Major flooding at its fabric printing site explains the recent sales dip at interior furnishings specialist Walker Greenbank (WGB), but profits were protected thanks to a £7.9m insurance payout. Chief executive John Sach said a chunk of this went towards replacing machinery that was damaged in the December 2015 washout. The site has been back up at full capacity for roughly a month now, and by the end of October it should have fulfilled its backlog of orders. Mr Sachs said it's likely there will be further insurance payouts on top of the aggregate £11.25m booked so far, as more claims are made for loss of profits.
To continue reading, register today
to enjoy limited access to the following:
- Daily trading news
- Funds coverage
- Features on big investment themes
- Comprehensive companies coverage
- Economic analysis