outlined in my Chairman's Statement last
year which prioritised digitalisation across the business, North America as
the key growth territory and improving the efficiency of our manufacturing
through the Future Factory initiative.
Through focused management actions during the year, we are pleased to have
returned the manufacturing operations to profitability (excluding exceptional
items). We now have a smaller, more agile and multi-skilled manufacturing
workforce focused on a digital-first printing strategy. The third-party order
book is much improved, and we enter the new financial year with momentum in
our manufacturing operations with US third-party orders having grown
significantly.
Initially we had a two year digitalisation project to deliver new
transactional websites for all of our brands. This was accelerated into one
year and we now have direct-to-consumer ("DTC") websites for our brands. DTC
sales, which represent a new sales channel within brand product sales, were up
very strongly in the year from £0.4m in FY2025 to £1.8m in FY2026.
The targeted growth market of North America performed well in the year, with
underlying brand product sales up 5% in reported currency and up 9% in
constant currency. US sales were impacted in the first half of the financial
year by uncertainty around the US tariff regime, but they recovered strongly
in the second half.
Our North American business has grown strongly in the past few years, to over
£22m of revenue in FY2026. We expect to continue this growth trajectory in
North America, where our brands are widely recognised as being under indexed
in the world's largest market for textiles and wallpapers.
Trading conditions in the UK remained subdued during the financial year
although brand product sales at our top 10 UK customers were broadly flat on
the prior year, suggesting that the decline in brand product sales of -9% is
largely attributable to independent retailers. Our strategy in the UK is to
focus on building strong relationships with interior designers, who often
serve international markets in addition to high-end domestic and the
hospitality sector.
Total licensing revenue in the financial year was robust at £10.5 million
(FY2025: £11.0m) with underlying revenue, which excludes the impact of the
IFRS 15 accounting standard, up 36% at £9.0 million (FY2025: £6.6m). This
strong growth in underlying performance, which contributes to the Group's cash
generation, reflects the receipt of minimum guaranteed amounts from licensing
agreements signed in previous years and revenue above those minimum
guarantees.
The ability to license our designs highlights the unique intellectual property
in the Group's brands and design archive, and also our designers' skill at
transferring designs from fabric and wallpaper to many different substrates
and product types.
During the year, we have continued to advance our Live Beautiful
sustainability strategy. In the year to 31 January 2026, our total carbon
footprint was 4,894 tonnes, a decrease on FY2025's 5,404 tonnes reflecting
continued progress in our journey to net zero.
Further details on the Group's strategic and operational progress are included
in the Chief Executive Officer's Strategy and Operating Review.
Financial results
Group turnover for the year ended 31 January 2026 was £99.5m (FY2025:
£100.4m) and Adjusted underlying profit before tax at £5.3m was up 22% on
the prior year (FY2025: £4.4m). This strong growth in profitability reflects
the Board's continued focus on strategic cost-saving initiatives.
The reported profit before tax was £3.1m (FY2025: loss of £13.9m).
The Group's balance sheet strengthened further at the year end with net cash
of £9.8m compared with £5.8m at 31 January 2025 and £7.8m at 31 July 2025.
The strong year end cash position reflects planned inventory reductions,
working capital management and controlled capital expenditure.
Dividend and capital allocation
The Directors recommend a final dividend of 1.00p (FY2025: 1.00p) taking the
full year dividend to 1.50p (FY2025: 1.50p). Payment of the final dividend, if
approved at the Company's forthcoming Annual General Meeting, will be made on
7 August 2026 to shareholders on the Company's register at 10 July 2026, with
an ex-dividend date of 9 July 2026. As part of our review of capital
allocation, given that the book value per share is significantly higher than
the current market price, the Board has determined at this time to maintain
the dividend, and fund the purchase of shares by our EBT to satisfy the future
vesting of share schemes.
People
On behalf of the Board, I would like to thank all our colleagues for their
commitment, energy and creativity during another year of challenges and
opportunities for the business.
Outlook
The Board continues to monitor the external macro-environment with
geopolitical volatility presenting a challenging backdrop for the financial
year ahead. Against this, the Group entered FY2027 with good momentum which
has been maintained and current trading is in line with full year
expectations.
Group revenue in the new financial year to date is showing year-on-year
growth, with similar trends to that seen in the second half of FY2026; and the
strategic progress achieved in recent years means the Group is better
positioned to withstand external events, aided by a lower cost base that will
continue to provide annualised benefits in FY2027.
Furthermore, our investment in digital platforms is broadening the customer
base by attracting digitally astute audiences, representing an important
structural development and one which we expect to contribute increasingly to
the Group's performance in the years ahead.
Our manufacturing operations have been transformed in line with our
digital-first printing strategy, and the pipeline for third-party orders is
strong.
Recent product launches such as Highgrove by Sanderson and Morris & Co. x
The Huntington Collection continue to resonate strongly with trade and
consumer audiences alike, and we are excited about the impending global launch
of the Zoffany x Michael S Smith Indoor Outdoor Fabrics collection which has
been received well in our pre-launch marketing. These collections powerfully
demonstrate the Group's unrivalled design heritage and creative ability to
develop compelling new product narratives that attract high profile partners
and excite both existing customers and new audiences.
We are proud to export our heritage, via products and designs, to clients in
all corners of the globe. Our primary growth efforts are focused on North
America, which remains our fastest growing and most profitable territory where
the opportunity is considerable. We are monitoring trade flows in the Middle
East region (less than 1% of Group revenue in FY2026), but do not expect any
material impact, should conditions persist, given its small contribution.
The underlying performance within licensing in FY2027 to date continues to be
encouraging reflecting the quality and breadth of the Group's licensing
partner base and the continued appeal of our brands and design archive as a
platform for new and renewed agreements.
The Board retains full confidence in the Group's strategy, the strength of its
brands, archive and balance sheet. The Board is confident in the management
team's agility and its ability to respond effectively to external factors. The
Board looks forward to continued progress in FY2027 and beyond.
Dianne Thompson
Non-executive Chairman
28 April 2026
CHIEF EXECUTIVE OFFICER'S STRATEGY AND OPERATING REVIEW
INTRODUCTION
The results for the year ended 31 January 2026 reflect focused management
actions which have resulted in a substantial increase in profitability on
slightly reduced turnover owing to further targeted initiatives, and a strong
improvement in net cash to £9.8m at year end. During the year, we completed a
cost-saving programme across the business yielding total annualised savings of
approximately £2.5m, comprising a reduction in central overheads of
approximately £1.0m, and a reduction in manufacturing costs of £1.5m.
During the past three years, we have reduced the Group's annualised costs by
approximately £4.8m, mainly through headcount reduction, creating a much more
efficient business. Moving forwards, we will continue to exercise careful cost
control and remain alert to any further potential cost savings.
At the same time, we have advanced our growth strategy by focusing on the
three core areas highlighted in last year's full year results statement:
Future Factory to transform the efficiency of our manufacturing operations and
leverage the benefit of verticality; digitalisation across the business; North
America as a key growth opportunity. We made strong progress in all these
areas, including the return of our manufacturing operations to profitability.
Future Factory
The factory restructuring mentioned above has reduced costs and increased
efficiency. The result is a re-energised, cross-skilled and flexible workforce
able to respond to market demand, motivated to take opportunities, balancing
craft and skill with the efficiency benefits of digital technology.
Digital now accounts for 63% of our printing output (FY2025: 54%) and we
expect the percentage to increase further as wallpaper printing technology
continues to advance.
