AGM Trading Statement

Portmeirion Group PLC

23 May 2023

 

23 May 2023

Portmeirion Group PLC

(the "Group")

AGM Trading Statement

Portmeirion Group PLC, the owner, designer, manufacturer and omni-channel retailer of leading homeware brands in global markets announces the following trading update ahead of its Annual General Meeting to be held at 12:00 noon today.

The Group continues to make progress in what is always a seasonally quiet period for the business, and we are on track to deliver a robust sales performance for the first half of the year, in line with that seen in the comparative 2022 period.

We have seen some increased caution from US customers during recent weeks in relation to near term ordering which we will continue to monitor, although we are pleased that our brands continue to show their resilience across our end markets despite the ongoing macro-economic uncertainty.

As is traditional, we anticipate a heavy second half weighting to the financial year and the Group is already well positioned for this with a strong Christmas order book, which is ahead of the equivalent period in the prior year. Our new product development has been well received, we continue to remain focused on our long-term growth and margin improvement opportunity and are also confident in continued progress against our strategy.

We were pleased also to recently launch 'Crafting a Better Future', our new sustainability strategy, outlining our commitments to reduce our environmental impact and drive positive change. We look forward to updating on our progress going forward.

In summary, we remain positive about the short and long-term prospects for our business although we remain mindful of the challenging consumer headwinds.

ENQUIRIES:

Portmeirion Group PLC:
Mike Raybould, Chief Executive	[phone]	[e-mail]
David Sproston, Group Finance Director	[phone]	[e-mail]
Hudson Sandler:
Dan de Belder	[phone]	[e-mail]
Nick Moore Emily Brooker
Shore Capital: (Nominated Adviser and Joint Broker):	[phone]
Patrick Castle	Corporate Advisory
Lucy Bowden Malachy McEntyre	Corporate Broking

Singer Capital Markets (Joint Broker):	[phone]
Peter Steel	Investment Banking
Asha Chotai

NOTES TO EDITOR:

Portmeirion Group PLC is a leading, omni-channel British ceramics manufacturer and retailer of leading homeware brands.

Based in Stoke-on-Trent, United Kingdom, the Group owns six unrivalled heritage and contemporary brands, with 750+ years of collective heritage; Portmeirion, Spode, Royal Worcester, Pimpernel, Wax Lyrical and Nambé.

The Group serves markets across the world, with global demand driven by diversified international markets including the key geographies of the US, UK and South Korea.

Portmeirion Group has a proven capital-light, well developed and self-funded growth strategy focused on building a wider customer base and growing the sales footprint of its brands, through:

·    Building and growing international sales markets

·    Developing online sales channels in core markets

·    Designing and launching new product to widen appeal and take market share

·    Leveraging brands and extensive product ranges

 

END