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 0.0% 670.00 0.00 08:00:00
Bid Price Offer Price High Price Low Price Open Price
650.00 690.00 670.00 670.00 670.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Household Goods & Home Construction 87.85 -0.23 -6.02 94
Last Trade Time Trade Type Trade Size Trade Price Currency
18:12:30 O 5,000 672.50 GBX

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14/9/202112:17Portmeirion - profits on a plate266
27/4/201011:37Portmerion: the Prisoner of Pots?68

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Portmeirion Daily Update: Portmeirion Group Plc is listed in the Household Goods & Home Construction sector of the London Stock Exchange with ticker PMP. The last closing price for Portmeirion was 670p.
Portmeirion Group Plc has a 4 week average price of 615p and a 12 week average price of 585p.
The 1 year high share price is 700p while the 1 year low share price is currently 365p.
There are currently 13,985,442 shares in issue and the average daily traded volume is 19,426 shares. The market capitalisation of Portmeirion Group Plc is £93,702,461.40.
cwa1: https://www.investegate.co.uk/portmeirion-group--pmp-/rns/interim-results/202109140700086397L/ 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. Headlines Financial • 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. Operational • 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."
asagi: "More to come here with a TS in September" of course you mean H1's to end of June. Plus of course, hopefully, an encouraging outlook statement. (just pointing it out for any less informed readers that weren't aware) Asagi (long PMP)
aublune: I buy some today. portmeiron did 43 million pounds of sales in the first half but their year is alwasys centred on christmas and the market estimate is only 90m million pounds. Portmeiron is only on 12.8 stockopedia P/E estimate. I am happy to be here as a shareholder with a share price now 610 pence compared to 700 pence before
whittler100: Agreed Asagi, historically PMP don’t tend to comment on the full year likely achievement against expectations until the January Trading Update. At least when the H1s are released, scheduled for 14th September we will have a touch more information and view of July, August trading. The only ref I have to expectations for 2021 is the broker forecast on SharePad which has £90m predicted turnover. I rather feel it will be significantly higher than that but we will have to wait for the January TU. In terms of predictability of H2/H1 the range for the past 10 years has been reasonably predictable with a low of 2.4 & a high of 2.7 and remained in that range after taking on Wax Lyrical. I did have a long association with PMP pre S Korea; sold on the PW but reentered in 2020. Anyway, I am happy to hold and it’s reassuring that dividend payments will be reassumed.
whittler100: Some good discussion regarding PMP both here and on Stocko; a few thoughts from me: I have gone through the TU today from PMP and going back through recent years to 2018, accounting/deducting turnover from acquisitions it would appear that H1 for PMP is the highest or equal highest (we wait for the H1 results) since the incorporation of Wax Lyrical. For the sake of brevity; my estimates are: Usual H2/H1 for PMP is around 2.5 so, using the data in the TU and the H1 2019 turnover; it seems that the H1 for Pre-Nombe/100% Canada was £37m with an additional £6m from Nombe + extra 50% (full ownership of Canada). If we assume the usual 2.5 H2/H1 then “old PMP” alone gives a turnover of £92.5m. Then we need to add in Nombe & the extra 50% Canada which I estimate as £6.0m in H1. Being cautious let's assume that this stays the same in H2 ie full-year = £12m So, being cautious, I estimate a turnover for 2021, based on what we know at the moment, of say £104m against a brokers forecast turnover of only £90m for 2021, If all goes well that’s a significant beat in terms of turnover. As for PTP, we will have to wait until the H1s are announced. Overall and including the return to dividend payments, I feel very confident about prospects for PMP.
davr0s: Sorry disagree - share price will move up if buying pressure increases for any reason. There does not have to be news for that to happen. And it can equally go down in the same way
asagi: for the share price to be much higher, stuff needs to changes and plans need to come together. sort out Korea strong performance online make economies in the factory Wax Lyrical and Nambé to start firing not saying that none of this will happen. But I think that the market wants to see proof that we are set for success first. Hopefully July's trading statement will help and then again in September with results to end-June. Asagi (long PMP)
aublune: this is a lovely group of brand and a cheap company price. Does anyone know why the share price is stuck at 700. It should be much higher
pireric: Good Richard Beddard write up that published mid afternoon today on PMP. Concludes more favourably on it than he expected to. HTTps://www.ii.co.uk/analysis-commentary/richard-beddard-conclusion-might-shock-some-you-ii520657 The forecasts leave PMP on 12.3x 2021 forecast EPS, 10.4x 2022 forecast EPS. If they execute against those numbers then the stock is left looking rather cheap. Eric
pireric: That sounds about right to me, illiswilgig. Base revenue of £34.9m, slightly ahead is maybe +2% = £35.6m Plus maybe £4-5m in Nambe sales for 1H = £40.1m PMP Canada was 50% owned and their first half is probably the bigger half as they are June year end so H1 includes Xmas. so maybe £1m or so to come from that and you get to £41.1m for the half. What is interesting is that underlying trading of slight growth on 2019 on a like for like (excluding acquisitions) basis includes a chunky fx headwind I think. So true like for like could be more for a middle single digit rate of growth. With a backdrop that most of the first 4 months of the year had UK retail pretty much nailed shut, and non-online channels is 50% of overall revenue... is rather impressive. South Korea and the US are probably getting back towards normal now in the second quarter, as will the UK (you would hope) There is a lot of latent value in Portmeirion's brands, as we all know. The business in the past has been turgid. Little direct to consumer, all through distribution channels, little true nurturing of the brands or developing them outside of annual product releases. There are so many easy wins that are being put in place, about developing that higher gross margin DTC channel, replacing rusty old inefficient machinery and manual labour processes with higher efficiency automation. There is a lot I'm sure they can do with their historic assets too. This gives a very good sense of all of the old patterns/moulds the company has and could digitise to create new ranges, or re-invent old ones. These are some of the Spode mould stores (moulds for prior patterns): Https://www.youtube.com/watch?v=3MWOMybaV4k Also Https://reality.cs.ucl.ac.uk/projects/ceramics/brownsword19mould-slides.pdf Given the fixed cost base, the developments on gross margin will probably end up being quite significant. The forecasts are for this to get back to a bit shy of a 11% operating profit margin business in 2022, generating EPS of 57p. If you take Churchill China as a decent example, they have been running at much closer to 16 to 17% operating profit margins servicing hospitality (rather than retail). As with any stock, for the stock to re-rate upwards, the story needs to be good, and I think they've got a good one to tell here. If they get the manufacturing, and online channel angles working well, this could in time quite feasibly be a 15-18x forward P/E stock again. Earnings forecasts here for for 67p of EPS in 2023. Getting back to a 4-digit share price is thus very possible. In my eyes at least, the stock should be closer to 800p today to be more like fair value. Eric
Portmeirion share price data is direct from the London Stock Exchange
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