Third party manufacturing order books improved during the year, with a better
mix of new collections and repeat orders compared with the prior year. US
tariffs disrupted global trade in the first half of our financial year but,
whilst the tariff regime continues to be unpredictable, our current US
manufacturing order book is up substantially on the same time last year.
The combination of cost-saving initiatives and improved third-party orders
resulted in our factories returning to profitability (excluding exceptional
items) in the full year, a significant milestone for our manufacturing
operations team and in line with our plan.
There was no significant capital expenditure in manufacturing during the
financial year but we will continue to invest in manufacturing in line with
demand and to maintain competitive advantage.
One trend that we are beginning to see from third-party customers is an
emerging demand for matching wallpaper and fabric, which we are particularly
well placed to deliver because the design software and hardware at our two
factories are the same, enabling us to print the same design highly
efficiently on both media. We believe that we are the only business in our
sector to have this capability.
Digitalisation
Improving our digital presence has been a key priority. During the past year,
we have replatformed our Trade Hub, which includes all of the Group's brands
and gives much better visual tools, product sampling and order management for
our trade customers, with excellent feedback from users.
We also now have direct-to-consumer ("DTC") sites for all our brands.
Following a DTC pilot in 2021 with our predominantly licensing brand Scion, we
launched a DTC site for Morris & Co. in September 2024 in the UK and March
2025 in the US. Since September 2025, DTC sites have been launched
simultaneously in the UK and USA for Sanderson, Harlequin, Clarke & Clarke
and, most recently, Zoffany.
DTC sales in the year ended 31 January 2026, which owing to the timing of the
DTC site launches are primarily from Morris & Co., were £1.8 million, up
from £0.4 million in the prior year, with most growth coming from the US and
from new, digital native customers.
Whilst we welcome DTC sales, the Group is not repositioning itself as an
online retailer. The real strength of the digital presence is to ensure that
our products and marketing collateral are widely available so that consumers,
customers and designers can engage with our brands 24/7 anywhere in the world
and to drive that engagement into our network of distributors, agents and
showrooms or as a direct purchase.
In January 2026, we appointed Charlotte O'Sullivan as Group Digital &
Innovation Director to further develop the Company's DTC business and lead the
broader digitalisation of the Company. Charlotte's role includes boosting how
we engage with our audiences globally from a commercial and marketing
perspective, amplifying our brand and product stories consistently across all
our channels, be it trade, consumer or social, and embedding the Group's
online collateral in the design community as a trusted resource, developing
ambitious future strategic opportunities.
North America
Brand sales in North America at the beginning of the financial year started
strongly with double-digit growth but the run-up to and introduction of the
tariff regime quickly followed, which impacted first half sales. North America
sales recovered and returned to strong growth in the second half.
To mitigate the impact of tariffs, we introduced surcharges on US invoices. To
provide a better insight into sales growth, we are providing an underlying
sales growth figure, which excludes the surcharges. On an underlying basis,
sales growth in constant currency was up 4% in the first half and up 12% in
the second half compared with the corresponding periods in the prior year.
For the financial year, brand product sales in North America including
surcharges were up 6% in reported currency and up 10% in constant currency.
As highlighted in the Chairman's Statement, our North American business has
grown strongly in the past few years, to over £22m of revenue in FY2026.
Licensing is also an important growth driver in the US, where we have
attracted high quality licensing partners, such as Ruggable and Williams
Sonoma, and formed the important collaboration with the Huntington Library,
Art Museum, and Botanical Gardens ("Huntington").
North America is now our most profitable territory, and it continues to be our
key growth market as our brands remain under-indexed compared with our peer
group.
Scott Christopher Hans joined the Group in November 2024 as Senior Vice
President of Sales to lead business development in North America. Following
his success in the role, he was appointed President of the North American
business in February 2026 to further drive sales growth.
STRATEGY AND PROGRESS
Our core strategy for the Group, which is set out below, is underpinned and
guided by our Live Beautiful sustainability strategy.
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 manufacturing arms that benefit
the brands' business. Our strategy is to focus on our core products of
wallpaper and fabric, and to continue to build our finished goods offer with
our expert partners through licensing.
Partnering with key customers: The strategic focus on the individuality of
each brand, and our tailored service, cements relationships with key
customers, while enhanced communication through partnership drives demand for
both heritage and contemporary brands from consumers, through our interior
design partners, retail channels and hospitality partners. We continue to
deepen our relationships with existing licensing partners and seek new
opportunities, strategically targeted by brand, category and market.
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. We create designs and products that combine the best of digital
with the authenticity of craft.
Growing key geographies: Our brands have significant international market
potential, reflected in them being sold worldwide. To maximise return, we are
focused on building market share in key geographies. North America is our
first priority, where our brands are under-represented, although highly
appreciated by top designers. Opportunities are strong in Europe and the Rest
of the World, while we support our UK base. Our approach is tailored to each
individual region.
Operational review
The table below shows the Group's sales performance in FY2026, compared with
FY2025. The table shows our three key revenue streams of brand product sales,
licensing income and manufacturing. It also gives the four territories of our
brand product sales: the UK, Northern Europe, North America and Rest of the
World.
Year to 31 January % Change
(£m) FY
20
26
v
FY
20
25
2026 2025 Reported Constant Currency
Brands
UK 29.9 32.8 (9)% (9)%
North America 22.3 21.0 6% 10%
North America (underlying)* 5% 9%
Northern Europe 9.4 9.1 3% 1%
Rest of the World 8.4 8.4 0% 0%
Total Brand product revenue 70.0 71.3 (2)% (1)%
Manufacturing
External 19.0 18.1 5% 5%
Internal (eliminated on consolidation) 10.7 13.6 (21)% (21)%
Total Manufacturing revenue 29.7 31.7 (6)% (6)%
Total Licensing revenue 10.5 11.0 (5)% (5)%
TOTAL GROUP REVENUE 99.5 100.4 (1)% 0%
* North America (underlying) excludes surcharges added to US sales to mitigate
additional costs resulting from the introduction of tariffs
BRANDS
The Brands segment comprises heritage brands Morris & Co., Sanderson, and
Zoffany and contemporary brands Clarke & Clarke, Harlequin, and Scion. The
table below shows the brand product sales of each brand.
Year ended 31 January (£m) 2026 versus 2025
Brands 2026 2025 Reported Constant currency
Morris & Co. 18.5 18.0 3.0% 3.4%
Sanderson 13.7 13.5 1.4% 2.1%
Zoffany 6.7 6.7 (0.7)% 0.2%
Clarke & Clarke 18.3 19.7 (7.4)% (7.1)%
Harlequin 12.1 12.2 (1.2)% (0.3)%
Scion 0.7 1.1 (33.7)% (33.6)%
Other 0.0 0.1 (24)% (24)%
Total 70.0 71.3 (3.5)% (2.9)%
The Sanderson brand, which has been a strategic focus for the Group in the
past three years, had a positive year driven by the launch in April 2025 of
the Highgrove by Sanderson collection, which celebrates the series of gardens
at Highgrove House and donates a percentage of sales to The King's Foundation,
the global charity preserving the built and natural environment and heritage
crafts.
The Sanderson brand's sales in constant currency were up 12% in North America
and, whilst down 7% in the UK, were up 4% in Northern Europe and up 3% in the
Rest of the World.
The Morris & Co. brand continues to be our only brand where sales in North
America exceed those in the UK. In constant currency, North American sales
during the year were up 14% and up 9% in Northern Europe, driven by
Scandinavia, whilst UK sales were down 11% and the Rest of the World down 6%.
