TIDMPMP

RNS Number : 8879Y

Portmeirion Group PLC

14 May 2019

14 May 2019

Portmeirion Group PLC ('the Group')

Trading Update

The Group announces that trading in the four month period to 30 April 2019 has been mixed across our international markets.

We have continued to experience good sales growth in our two largest markets - the UK is up 5% and the US up 8% against the prior period last year. Having had a very strong finish to 2018, we anticipated slower demand in our export markets at the start of 2019, however actual export market sales, particularly for Korea, have been lower than we expected.

We have been working with our Korean distributor on new product development during 2019 which we see as critical to protect and grow this market for the long term. However this new product development, by nature, will take time to bring to market and optimise for manufacturing efficiency.

As a result, total Group sales for the first four months of the year are down 10% against the comparative period last year. While the total effect on Group sales is expected to be less than that for the full year, the Board now expects profit before taxation for the full year will be significantly below market expectations.

We do not anticipate this leading to a change in our expectations for dividend payments in the current year.

We believe our long term strategy is the right one and are pleased with the progress we are making in other areas to protect and grow our brand portfolio.

* * * * *

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

ENQUIRIES:

 
 Portmeirion Group PLC: 
 Dick Steele                 +44 (0) 1782        steele_clan@msn.com 
                              744 721 
 Non-executive Chairman       +44 (0) 1782        mraybould@portmeiriongroup.com 
  Mike Raybould                744 721 
 Group Finance Director 
 Hudson Sandler: 
 Dan de Belder               +44 (0) 207 796     ddebelder@hudsonsandler.com 
                              4133 
 Nick Moore                                      nmoore@hudsonsandler.com 
  Oenone Potter                                   opotter@hudsonsandler.com 
 
 
 Panmure Gordon 
  (Nominated Adviser and      +44 (0) 207 886 
  Broker):                     2500 
 Freddy Crossley / Joanna    Corporate Finance 
  Langley 
 James Stearns               Corporate Broking 
 
 
 Cantor Fitzgerald Europe        +44 (0) 207 894 
  (Joint Broker):                 7000 
 Phil Davies / Rick Thompson    Corporate Finance 
 Caspar Shand Kydd              Sales

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END

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May 14, 2019 02:00 ET (06:00 GMT)

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