Trading Update

RNS Number : 3142N

Portmeirion Group PLC

17 January 2019

 

17th January 2019

PORTMEIRION GROUP PLC

('Portmeirion Group' or 'the Group')

Trading update

Portmeirion Group ahead of market expectations for year ended 31 December 2018

Portmeirion Group, the manufacturer and worldwide distributor of high quality homewares under the Portmeirion, Spode, Royal Worcester, Pimpernel and Wax Lyrical brands, is delighted to announce that it expects to report record revenue for the year ended 31 December 2018 of at least £89.2 million. This is ahead of market expectations and is driven by strong growth across our key markets including the UK, US and South Korea.

This represents an increase of 5.2% over the previous year and is the tenth consecutive year in which we have achieved record sales. At a constant US dollar exchange rate, our total Group revenue increase would have been nearer 6.8%.

Our home fragrance business (acquired in 2016), continued to thrive, growing more than 11% year on year. In addition, our ongoing focus on the Group's own online sales yielded 20% growth over 2017.

As a result of the growth across the business, we are pleased to announce that we also expect profit before taxation for the year to 31 December 2018 to be ahead of market expectations.

We expect to announce the Group's preliminary results for the year ended 31 December 2018 on Thursday 21 March 2019.

Dick Steele, Non-executive Chairman, said:

"We are delighted to complete our tenth consecutive year of record sales. Our strategy of geographical diversification backed by product development and our portfolio of leading homeware brands continues to drive our business forward strongly. We will continue to invest in growing our business and look forward with confidence to 2019."

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR").

Enquiries:

Portmeirion Group PLC:
Dick Steele, Non-executive Chairman	[phone]	[e-mail]
Mike Raybould, Group Finance Director	[phone]	[e-mail]
Hudson Sandler:
Dan de Belder Nick Moore	[phone]	[e-mail] [e-mail]
Panmure Gordon:
(Nominated Adviser and Broker)	[phone]
Freddy Crossley / Joanna Langley		Corporate Finance
James Stearns		Corporate Broking
Cantor Fitzgerald Europe:
(Joint Broker)	[phone]
Phil Davies / Rick Thompson		Corporate Finance
Caspar Shand Kydd		Sales

 

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