The new body of work developed in collaboration with the Huntington in
California, launched in September 2025 to critical acclaim. The collection
comprises 26 original but unfinished Morris & Co. designs, which have
rarely been seen and never before produced into completed designs. The
collaboration with the Huntington is a major new multi-year opportunity for
the Morris & Co. brand, bringing a completely new body of work to Arts
& Crafts enthusiasts.
North American sales of the Harlequin brand were up 6% in constant currency,
reflecting continued traction from the Harlequin collaboration with Henry
Holland, the products from which launched in September 2024. Whilst Harlequin
sales in constant currency were up 9% in Northern Europe and up 2% in the Rest
of the World, they were down 9% in the UK.
The Zoffany brand's recent launches, the Indienne Collection and the Rare
Textiles Collection, have helped drive sales of the brand which were up 9% in
North America in constant currency. The brand's sales, which are focused on
high end projects and hospitality, are now almost as much in North America as
they are in the UK, where sales were down 7%.
Clarke & Clarke is predominantly a UK brand and its sales were down 11%
during the year. In North America, where it is distributed by Kravet, its
sales were down 1% in constant currency but we remain confident in the
potential of the brand, including in contract applications.
MANUFACTURING
Our two factories, Standfast & Barracks textiles and Anstey Wallpaper
Company, print for our own brands and for third party customers, positioning
the factories 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.
As discussed above, cost savings of £1.5m were realised during the year,
helping the manufacturing operations to return to profitability (excluding
exceptional items) at the full year.
The table below details the Group's internal and external manufacturing sales
for the year ended 31 January 2026.
Year ended 31 January (£m) 2026 versus 2025
2026 2025 Reported
Sales to Group brands 10.7 13.6 (21)%
Third-party sales 19.0 18.1 5%
Total Manufacturing sales 29.7 31.7 (6)%
A planned inventory reduction at the Group led to a fall in internal sales.
Third-party sales performed strongly in the second half of the year and
third-party order books are benefitting from continued momentum at the start
of the new financial year.
Total sales at Standfast & Barracks in the year were £16.4m (FY2025:
£16.9m), with total sales at Anstey of £13.3m (FY2025: £14.8m). Overall,
digital printing as a proportion of both factories output was 63% (FY2025:
54%).
LICENSING
Licensing is the most profitable part of the Group and a key area of strategic
focus. Our licensing activities leverage our designs and design archives and
bring wider consumer awareness of our brands across multiple categories of
finished goods. Licensing brings additional visibility for our brands and the
potential to stimulate sales of our core products of fabric, wallpaper and
paint.
The Group works closely with licensing partners throughout the product
development process, leveraging strong creative skills in scaling and
colouring designs so they can be transferred successfully to a multitude of
different licensed products.
Licensing had a robust year, with revenues of £10.5m (FY2025: £11.0m).
Underlying revenue, which excludes the impact of the IFRS 15 accounting
standard, was up 36% at £9.0 million (FY2025: £6.6m). This strong growth,
which contributes to the Group's cash generation, reflects the receipt of
minimum guaranteed amounts from licensing agreements signed in previous years
and revenue above those minimum guarantees.
Accelerated income under IFRS 15 was £6.1 million in the year (FY2025:
£7.3m). Accelerated income, recognition of which is a requirement of IFRS 15,
represents the total minimum guaranteed sales associated with newly signed
contracts with a discount rate applied to them to reflect the timing of the
future cash flows arising from the agreements.
Licence renewals and extensions signed during the year with significant
accelerated income include Ruggable, which has broadened its product range and
included the Morris & Co. Huntington designs, and Sangetsu, which has
extended the Morris Chronicles agreement for a further five-year period.
The Company is continuing to progress a pipeline of further licensing
opportunities, leveraging its brands and design archives.
SUMMARY
We retain a high degree of confidence in our brands, products, people and
strategy, and concluded the year with good trading momentum. Proactive
management actions delivered meaningful improvements: the cost base has
materially reduced over the last three years which, alongside strategic
progress, provides us with the agility and ability to better adapt to market
conditions as they evolve.
During the year, we advanced our strategic priorities at pace. Our
manufacturing facilities have been efficiently transformed with a more
flexible and cross-skilled workforce better suited to executing our
digital-first printing strategy, balanced with the highly skilled traditional
techniques. That our manufacturing operations have returned to profitability
is a particularly pleasing milestone. We are proud of the critical acclaim
that greeted the September launch of The Huntington's collaboration with
Morris & Co. and of digitalisation initiatives, such as the successful
launch of direct-to-consumer sites across all our brands. We have proud
British heritage and legacy that is recognised and highly desirable and around
the world, including the North American market which grew strongly in the year
and where the opportunity is significant. North America has become our most
profitable territory and remains our priority growth area.
Underpinning these achievements is our enduring commitment to design,
creativity and collaboration in bringing outstanding products and designs to
market. There is much to be done next year and beyond, and we look forward to
delivering further progress that drives profitable growth.
Lisa Montague
Chief Executive Officer
28 April 2026
CHIEF FINANCIAL OFFICER'S REVIEW
Both 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 2026.
Revenue
Reported revenue for the year was £99.5m, down 0.9% compared with the
£100.4m recorded in FY2025.
FY2026 FY2025
(£m) (£m)
Brands 70.0 71.3
Licensing 10.5 11.0
Manufacturing - external 19.0 18.1
Total revenue 99.5 100.4
Within our Brand Product segment, the strategic focus on North America
continued to deliver growth, with brand product sales up 9% in constant
currency (excluding the impact of tariff surcharges) with progress being
driven by contract orders and the launch of our direct-to-consumer websites.
The heritage brands, Morris & Co. and Sanderson, continue to perform well
in this market and Zoffany had a strong second half as a result of several
orders from contract customers.
However, the UK market, which still represents over 40% of total brand product
revenue, continues to be challenging, with sales in our home territory 9% down
year-on-year. Unlike all other regions, the underlying performance of the UK
market did not improve in the second half of the year.
Our Morris & Co. direct-to-consumer site launched in the UK in September
2024 and the USA in March 2025 and has performed ahead of expectations.
Direct-to-consumer sites for the Sanderson, Harlequin, Clarke & Clarke,
and Zoffany brands were launched in the second half and should help drive
revenue (and gross margin) growth in FY2027.
External manufacturing revenue of £19.0m was up £0.9m (5%) compared with
last year with all of the growth coming in the second half. Internal
manufacturing revenue at £10.7m was down from £13.6m in FY2025 in line with
our planned inventory reduction strategy. Our factories' financial performance
has been transformed by the restructuring initiatives implemented throughout
the period. Adjusted underlying PBT for the manufacturing segment was £0.1m
for FY2026, a significant improvement on the £2.6m adjusted underlying loss
in FY2025.
Licensing revenue was down 5% at £10.5m million (FY2025: £11.0m).
Accelerated income of £6.1 million was, as expected, lower than the £7.3m
reported in FY2025. The prior year included the renewal of some of our major
global licenses including Blinds2Go and Brink & Campman rugs and fewer
major agreements were due for re-signing this year. Notable agreements that
were agreed in FY2026 included Tile Shop in the USA with Morris & Co., an
extension for the Sanderson brand with Portmeirion's Royal Worcester tableware
and a renewal of our partnership with Sangetsu in Japan.
Encouragingly, underlying revenue, which excludes the impact of the IFRS 15
accounting standard and reflects the true performance of how our partners'
products are appealing to consumers, grew by 36% to £9.0m (FY2025: £6.6m)
and contributed significantly to the Group's cash position.
Gross profit
Gross profit for the year was £68.7m compared with £68.4m in FY2025 with
lower Brand and Licensing sales being offset by significant improvements in
external manufacturing revenues and factory gross margin.
