Interim Results For Six Months Ended 30 June 2026

Portmeirion Group PLC

23 September 2026

 

23 September 2026

Portmeirion Group PLC

(the “Group”)

Interim results for the six months ended 30 June 2026

‘Elevated’ strategy progressing at pace, fixing the foundations for growth

Portmeirion Group PLC, the global homewares brands group, announces its results for the six months ended 30 June 2026 (“H1 Results”).

Commenting on the Group’s performance Michael Scheepers, Chief Executive, said:

“We are delivering against the key milestones set out in our revised ‘Elevated’ growth strategy at the equity raise completed earlier in the period. We have significantly strengthened our leadership team and with a new organisational design now in place we are bringing external best practice to tackle and address legacy issues to ensure the business moves forwards from strong foundations, at the same time as accelerating our pace of execution on our long-term plans. This has included improving production quality and efficiency in our Stoke-on-Trent factory, significant activity developing our three hero brands Spode, Portmeirion and Royal Worcester, and entering Türkiye for the first time.

We have been clear that our turnaround will take time as previous operational and strategic issues surface and are corrected. Our trading performance in H1 was in line with our expectations. Good sales growth in our core tableware business of 4.1% and a strong performance in the USA, Malaysia and International was offset by weakness in the UK and South Korea.

We are seeing improved momentum in the UK in the second half, with active dialogue with several large retailers about new commercial opportunities. We continue to lead the conversation with the UK Government on support measures for our sector and would urge the Prime Minister to convert words to action by providing clarity and guidance on the deployment of the £120m funding pledged earlier this year.

As we look ahead, we have a clear growth strategy and operational targets in place, supported by a strengthened balance sheet and refreshed senior management team to drive delivery of our strategy. There remains much to do! Whilst trading in the second half has started in line with our expectations, we are mindful of the continued macro-economic and political uncertainty and the significant weighting of this next quarter towards our full year performance. We look forward to making further progress delivering on our strategic priorities to build a strong and sustainable business.”

Strategic highlights

• Successful equity raise in June 2026 creates Fortress balance sheet and enables investment in growth strategy
• Launch of ‘Elevated’ transformation strategy, focused on:
  1. Driving Higher Returns
  2. Focused Expansion
  3. Excellence Everywhere
• Operational transformation to support delivery – with 12 operational targets set for 2026
  • New leadership team now in place – final two appointments made at end of H1
  • Reshaped and simplified the organisational structure to speed up decision making and improve commercial accountability
  • Pivot to demand-led model at Stoke-on-Trent factory
  • Delivered improved factory operational metrics and production quality
• Significant activity on three hero brands
  • Spode: Sales growth has been strong (+22.5%), due to strong recovery in the US and new products
  • Portmeirion: sales down, due to weakness in the UK and South Korea
  • Royal Worcester: focus on preparation for the brand relaunch in 2027, sales marginally up
• Focused international expansion in line with strategy
  • Entered Türkiye as a new market in H1 and will enter another two markets during the year
• Good progress on corporate name change to Spode Group PLC

Financial overview

Key performance indicators

	H1 2026 £m	H1 2025 £m	Change £m
Revenue	36.4	37.1	(0.7)
Headline EBITDA1	(1.2)	0.1	(1.3)
Headline loss before tax1	(4.5)	(2.8)	(1.7)
Statutory loss before tax	(5.0)	(2.9)	(2.1)
Headline basic loss per share	(31.4p)	(20.5p)	(10.9p)
Statutory basic loss per share	(33.7p)	(21.0p)	(12.7p)
Dividends paid and proposed per share (total in respect of the year)	0.0p	0.0p	0.0p
Free cash flow	(5.8)	(2.8)	(3.0)
Net debt	(6.2)	(14.8)	8.6

 Headline measures exclude exceptional costs.

Financial Summary

Revenue

• Revenue decreased 1.9% to £36.4m (H1 2025: £37.1m) reflecting a sales decline in the UK and Wax Lyrical, but strong growth in the US, Malaysia and International. On a constant currency[1] basis, this equates to a 0.2% decline.
• USA sales returned to strong growth, up 17%, benefitting from the resetting of the commercial relationship with a key partner which has improved pricing architecture in the market and seen strong independent retailer demand. The in-housing of our Amazon business is showing early signs of success.
• Malaysia performance was encouraging with 11.0% growth on constant currency basis. International markets, a key part of our transformation plan, up 37.7%.
• South Korea remains a market in transition, reflecting elevated inventory in the market. The Group tightened its credit controls with key partners, resulting in expected sales decline of 16.9%.
• Wax Lyrical sales were down 18.0%, in large part due to cancellation of orders due to key supplier supply issues. The brand is under new leadership and focused on delivering its profit improvement plan. Wax Lyrical is considered non-core to the Group.

