Final Results - Year Ended 31 December 1999

Portmeirion Potteries(Hldgs) PLC 17 March 2000 PORTMEIRION POTTERIES (HOLDINGS) PLC PRELIMINARY ANNOUNCEMENT Sales for the whole year were £27.47 million, a 5.6% growth after having been 1% lower at the half year. The profit before tax of £2.82 million compares with £1 million last year, the amount after the non-recurring charges of £1.69 million were written off. Earnings per share were 18.50p which compares with 3.35p last year. Adjusting for the non- recurring charges the profit increase is 4.9%. The balance sheet remains strong. The Board is recommending an unchanged final dividend of 9.95p making 13.5p for the year, the same as for 1998. Our current sales are ahead of last year and in line with our budget. Our order book is strong. The year started slowly. However, in the second half and still more in the last quarter, home sales and orders picked up, boosted by The Seasons Collection, which really got underway in the middle of the year and clearly has considerable potential. By the end of 1999 we were able to show two ambitious, new collections, Dawn and Dusk; their reception has been overwhelmingly favourable. These collections, sold under the Portmeirion brand, break new ground for us by using glass, stone, metals and wax candles. While we have no intention of abandoning our heritage, we no longer see ourselves as principally producers of ceramics. It is our objective to increase our non-ceramic business faster than ceramics. During 1999 the Group spent some £2 million worldwide on marketing, £800,000 of which was advertising in consumer magazines in our major markets, the UK and USA. Last August we bought a 5 acre industrial site, inclusive of buildings, plant and equipment, close to our London Road factory for £540,000 out of a total capital spend of £1.45 million. This has already enabled us to widen our new product range and bring greater flexibility and efficiency to our production. The restructuring of the Board continues. Arthur Ralley becomes Executive Chairman at the Annual General Meeting in May as previously announced, and Lawrence Bryan, our US President, was appointed to the Group Board in January 2000. Barbara Thomas, who has wide business experience in the UK and USA, joined us this month as a Non-executive Director. Another independent Non-executive Director will be appointed with effect from the Annual General Meeting. I thank our employees for their commitment to the increasing pace of change and to our task of repositioning the Portmeirion brand. The Group is moving in the right direction. I look forward to the future with confidence. Euan Cooper-Willis, Chairman 16th March 2000 For further information contact: Kami Farhadi Chief Executive ) Arthur Ralley Chairman - Designate ) Tel: 01782 744721 Brett Phillips Finance Director ) PORTMEIRION POTTERIES (HOLDINGS) PLC CONSOLIDATED PROFIT AND LOSS ACCOUNT For the year ended 31st December 1999 Notes 1999 1998 £000's £000's Turnover - continuing operations 27,469 26,013 ---------------- Operating profit - continuing operations 2,359 1,136 Share of profit of associated undertakings 133 191 Interest receivable and similar income 332 496 Amounts written off investment 1 - (816) Interest payable and similar charges (1) (3) ---------------- Profit on ordinary activities before taxation 2,823 1,004 Taxation on profit on ordinary activities 2 (901) (656) ---------------- Profit on ordinary activities after taxation being the profit for the financial year 1,922 348 Dividends (1,377) (1,377) ---------------- Retained profit/(loss) for the financial year 545 (1,029) ================ Earnings per share 18.50p 3.35p ================ Diluted earnings per share 18.49p 3.35p ================ Dividends per share 3 13.25p 13.25p ================ Notes: 1. The amounts written off investment represent the full write-down of the Group's investment in the Cardew Design Partnership 2. Taxation on profit on ordinary activities1999 1998 £'000's £'000's United Kingdom corporation tax 657 551 Overseas taxation 90 1 Associated undertakings 44 65 Deferred Taxation 157 114 Adjustment in respect of prior years Corporation tax (2) (45) Other (45) (30) ------ ------ 901 656 ------ ------ 3. The Directors propose the payment of a final dividend of 9.95p (1998 9.95p) per Ordinary share on 2nd June 2000 to shareholders registered on 12th May 2000. 4. The Company's Report and Accounts for 1999 will be posted to shareholders in April. The Annual General Meeting will be held on 26th May 2000. 5. The financial information set out above does not constitute the Company's statutory accounts for the years ended 31st December 1999 and 1998 but is derived from those accounts. Statutory accounts for 1998 have been delivered to the Registrar of Companies, contain an unqualified audit opinion and did not contain a statement under Section 237(2) or (3) of the Companies Act 1985. Statutory accounts for the year ended 31st December 1999 on which the auditors have given an unqualified opinion will be delivered to the Registrar of Companies in due course. This announcement was approved by the Board of Directors on 16th March 2000. PORTMEIRION POTTERIES (HOLDINGS) PLC CONSOLIDATED BALANCE SHEET As at 31st December 1999 1999 1998 £000's £000's £000's £000's Fixed assets Tangible assets 9,441 9,391 Investments 1,088 1,080 -------- -------- 10,529 10,471 Current assets Stocks 6,176 5,304 Debtors 4,443 4,452 Cash at bank and in hand7,573 8,202 -------- -------- 18,192 17,958 Creditors: amounts falling due within one year(4,609) (4,974) -------- -------- Net current assets 13,583 12,984 -------- -------- Net assets 24,112 23,455 ======== ======== Capital and reserves Called up share capital 519 519 Share premium account 4,536 4,536 Profit and loss account 19,057 18,400 -------- -------- Equity shareholders' funds 24,112 23,455 ======== ======== PORTMEIRION POTTERIES (HOLDINGS) PLC CONSOLIDATED CASH FLOW STATEMENT For the year ended 31st December 1999 1999 1998 £000's £000's Cash flow from operating activities 2,435 3,448 Dividends received from associates 160 - Returns on investments and servicing 327 494 of finance Taxation (903) (1,384) Capital expenditure and financial (1,271) (1,145) investment Equity dividends paid (1,377) (1,377) ---------------- Cash (outflow)/inflow before use of liquid (629) 36 resources and financing Management of liquid resources (4,513) 4,128 ---------------- (Decrease)/increase in cash in the year (5,142) 4,164 ================ Reconciliation of net cash flow to movement in net funds (Decrease)/increase in cash in the year (5,142) 4,164 Cash outflow/(inflow) from increase/ (decrease) in liquid resources 4,513 (4,128) Net funds at 1st January 8,202 8,166 ---------------- Net funds at 31st December 7,573 8,202 ================ Reconciliation of operating profit to operating cash flows 1999 1998 £000's £000's Operating profit 2,359 1,136 Depreciation 1,182 1,097 Exchange gain/(loss) 75 (62) Loss on sale of tangible fixed assets 39 96 (Increase)/decrease in stocks (872) 1,043 (Increase)/decrease in debtors (213) 91 (Decrease)/increase in creditors (135) 47 ---------------- Net cash inflow from operating activities 2,435 3,448 ================ All of the above relate to continuing operations.

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