FY2026 Brands Licensing Manufacturing Eliminations Total
(£m) (£m) (£m) (£m) (£m)
Revenue - external 70.0 10.5 19.0 99.5
Revenue - internal - - 10.7 (10.7) -
Total revenue 70.0 10.5 29.7 (10.7) 99.5
Cost of sales (22.5) - (19.4) 11.1 (30.8)
Gross profit 47.5 10.5 10.3 0.4 68.7
Gross profit % 67.8% 100.0% 34.6% - 69.1%
FY2025 Brands Licensing Manufacturing Eliminations Total
(£m) (£m) (£m) (£m) (£m)
Revenue - external 71.3 11.0 18.1 - 100.4
Revenue - internal - - 13.6 (13.6) -
Total revenue 71.3 11.0 31.7 (13.6) 100.4
Cost of sales (22.9) - (22.9) 13.8 (32.0)
Gross profit 48.4 11.0 8.8 0.2 68.4
Gross profit % 67.8% 100.0% 27.8% - 68.2%
Our overall gross profit percentage grew by 90 basis points to 69.1% (FY2025:
68.2%).
The benefits of the restructuring exercises undertaken in our two factories
can be seen with the gross profit percentage in this segment increasing by 680
basis points despite a reduction of £2.9m of internal sales versus FY2025 as
we focused on reducing inventory levels across the group.
The Brands segment recorded a gross profit percentage of 67.8% which was in
line with the prior year. The segment benefited from the sales mix shifting
towards the higher margin market of North America and the higher margin
channel of direct to consumer. However this was offset by an increase in the
mix of lower margin contract sales and a higher level of discounting for
clearance products due to the level of fabric inventories across the sector as
a whole.
Profit before tax
Profit before tax for the year was £3.1m, a significant improvement versus
the prior year which was impacted by a £16.3m charge related to the
impairment of intangible assets.
FY 2026 FY 2025
(£m) (£m)
Revenue 99.5 100.4
Cost of sales (30.8) (32.0)
Gross profit 68.7 68.4
Distribution and selling expenses (24.3) (25.7)
Administration expenses (44.8) (44.8)
Impairment of intangible assets - (16.3)
Other operating income 3.0 4.0
Net finance income 0.5 0.5
Proft/(loss) before tax 3.1 (13.9)
Other operating income of £3.0m (FY2025: £4.0m) comprises consideration
received from the sale of marketing materials (mainly pattern books) to
support the Group's core products. The cost of these marketing materials is
included in Distribution and selling expenses. Our approach to issuing these
pattern books has changed compared to the prior year. Under the old "book
scheme" members paid a monthly fee to receive a pattern book for all new
collections. Under the new loyalty scheme, members pay for each pattern book
on an individual basis. This change has seen a reduction in both Other
operating income and, Distribution and selling expenses, and a net saving to
the Group of £0.5m compared to FY2025.
Aside from the impact of pattern books, Distribution and selling expenses have
remained largely flat versus FY2025 with savings from the renegotiation of our
haulage and carriage contracts countered by the impact of additional tariff
costs in the USA. These tariff costs were offset by applying surcharges to
invoices which are reflected as revenue in these accounts. As of 1 February
2026, these surcharges have been incorporated into our standard price list for
the USA.
Administration expenses were in line with FY2025 with inflationary increases
being offset by savings from restructuring exercises undertaken across all
areas of the business.
Adjusted underlying profit before tax
Adjusted underlying profit before tax was £5.3m, up from £4.4m in FY2025.
In calculating the adjusted underlying profit before tax, the Group excludes
material non-recurring items or items considered to be non-operational in
nature and that do not relate to the operating activities of the Group.
Adjusted measures are used as a way for the Board to monitor the performance
of the Group and are not considered to be superior to, or a substitute for,
statutory definitions. They are provided to add further depth and
understanding to the users of the financial information and 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 is reported to and assessed by the Board and
is used within the Group's incentive plans.
FY 2026 FY 2025
(£m) (£m)
Statutory profit before tax 3.1 (13.9)
Impairment and amortisation of acquired intangible assets 0.3 16.5
Historical property tax obligations 0.5 -
Restructuring and reorganisation costs 0.7 1.0
Share-based payment charge 0.2 0.3
Defined benefit pension charge 0.5 0.5
Adjusted underlying profit before tax 5.3 4.4
Items excluded for the purposes of calculating the adjusted underlying profit
before tax comprise:
- The amortisation of intangible assets in respect of the acquisition
of Clarke & Clarke was £0.3m (FY2025: £0.2m). FY2025 also included an
impairment charge of £16.3m relating to the goodwill recognised on the
acquisition of Clarke & Clarke in October 2016
- An exceptional charge in FY2026 of £0.5 million in relation to the
settlement of an historical property tax obligation in in New York City. This
amount reflects the agreed settlement of legacy liabilities relating to prior
periods. The charge has been presented as an exceptional item due to its
non-recurring nature and its association with an historical matter
- Restructuring and reorganisation costs of £0.7m (FY2025: £1.0m)
arising from headcount reductions in head office functions and both
manufacturing locations
- Share based payment charges of £0.2m (FY2025: £0.3m) are excluded
as they are a non-cash measure
- Administration costs of £0.5m (FY2025: £0.5m) related to the
Group's two legacy defined benefit pension schemes
Taxation
The tax charge for FY2026 was £1.0m. The estimated effective tax rate (before
adjusting items) for the year was 31.4% as a result of permanent differences
such as ineligible depreciation and share-based payment charges.
Capital expenditure
Capital expenditure in the period totalled £0.7m (FY2025: £4.1m) with no
major capital projects occurring during the year.
Prior year expenditure included investment in a new digital pigment printer at
Standfast & Barracks and the fitting out of the Group's new head office
and archive at Voysey House in West London.
Our forward expenditure programme will be focussed on increasing our digital
printing capacity and on capital maintenance. This will be closely aligned to
our Live Beautiful strategy with projects only being approved if they can be
proven to support us on our journey towards a low-carbon and resource smart
future.
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 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. Because of the way minimum guaranteed revenue is recognised, the
revenue profile can be uneven depending on when contracts are signed and the
guaranteed minimum royalty arrangements contained within them.
During FY2026, the group recognised £6.1m of accelerated licencing income.
Despite cash inflows from agreements signed in previous periods, minimum
guaranteed licensing receivables on the balance sheet grew with the amount due
after more than one year at £12.6m (FY2025: £11.3m) and those due within one
year at £4.4m (FY2025: £3.0m).
Inventories
Last year we communicated that reducing inventory levels would be a key area
of focus in FY2026. Net inventory ended FY2026 at £21.5m, down £5.7m on the
prior year. Reductions were achieved across all parts of the business with raw
materials in the manufacturing segment and finished goods in the brands
segment seeing reductions of 30% and 20%, respectively. We believe there is
still scope for further, but more limited, reductions in the future.
Trade and other receivables
Net trade and other receivables increased to £13.1m from £12.9m on 31
January 2025.
Our business model means that most customers for our Brand Product segment do
not hold inventory. We are able to quickly react to any aged accounts to
mitigate potential credit risks. As a result, despite the current economic
environment, we continue to experience limited bad debts. The aging profile of
trade debtors shows that most customers are close to terms although the wider
economy presents an enhanced level of credit risk.
At a Group level, in addition to specific provisions against individual
receivables, a provision has been made of £0.2m (FY2025: £0.2m) which is a
collective assessment of the risk against non-specific receivables calculated
in accordance with IFRS9.
