PMP Portmeirion Group Plc

TIDMPMP

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 shareholders."

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").

Enquiries:-

 
 Portmeirion Group PLC: 
 Mike Raybould               +44 (0) 1782        mraybould@portmeiriongroup.com 
                              743443 
 Chief Executive 
  David Sproston               +44 (0) 1782        dsproston@portmeiriongroup.com 
                               743443 
 Group Finance Director 
 Hudson Sandler: 
 Dan de Belder               +44 (0) 207 796     ddebelder@hudsonsandler.com 
                              4133 
 Nick Moore                                      nmoore@hudsonsandler.com 
 
   Panmure Gordon 
   (Nominated Adviser and      +44 (0) 207 886 
   Broker):                    2500 
 Freddy Crossley             Corporate Finance 
 Rupert Dearden              Corporate Broking 
 
 
 
 Singer Capital Markets      +44 (0) 207 496 
  (Joint Broker):            3000 
 Peter Steel               Investment Banking 
 Rachel Hayes 
 

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END

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May 19, 2022 02:00 ET (06:00 GMT)

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