Profit

• Headline loss before tax of £4.5m (H1 2025: £2.8m) due to, as previously announced, upfront investment made in our Made in Stoke-on-Trent onshoring initiative as well as the annualisation of investments made in future growth initiatives during 2025 and higher energy costs.
• Overhead costs increased by 9.3% (£1.6m) in line with expectations, as the business absorbed the increases in Employer’s National Insurance and National Minimum Wage, and our planned increased investment in our transformation plan.

Cashflow and net debt

• Free cash outflow was £5.8m (H1 2025: £2.8m outflow) reflecting higher operating losses and net working capital outflow due to normalisation of supplier payment terms.
• Net debt at the period end was £6.2m, a decrease of £8.6m vs the prior year. The movement has been driven by three factors, the £17.2m net equity raise at the end of June, operating losses incurred during the period and the normal seasonal net working capital outflow. The Group has been actively clearing excess inventory in a responsible way, with £1.8m cleared in H1 and we continue to target delivery of £4.0m by year end 2026.
• During the period, the Group signed a new £36m ABL banking facility with Bank Leumi, replacing previous RCF facilities.
• Following the announcement of the business strategy and transformation plan on 31 March 2025, the Group is prioritising growth which requires investment into the business as such no interim dividend is proposed.

Current trading & outlook

• We have made a solid start to the second half of 2026, revenue in line with expectations. The US continues to perform well, with strong demand for our iconic Spode Christmas Tree collection ahead of the important seasonal trading period. Our direct Amazon model is also performing well across the targeted Spode and Nambé brands.
• The UK consumer environment is constantly challenging, with continued political and macroeconomic pressures affecting discretionary spending. Against this backdrop, we continue to pursue commercial opportunities through new product launches and channel expansion for 2027. Our international markets continue to develop well, with good performance across key European markets and Australasia, alongside encouraging progress in Türkiye.
• South Korea remains challenging due to legacy issues, elevated market inventory and foreign exchange headwinds. We have taken proactive steps to improve the Group’s credit control processes which resulted in an expected sales decline for H2 but improved our credit risk profile. We expect this to be offset by performance elsewhere in the Group.
• The Board is pleased to report that under the leadership of Michael Scheepers, who was appointed CEO on 11 May 2026, a significant number of operational and legacy issues are being identified and tackled. Michael and his leadership team are carefully balancing fixing the foundations and commercial delivery.  We remain mindful of the uncertain macroeconomic environment and the Group’s significant Q4 trading weighting. We remain focused on delivering our transformation plan and year end KPIs and great progress is being made during H2 2026 to return us to growth in 2027.

Portmeirion Group Plc is pleased to announce that its management team will host a live Retail Investor Webinar on the Engage Investor platform, on Wednesday 30th September at 2:00pm BST.

Portmeirion Group Plc welcomes all current shareholders and interested investors to join and encourages investors to pre-submit questions. Investors can also submit questions at any time during the live presentation.

Investors can sign up to Engage Investor at no cost and follow Portmeirion Group Plc from their

personalised investor hub.

Register interest in this event here: https://engageinvestor.news/PMP_HY26

ENQUIRIES:

Portmeirion Group PLC:
Peter Tracey, Non-Executive Chair	[phone]
Michael Scheepers, Chief Executive	[phone]
Houston: (PR advisers)
Kate Hoare	[phone]	[e-mail]
Charlie Barker	[phone]
Polly Clarke Shore Capital: (Nominated Adviser and Broker):	[phone]
Patrick Castle	Corporate Advisory
Lucy Bowden Malachy McEntyre Isobel Jones	Corporate Broking

NOTES TO EDITOR:

Founded in Stoke in 1960, Portmeirion Group PLC is a British homewares manufacturer and retailer, serving diversified international markets, including the key geographies of the US, UK and South Korea. The Group’s vision is to create timeless ceramics and homewares that resonate globally – to reimagine tradition with creativity, crafting products that inspire. This is achieved through ownership of six heritage and contemporary brands, including Spode, Portmeirion and Royal Worcester, working as a trusted partner to established retailers around the world.