Cash position and banking facilities
Net cash increased to £9.8m (FY2025: £5.8m). Net cash generated from
operating activities was an inflow of £8.4m (FY2025: outflow £2.1m).
The principal drivers for the year-on-year improvement in cash were the
above-mentioned reduction in inventory levels and the limited level of capital
expenditure.
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 performance of the Group's North
American business creates a requirement to put in place a limited level of
hedging contracts against the US dollar surplus that is expected to arise.
The Group's banking facilities are provided by Barclays Bank plc. The Group
has an undrawn £10.0m multi-currency revolving credit facility which was last
renewed in February 2024. The agreement also includes a £7.5m 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 which have both been met throughout 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.
Up until March 2025 contributions to the Walker Greenbank Pension Plan were
made on deficit contribution schedules previously agreed with the schemes'
trustees and include payments towards the ongoing expenses incurred in the
running of the scheme. From April 2025, following the finalisation of the
scheme's triennial actuarial valuation, the group ceased making deficit
contributions but continues to make payments towards scheme expenses.
In FY2025, the Group made a one-off contribution of £2.3m to the Abaris
Holdings Pension Scheme to support a Trustee decision to transfer all of the
scheme's risks to an insurer under a buy-in insurance policy investment. In
addition to the agreed cash amount, the insurer has also received the Abaris
Scheme's existing investments. Scheme administration and advisory costs will
continue to be paid by the Group over the life of the pension scheme, but the
core financial and demographic risks associated with funding member benefits
has transferred to the insurer. The ongoing costs will not impact the Group's
adjusted profit before tax. The agreement means that the Group will no longer
be required to fund shortfalls to the Abaris Scheme, which might arise from
changes in market conditions.
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
according to investment market conditions at each accounting date. The Group
has reported a net surplus of £3.3m on 31 January 2026 compared with a
surplus of £2.3m on 31 January 2025.
Dividend
During the fiscal year, an interim dividend for 0.50p per share was paid on 28
November 2025.
A full dividend of 1.00p is now proposed taking the full year dividend to
1.50p. This payment will be made on 7 August 2026 to shareholders on the
Company's register on 10 July 2026 if approved at the Company's forthcoming
Annual General Meeting with an ex-dividend date of 9 July 2026.
Capital allocation policy
We remain committed to maintaining a strong balance sheet.
Our forward capital expenditure programme is closely aligned to our Live
Beautiful strategy towards a low carbon and resource smart future with capital
maintenance projects only approved if they can be proven to help us on our
journey.
We continue to support the defined benefit Walker Greenbank Pension Plan and
will look at whether there is appropriate action which could be taken to help
reduce the risks of this Plan within our wider business objectives.
Whilst the book value per share is significantly higher than the market price,
the Board has determined at this time to maintain the dividend, and fund the
purchase of shares by our EBT to satisfy the future vesting of share schemes.
Going concern
The Directors reviewed a Management Base Case model and considered the
uncertain political and economic environment in which we are operating. In our
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 interim financial statements. Further details of the review are disclosed
in note 1 to the financial statements.
Mike Woodcock
Chief Financial Officer
28 April 2026
CONSOLIDATED INCOME STATEMENT
Year ended 31 January 2026
Note 2026 2025
£000
£000
Revenue 3 99,481 100,388
Cost of sales (30,766) (31,946)
Gross profit 68,715 68,442
Net operating income/(expenses):
Distribution and selling expenses (24,368) (25,695)
Administration expenses (44,812) (44,858)
Impairment of intangible assets - (16,250)
Other operating income 4 2,994 4,010
Profit/(loss) from operations 3 2,529 (14,351)
Finance income 1,426 1,057
Finance costs (825) (586)
Net finance income 5 601 471
Profit/(loss) before tax 3,130 (13,880)
Tax expense 6 (982) (1,356)
Profit/(loss) for the year attributable to owners of the parent 2,148 (15,236)
Earnings/(loss) per share - Basic 8 2.98p (21.22)p
Earnings/(loss) per share - Diluted 8 2.87p (21.22)p
Adjusted earnings per share - Basic* 8 5.39p 3.92p
Adjusted earnings per share - Diluted* 8 5.19p 3.83p
* These are alternative performance measures.
All of the activities of the Group are continuing operations.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Year ended 31 January 2026
Note 2026 2025
£000
£000
Profit/(loss) for the year 2,148 (15,236)
Other comprehensive income/(expense):
Items that will not be reclassified to profit or loss
Deferred tax charge relating to pension scheme liabilities 7 (238) (801)
Corporation tax credit relating to pension scheme contributions 6 125 970
Remeasurements of defined benefit pension schemes 454 (367)
Investment-related defined benefit pension costs (1) (305)
Cash flow hedge 72 (45)
Total items that will not be reclassified to profit or loss 412 (548)
Items that may be reclassified subsequently to profit or loss
Currency translation differences (522) 58
Other comprehensive expense for the year, net of tax (110) (490)
Total comprehensive income/(loss) for the year attributable to the owners of 2,038 (15,726)
the parent
CONSOLIDATED BALANCE SHEET
As at 31 January 2026
Note 31 January 2026 £000 31 January 2025 £000
Non-current assets
Intangible assets 9 10,387 10,901
Property, plant and equipment 10 10,881 12,938
Right-of-use assets 11 9,719 10,588
Retirement benefit surplus 3,260 2,310
Minimum guaranteed licensing receivables 12,553 11,299
46,800 48,036
Current assets
Inventories 12 21,465 27,201
Trade and other receivables 13 13,133 12,900
Minimum guaranteed licensing receivables 4,442 2,999
Financial derivative instruments 53 -
Corporation tax receivable 1,086 251
Cash and cash equivalents 9,808 5,814
49,987 49,165
Total assets 96,787 97,201
Current liabilities
Trade and other payables 14 (11,038) (12,837)
Corporation tax payable (131) -
Lease liabilities 11 (2,977) (1,988)
Financial derivative instruments - (19)
Provision for liabilities and charges 15 (122) (733)
(14,268) (15,577)
Net current assets 35,719 33,588
Non-current liabilities
Lease liabilities 11 (8,355) (9,244)
Deferred income tax liabilities 7 (3,274) (2,679)
Provision for liabilities and charges 15 (974) (969)
(12,603) (12,892)
Total liabilities (26,871) (28,469)
Net assets 69,916 68,732
Equity
Share capital 723 720
Share premium account 18,682 18,682
Retained earnings 11,237 9,534
Other reserves 39,274 39,796
Total equity 69,916 68,732
CONSOLIDATED CASH FLOW STATEMENT
Year ended 31 January 2026
Note 2026 2025
£000
£000
Cash flows from operating activities
Profit/(loss) from operations 2,529 (14,351)
Intangible asset amortisation 9 987 806
Impairment of intangible assets 9 - 16,250
Property, plant and equipment depreciation and impairment 10 2,194 2,341
Right-of-use asset depreciation 11 2,439 2,392
Share-based payment charge 236 245
Defined benefit pension charge 660 554
Employer contributions to pension schemes (1,010) (4,369)
Decrease/(increase) in inventories 5,736 (495)
(Increase)/decrease in trade and other receivables (362) 1,091
Increase in minimum guaranteed licensing receivables (1,438) (3,991)
Decrease in trade and other payables (1,781) (1,206)
(Decrease)/increase in provision for liabilities and charges (606) 15
Tax paid (1,188) (1,340)
Net cash from/(to) operating activities 8,396 (2,058)
Cash flows from investing activities
Finance income received 5 20 134
Purchase of intangible assets 9 (473) (1,262)
