REG - Portmeirion Group - Trading Update

PortmeirionAnnouncement

14/07/2022 07:00

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RNS Number : 4058S  Portmeirion Group PLC  14 July 2022

14 July 2022

Portmeirion Group PLC (the 'Group')

Half Year Trading Update

 

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 trading for the six months
to 30 June 2022.

Sales for the first half of the year will be at least £45 million (2021:
£43.1 million), representing a 5% increase on the previous year.

With consumers facing increasing cost of living inflationary pressures,
together with the impact of the Ukraine war on raw material prices, global
supply chain issues and weaker sales markets, we remain cautious as we enter
the key second half trading period.

Against this backdrop of significantly more challenging economic conditions,
we are pleased that we continue to grow and with the resilient performance our
brands have shown.

Mike Raybould, Chief Executive commented:

"The benefit of our diversified sales markets, strong brands and the ongoing
strategic investment in productivity, automation and efficiency has mitigated
much of the increasingly challenging market conditions and input cost
inflation during H1. However, we have also seen retail customers react to the
economic environment by de-stocking in the first half and we remain cautious
to the risk of further declines in consumer and retailer confidence for our
key second half trading period.

We have an exciting pipeline of product launches planned for H2 and looking
forward we will continue to invest in our long term strategy which we are
confident will deliver long term sales growth together with improved operating
margins."

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 743443    mraybould@portmeiriongroup.com
 Chief Executive

 David Sproston                    +44 (0) 1782 743443    dsproston@portmeiriongroup.com
 Group Finance Director

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

 Panmure Gordon                    +44 (0) 207 886 2500

 (Nominated Adviser and Broker):
 Freddy Crossley                   Corporate Finance
 Rupert Dearden                    Corporate Broking

 

 Singer Capital Markets

 (Joint Broker):         +44 (0) 207 496 3000
 Peter Steel             Investment Banking
 Rachel Hayes

 

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