INTERIM REVIEW

The first half of 2026 has been very significant for Portmeirion Group – strategically, financially and operationally. It has been a period of radical change, and we have put in place the foundations for long-term sustainable shareholder value creation.  With change, comes uncertainty, but I am fully confident we have made the right decisions and now have the right team in place to deliver our plan.  I would like to thank all my colleagues for their hard work, craftsmanship, curation of our brands and their support in my first year as CEO of Portmeirion.  The combination of great brands, great people, a reset capital structure and renewed vigour across the organisation is already proving powerful and I expect our pace of progress will accelerate over the coming 12 months.

Our ‘Elevated’ strategy has brought clarity to the Group. It is providing focus and prioritisation. The Group will prioritise our three hero tableware brands of Spode, Portmeirion and Royal Worcester, with Wax Lyrical considered as non-core. We will prioritise our core markets of UK, US, and Korea; international growth will focus on five markets (China, India, Türkiye, Australia and South America). Finally, we have put more emphasis and focus on building up our product licences, leveraging our brand heritage.

OPERATIONAL HIGHLIGHTS

Trading performance in line with expectations

The Group has delivered an in line first half of the year, with growth for the tableware business of 4.1% at constant currency.  Sales have been particularly robust in the USA, Malaysia and International.  The UK remains challenging, in a highly promotional market.  The Group is in active dialogue with several large UK retailers about new commercial opportunities.   In line with our strategic priority of focused international expansion, the Group successfully entered Türkiye as a new market and will enter another two markets during the year.

Turning to our three hero brands – Spode, Portmeirion and Royal Worcester – there has been significant activity during the first half.  For Spode, sales growth has been strong (+22.5%), due to sales growth in the US and new products.  For Portmeirion, revenue was down, due to softer consumer demand in certain key markets, particularly the UK and South Korea.  Our focus at Royal Worcester during the period has been preparation for the brand relaunch in 2027, with sales marginally up in H1 vs prior year.  Royal Worcester represents a significant growth opportunity for the Group and we are on track for the brand relaunch in H1 2027.

Sales were flat across our smaller brands.  Nambe delivered growth of 4.0% in the US, offset by sales decline in several smaller markets.  Pimpernel saw weak consumer demand across all key markets. 

Wax Lyrical has been identified as non-core to the Group, and while sales were down 18.0% during the half (primarily due to cancellation of orders due to a key supplier supply issues), the business is focused on delivering its new strategy – Getting Match Fit – to drive top-line improvements and deliver a profit improvement.  Growth initiatives include adding further national retailer sales distribution, ramping up the new D2C ecommerce channel and building on early success with car products.  Profitability will be enhanced through price increases, significant reduction of complexity of product range and new procurement initiatives.

New leadership team in place driving operational improvement

Our new leadership team is now in place, with a further two appointments made at the end of H1. Jane Mason joined the Group as UK and Europe Director and Hayley Baddiley as Group Marketing Director.

With the full senior team in place, we reshaped and simplified the organisational structure.  Full commercial responsibility now sits with the Directors in each region, allowing faster decision making, clear lines of market ownership and increased commercial accountability. The new team has uncovered a number of legacy operational and strategic issues and is focused on fixing these issues at pace.

After a period of inconsistency, the operational performance of our Stoke-on-Trent factory has been strong across the first half. The factory has successfully pivoted to a demand led model from a make to inventory model. In addition, quality metrics have improved significantly during the first half, with focus on right first-time production leading to a reduction in the percentage of seconds. Seconds have reduced c.300 basis points as percentage of volume produced.

STRATEGIC PROGRESS AND 2026 OPERATIONAL OBJECTIVES

Our revised strategy – ‘Elevated’ – was put in place ahead of our successful equity raise in June.  The Group has three strategic priorities under this revised strategy – Drive Higher Returns; Focused Expansion and Excellence Everywhere.  Aligned to our revised strategy ‘Elevated’, the Group set operational objectives for 2026 that are critical to the delivery of the strategic plan.  The objectives are set out below, and progress on these will be provided on a regular basis.

