Trading Update

RNS Number : 4450C

Portmeirion Group PLC

19 January 2015

 

19 January 2015

Portmeirion Group PLC ('Portmeirion' or 'the Group')

Trading Update

Portmeirion, the AIM listed manufacturer and worldwide distributor of high quality homewares, is pleased to confirm that, following strong trading through the final quarter of 2014, it expects profit before taxation for the year to 31 December 2014 to be in line with market expectations.

The Group expects to report record revenues for the year ended 31 December 2014 of over £61 million, approximately 5% above last year. This is the sixth consecutive year in which we have achieved record sales.

Demand for the products we make in our UK factory has been particularly strong in 2014 and continues to be so. Consequently, the Board has approved the investment of some £1.5 million in a new kiln and other equipment which will increase the capacity of our UK factory by over 50%. The kiln will be commissioned in the final quarter of 2015.

We expect to announce the Group's preliminary results for the year ended 31 December 2014 on 12 March 2015. The Board remains committed to a progressive dividend policy.

Dick Steele, Non-executive Chairman, said:

"I am delighted with the achievement of another record level of sales. Our confidence in the future of the business is underlined by the additional investment announced today."

Enquiries:

Portmeirion Group PLC: Dick Steele                                      Non- executive Chairman                        Brett Phillips                                       Group Finance Director	[phone] [phone]	[e-mail] [e-mail]
Bell Pottinger: Dan de Belder                                                          Kashara Taylor	[phone] [phone]	[e-mail] [e-mail]
Panmure Gordon                              (Nominated Adviser and Broker): Freddy Crossley / Nicola Marrin Tom Salvesen / Maisie Atkinson	[phone]	Corporate Finance Corporate Broking

 

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