Gifts Today magazine

Portmeirion Group turnover up 16 per cent

The acquisition of Wax Lyrical, export growth and new product development has contributed to an increase in revenue and profits for Portmeirion Group in the first half of the year

Portmeiron has announced that turnover for the first six months of 2017 is up 16 per cent to £33.1 million, compared to £28.5 million for the same period last year, delivering growth in revenue and profits for the first half of the year.
The company claims the move has played a significant part in helping to drive down net debt – which has fallen by £8 million to £1.7 million over the past six months. In June 2016, net debt stood at £9.7 million.

Portmeirion chief executive Lawrence Bryan says: "This has been a very good start to the year and the acquisition of Wax Lyrical has played a very significant part in this.

Las year Portmeirion acquired scented candle retailer Wax Lyrical aimed at expanding its product offer.

Lawrence adds: ”This is the first year that we have seen the full benefits of the acquisition, net debt has been reduced and profits have increased which means we can comfortably say that we made a good acquisition.”

There has also been export growth across the Portmeirion Group, which, says Lawrence “will continue to be a focus for us and will help to strengthen our business”. 

Lawrence says that over the past six months, Portmeirion has also focused on new product development including the launch of new collections with its Sara Miller, Sophie Conran for Portmeirion and Royal Worcester Wrendale Designs ranges.

"We are very excited about our new Portmeirion Choices range which has received an extremely positive response from customers around the world,” he adds.

"New items have also been developed with Wax Lyrical and home fragrance products are now available in our key ranges including Botanic Garden and Sophie Conran for Portmeirion."

The company has also seen additions to the senior management team, including Mike Raybould as group finance director, Mick Knapper as operations director and Andrew Andrea as non-executive director.

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