Drive Higher Returns & Fortress Balance Sheet

1. Strengthen Balance Sheet – DELIVERED – £17.2m net equity raise and new £36m ABL in place with Bank Leumi
2. Cash in from US tariff claim – DELIVERED – 98% of $3.0m claim repaid in June 2026
3. Reduce excess inventory – IN PROGRESS – £4.0m reduction targeted in 2026; £1.8m achieved in H1.  Three pop-up clearance stores have been signed to open during H2, with further sites identified, to support clearance activity
4. Reduce complexity – IN PROGRESS – SKU reduction by 20% in 2026, with end-of-life products now identified

Focused Expansion

5. Licencing – 3 new licence deals to be signed – IN PROGRESS – Ashley Wilde is the most material licence signed to date
6. 2027 Royal Worcester brand relaunch – IN PROGRESS – with focus on market research, full review of the archives and detailed brand mapping undertaken during the period
7. China market entry – IN PROGRESS – Social selling in China launched in June 2026 with encouraging early signs and learnings to take into other international markets
8. Enter 3 new territories to support international expansion – IN PROGRESS – Türkiye has started well, with progress made on entry into the additional 2 new territories

Excellence Everywhere

9. Senior Leadership hires and organisation realignment – DELIVERED June 2026
10. Single eCommerce platform for core UK and US markets – DELIVERED April 2026 – the single platform has delivered £200k annualised cost savings
11. Made in Stoke-on-Trent – IN PROGRESS – % of seconds in Stoke factory target reduction of 1000bp in 2026
12. Improve Stoke factory economics – IN PROGRESS – cost per piece produced down, despite raw material and labour cost inflation

Other initiatives and Board changes

The Group is continuing to progress work on its corporate name change to Spode Group PLC.

After 6 years as a Non-Executive Director, Angela Luger will not seek re-election at the AGM in 2027.   Angela is a Non-Executive Director at Jet2 plc and JD Sports Fashion plc and we thank her for the significant contribution she has made to the Group during her tenure.   We have commenced a search for a replacement and will update as appropriate.

As announced on 22 September, Jonathan Hill has decided to step back from the business and leave the Company and Board with immediate effect due to health reasons.  Adrian Wilding joins the Group as interim CFO, succeeding Jonathan.

FINANCIAL PERFORMANCE

Our financial position has been fundamentally reset during the first half of 2026 through the support of new and existing shareholders in backing our £17.2m net equity raise in June.  Combined with the receipt of US Tariff claim of $3.0m and our new ABL facility from Bank Leumi, we have made material progress against our objective of creating a Fortress balance sheet.  The Group remains focussed on further strengthening its balance sheet through the responsible clearance of excess inventory.  Portmeirion Group now has the capital structure, which has not been the case in recent years, to allow it to make the right long-term decisions to drive shareholder value.

Sales: flat year-on-year (in constant currency), +4.1% growth for global tableware

The first half of 2026 has been in line with the Board’s expectations and the Group has made good progress across several of our strategic initiatives. In particular, our core US market has performed strongly in the first half of this financial year due to the strength of Spode.  The business has recovered well from the tariff disruption in 2025. In contrast, the UK market was weak, with Group sales down 1.9%, reflecting a highly promotional market.

Against this backdrop, Group revenue was £36.4m for the first six months of the year, a decrease of 1.9% over the prior year (H1 2025: £37.1m).  Sales were -0.2% at a constant currency basis.

Profit

Operating costs increased from £17.1m to £18.7m reflecting the increase in Employer’s National Insurance and National Minimum Wage, inflationary impact on costs and the planned investment in key functions such as Sales and Finance to support the delivery of the Transformation Plan.

As a result of the reduced sales performance, cost inflation, annualisation of investments and impact from the onshoring strategy, headline loss before tax1 was £4.5m (H1 2025: £2.8m). The statutory loss (including exceptional costs) was £5.0m (H1 2025: £2.9m).

Headline basic loss per share1 was 31.4p (H1 2025: 20.5p).

1 Headline loss before tax, headline operating loss and headline earnings per share excludes exceptional items (see note 3).

Cash and balance sheet

The Group ended the first half of 2026 with net debt of £6.2m at 30 June 2026; this compares to net debt of £14.8m at 30 June 2025 and net debt of £17.5m at 31 December 2025. The reduction in net debt since the year end is largely driven by:

1. Equity raise of £17.2m net cash at the end of June; offset by
2. The year-to-date loss which was in line with expectations;
3. Net working capital outflow of £1.0m year-on-year due to normal seasonality.

