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PMP Portmeirion Group Plc

235.00
0.00 (0.00%)
24 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Portmeirion Group Plc LSE:PMP London Ordinary Share GB0006957293 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 235.00 435 07:43:32
Bid Price Offer Price High Price Low Price Open Price
230.00 240.00 235.00 235.00 235.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Misc Homefurnishings Stores 102.74M -8.46M -0.6146 -3.82 32.33M
Last Trade Time Trade Type Trade Size Trade Price Currency
12:00:01 O 435 236.226 GBX

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Date Time Title Posts
02/5/202414:50Portmeirion - profits on a plate480
27/4/201011:37Portmerion: the Prisoner of Pots?68

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Posted at 25/5/2024 09:20 by Portmeirion Daily Update
Portmeirion Group Plc is listed in the Misc Homefurnishings Stores sector of the London Stock Exchange with ticker PMP. The last closing price for Portmeirion was 235p.
Portmeirion currently has 13,759,282 shares in issue. The market capitalisation of Portmeirion is £32,334,313.
Portmeirion has a price to earnings ratio (PE ratio) of -3.82.
This morning PMP shares opened at 235p
Posted at 01/5/2024 18:53 by arthur_lame_stocks
vh

For what it's worth I don't think it's beyond the realms of possibility to revive the Stoke ceramics industry. Why not produce Wedgwood Jasper Ware dinner sets at a mid range price instead of just trinket dishes and small posy vases.

And if you don't know what Doulton Lambeth is take a look on eBay, some of it's magnificent in my opinion and the designs are timeless.
Posted at 01/5/2024 18:04 by arthur_lame_stocks
Hi value hound

I have some PMP but one thing I don't like is that they seem to be doing their manufacturing in China now. I collect china and have a preference for buying British brands made in Britain, German brands made in Germany etc.

I know you could argue that it's only made so much difference to every other good we used to manufacture but it doesn't seem quite right to me.

I guess though there's a fair chance the consumer of the future won't mind, the real value is in the design.
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 22/2/2024 17:05 by crystball1
Has a bottoming out of the share price occurred now? I thought the trading update in January was satisfactory plus the outlook also. The unknown is whether or not the dividend (over 7% at today's share price) will be maintained. I watch with interest from the sidelines and will do further research.
Posted at 23/1/2024 16:38 by value hound
Update from Simon Thompson, FWIW, who concludes with:

"On this basis, the shares trade 50 per cent below book value, on a price/earnings (PE) ratio of 9.3, and offer a 6.6 per cent dividend yield. Although the payout is safe as gearing is only 11 per cent, overseas headwinds need to abate for a share price recovery. Hold."
Posted at 22/1/2024 19:25 by richyst
The update says they expect a return to growth in sales in 2024, and also a healthy operating margin improvement. So surely that means higher profits? But the share price goes down! I don’t understand!
Posted at 22/1/2024 16:10 by my retirement fund
Still reckon NAMBE had destroyed the long-term prospects here to get through the lean times. The fact the shareprice is at all time lows and still the CEO and FD's barge pole share purchases with their own money speaks volumes.
Posted at 17/1/2024 14:28 by wad collector
Well , thumbs down from the market. The problem is partly that the general pessimism views every situation as half empty. PMP is one for the patient ....
Posted at 14/9/2023 18:14 by value hound
Also, Singer Capital Markets have this to say:


"Soft interims as anticipated with no change to FY guidance. North America retailer de-stocking issues had been well flagged, but set against this there is good evidence of resilient trading across UK, South Korea and ROW. We welcome current trading being in line and note encouraging Christmas orderbook/shipment commentary. Overall, we sense expectations have bottomed out. Given this the shares merit a closer look on recovery grounds for the medium term. They trade c.40% below NAV/share of 462p, and on our unchanged forecasts yield 5% with the FY24 P/E 7.5x and EV/EBITDA 4x vs a LR average of 13x/7.5x. We also note the share price is almost back to near the worst point in the pandemic, despite a sound revenue and margin strategy under new CEO. On valuation grounds we move from Hold to Buy."
Posted at 14/9/2023 16:27 by value hound
Re-tipped by Simon Thompson FWIW,

Exploit the overreaction to Portmeirion's issues

"Destocking by retailer customers in North America dented first-half profits, but next year is likely to see a marked improvement.

"Reassuringly, the group's strong order book for the key Christmas trading period is ahead of last year, so the previously downgraded earnings guidance should be achieved. It points to full-year revenue falling by 10 per cent to £100mn and adjusted pre-tax profit from £8mn to £3mn. On this basis, house broker Shore Capital expects annual earnings per share (EPS) of 16.8p, down from 46.5p in 2022. Also, the 15.5p-a-share annual dividend is safe as net borrowings of £15mn are expected to halve to £7.3mn by the year-end as working capital build unwinds, implying a modest gearing ratio of 11 per cent.

"Reassuringly, the group's strong order book for the key Christmas trading period is ahead of last year, so the previously downgraded earnings guidance should be achieved. It points to full-year revenue falling by 10 per cent to £100mn and adjusted pre-tax profit from £8mn to £3mn. On this basis, house broker Shore Capital expects annual earnings per share (EPS) of 16.8p, down from 46.5p in 2022. Also, the 15.5p-a-share annual dividend is safe as net borrowings of £15mn are expected to halve to £7.3mn by the year-end as working capital build unwinds, implying a modest gearing ratio of 11 per cent.

"Furthermore, the 5.4 per cent dividend yield and 38 per cent share price discount to net asset value highlight the value on offer ahead of an anticipated strong bounce back in earnings next year when Shore Capital predicts a doubling of pre-tax profit and earnings per share (EPS) to £6mn and 33.4p, respectively, on 5 per cent higher revenue of £105mn. The rapid improvement in profits reflects productivity gains, easing in shipping freight rates and the drop through of incremental gross profit in a positive sales cycle given the operational leverage of the business.

"It’s worth noting, too, that the group is now rated on a near-40 per cent discount to rival Churchill China (CHH:1,325p) based on their respective enterprise valuation to current year cash profit multiples even though Portmeirion’s earnings should recover strongly next year.

"So, having recommended holding onto your high-yielding shares for the recovery potential after management first highlighted the destocking issue (‘Portmeirion shareholders should hold their nerve after profit warning’, 20 July 2023), I maintain that advice. Hold."
Portmeirion share price data is direct from the London Stock Exchange

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