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PMP Portmeirion Group Plc

0.00 (0.00%)
Last Updated: 08:00:00
Delayed by 15 minutes
Portmeirion Investors - PMP

Portmeirion Investors - PMP

Share Name Share Symbol Market Stock Type
Portmeirion Group Plc PMP London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 230.00 08:00:00
Open Price Low Price High Price Close Price Previous Close
230.00 230.00 230.00 230.00
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Posted at 01/5/2024 17:50 by value hound
Bit of a write-up on Master Investor FWIW....

The end of March saw this ceramics and homeware products group announce a disappointing set of results for the year to end December 2023.

The company, which owns six major brands that are sold into some 80 countries across the world, had been hit for six by tough trading conditions in both its South Korean and its US markets.

Sales were down from £110.8m to £102.7m, with adjusted pre-tax profits of £3.0m (£8.0m), collapsing earnings to 22.4p (46.8p), while slicing its dividend down to 5.50p (15.50p) per share.

Conditions are still challenging but the business should see a steadier year in 2024, before showing a clear recovery in the next year.

The group’s Management has been working upon improving both its productivity and its operating margins.

It has also lined up new product launches in the current year, with customer reactions proving positive.

CEO Mike Raybould has stated that:

“We continue to work on productivity improvements in our factory and together with work done in the last 3 months to reach a much leaner global cost base we have a strong platform to improve operating margins once markets normalise.

We also expect this to help us achieve further reductions in net debt which remains one of our priorities.

We are confident in the strength and resilience of our brands that have over 750 years of combined heritage and continue to grow market share even in the current tough macro-economic environment.

We are pleased with the continued strategic progress we have made and remain confident in our long-term strategy to grow sales and improve operating margins.”

Analyst Sahill Shan at Singer Capital Markets is confident about the group’s mid-term growth but is waiting to see clearer signs of the group’s revenue and margin recovery.

Over at Shore Capital Markets its analysts, Rob Sanders and Bradley Hughes, believe that the Management shorter-term strategy is to return its margins to a 10% EBIT business then up to 12.5%.

Market expectations are for sales this year of around £100m, but with profits improving 50% to £4.5m, lifting earnings to 25p and the dividend to 7.5p per share.

For the coming year to end December 2025 estimates are for £105m sales, £7.0m profits, 39p of earnings and 12p of dividends per share.

Further out some £110m revenues in 2026 could boost profits to £10m, earnings to over 55p enabling a dividend of some 17.5p per share.

The group’s shares, which were 265p before the results, subsequently eased back to 214p at the start of last month.

They have been gradually showing some price recovery to 269.90p on Monday of this week – with the gradual uplift being propped by fairly low dealing volumes.

Hopefully we will get some positive trading signals being outlined when the £36m capitalised group holds its AGM in three weeks’ time.

