Portmeirion Group PLC AGM Trading Statement (2630N)
19 Mayo 2020 - 1:00AM
UK Regulatory
TIDMPMP
RNS Number : 2630N
Portmeirion Group PLC
19 May 2020
19 May 2020
Portmeirion Group PLC
(the "Company")
AGM Trading Statement
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 announces
the following trading update ahead of its Annual General Meeting to
be held today at 12:00 noon.
As the Company reported on 30 March 2020, we temporarily shut
our Stoke-on-Trent ceramic factory in late March. Since that time
our teams have worked to implement new safe social distancing
procedures in line with Covid-19 secure guidelines issued by the
government. We partially reopened the factory on 6 May 2020 at a
reduced capacity in order to fulfil existing export orders, and
expect to increase our capacity in the coming weeks. Our warehouses
in the UK and US have continued to operate safely and efficiently,
servicing our ecommerce business without any disruption.
Our UK home fragrance company Wax Lyrical repurposed production
lines at its Cumbria-based factory and has continued to produce
hand sanitiser for the community, NHS and pharmacies. We forecast
to ship in excess of 1 million units during the second quarter of
2020.
With retail stores around the world shut down since March due to
Covid-19 lockdowns, our business has been significantly impacted
and we expect this to continue through the second quarter until
there is clarity around how and when stores will reopen. We have
continued to ship export orders to the Far East where retail stores
have now reopened, and have seen a significant uplift in our online
sales in the UK and US. Our own ecommerce site sales were up by
more than 100% in April 2020 over the same period last year and we
expect this trend to continue in the coming months.
We believe that the early and swift action we took to minimise
cash burn during the Covid-19 crisis will put us in a strong
position to thrive once lockdown restrictions are lifted around the
world. We expect our cash burn in Q2 2020 to be less than GBP1
million and, as previously reported, our balance sheet remains
strong with sufficient committed bank facilities and headroom.
The Board remains committed to maintaining a sustainable and
appropriate level of dividend payments over the long term. Whilst
we remain cautious about the immediate future we will reinstate our
interim and final dividend payments as soon as we feel it prudent
so to do, and will next provide an update in our interim results
announcement.
We have a robust strategy to leverage our powerful portfolio of
homeware brands. Throughout the pandemic we have continued to focus
on and progress our new product development pipeline and invest in
growing our online sales channels.
Notes: This announcement contains inside information for the
purposes of Article 7 of Regulation (EU) No 596/2014.
ENQUIRIES:
Portmeirion Group PLC:
Mike Raybould +44 (0) 1782 743 mraybould@portmeiriongroup.com
Chief Executive Officer 444
David Sproston +44 (0) 1782 743 dsproston@portmeiriongroup.com
Group Finance Director 444
Hudson Sandler:
Dan de Belder +44 (0) 207 796 ddebelder@hudsonsandler.com
Nick Moore 4133 nmoore@hudsonsandler.com
Panmure Gordon:
(Nominated Adviser and +44 (0) 207 886
Broker) 2500
Freddy Crossley / Joanna Corporate Finance
Langley
James Stearns Corporate Broking
N+1 Singer:
+44 (0) 207 496
(Joint broker) 3000
Peter Steel / Ben Farrow Corporate Finance
Rachel Hayes Corporate Broking
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTGPUUCAUPUGQR
(END) Dow Jones Newswires
May 19, 2020 02:00 ET (06:00 GMT)
Portmeirion (LSE:PMP)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Portmeirion (LSE:PMP)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024