Walker Greenbank’s slump cushioned by woes of rival

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But the company is consoling itself that it is not doing as badly as its arch-rival Colefax and Fowler.

Terry Stannard, chairman of Walker Greenbank, the company behind the Sanderson, Morris & Co, Harlequin and Zoffany brands, told shareholders at their annual meeting today that sales are down 12.5% in the six months to the end of July.

That will see the group likely to post profits for the full financial year of £2.1 million, down from the £3.2 million last year.

That compares with a more than halving of Colefax profits to £2.6 million. Colefax is far more exposed to the US market than Walker Greenbank.

However, analysts will be cheered that Walker Greenbank's rate of decline is slowing. It is reckoned he sales fall in recent weeks has been nearer 8% compared to falls of 15% reported from February to April.

Stannard told shareholders: "Whilst we are cautious about the remainder of the year, we have evidence that a degree of stability has returned to our brand sales in our key UK retail market."

The shares were today steady at 163⁄4p, having rallied from a low in the spring of 7p when companies such as the upmarket kitchens fitter Smallbone were going bust.