Purchase of property, plant and equipment 10 (187) (2,824)
Net cash used in investing activities (640) (3,952)
Cash flows from financing activities
Repayment of lease liabilities 11 (2,186) (1,854)
Capitalisation of lease acquisition costs - (355)
Interest paid 5 (64) (30)
Dividends paid (1,082) (2,333)
Net cash used in financing activities (3,332) (4,572)
Net increase/(decrease) in cash and cash equivalents 4,424 (10,582)
Net foreign exchange movement (430) 54
Cash and cash equivalents at beginning of year 5,814 16,342
Cash and cash equivalents at end of year 9,808 5,814
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Year ended 31 January 2026
Note Attributable to owners of the parent
Share capital Share premium account Retained earnings Other reserves Total
£000
£000
£000
£000
equity
£000
Balance at 1 February 2025 720 18,682 9,534 39,796 68,732
Profit for the year - - 2,148 - 2,148
Other comprehensive income/(expense):
Remeasurements of defined benefit pension schemes - - 454 - 454
Deferred tax charge relating to pension scheme assets 7 - - (238) - (238)
Corporation tax credit relating to pension scheme contributions 6 - - 125 - 125
Investment-related defined benefit pension costs - - (1) - (1)
Cash flow hedge - - 72 - 72
Currency translation differences - - - (522) (522)
Total comprehensive income/(loss): - - 2,560 (522) 2,038
Transactions with owners, recognised directly in equity:
Dividends - - (1,082) - (1,082)
Issuance of share capital for share-based payment vesting 3 - (3) - -
Share-based payment equity charge - - 213 - 213
Related tax movements on share-based payment - - 15 - 15
Balance at 31 January 2026 723 18,682 11,237 39,274 69,916
Note Attributable to owners of the parent
Share capital Share Retained earnings Other reserves Total
£000
premium
£000
£000
equity
account
£000
£000
Balance at 1 February 2024 717 18,682 27,396 39,738 86,533
Loss for the year - - (15,236) - (15,236)
Other comprehensive income/(expense):
Remeasurements of defined benefit pension schemes - - (367) - (367)
Deferred tax charge relating to pension scheme assets 7 - - (801) - (801)
Corporation tax credit relating to pension scheme contributions 6 - - 970 - 970
Investment-related defined benefit pension costs - - (305) - (305)
Cash flow hedge - - (45) - (45)
Currency translation differences - - - 58 58
Total comprehensive (loss)/income: - - (15,784) 58 (15,726)
Transactions with owners, recognised directly in equity:
Dividends - - (2,333) - (2,333)
Issuance of share capital for share-based payment vesting 3 - (3) - -
Share-based payment equity charge - - 287 - 287
Related tax movements on share-based payment 7 - - (29) - (29)
Balance at 31 January 2025 720 18,682 9,534 39,796 68,732
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. Accounting policies and general information
General information
Basis of preparation
The financial information for the year ended 31 January 2026 and the year
ended 31 January 2025 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 2025 have been filed
with the Registrar of Companies and those for the year ended 31 January 2026
will be filed following the Company's Annual General Meeting.
The auditors' reports on the accounts for the year ended 31 January 2026 and
for the year ended 31 January 2025 were unqualified, did not draw attention to
any matters by way of emphasis, and did not contain a statement under 498(2)
or 498(3) of the Companies Act 2006.
The consolidated financial statements 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 consolidated financial statements have been prepared under the historical
cost convention, except for those assets and liabilities measured at fair
value, as described in the accounting policies. The accounting policies set
out below have been consistently applied to all periods presented unless
otherwise indicated.
Going concern
In the context of the continuing economic and political uncertainties, 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 July 2027, 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 £10.0m (2025: £10.0m) 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 on 31
January 2029. Throughout the financial year and up to the date of this report,
the Company has met all required covenant tests and maintained available
liquidity of over £5m. The total available liquidity of the Group at 31
January 2026 was £19.8m (2025: £15.8m), including cash and cash equivalents
of £9.8m (2025: £5.8m) and the committed facility of £10.0m (2025:
£10.0m). The Group has access to an uncommitted accordion facility of £7.5m
(2025: £7.5m).
A Management Base Case ('MBC') model has been prepared, together with
alternative stress tested scenarios, given the uncertainties regarding the
impact of economic difficulties (including continuing inflationary pressures
and high interest rates) and a lack of consumer confidence. These scenarios
indicate that the Group retains adequate headroom against its borrowing
facilities and bank covenants for the foreseeable future. The forecast cash
flows have been further analysed to determine the breaking point, being the
point at which the Group would either run out of cash or breach a covenant.
The scenario required to get to this breaking point is considered highly
unlikely and in addition the analysis did not include additional mitigations
that are available to the Directors in such a scenario.
The actual results that will be reported will be undoubtedly different from
the MBC and other scenarios modelled by the Group. If there are significant
negative variations from the MBC, management will act decisively to protect
the business, particularly its cash position.
In light of the 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
15 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 management and specialist third-parties, where required.
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.
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. Details of the
estimates and assumptions applied, and carrying amounts of retirement benefit
obligations and pension assets, are set out in the note to the consolidated
financial statements.
b) Impairment of non-financial assets
The Group tests annually whether goodwill or its indefinite life intangible
asset have 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 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 11.5% (2025: 12.00%). The discount rate
used is the same across all segments.
The Group has used formally approved budgets for the first year of its VIU
calculation, with the Group's approved strategic plan for future years with a
2% terminal growth rate applied.
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 Group makes provision for impairment in the carrying amount of its
inventories. The nature of the Group's products is 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.
c) Absorption of overhead into inventory
The Group determines the basis of allocation of fixed production overhead
based on the actual performance of the manufacturing components of the Group
and arms-length sales prices when actual performance is considered to
approximate normal capacity. Where actual performance in the year is not
considered to represent normal levels, the Group uses the next year's budgeted
results to ensure operating inefficiencies are not included in the carrying
value of inventory.
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 of Morris
& Co., Sanderson, Zoffany, Clarke & Clarke, Harlequin and Scion
brands.
Licensing - comprising the licensing activities of Morris & Co.,
Sanderson, Zoffany, Clarke & Clarke, Harlequin and Scion brands.
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, stock consolidation adjustments in Brands and eliminations of
inter-segment items, are presented within 'unallocated'. The segmental Income
Statement disclosures are measured in accordance with the Group's accounting
policies. 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. Tax charges are not allocated or reviewed by segment,
and therefore are not included in the segmental Income Statement disclosures.