Our stock balance at 30 June 2026 was £40.9m compared to £42.9m at 30 June 2025 and £39.0m at 31 December 2025. The increase since the year end is primarily driven by the seasonal increase in inventory held as we build stock for Q3 orders, with seasonal product in transit at the half year date. As is normal, we expect to see inventory levels decrease in the second half of the year as these orders are fulfilled and we remain committed to reducing stock levels over the medium term.

The Group continues to make good progress in responsibly clearing excess inventory, with £1.8m of clearance in the first half.  The Group has signed three pop-up clearance stores for between 8-12 weeks in premium factory outlet locations Gunwharf, Swindon and Trentham all on turn-over rents and requiring minimum fit out capex.  Further locations are in negotiation and expected to open ahead of the key Christmas and New Year trading period.  The Group remains on track to deliver its target of £4.0m of excess inventory clearance for the full year.

Dividend

No dividend is being proposed for the half year, in line with previous guidance and the focus on our ‘Fortress Balance Sheet’ and investing in growth.

Outlook

We have made a solid start to the second half of 2026, trading in line with expectations. The US continues to perform well, with strong demand for our iconic Spode Christmas Tree collection ahead of the important seasonal trading period. Our direct Amazon model is also performing strongly across the targeted Spode and Nambé brands.

Energy costs remain a material headwind for the industry, with the Group hedged to 31 March 2027. In May, the Government announced a £120m support package for the UK ceramics sector, although further details, including eligibility and timing, have yet to be published. Separately, calls to extend the British Industry Supercharger scheme to the ceramics sector were debated in Parliament on 6 July. At this stage, there is no clarity on the benefit of either initiative for the Group.

The UK consumer environment continues to be challenging, with continued macroeconomic pressures affecting discretionary spending. Against this backdrop, we continue to pursue commercial opportunities through new product launches and channel expansion. Our international markets continue to develop well, with good performance across key European markets and Australasia, alongside encouraging progress in Türkiye.

South Korea remains challenging due to legacy issues, elevated market inventory and foreign exchange headwinds. We have taken proactive steps to improve the Group’s credit control processes which resulted in an expected sales decline in H1 and we expect will continue in H2, but improved our credit risk profile. We expect this to be offset by performance elsewhere in the Group.

The Board is pleased to report that under the leadership of Michael Scheepers, who was appointed CEO on 11 May 2026, a significant number of operational and legacy issues are being identified and tackled. Michael and his leadership team are carefully balancing fixing the foundations and commercial delivery.  We remain mindful of the uncertain macroeconomic environment and the Group’s significant Q4 trading weighting. We remain focused on delivering our transformation plan and year end KPIs and great progress is being made during the second half 2026 to return us to growth in 2027.

We are excited about the future and the opportunities created through our ‘Elevated’ strategy. We are fast tracking key new global product launches under our Spode and Portmeirion brands.  We will ensure we have the right strategic relationships, distribution model, and customers in every market, to maximise the long-term potential of our brands and enhance their brand relevance and profile.

Michael Scheepers

Chief Executive

Unaudited Consolidated Income Statement
for the six months to 30 June 2026

	Notes	Six months to 30 June 2026 £’000	Six months to 30 June 2025 £’000	Year to 31 December 2025 £’000
Revenue	2	36,398	37,089	91,063
Operating costs		(39,531)	(38,974)	(95,656)
Operating loss before exceptional item		(3,133)	(1,885)	(4,593)
Exceptional item	3	(441)	(100)	(730)
Operating loss1		(3,574)	(1,985)	(5,323)
Interest income		-	-	102
Finance costs	4	(1,411)	(911)	(2,022)
Loss before tax		(4,985)	(2,896)	(7,243)
Tax	5	-	-	999
Loss for the period attributable to equity holders		(4,985)	(2,896)	(6,244)
Earnings per share:	7
Basic Diluted		(33.70p) (33.70p)	(21.04p) (21.00p)	(45.30p) (45.30p)
Dividends proposed and paid per share	6	0.00p	0.00p	0.00p

 1 The financial results for the period ended 30 June 2025 have been re-presented to include exceptional items within Operating loss. This is a reclassification in nature only to present exceptional costs within Operating loss bringing the presentation more in line with statutory format and representing a direct reconciliation to the operating result presented in the cashflow. The net results of the Group have not changed from that previously presented.

