Portmeirion Trading Update: Sales Below Market Expectations
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Portmeirion Trading Update Warns of Sales Below Market Expectations
Portmeirion Group, based in Stoke-on-Trent, has announced that challenging and unpredictable markets in the second half of the year will likely result in pre-tax profits for the year coming in below market expectations. Revenue for the year is projected to be around £90 million, with second half sales down seven percent on a like-for-like basis, and pre-tax profits expected to be £1 million.
The previous financial year showed a substantial decrease in pre-tax profits from £8 million to £3 million, with revenues also down. This year’s decline is attributed to supply chain disruptions from Asia and shipping delays due to port strikes in the US. Also, challenges in South Korea and uncertain market conditions before significant political events exacerbated the situation.
Despite these short-term challenges, Portmeirion remains confident in its medium-term outlook. Sales for Spode are already up over 35 percent from pre-Covid levels, and the Wax Lyrical homeware brand is showing ongoing improvement.
Portmeirion’s Chief Executive, Mike Raybould, highlighted the group’s actions to reduce overhead costs by approximately £4 million at the start of the year, positioning the company for growth as markets recover. He emphasized the strong consumer demand for their brands and the potential for growth across all markets.
Looking ahead, Raybould expressed confidence in strengthening the business model and expanding market share. While near-term market conditions may be uncertain, the focus remains on controllable factors to drive future growth and maintain presence across key markets.
