Portmeirion Group says Christmas trading was ahead of expectations
Portmeirion Group, the owner of the Portmeirion, Spode, Royal Worcester, Pimpernel, Wax Lyrical and Nambé brands, has reported strong Christmas trading that was ahead of expectations.
As a result, its full year sales are now expected to be at least £110 million, which will be 4% ahead of 2021 and 4% ahead of consensus market expectations. Furthermore, its group sales are now 18% above pre-Covid levels in 2019.
The company is also expecting its annual pre-tax profit to be 10% higher than in the previous year.
Mike Raybould, Portmeirion Group chief executive, said: “I am delighted with our continued progress particularly given the much tougher wider economic environment. The sales outperformance benefits from the retranslation of US dollar sales at a lower rate (which benefits revenue but not profitability) and also a stronger than expected seasonal trading performance in our US market and continued momentum in South Korea. Our highly experienced teams continue to manage costs and successfully navigate the challenges of global supply chain disruption and ongoing effects of the war in Ukraine.”
The company said its sales footprint is becoming increasingly diversified, with the US being its largest sales market. It also revealed that 75% of sales now come from outside the UK.
Looking ahead, Raybould said: “Whilst we remain cautious in our outlook for 2023 given the backdrop of expected weaker consumer demand, we believe that the group is well placed for growth as conditions improve. We will continue to focus on our long term strategy of driving growth through greater customer reach via further geographical expansion, building online channels and leveraging our brands”
