Trading Update

RNS Number : 0027Y

Portmeirion Group PLC

20 January 2014

 



20 January 2014

Portmeirion Group PLC ('Portmeirion' or 'the Group')

Trading Update

Portmeirion, the AIM listed manufacturer and worldwide distributor of high quality homewares, is pleased to confirm that, following strong trading through the last quarter of 2013, it expects its profit before taxation for the year to 31 December 2013 to be in line with market expectations.

The Group expects to report record revenues for the year ended 31 December 2013 of over £58 million, approximately 5% above last year. This is the fifth consecutive year in which we have achieved record sales.

The Group closed the year with a net cash balance of some £6 million at 31 December 2013 (2012 : £7.5 million). This was after spending £3.9 million to acquire the long leasehold interest in our Stoke-on-Trent warehouse during the year.

We expect to announce the Group's preliminary results for the year ended 31 December 2013 on 20 March 2014.

Dick Steele, Non-executive Chairman, said:

"I am delighted with the achievement of another record level of sales. The economic conditions in many of our markets remain challenging but we continue to drive growth through our strong brands, innovative designs and attention to quality."

Enquiries:

Portmeirion Group PLC:
Dick Steele                                         [phone]          [e-mail]

Non-executive Chairman                     
Brett Phillips,                                       [phone]          [e-mail]

Group Finance Director

Bell Pottinger:

Dan de Belder                                    [phone]         [e-mail]

Kashara Taylor                                    [phone]         [e-mail]

Panmure Gordon                               [phone]

(Nominated Adviser and Broker):

Freddy Crossley/Nicola Marrin                                                    Corporate Finance

Adam Pollock                                                                            Corporate Broking                   

 

END

 

 

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