Portmeirion Group announces strong financial performance
International homewares company, Portmeirion Group is pleased to announce a strong performance for the six months ended 30 June 2014 in line with market expectations, despite challenging global conditions
Portmeirion Group, which has four brands – Portmeirion, Spode, Royal Worcester and Pimpernel – has seen revenues for the first six months of 2014 rise to £24.5 million (2013 first half year: £23.8 million), 3% higher than the comparative period. The 2013 full year revenues were £58.3 million.
Profit before tax has increased by 42% over the comparative period to £1,213,000 (2013 first half year: £853,000, 2013 full year: £7,009,000); earnings before interest, tax, depreciation and amortisation are £1,872,000 (2013 first half year: £1,544,000, 2013 full year: £8,257,000).
Dick Steele, non-executive chairman at Portmeirion Group, commented: “The performance of Portmeirion Group in the first six months of 2014 has been in line with our expectations and we remain confident of the outcome for the full year to 31 December 2014.”
Record levels of production have been achieved from the Stoke-on-Trent factory, with new pattern development and extension to existing patterns also taking place throughout the year.
In 2014, Portmeirion Group has launched Portmeirion Agapanthus and Portmeirion Agapanthus Stripe, added a wonderful Poppy motif to Portmeirion Botanic Garden and Sophie Conran for Portmeirion has enjoyed range extensions including a Christmas Collection and additional items for the exciting ceramic coated metal cookware range. Kiwi motifs now feature within Portmeirion Pomona. Ambiance and Coast are two new contemporary patterns. Spode Delamere Rural takes the well-established Spode Woodland pattern to a new colourway, and nearly two hundred years after it was first introduced, exciting new items continue to be add to the Spode Blue Italian collection.
• Revenue of £24.5 million up by 3% on the comparative period (2013: £23.8 million)
• Profit before tax up by 42% to £1.2 million (2013: £0.9 million).
• EBITDA up by 21% to £1.9 million (2013: £1.5 million).
• Earnings per share up by 53% to 9.21p (2013: 6.03p).
• Interim dividend increased by 10% to 5.50 pence per share (2013: 5.00 pence per share).
• Sales growth of 7% in UK driven by increase in online sales of more than 50%.
• Production at the Stoke-on-Trent factory continuing at record levels with average of 147,000 pieces per week for H1 (full year 2013: 128,000 pieces per week).
• Strong order book for H2.
For more information, please visit: www.portmeiriongroup.com