(Alliance News) - Sanderson Design Group PLC on Tuesday saw shares drop, after it announced that it expects total revenue for 2023 marginally below the year prior.

Sanderson Design is a Denham, England-based luxury interior furnishings company that designs, manufactures and markets wallpapers, fabrics and paints. It also receives licensing income from the use of its designs on a wide range of products such as bed and bath collections.

For the year ended January 31, the company reported total revenue of GBP112.0 million, down 0.2% from GBP112.2 million a year prior. Brand product revenue fell 0.8% to GBP83.4 million from GBP84.1 million, while third party manufacturing revenue remained unchanged at GBP22.2 million.

Brand licence revenue, however, rose 23% to GBP6.4 million from GBP5.2 million. Sanderson said this was buoyed by several new agreements, and the renewal or expansion of existing licensing arrangements.

As at January 31, the company's net cash position was GBP15.2 million, down from GBP15.0 million on July 31 due to an investment in inventory.

Underlying profit for the year is nevertheless expected in line with expectations.

Sanderson shares were trading 6.6% lower at 122.80 pence each in London on Tuesday morning.

The company's full-year results will be announced in April.

By Holly Beveridge; Alliance News reporter

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