Sanderson Design Group

SDG · AIM · Consumer Products and Services · mcap £56m · 77.0p

Sanderson designs and sells wallpaper, fabric and paint under brands such as Morris & Co., Sanderson, Harlequin and Zoffany. It also makes wallpaper for third parties and earns royalties by licensing its designs.

Target	Promise	Said	Status
2024
31 Aug 2024	Relocate head office to Voysey House with showroom and design hub by summer 2024	18 Mar 2024	✓ Kept
	“The fit-out of the building to the Group's specification is currently underway and it is envisaged that the building will include showroom space, a design hub and events location as well as housing the Sanderson and Morris & Co. archives and head office functions.” Result Registered office changed to Voysey House in May 2024; King visited headquarters there in May 2026. “the address of its registered office has changed with immediate effect to Voysey House, Sandersons Lane, London, W4 4DS.”8 May 2024 · Change of address of registered office “the 16,000 sq ft space integrates the group's heritage with its future, housing the archive alongside the design studios. The building's industrial origins allow it to support the immense weight of the historical archives on the third floor, while the ground floor functions as a public showroom.”19 May 2026 · His Majesty King Charles III visits Voysey House
11 Oct 2024	Complete solar panels on Standfast & Barracks factory roof within 12 months	11 Oct 2023	… In progress
	“we also expect to complete the previously announced installation of solar panel on a replacement roof at our Standfast & Barracks factory over the next 12 months.” Result Not yet due.
31 Dec 2024	Launch Morris & Co. online shop in second half of 2024, with made-to-measure service	11 Mar 2024	… In progress
	“The Morris & Co. online shop will be launched in the second half of CY2024” Result Not yet due.
2025
31 Jan 2025	FY25 profitability similar to FY24 (about £12m underlying)	8 Feb 2024	✗ Missed · target changed
	“profitability in the current financial year is expected to be similar to that of the year ended 31 January 2024.” Result Profit warning in June 2024 cut expectations to about £8m, then to £4.0-4.8m; FY25 profit was £4.4m. “As a result of the factors outlined above the Board now expects underlying pre-tax profits for the year ending 31 January 2025 to be in the region of £4.0 million to £4.8 million.”20 Jan 2025 · Trading Update “Adjusted underlying profit before tax at £4.4m was down 64% on the previous year (FY2024: £12.2m).”30 Apr 2025 · Final Results
31 Jan 2025	Deliver about £0.6m annualised savings from new UK sales model (£0.3m in FY25)	27 Jun 2024	◐ Partly kept
	“achieving annualised savings of approximately £0.6 million of which £0.3 million will be delivered in the current financial year” Also stated 7 Aug 2024 Result Later a wider cost programme delivered about £2.5m annualised savings; the specific £0.6m is not separately confirmed. “The previously announced initiative to deliver a more efficient sales model in the UK has recently been completed, achieving annualised savings of approximately £0.6 million of which £0.3 million will be delivered in the current financial year.”7 Aug 2024 · Half Year Trading Update
31 Jan 2025	FY25 licensing revenue approximately the same as the prior year (£10.9m)	16 Oct 2024	✓ Kept
	“full year licensing revenue remains on track to be approximately the same as last year” Result FY25 licensing sales were £11.0m versus £10.9m. “Continued strong performance from licensing, with sales up 1% at £11.0m (FY2024: £10.9m)”30 Apr 2025 · Final Results
1 May 2025	Launch Highgrove by Sanderson collection on 1 May 2025	3 Apr 2025	… In progress
	“We look forward to the launch and commercial success of this collection” Result Not yet due.
31 May 2025	First Habitat tableware and kitchen products launch in spring 2025	30 Oct 2023	… In progress
	“the first tableware and kitchen products will be launched in the spring of 2025” Result Not yet due.
31 Jul 2025	Net cash to build in first half of FY26	20 Jan 2025	✓ Kept
	“Net cash is expected to build in the first half of the new financial year.” Result Net cash rose from £5.8m to £7.5m at the half year. “Strengthened Group balance sheet with net cash of approximately £7.5 million at 31 July 2025 (31 January 2025: £5.8 million), reflecting a planned inventory reduction”7 Aug 2025 · Half Year Trading Update
30 Sep 2025	Launch Morris & Co. collection from unfinished William Morris designs with The Huntington by September 2025	25 Mar 2024	✓ Kept
	“the expected launch date of this Morris & Co. collection, which will bring unseen designs by William Morris to a wide audience for the first time, is September 2025” Result Retail launch expected at start of September 2025 per August update; reported as launched. “The retail launch of Morris & Co.'s first collection with The Huntington Library, Art Museum and Botanical Gardens ("Huntington"), California, will take place internationally at the beginning of next month. This collection, titled The Unfinished Works, includes 26 original but unfinished Morris & Co. designs, which have rarely been seen and never produced before.”7 Aug 2025 · Half Year Trading Update
