Portmeirion Group PLC Trading Update (0735S)
11 Noviembre 2021 - 1:15AM
UK Regulatory
TIDMPMP
RNS Number : 0735S
Portmeirion Group PLC
11 November 2021
11 November 2021
Portmeirion Group PLC
(the 'Group')
Trading Update
Sales upgrade for FY21 - strong demand across all key
markets
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 recent trading and the expected outturn for 2021.
Since our interim results announcement in September 2021, we
have continued to see strong sales of our brands across all key
markets and have healthy order books for the remainder of the year,
including the important Christmas trading period. We therefore now
expect sales to be at least GBP95 million, approximately 5% above
current FY21 consensus market expectations.
We continue to navigate the well-publicised disruption and cost
inflation within global supply chains. The impact of these
short-term pressures and particularly significantly higher costs
for container shipping rates will limit, in the immediate short
term, the upside on profit from our higher sales in FY21. However,
we believe the challenges in global shipping and labour shortages
will be short-term in nature and, with the strong trading, will not
impact current consensus market expectations of profit for the
current period or, in the longer term, our margins and ability to
grow as a business.
We note the widespread press in recent weeks on energy intensive
industries. We have made significant progress in recent years in
reducing our energy usage and will continue to invest in 'green'
initiatives as a core part of our strategy. As a central part of
our business, our ceramics factory in Stoke-on-Trent buys energy
under long term contracts. In the first half of 2021 we extended
those contracts until early 2024. As a result, we do not expect to
be materially impacted by the latest rising energy prices.
We are pleased to see the ongoing growth in demand for our
products around the world reflecting the strong progress we are
making on our strategy.
Mike Raybould, Chief Executive commented:
"We are delighted to see the strong levels of demand for our
brands around the world. Our focused strategy is transforming our
business and our growth is being driven by our ongoing development
of online channels, new product launches and expanding
international markets. Whilst there are undoubtedly short-term cost
and margin pressures within global supply chains, we are managing
any current impact on the business and we are confident in our
expectation that we can grow our operating margins over the next
three years."
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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November 11, 2021 02:15 ET (07:15 GMT)
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