Portmeirion Group reveals record sales
British tableware company Portmeirion Group has posted its eighth consecutive year of record group revenue with 11.7 per cent growth
Stoke-headquartered homewares maker Portmeirion Group has posted its eighth consecutive year of record group revenue.
For the 12 months to 31 December 2016, the business said revenues were up 11.7 per cent to £76.7m.
However, profit before tax was down by 9.7 per cent to £7.8m from £8.6m in 2015. It said challenges faced by the group during the period included the EU referendum and US presidential election, which caused "major uncertainties" in the business’ two largest markets.
Portmeirion Group added South Korea, its third largest market, continued to suffer economic problems particularly in demand for luxury products. In addition, the group said following a huge sales increase in India in 2015 the region did not perform as well in 2016 and returning sales to prior high levels in India will take time.
Dick Steele, non-executive chairman, says: "We are delighted to be reporting an eighth consecutive year of record revenue, notwithstanding the challenges faced by the group during the period which have affected profits."
He adds: "Trading in the first two months of the current year is ahead of the comparative period in 2016 on a like-for-like basis. The outlook for 2017 is positive and the issues experienced are being overcome by proactive management."
Portmeirion Group completed the £17.5m acquisition of home fragrances manufacturer Completed Wax Lyrical and part-year sales for the acquisition consolidated within the total group revenues of £76.7m were £10.4m in 2016, representing eight months of the financial year.
Steele said: "Our core values of innovation, targeted product development and operational excellence remain unchanged, and we are pleased to report on the success experienced by the continued integration of Wax Lyrical."
Total dividends paid and proposed by Portmeirion Group for 2016 increased by 7.5 per cent to 32.25p.