Portmeirion Group PLC Trading Update
RNS Number : 1371Y
Portmeirion Group PLC
12 January 2022
12 January 2022
Portmeirion Group PLC (the 'Group')
FY21 Trading Update
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, updates
on full year trading for 2021.
We are pleased to report an excellent Christmas seasonal trading
period, with very high demand for our consumer homeware brands
around the world and strong sell-through across our key channels.
We therefore now expect sales to be at least GBP104 million or 10%
above current consensus market expectation forecasts for FY21. This
is 18% above 2020 sales of GBP87.9 million and 12% ahead of
pre-Covid sales of GBP92.8 million in 2019.
This represents the highest ever level of sales for the Group
driven by strong progress on our strategy in developing new sales
channels, particularly online.
As a result we expect our profit before tax for FY21 will be at
least GBP7.0 million, an increase of 9% over current consensus
market expectations and a multiple increase compared to GBP1.4
million in 2020.
Mike Raybould, Chief Executive commented:
"I am delighted with the progress we have made as a business.
Our sales result - approximately 12% above pre-Covid highs - is a
real testament to the changes we are driving through our business
and the experience and efforts of our teams across the world who
continue to navigate the many challenges that Covid still presents.
The ongoing execution of our strategy allows us to reach more
customers through investing in and developing online channels,
launching new product and building-out new markets.
Although our key seasonal sales period came later than usual due
to global supply chain disruption affecting availability of stock,
it finished very strongly, particularly in the US market. We are
becoming an increasingly digital business and the new capabilities
we have built to drop ship online orders continue to drive our
business forward and should provide further opportunities for
strong growth and improve margins in the future.
Each of our core markets of the UK, US and South Korea have
grown well in 2021. The measures we took to reduce overstocks and
protect our brand in South Korea in 2019/20 have enabled a much
more robust year, with strong consumer demand and expectations of
further sustainable growth in coming years.
We are mindful of ongoing Covid risks and their potential impact
on sales markets, global supply chains and the associated cost
inflation, particularly in container shipping. We expect further
growth in 2022 and with the current uncertainty will wait to update
the market with detail on the outlook for the current financial
year at the time of the preliminary results in March. Looking
forward we continue to navigate these uncertainties and remain
confident in our ability to improve margins over the longer term
and grow the business strongly in the future."
We expect to announce the Group's preliminary results for the
year ended 31 December 2021 on 17 March 2022.
Notes: This announcement contains inside information for the
purposes of the retained UK version of the EU Market Abuse
Regulation (EU) 596/2014 ("UK MAR").
Portmeirion Group PLC:
Mike Raybould +44 (0) 1782 email@example.com
David Sproston +44 (0) 1782 firstname.lastname@example.org
Group Finance Director
Dan de Belder +44 (0) 207 796 email@example.com
Nick Moore firstname.lastname@example.org
(Nominated Adviser and +44 (0) 207 886
Freddy Crossley Corporate Finance
Rupert Dearden Corporate Broking
Singer Capital Markets +44 (0) 207 496
(Joint Broker): 3000
Peter Steel Investment Banking
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(END) Dow Jones Newswires
January 12, 2022 02:00 ET (07:00 GMT)
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