 

The results relate to continuing operations (2025: continued operations).
 

 

Unaudited Consolidated Statement of Comprehensive Income
for the six months to 30 June 2026

	Six months to 30 June 2026  £’000	Six months to 30 June 2025 £’000	Year to 31 December  2025 £’000
Loss for the period	(4,985)	(2,896)	(6,244)
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of net defined benefit pension scheme asset	-	-	(242)
Deferred tax relating to items that will not be reclassified subsequently to profit or loss	-	-	967
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations	228	(2,049)	(1,691)
Other comprehensive income/(loss) for the period	228	(2,049)	(966)
Total comprehensive loss for the period attributable to equity holders	(4,757)	(4,945)	(7,210)

Unaudited Consolidated Balance Sheet
for the six months to 30 June 2026

		30 June 2026  £’000	30 June 2025 £’000	31 December  2025 £’000
Non-current assets
Goodwill		1,749	1,749	1,749
Intangible assets		7,578	7,465	7,598
Property, plant, and equipment		13,355	13,881	13,579
Right-of-use assets		4,834	5,054	4,472
Pension scheme surplus		2,965	1,896	2,965
Total non-current assets		30,481	30,045	30,363
Current assets
Inventories		40,954	42,943	39,024
Trade and other receivables		15,841	14,426	19,092
Cash and cash equivalents		6,730	5,728	6,495
Total current assets		63,525	63,097	64,611
Total assets		94,006	93,142	94,974
Current liabilities
Trade and other payables		(13,499)	(13,765)	(16,091)
Current income tax liability		(34)	(56)	(76)
Borrowings		(12,920)	(20,500)	(24,000)
Lease liabilities		(2,374)	(1,895)	(1,719)
Total current liabilities		(28,827)	(36,216)	(41,886)
Non-current liabilities
Deferred tax liability		(1,412)	(2,547)	(1,403)
Lease liabilities		(2,970)	(3,745)	(3,305)
Total non-current liabilities		(4,382)	(6,292)	(4,708)
Total liabilities		(33,209)	(42,508)	(46,594)
Net assets		60,797	50,634	48,380
Equity
Called up share capital		2,568	710	710
Share premium account		33,648	18,344	18,344
Investment in own shares		(3,037)	(3,056)	(3,056)
Share-based payment reserve		-	30	28
Translation reserve		925	339	697
Retained earnings		26,693	34,267	31,657
Total equity		60,797	50,634	48,380

Unaudited Consolidated Statement of Changes in Equity
for the six months to 30 June 2026

	Share capital £’000	Share premium account £’000	Investment in own shares £’000	Share-based payment reserve £’000	Translation reserve £’000	Retained earnings £’000	Total £’000
At 1 January 2025	710	18,344	(3,108)	114	2,388	37,114	55,562
Loss for the period	-	-	-	-	-	(2,896)	(2,896)
Other comprehensive income for the period	-	-	-	-	(2,049)	-	(2,049)
Total comprehensive loss for the period	-	-	-	-	(2,049)	(2,896)	(4,945)
Increase in share-based payment reserve	-	-	-	17	-	-	17
Transfer on exercise or lapse of options	-	-	-	(101)	-	101	-
Shares issued under employee share schemes	-	-	52	-	-	(52)	-
At 30 June 2025	710	18,344	(3,056)	30	339	34,267	50,634
Loss for the period	-	-	-	-	-	(3,348)	(3,348)
Other comprehensive income for the period	-	-	-	-	358	725	1,083
Total comprehensive income for the period	-	-	-	-	358	(2,623)	(2,265)
Increase in share-based payment reserve	-	-	-	11	-	-	11
Transfer on exercise or lapse of options	-	-	-	(13)	-	13	-
At 31 December 2025	710	18,344	(3,056)	28	697	31,657	48,380
Loss for the period	-	-	-	-	-	(4,985)	(4,985)
Other comprehensive loss for the period	-	-	-	-	228	-	228
Total comprehensive loss for the period	-	-	-	-	228	(4,985)	(4,757)
Issue of new shares	1,858	15,304	-	-	-	-	17,162
Increase in share-based payment reserve	-	-	-	12	-	-	12
Transfer on exercise or lapse of options	-	-	-	(40)	-	40	-
Shares issued under employee share schemes	-	-	19	-	-	(19)	-
At 30 June 2026	2,568	33,648	(3,037)	-	925	26,693	60,797