In the meantime, the shares at last night’s closing price of 262.50p are not looking expensive, while holding substantial upside potential as the recovery takes hold.
Posted at 14/9/2023 09:42 by wad collector
Yes I was confused by skyracer's post too!
The BB header title is rather inaccurate at the moment too; no profits on a plate this HY!
How much confidence do investors have that this is a temporary dip from circumstances? Quite a lot I suspect.
Not sure I understand the diversification into smelly candles and oils - is it really synergistic? Can't see much clay being used there.
Posted at 23/5/2023 08:22 by zho
Edison: Portmeirion has issued a brief AGM statement covering the traditionally quieter period of the year. Progress has been made YTD with geographical diversity and self-help being supportive features we understand. Overall, the expectation is for a flat H1 performance, which in the context of a challenging consumer backdrop would be a creditable outcome. We note USA has been singled out as showing customer caution in recent weeks re ordering and will need to be closely monitored over Q2. With c.80% of profits being H2 weighted, investors should welcome reference to initial Christmas order intake being ahead of the comparative period. NPD has also been well received. We make no forecast changes at this stage, opting to see how trading fares over the next few months. For reference we assume a conservative 2% top-line growth for FY23 and a 150bps EBIT margin improvement to primarily reflect an easing of supply side pressures and ongoing self-help benefits, e.g. automation. The shares have had a strong recovery (+68% YTD) from oversold levels and trade on a YR1 P/E of 10x, 5.6x EV/EBITDA and yield 3.4%.
Posted at 10/3/2022 19:23 by tole Group (LON:PMP) – last year was smashing and so too are its sharesThe brands of Spode, Royal Worcester, Pimpernel, Wax Lyrical, Nambe and, of course, Portmeirion are owned by this designer, manufacturer and worldwide distributor of homewares.Its shares were up to 710p less than two months ago, last night they closed at around 570p, after hitting 520p at the start of this month.This is a quality company, with excellent management and global potential.It had a cracking year in sales in 2021, at around £104m, which was more than 10% better than market expectations – that was announced in its Trading Update in mid-January this year.At the same time, it guided that its pre-tax profits would be at least £7m, again beating brokers estimates.That was when the shares went to the year's High.On Thursday 17 March the group will declare its full results for 2021 and present itself to the City and to investors generally.I see the shares going higher this year.Analyst Sahill Shan, at Singer Capital Markets, has estimated slightly lower sales this year at £98.9m but with much greater adjusted pre-tax profits, at £10.0m, worth 57.4p per share in earnings compared to his estimated 40.5p for 2021.For 2023 he is even more bullish – £107.8m sales, £11.8m profits, 66.9p of earnings easily covering a 22.31p dividend per share.His price objective is 840p and understandably he rates the shares as a 'buy'.In these markets I see some incredibly overrated stocks on price earnings ratios of 20 times and above – ratings that they don't deserve. So, when I view Portmeirion I see true 'undervalue' of a premium company.I would not be at all surprised to see the shares breaking the £10 level within the next couple of years.Hold very tightly.
Posted at 12/1/2022 19:49 by mach100
I don't know what you heard about me but I am a mothafackin P(i)MP as 50 cent says. Lots to like in todays update and while I accept there has been dilution as noted above, to get ahead of pre-covid levels is excellent work. Doing very well in the US which is obviously a huge market and shored up South Korea this appears to be a low-key company that is off a lot of investors radar. Undeservedly so. Buy.
Posted at 14/9/2021 07:23 by cwa1
Interim results for the six months ended 30 June 2021

Excellent first half performance driven by success of online strategy

Portmeirion Group PLC, the designer, manufacturer and worldwide distributor of high quality homewares under the Portmeirion, Spode, Royal Worcester, Pimpernel, Wax Lyrical and Nambé brands, is pleased to announce its results for the six months ended 30 June 2021.

Portmeirion experienced excellent trading in the first half with year-on-year sales growth of 35%. Furthermore, the business has not only recovered to its pre-pandemic levels but is now exceeding them with sales up 24% compared to two years ago in H1 2019.



Record Group revenue of £43.1 million, an increase of 35% over the prior year (2020: £32.0 million) and 24% over pre Covid-19 levels (2019: £34.9 million).

Like-for-like sales in constant currency up 7% against 2019 ("YO2Y"), ahead of pre Covid-19 levels despite ongoing disruptions, showing the strength of consumer demand and progress with our online strategy.

Headline profit before tax1 was £1.5 million (2020: loss before tax £2.7million, 2019: profit before tax £0.5 million).

Continued strong online sales growth which increased by 15% on a constant currency basis over 2020 with gross margin improvement of +900bps and 124% growth YO2Y.

Earnings per share up to 9.12p per share (2020: loss per share 20.71p, 2019: earnings per share 3.96p).

Strong balance sheet maintained and significant headroom within current borrowing facilities.

Dividends to be resumed for FY21.

Following a strong first half of the year and with an expanding global order book, the Group remains confident of achieving market expectations for FY21.


Good progress in developing online and digital capabilities, including further investment in online platforms and fulfilment capabilities.

Strong growth (57% against 2020, 4% YO2Y) in key South Korean market following successful period of management action and focus on stabilisation of stock levels. Growth expected to continue in H2.

Completed a number of automation investments in UK ceramic factory which will increase capacity to underpin future sales growth and margin improvements.

Successful expansion of home fragrance brand portfolio at Wax Lyrical; new factory line now producing hand and body care ranges, with first products shipping in the third quarter of the year.

New product launches including Sophie Conran for Portmeirion and Spode Creatures of Curiosity.

Our UK businesses both achieved Investor in People (IIP) Platinum accreditation in recognition of our commitment to leading, supporting and improving our workforce.

