Trading Statement

RNS Number : 8066V

Portmeirion Group PLC

19 January 2012

 



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

19 January 2012

Portmeirion, the AIM listed manufacturer and worldwide distributor of high quality homewares, is pleased to report strong trading through December and confirms that it expects its profit before exceptional items and taxation for the year to 31 December 2011 to be in line with market expectations.

 
The Group expects to report record revenues for the full year to 31 December 2011 of over £53 million, approximately 4% above last year. This is the third year running that the Group has reported record revenues despite the continuing difficult economic environment and an adverse US dollar exchange rate effect. If the same dollar exchange rate used to translate US dollar sales in 2010 was applied, then 2011 Group revenues would show a 6% increase over the previous year. 2011 sales in our three largest markets, the US, the UK and South Korea all showed increases over 2010.

The Group has again ended the year with a strong cash position. Its net cash balance was £6.8 million at 31 December 2011 (2010: £6.2 million).

We expect to announce the Group's preliminary results for the year ended 31 December 2011 on 22 March 2012.

Dick Steele, Non-executive Chairman, said:

"This robust performance has been achieved in the most challenging of economic environments. Our worldwide sales channels, strong brands, emphasis on design and insistence on quality all continue to underpin the success of our business."

Enquiries:

Portmeirion Group PLC:
Dick Steele Non-executive Chairman	[phone]	[e-mail]
Brett Phillips Group Finance Director	[phone]	[e-mail]
Seymour Pierce Limited (Nominated Adviser and Broker):
Freddy Crossley	[phone]	[e-mail]
Catherine Leftley		[e-mail]
Corporate Broking:
David Banks	[phone]	[e-mail]
Katie Ratner	[phone]	[e-mail]
Pelham Bell Pottinger:
Dan de Belder	[phone]	[e-mail]
Julia Hanrahan	[phone]	[e-mail]

 

END

 

 

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