 

Unaudited Consolidated Statement of Cash Flows
for the six months to 30 June 2026

	Six months to 30 June 2026 £’000	Six months to 30 June 2025 £’000	Year to 31 December 2025  £’000
Operating loss	(3,574)	(1,985)	(5,323)
Adjustments for:
Amortisation of intangible assets	398	389	784
Depreciation of property, plant, and equipment	575	593	1,241
Depreciation of right-of-use assets	987	1,025	2,175
Movement in additional inventories provision (non-cash)	(171)	-	2,952
Loss on disposal of fixed assets	-	-	10
Charge for share-based payments	12	17	29
Exchange gain/(loss)	40	(1,619)	(246)
Operating cash flows before movements in working capital	(1,733)	(1,580)	1,622
Increase in inventories	(1,671)	(4,709)	(4,596)
Decrease in receivables	3,327	6,620	751
(Decrease)/increase in payables	(2,626)	(143)	2,750
Cash (used by) / generated from operations	(2,703)	188	527
Interest paid on borrowings	(1,278)	(726)	(1,678)
Interest paid on lease liabilities	(133)	(185)	(344)
Income tax paid	(43)	(344)	(288)
Net cash outflow from operating activities	(4,157)	(1,067)	(1,783)
Investing activities
Purchase of property, plant, and equipment	(309)	(341)	(784)
Purchase of intangible assets	(337)	(244)	(574)
Net cash outflow from investing activities	(646)	(585)	(1,358)
Financing activities
Net proceeds from issue of shares	17,162	-	-
Capital element of lease payments	(1,036)	(982)	(2,507)
Drawdown/(repayment) of short-term borrowings	12,920	(2,500)	1,000
Repayments of borrowings	(24,000)	-	-
Net cash inflow/(outflow) from financing activities	5,046	(3,482)	(1,507)

Net increase/(decrease) in cash and cash equivalents	243	(5,134)	(4,648)
Cash and cash equivalents at beginning of period	6,495	10,897	10,897
Effect of foreign exchange rate changes	(8)	(35)	246
Cash and cash equivalents at end of period	6,730	5,728	6,495

 

Notes to the Interim Financial Information

1.     Basis of preparation

The financial information included in the interim results announcement for the six months to 30 June 2026 was approved by the Board on 23 September 2026.

The interim financial information for the six months to 30 June 2026 has not been audited or reviewed and does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The Company's statutory accounts for the year ended 31 December 2025, prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006.

The interim financial information has been prepared in accordance with IFRS on the historical cost basis, except that some derivative financial instruments are stated at their fair value. The same accounting policies, presentation and methods of computation are followed in the interim financial statements as were applied in the Group's last audited financial statements for the year ended 31 December 2025.

Statutory accounts for the year ended 31 December 2025 have been delivered to the Registrar of Companies.

Going concern

Management has assessed the Group’s liquidity, forecast cash generation, available facilities, covenant position and trading outlook through to December 2027. During the period to June 2026, the Group strengthened its financing position through the transition from the £30m Barclays Rolling Credit Facility to a £36m Asset Based Lending facility with Leumi UK, the completion of £17.2m net equity raise and receipt of a £2.2m ($3.0m) US tariff refund. Together with the reduction in net debt from £17.5m at FY25 to £6.2m at 30 June 2026, these factors provide a materially improved financial platform for the assessment period.

Trading performance and the latest forecast support the going concern conclusion. H1 2026 revenue was broadly in line with forecast, with Group sales at £36.4m and the tableware business growing year on year, including a return to double-digit growth in the USA. The latest forecast to December 2027 remains within expectations, supported by progress under the transformation plan, commercial resets in key markets, international growth, inventory reduction actions and continued development of strategic growth initiatives.

The latest forecast demonstrates sufficient liquidity and covenant headroom throughout the period under review, with facility headroom expected to remain over £13.0m at the end of December 2027 and no forecast liquidity pressure points identified. Net debt is expected to remain in line with forecast to December 2027.  Management expects the measurable collateral and financial covenants under the Leumi facility to pass and has not identified any matter expected to trigger a reportable covenant breach. Accordingly, the Board considers it appropriate to continue to prepare the accounts on a going concern basis, with no material uncertainties identified that would cast significant doubt on the Group’s ability to continue in operational existence and meet its liabilities as they fall due through to at least December 2027.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of condensed consolidated interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

The significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those detailed on page 76 of the Group’s 2025 Financial Statements.