2026
31 Jan 2026	Deliver £1.5m annualised manufacturing savings from Future Factory from FY2026	4 Nov 2024	✓ Kept
	“identified annualised cost savings of £1.5m from FY2026 onwards” Also stated 30 Apr 2025 Result Manufacturing reached slightly above break-even in FY26 and a £2.5m cost programme was completed. “Our Future Factory initiative has identified annualised cost savings of £1.5m from FY2026 onwards”30 Apr 2025 · Final Results “We completed a cost-cutting programme across the business yielding total annualised savings of approximately £2.5m. These cost savings comprise a reduction in central overhead of approximately £1m, and the previously announced reduction in manufacturing costs of £1.5m as part of the Future Factory initiative.”15 Oct 2025 · Half-year Results
31 Jan 2026	Manufacturing to achieve break-even or slightly better in FY26	25 Jun 2025	✓ Kept
	“We continue to expect the manufacturing segment to achieve break-even, or slightly better, for the current financial year” Also stated 7 Aug 2025 · 15 Oct 2025 Result February 2026 update said manufacturing expected slightly above break-even, in line with target. “we continue to expect manufacturing to achieve break-even, or slightly better, for the current financial year”7 Aug 2025 · Half Year Trading Update “Manufacturing is expected to have achieved slightly above break-even for the financial year in line with the Group's target.”10 Feb 2026 · Full Year Trading Update
31 Jan 2026	Reduce central overheads by about £1m annualised, within a cost programme of about £2.5m	7 Aug 2025	✓ Kept
	“We completed a cost-cutting programme across the business yielding total annualised savings of approximately £2.5m” Also stated 15 Oct 2025 Result October 2025 results said the cost-cutting programme was completed with about £2.5m of annualised savings. “Continued focus on cost efficiencies - an initiative announced in August 2025 to further reduce central overhead costs by approximately £1 million on an annualised basis has now been completed”15 Oct 2025 · Half-year Results “We completed a cost-cutting programme across the business yielding total annualised savings of approximately £2.5m. These cost savings comprise a reduction in central overhead of approximately £1m, and the previously announced reduction in manufacturing costs of £1.5m as part of the Future Factory initiative.”15 Oct 2025 · Half-year Results
31 Jan 2026	FY26 licensing revenue broadly the same as last year	7 Aug 2025	✓ Kept
	“We continue to expect licensing revenue in the current year to be broadly the same as last year” Result Underlying licensing revenue rose to £9.0m from £6.6m; the stated expectation was exceeded. “Licensing sales of £10.5m (FY2025: £11.0m) with strong growth in underlying licensing revenue, up 36% at £9.0m (FY2025: £6.6m)”29 Apr 2026 · Final Results
31 Jan 2026	Launch improved Trade Hub and Sanderson direct-to-consumer site in second half FY26	7 Aug 2025	✓ Kept
	“Launch of direct-to-consumer site for Sanderson brand planned in the second half” Also stated 15 Oct 2025 Result Direct-to-consumer sales reached £1.8m in FY26 against £0.4m, and growth continued in H1 FY27. “DTC sales in the year ended 31 January 2026, which are primarily from Morris & Co., were £1.8 million, up from £0.4 million in the prior year”10 Feb 2026 · Full Year Trading Update “Direct-to-consumer revenue in H1 2027 significantly exceeded that achieved in H1 FY26, up 137% to £1.6m compared with £0.7m”7 Aug 2026 · Half Year Trading Update
31 May 2026	Launch Zoffany x Michael S. Smith Indoor Outdoor Fabrics by May 2026	16 Mar 2026	… In progress
	“The fabrics, which will be launched in May 2026, will be available through the Company's global distribution network.” Result Not yet due.
Today · 12 Oct 2026
2027
31 Jan 2027	FY27 trading in line with market expectations	7 Aug 2026	… In progress
	“Overall, the Board expects full-year trading to be in line with market expectations.” Status so far Not yet due.
31 Jan 2027	Commence search for chair's successor by January 2027	12 Oct 2026	… In progress
	“The Board has existing plans in place to commence the search for Dame Dianne's successor in January 2027” Status so far Not yet due.
2029
8 Jun 2029	LTIP awards vest June 2029 on adjusted PBT of £13.2m target and cash flow of £32.4m	26 Jun 2026	… In progress
	“The Awards shall vest on 08 June 2029 subject to each PDMR's continued service with the Company and the extent to which the performance conditions applicable to the Awards are achieved.” Status so far Not yet due.
2030
31 Dec 2030	Achieve net carbon zero by 2030	11 Oct 2023	… In progress
	“the Company to be net carbon zero by 2030” Also stated 24 Apr 2024 Status so far Not yet due.