a) Principal measures of profit and loss - Income Statement segmental
information
Year ended 31 January 2026 Brands Licensing Manufacturing Unallocated Total
£000
£000
£000
£000
£000
UK revenue 29,905 3,967 11,022 - 44,894
International revenue 40,099 6,531 7,957 - 54,587
Revenue - external 70,004 10,498 18,979 - 99,481
Revenue - internal - - 10,750 (10,750) -
Total revenue 70,004 10,498 29,729 (10,750) 99,481
Cost of sales (22,540) - (19,445) 11,219 (30,766)
Gross profit 47,464 10,498 10,284 469 68,715
Distribution and selling expenses (23,329) (117) (922) - (24,368)
Administration expenses (28,670) (1,068) (9,582) (5,492) (44,812)
Impairment of non-financial assets - - - - -
Other operating income 2,958 - 35 1 2,994
Net finance (expense)/income (741) 1,259 - 83 601
Profit/(loss) before tax* (2,318) 10,572 (185) (4,939) 3,130
Management recharge (381) - - 381 -
Profit/(loss) before tax (2,699) 10,572 (185) (4,558) 3,130
Non-underlying and adjusting items 947 - 237 1,025 2,209
Adjusted underlying profit before tax* (1,371) 10,572 52 (3,914) 5,339
Year ended 31 January 2025 Brands Licensing Manufacturing £000 Unallocated Total
£000
£000
£000
£000
UK revenue 32,756 4,275 10,539 - 47,570
International revenue 38,554 6,758 7,506 - 52,818
Revenue - external 71,310 11,033 18,045 - 100,388
Revenue - internal - - 13,605 (13,605) -
Total revenue 71,310 11,033 31,650 (13,605) 100,388
Cost of sales (22,919) - (22,859) 13,832 (31,946)
Gross profit 48,391 11,033 8,791 227 68,442
Distribution and selling expenses (23,895) (80) (1,905) 185 (25,695)
Administration expenses (29,166) (1,218) (10,181) (4,293) (44,858)
Impairment of non-financial assets - - - (16,250) (16,250)
Other operating income 3,967 39 4 4,010
Net finance (expense)/income (535) 859 (11) 158 471
(Loss)/profit before tax* (1,238) 10,594 (3,267) (19,969) (13,880)
Management recharge 2,010 - - (2,010) -
Profit/(loss) before tax 772 10,594 (3,267) (21,979) (13,880)
Non-underlying and adjusting items 301 - 688 17,261 18,250
Adjusted underlying profit before tax* (937) 10,594 (2,579) (2,708) 4,370
* Excluding management recharge.
b) Additional segmental revenue information
Brands revenue by geography 2026 2025
£000
£000
United Kingdom 29,905 32,756
North America 22,284 20,957
Northern Europe 9,410 9,146
Rest of the World 8,405 8,451
70,004 71,310
Brands revenue by brand 2026 2025
£000
£000
Morris & Co. 18,500 17,961
Clarke & Clarke 18,286 19,746
Sanderson 13,673 13,482
Harlequin 12,090 12,240
Zoffany 6,686 6,731
Scion 718 1,083
Other brands 51 67
70,004 71,310
Manufacturing revenue by division (including internal revenue) 2026 2025
£000
£000
Standfast & Barracks 16,457 16,843
Anstey 13,272 14,807
29,729 31,650
4. Other operating income
Other operating income of £2,994,000 (2025: £4,010,000) comprises
consideration received from the sale of marketing materials to support the
Group's core products.
5. Net finance income
2026 2025
£000
£000
Interest income:
Interest received on bank deposits 20 134
Unwind of discount on minimum guaranteed licensing income 1,259 859
Total interest received 1,279 993
Net pension interest income 147 64
Total finance income 1,426 1,057
Interest expense:
Bank facility fees (18) (18)
Interest paid (64) (30)
Lease interest (743) (538)
Total finance costs (825) (586)
Net finance income 601 471
6. Tax expense
2026 2025
£000
£000
Current tax:
- UK current tax 493 970
- UK adjustments in respect of prior years (16) 280
- Overseas current tax 225 1
- Overseas adjustments in respect of prior years (75) -
Current tax 627 1,251
Deferred tax:
- Current year 276 429
- Adjustments in respect of prior years 79 (324)
Deferred tax 355 105
Total tax charge for the year 982 1,356
Reconciliation of total tax charge for the year: 2026 2025
£000
£000
Profit/(loss) on ordinary activities before tax 3,130 (13,880)
Tax on profit/(loss) on ordinary activities at 25% (2025: 25%) 783 (3,470)
Intangible assets impairment - 4,063
Fixed asset differences 107 48
Non-deductible expenditure 57 22
Share-based payment 38 117
Adjustments in respect of prior years - current tax (91) 280
Adjustments in respect of prior years - deferred tax 79 (324)
Deferred tax not recognised on losses - 604
Effect of changes in corporation tax rates, including overseas 9 16
Total tax charge for the year 982 1,356
A current tax credit of £125,000 has been recognised in Other Comprehensive
Income (2025: £970,000) in relation to defined benefit pension contributions
made during the year.
7. Deferred income tax
Deferred tax (liabilities)/assets: 2026 2025
£000
£000
Property, plant and equipment (1,956) (2,019)
Intangible assets (741) (810)
Right-of-use assets (447) (435)
Lease liabilities 505 493
Share-based payment 100 94
Retirement benefit obligations (815) (578)
Unutilised tax losses - 459
Other short-term differences 80 117
(3,274) (2,679)
A deferred tax charge of £238,000 (2025: £801,000) arising on retirement
benefit obligations has been recognised within the Statement of Other
Comprehensive Income.
At 31 January 2026, the Group had gross unused UK tax losses of £2,418,000
(2025: £3,984,000) available for offset against future profits for which a
deferred tax asset has not been recognised (2025: deferred tax asset of
£1,566,000 was recognised). The Group also had unutilised capital tax losses
of £4,881,000 (2025: £4,881,000) for which no deferred tax asset has been
recognised. The deferred tax asset on losses has been recognised to the extent
that it is probable that the losses will be used within the foreseeable
future.
Deferred tax liability movement 2026 2025
£000
£000
At 1 February (2,679) (1,747)
Currency differences (2) 3
Income statement charge (355) (105)
Tax charge relating to components of other comprehensive income (238) (801)
Tax charged directly to equity - (29)
At 31 January (3,274) (2,679)
8. Earnings per share
8. (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.
2026 2025
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/(loss) per share 2,148 72,114 2.98 (15,236) 71,804 (21.22)
Effect of dilutive securities:
Shares under share-based payment 2,800 1,675
Diluted earnings/(loss) per share* 2,148 74,914 2.87 (15,236) 73,479 (21.22)
Adjusted underlying basic and diluted earnings per share:
Add back share-based payment charge (including National Insurance) 236 245
Add back defined benefit pension charge 513 490
Add back non-underlying items (see below) 1,460 17,515
Tax effect of non-underlying items and other add backs (470) (200)
Adjusted underlying basic earnings per share 3,887 72,114 5.39 2,814 71,804 3.92
Adjusted underlying diluted earnings per share 3,887 74,914 5.19 2,814 73,479 3.83
* As the result for 2025 is a basic loss per share, diluted loss per
share is equal to basic loss per share.
Post year end, the Group has provided funds totalling £1,400,000 to the EBT
for the purchase of shares to satisfy the future vesting of share schemes, as
set out in our capital allocation policy. As at 23 April 2026, 1,513,683
shares had been purchased using these funds at a total cost of £855,000.
8. (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.
2026 2025
£000
£000
Statutory profit/(loss) before tax 3,130 (13,880)
Amortisation of acquired intangible assets 276 276
Impairment of intangible assets - 16,250
Commercial rent tax* 497 -
Restructuring and reorganisation costs** 687 989
Total non-underlying charge included in statutory profit before tax 1,460 17,515
Underlying profit before tax 4,590 3,635
Share-based payment charge 236 245
Defined benefit pension charge 513 490
Adjusted underlying profit before tax 5,339 4,370
* The Group recognised an exceptional charge of £497,000 (2025:
£nil) in relation to the settlement of historical commercial rent tax
obligations in New York. This amount reflects the agreed settlement of legacy
liabilities relating to prior periods. The charge has been presented as an
exceptional item due to its non-recurring nature and its association with a
historic matter. No further material exposure is expected in respect of this
item as the ongoing liability for future periods is trivial. While the
settlement relates to commercial rent tax obligations for prior periods, the
amount recognised in the current year reflects new information obtained during
the period and the final agreement reached with the relevant authorities.
** Restructuring and reorganisation costs of £687,000 (2025:
£989,000). These relate to the reorganisation of the Anstey and Standfast
manufacturing sites (£237,000) (2025: £688,000), in addition to the
rationalisation of certain operational and support functions in the Brands
segment (£450,000) (2025: £301,000).
