Portmeirion Group PLC Trading update (1952C)

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RNS Number : 1952C

Portmeirion Group PLC

18 January 2018

18th January 2018

PORTMEIRION GROUP PLC

('Portmeirion' or 'the Group')

Trading update

Record sales for the ninth consecutive year

Portmeirion, the manufacturer and worldwide distributor of high quality homewares under the Portmeirion, Spode, Royal Worcester and Wax Lyrical brands, is delighted to confirm that it expects to report record revenue for the year ended 31 December 2017 of over GBP84.5 million.

This represents an increase of at least 10% over the previous year and is the ninth consecutive year in which we have achieved record sales. Excluding the full year impact of the Wax Lyrical business (which was acquired by the Group on 4 May 2016), like-for-like sales growth exceeds 5%.

At a constant US dollar exchange rate our total Group revenue increase would have been nearer 8%.

We are also pleased to confirm that we expect profit before taxation for the year to 31 December 2017 to be slightly ahead of market expectations.

We expect to announce the Group's preliminary results for the year ended 31 December 2017 on Thursday 15 March 2018. The Board remains committed to a progressive dividend policy.

Dick Steele, Non-executive Chairman, said:

"We are delighted with another record sales result. In particular, our year-on-year sales growth strengthened as we moved through the year and the second half results exceeded management expectations. Highlights included the United States, export markets and online sales that achieved double digit revenue growth in the second half aided by well received new product launches. With this momentum we therefore look forward with confidence to 2018."

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

Enquiries:

 
 Portmeirion Group PLC: 
 Dick Steele,               +44 (0) 1782   [e-mail] 
  Non-executive Chairman     744721 
 Mike Raybould,             +44 (0) 1782   [e-mail] 
  Group Finance Director     744721 
 
 Hudson Sandler: 
 Dan de Belder/ Fern        +44 (0) 207    [e-mail] 
  Duncan                     796 4133 
 Panmure Gordon: 
 (Nominated Adviser         +44 (0) 207 
  and Broker)                886 2500 
 Freddy Crossley /                         Corporate Finance 
  Ryan McCarthy 
 James Stearns                             Corporate Broking 
 Cantor Fitzgerald Europe: 
                            +44 (0) 207 
 (Joint Broker)              894 7000 
 Catherine Leftley                         Corporate Finance 
  / Marc Milmo 
 Alex Pollen                               Sales 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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January 18, 2018 02:00 ET (07:00 GMT)