REG - Portmeirion Group - AGM Trading Statement

PortmeirionAnnouncement

23/05/2023 07:00

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RNS Number : 2612A  Portmeirion Group PLC  23 May 2023

23 May 2023

 

Portmeirion Group PLC

(the "Group")

 

AGM Trading Statement

 

Portmeirion Group PLC, the owner, designer, manufacturer and omni-channel
retailer of leading homeware brands in global markets announces the following
trading update ahead of its Annual General Meeting to be held at 12:00 noon
today.

 

The Group continues to make progress in what is always a seasonally quiet
period for the business, and we are on track to deliver a robust sales
performance for the first half of the year, in line with that seen in the
comparative 2022 period.

 

We have seen some increased caution from US customers during recent weeks in
relation to near term ordering which we will continue to monitor, although we
are pleased that our brands continue to show their resilience across our end
markets despite the ongoing macro-economic uncertainty.

 

As is traditional, we anticipate a heavy second half weighting to the
financial year and the Group is already well positioned for this with a strong
Christmas order book, which is ahead of the equivalent period in the prior
year. Our new product development has been well received, we continue to
remain focused on our long-term growth and margin improvement opportunity and
are also confident in continued progress against our strategy.

 

We were pleased also to recently launch 'Crafting a Better Future', our new
sustainability strategy, outlining our commitments to reduce our environmental
impact and drive positive change. We look forward to updating on our progress
going forward.

 

In summary, we remain positive about the short and long-term prospects for our
business although we remain mindful of the challenging consumer headwinds.

 

ENQUIRIES:

 

 Portmeirion Group PLC:
 Mike Raybould, Chief Executive          +44 (0) 1782 743 443   mraybould@portmeiriongroup.com
 David Sproston, Group Finance Director  +44 (0) 1782 743 443   dsproston@portmeiriongroup.com

 Hudson Sandler:
 Dan de Belder                           +44 (0) 207 796 4133   portmeirion@hudsonsandler.com
 Nick Moore

 Emily Brooker

 Shore Capital:                          +44 (0) 207 408 4090

 (Nominated Adviser and Joint Broker):
 Patrick Castle                          Corporate Advisory
 Lucy Bowden                             Corporate Broking

 Malachy McEntyre

 

 Singer Capital Markets

 (Joint Broker):         +44 (0) 207 496 3000
 Peter Steel             Investment Banking
 Asha Chotai

 

NOTES TO EDITOR:

Portmeirion Group PLC is a leading, omni-channel British ceramics manufacturer
and retailer of leading homeware brands.

 

Based in Stoke-on-Trent, United Kingdom, the Group owns six unrivalled
heritage and contemporary brands, with 750+ years of collective heritage;
Portmeirion, Spode, Royal Worcester, Pimpernel, Wax Lyrical and Nambé.

 

The Group serves markets across the world, with global demand driven by
diversified international markets including the key geographies of the US, UK
and South Korea.

 

Portmeirion Group has a proven capital-light, well developed and self-funded
growth strategy focused on building a wider customer base and growing the
sales footprint of its brands, through:

·    Building and growing international sales markets

·    Developing online sales channels in core markets

·    Designing and launching new product to widen appeal and take market
share

·    Leveraging brands and extensive product ranges

 

 

 

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