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Portmeirion falls into loss for H1 2020

By BFN News | 10:00 AM | Thursday 24 September, 2020


Homewares manufacturer and distributor, Portmeirion Group today announced a headline loss before tax of £2.7 million for the six months ending 30 June 2020. The loss is a stark contrast to the £500,000 profit declared for the same period in 2019. Portmeirion said the weaker financial performance was down to a significant drop in revenue, with like for like sales down 20.4% excluding the contribution from its Nambe business unit. The company added that it expected a return to profitability in the second half of 2020. ?Covid-19 has clearly created significant challenges for our group like many others in the first half of 2020. However, we are proud of the way in which the business and our employees have reacted robustly and with great agility,? said Mike Raybould, chief executive of the company. ?Our strong consumer homeware brands have shown remarkable resilience in our key sales markets and it is encouraging to see such material growth in our online sales channels which has mitigated some of the impact of retail shutdowns. ?We have continued to invest in our strategy; in enhanced digital capabilities, online sales penetration and in making our operations more efficient.? The company said that its two UK factories have almost returned to pre Covid-19 operating levels. Story provided by StockMarketWire.com

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