1 Headline profit/(loss) before tax excludes exceptional items - see note 3.

Mike Raybould, Chief Executive, commented:

"We have seen strong trading in the first half of the financial year, including a significant benefit from the focus on our online transformation strategy. Since the period end trading has continued that trend into the first two months of the second half of the financial year. Looking forward we continue to have a strong order book across our key markets. While we are cognisant of the ongoing, widely reported disruption and volatility in global supply chains we are confident the accelerated strategic investments we are making across our business will enable a strong path of growth in the next few years.

Our products are much loved by our customers around the world and this is borne out by the speed of recovery in demand we are seeing across our key markets. Our brands are well known for their high-quality design and manufacture and, in addition, we now have a huge opportunity to deepen the direct relationship we have with the end consumer as well as attracting new direct customers, as we grow the percentage of sales made through our own digital channels.

The investments we are making across all parts of our business underpin our strategic commitment to better serve our end consumer. These include building significant new in-house digital/online expertise, improvements to front and back end web systems and increasing direct to consumer order fulfilment capacity in our UK and US warehouses. This will enable us to continue to grow strongly in all online channels whilst offering an even better level of service to all our customers. Whilst still only in the early stages of our digital journey, we are very pleased in the delivery of 124% growth in our own website sales against 2019, demonstrating the potential of pursuing this strategy and showing the immense further opportunity in this area.

I am pleased a number of key operational projects that have been in progress over the last twelve months are now close to completion. In August, the first products came off our new hand and body production line at our Wax Lyrical factory in Cumbria. This opens up a new revenue category for our Wax Lyrical brand and we expect to launch hand and body products under our Portmeirion Botanic Garden range in 2022 as part of its 50th year promotional campaign. Key automation projects in our Stoke-on-Trent ceramic factory are now close to completion and will deliver improved efficiency and additional capacity that will underpin the scaling up of our UK production output and support our sales growth and operating margin ambitions.

I would like to thank all our employees for their exceptional resilience and tenacity in dealing with the daily ongoing challenges that Covid-19 presents whilst at the same time delivering on our strategy with considerable success. I am confident that the changes we are making to our business and the significant levels of new expertise we are adding will enable our brands to grow strongly in the coming years whilst we continue to develop much loved homeware products for our customers around the world."
Posted at 02/9/2021 07:15 by cwa1
Portmeirion Group PLC

Investor results presentation

Portmeirion Group PLC, the designer, manufacturer and worldwide distributor of high quality homewares under the Portmeirion, Spode, Royal Worcester, Pimpernel, Wax Lyrical and Nambé brands, is pleased to announce that Mike Raybould, Chief Executive and David Sproston, Group Finance Director, will provide a live presentation relating to Interim Results for the six months to 30 June 2021 via the Investor Meet Company platform on 16th Sep 2021 at 10:00am BST.

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9am the day before the meeting or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet Portmeirion Group PLC, via:

Investors who already follow Portmeirion Group PLC, on the Investor Meet Company platform will automatically be invited.
Posted at 28/6/2021 13:14 by illiswilgig
Eric - thank you for the link to the Richard Beddard article. I do respect his opinion. Though we don't alwys agree on whether its a buy or a sell.

I had also begun to feel that Portmerion had lost its way and that the purchase of Wax Lyrical and then Nambe might have become a distraction instead of an opportunity.

Then I listened to a webinar presentation on 'Investor meet company' - and realised that Mike Raybould, previously FD and now CEO, not only knows the company inside out, understands the market and the opportunity but also knows what needs to be done in order for it to get back on track. For the first time it seemed that someone understood how to fit it all together. It may turn out that the pandemic has strengthened his hand in allowing him to make changes much more quickly than otherwise would have been the case. I reversed my opinion and started buying again. So its useful corroboration that Richard Beddard is coming to the same view.

Posted at 02/4/2020 11:47 by cjohn
You are right. There's no doubt that many investors are underestimating the financial effects of the shutdown.

There are mitigating factors: the various government support schemes; the maintenance of the internet channel; and in the case of PMP, the excellent NHS contract.

But there will still be a very negative overall effect and given that the fantastic and fantasist UK government has completely mishandled the outbreak, I suggest factories may be closed for a lot longer.

PS No position currently, but like the company a lot. Not dirt cheap enough in the current circumstances.
Posted at 24/3/2013 22:10 by strollingmolby
Portmeirion will be presenting at AIM Investor Focus 2013 on April 17th in London. The event is free for private investors to attend.

Other companies presenting are Judges Scientific, Mattioli Woods, RWS Group and WYG.

You can sign up to the event here

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