9. Intangible assets
Goodwill £0001 Arthur Sanderson and William Morris Archive £0002 Collection design Brand Customer-related intangibles Software £000 Assets under construction £000 Total
£000
£000
£000
£000
Cost
31 January 2024 17,091 4,300 2,791 5,566 4,427 2,596 983 37,754
Additions - - 590 - - 301 371 1,262
Transfer - - - - - 1,354 (1,354) -
Disposals - - (145) - - - - (145)
31 January 2025 17,091 4,300 3,236 5,566 4,427 4,251 - 38,871
Additions - - 379 - - 94 - 473
Disposals - - (234) - - - - (234)
31 January 2026 17,091 4,300 3,381 5,566 4,427 4,345 - 39,110
Accumulated amortisation
31 January 2024 841 - 1,255 2,048 4,427 2,488 - 11,059
Charge - - 433 276 - 97 - 806
Impairment 16,250 - - - - - - 16,250
Disposals - - (145) - - - - (145)
31 January 2025 17,091 - 1,543 2,324 4,427 2,585 - 27,970
Charge - - 467 276 - 244 - 987
Disposals - - (234) - - - - (234)
31 January 2026 17,091 - 1,776 2,600 4,427 2,829 - 28,723
Net book amount
31 January 2026 - 4,300 1,605 2,966 - 1,516 - 10,387
31 January 2025 - 4,300 1,693 3,242 - 1,666 - 10,901
31 January 2024 16,250 4,300 1,536 3,518 - 108 983 26,695
Impairment tests for goodwill and Arthur Sanderson and William Morris Archive
The total carrying value of goodwill at year end of £nil (2025: £nil) is
attributable to the Brands segment.
The carrying value of the Arthur Sanderson and William Morris Archive at the
year end of £4,300,000 (2025: £4,300,000) is attributable to the Brands
segment. The archive was independently valued during the previous year ended
31 January 2025 at £9,980,000 and therefore the carrying value of this asset
is supported by the external valuation.
The Group does not consider it reasonably possible that changes to the key
assumptions will arise that would result in impairment of either goodwill or
the Arthur Sanderson and William Morris Archive as at 31 January 2026. As
explained in the critical accounting estimates and judgements section, the key
assumptions in the impairment review are a post-tax discount rate of 11.5%
(2025: 12.00%) and a long-term growth rate of 2% (2025: 2%). A 2.9%
sensitivity increase in the discount rate would lead to a potential impairment
in one of the CGUs. The financial impact of climate change and the 'Live
Beautiful' strategy is not anticipated to be material within the time frame of
the forecasts used for impairment reviews and as such is not included. This
will be kept under review as the strategy progresses.
10. Property, plant and equipment
Freehold land and buildings Leasehold improvements Plant, equipment Computer hardware £000 Assets under construction £000 Total
£000
£000
and vehicles
£000
£000
Cost
31 January 2024 6,115 515 33,270 1,122 1,019 42,041
Additions 44 1,087 1,230 241 222 2,824
Disposals (167) (400) (3,422) (7) - (3,996)
Transfers 619 606 16 - (1,241) -
Currency movements (6) - 37 1 - 32
31 January 2025 6,605 1,808 31,131 1,357 - 40,901
Additions - 36 55 36 60 187
Disposals - - (1,942) (42) - (1,984)
Currency movements - - (70) (6) - (76)
31 January 2026 6,605 1,844 29,174 1,345 60 39,028
Accumulated depreciation and impairment
31 January 2024 2,423 515 25,666 993 - 29,597
Charge 205 106 1,942 88 - 2,341
Disposals (167) (400) (3,422) (7) - (3,996)
Currency movements (3) - 23 1 - 21
31 January 2025 2,458 221 24,209 1,075 - 27,963
Charge 185 173 1,751 85 - 2,194
Disposals - - (1,942) (42) - (1,984)
Currency movements - - (21) (5) - (26)
31 January 2026 2,643 394 23,997 1,113 - 28,147
Net book amount
31 January 2026 3,962 1,450 5,177 232 60 10,881
31 January 2025 4,147 1,587 6,922 282 - 12,938
31 January 2024 3,692 - 7,604 129 1,019 12,444
11. Right-of-use assets and lease liabilities
As a lessee
Information about leases for which the Group is a lessee is presented below:
Right-of-use assets
Leasehold properties Vehicles Plant and equipment Total
£000
£000
£000
£000
Cost
31 January 2024 14,769 910 933 16,612
Additions 8,005 159 - 8,164
Disposals (9,625) (350) (94) (10,069)
Currency movements 88 - 1 89
31 January 2025 13,237 719 840 14,796
Additions - 507 579 1,086
Modification 681 - - 681
Disposals (68) (529) (467) (1,064)
Currency movements (272) - (6) (278)
31 January 2026 13,578 697 946 15,221
Accumulated depreciation and impairment
31 January 2024 10,277 592 757 11,626
Charge 2,032 222 138 2,392
Disposals (9,446) (340) (78) (9,864)
Currency movements 53 - 1 54
31 January 2025 2,916 474 818 4,208
Charge 2,119 176 144 2,439
Disposals (68) (476) (467) (1,011)
Currency movements (122) - (12) (134)
31 January 2026 4,845 174 483 5,502
Net book amount
31 January 2026 8,733 523 463 9,719
31 January 2025 10,321 245 22 10,588
31 January 2024 4,492 318 176 4,986
Lease liabilities
Leasehold properties Vehicles Plant and equipment Total
£000
£000
£000
£000
Balance
31 January 2024 4,672 278 196 5,146
Additions 7,383 159 - 7,542
Disposals (176) - (15) (191)
Amounts paid (1,457) (238) (159) (1,854)
Effect of discounting 519 10 9 538
Currency movements 50 - 1 51
31 January 2025 10,991 209 32 11,232
Additions - 507 579 1,086
Modification 681 - - 681
Disposals - (52) - (52)
Amounts paid (1,837) (210) (139) (2,186)
Effect of discounting 656 49 38 743
Currency movements (170) - (2) (172)
31 January 2026 10,321 503 508 11,332
Maturity analysis - contractual lease liabilities
2026 2025
£000
£000
Current 2,977 1,988
Non-current 8,355 9,244
Total lease liabilities 11,332 11,232
12. Inventories
2026 2025
£000
£000
Raw materials 3,158 4,588
Work in progress 1,409 1,298
Finished goods 16,283 20,316
Marketing materials 615 999
21,465 27,201
13. Trade and other receivables
Current 2026 2025
£000
£000
Trade receivables 12,182 11,590
Less: provision for impairment of trade receivables (565) (801)
Net trade receivables 11,617 10,789
Other receivables 73 83
Prepayments and accrued income 1,443 2,028
13,133 12,900
14. Trade and other payables
2026 2025
£000
£000
Trade payables 5,041 8,465
Other taxes and social security 662 901
Other payables 325 278
Accruals 5,010 3,193
11,038 12,837
15. Provision for liabilities and charges
Property Other Total
£000
£000
£000
31 January 2024 944 493 1,437
Charged 250 989 1,239
Utilised (200) (774) (974)
31 January 2025 994 708 1,702
Charged - 687 687
Utilised (20) (1,273) (1,293)
31 January 2026 974 122 1,096
2026 2025
£000
£000
Current 122 733
Non-current 974 969
Total 1,096 1,702
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 restructuring provisions and employee termination
payments and are recognised when a detailed, formal plan has been established
and communicated to those parties directly affected by the plan.
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