Portmeirion Group PLC AGM Trading Statement
RNS Number : 0164M
Portmeirion Group PLC
19 May 2022
19 May 2022
Portmeirion Group PLC (the 'Group')
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 at 12:30 pm today.
We are pleased to report that sales for the first four months of
2022 are up 2% on the same period last year. Gross margins have
increased by 50 basis points, demonstrating the strength of our
brands in passing on cost increases through in price rises.
There has been a significant change to consumer sentiment and
spending since last year as consumers deal with the impact of
inflation in food staples, energy and fuel prices. In addition,
there has been further Covid related disruption in supply chains
and sales markets, including China. So far we have successfully
mitigated these challenges by forward-ordering stock and having
long term energy contracts in place until March 2024.
However, with a traditional heavy second half sales weighting,
we remain cautious and watchful as to how macro conditions develop
as the year progresses.
Against this backdrop, the Board is encouraged that the Group
continues to grow and we are confident that our ongoing strategic
investments in factory automation and online platforms will enable
future growth in top line sales and that ongoing improvements in
productivity will further enhance margins over the long term.
Additionally, order books for both our key Christmas trading period
and our wider international markets remain healthy.
2022 marks the 50th anniversary of our Portmeirion Botanic
Garden range, and we are excited to be launching new product lines
in ceramic, gifting and home fragrance categories to mark this
occasion. We continue to invest in our online channels and as part
of this roadmap, will be going live with new UK ecommerce sites in
the next few months.
Mike Raybould, Chief Executive, commented:
"We have started the year with good momentum against a backdrop
of rising costs, supply chain disruption and wavering consumer
confidence, with sales in the first four months up 2% on the same
period last year.
I am pleased with the progress we are making in delivering on
our strategic growth objectives which has seen us continue to
invest in and develop our online sales channels, with our new
ecommerce sites due to go live over the coming months, leverage our
heritage brands as well as launch new categories and products.
Whilst we remain mindful of ongoing disruption to global supply
chains and inflationary cost pressures, I am confident that our
continued investment across key areas of the business, the strength
of our heritage brands and our exciting roadmap for new products
and ranges ensure that we are well placed to continue growing the
Group and delivering long term value to our customers and our
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
May 19, 2022 02:00 ET (06:00 GMT)
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