Notes to the Interim Financial Information

Continued

2. Segmental analysis

The following tables provide an analysis of the Group’s revenue by operating segment and geographical market, irrespective of the origin of the products:

Operating segment	Six months to 30 June  2026 £’000	Six months to 30 June 2025 £’000	Year to 31 December 2025  £’000
UK	22,325	24,396	55,917
North America	14,073	12,693	35,146
	36,398	37,089	91,063

Geographical market	Six months to 30 June  2026 £’000	Six months to 30 June 2025 £’000	Year to 31 December 2025  £’000
United Kingdom	11,728	13,387	32,600
North America	13,934	12,602	35,406
South Korea	5,980	7,205	14,522
Rest of the World	4,756	3,895	8,535
	36,398	37,089	91,063

3.  Exceptional items

	Six months to 30 June  2026 £’000	Six months to 30 June 2025 £’000	Year to 31 December 2025  £’000
Restructuring costs	441	100	730
	441	100	730

Exceptional costs relate to re-organisations of the Group in both 2026 and 2025. All of these costs are exceptional in nature and non-recurring.

4.  Finance costs

	Six months to 30 June  2026 £’000	Six months to 30 June 2025 £’000	Year to 31 December 2025  £’000
Interest paid	1,278	726	1,678
Interest on lease liabilities	133	185	344
	1,411	911	2,022

Notes to the Interim Financial Information

Continued

5. Taxation

Tax for the interim period is charged at 0% (year to 31 December 2025: 25%) due to a loss being incurred during the period. The expected weighted average annual corporation tax rate for the year is 25%.

6. Dividend

The Directors recommend that no interim dividend for 2026 (2025: 0.00p) per ordinary share be paid.

7. Earnings per share

	Six months to 30 June  2026 £’000	Six months to 30 June 2025 £’000	Year to 31 December 2025  £’000
Earnings
Earnings for the purpose of basic and diluted earnings per share, being profit for the period attributable to equity holders	(4,985)	(2,896)	(6,244)

	Six months to 30 June  2026 £’000	Six months to 30 June 2025 £’000	Year to 31 December 2025  £’000
Number of shares
Weighted average number of shares for the purpose of basic earnings per share	14,813,522	13,763,712	13,775,265
Weighted average dilutive effect of conditional share awards	-	29,904	5,342
Weighted average number of shares for the purpose of diluted earnings per share	14,813,522	13,793,616	13,780,607

The calculation of basic and diluted headline earnings per share is based on the following data:

	Six months to 30 June  2026 £’000	Six months to 30 June 2025 £’000	Year to 31 December 2025  £’000
Loss for the period attributable to equity holders	(4,985)	(2,896)	(6,244)
Add back/(deduct):
Exceptional items	441	100	3,682
Tax effect of exceptional items	(111)	(25)	(924)
Headline earnings	(4,655)	(2,821)	(3,486)

Notes to the Interim Financial Information

Continued

8. Reconciliation of earnings before interest, tax, depreciation and amortisation (EBITDA)

Headline EBITDA

	Six months to 30 June  2026 £’000	Six months to 30 June 2025 £’000	Year to 31 December 2025  £’000
Headline operating loss	(3,133)	(1,885)	(4,593)
Add back:
Depreciation	1,562	1,618	3,416
Amortisation	398	389	784
Headline earnings before interest, tax, depreciation and amortisation	(1,173)	122	(393)

EBITDA

	Six months to 30 June  2026 £’000	Six months to 30 June 2025 £’000	Year to 31 December 2025  £’000
Operating loss	(3,574)	(1,985)	(5,323)
Add back:
Depreciation	1,562	1,618	3,416
Amortisation	398	389	784
Earnings before interest, tax, depreciation and amortisation	(1,614)	22	(1,123)

9. Retirement benefit schemes

Defined benefit scheme

The defined benefit obligation as at 30 June 2026 is calculated on a year-to-date basis, using the latest actuarial valuation as at 31 December 2025.

There have been no significant market fluctuations and significant one-off events, such as plan amendments, curtailments and settlements that have resulted in an adjustment to the actuarially determined pension cost since the end of the prior financial year.

The Group has made no contributions to the scheme during the period (2025: £Nil).

10.  Related party transactions

The Group’s related parties are as disclosed in the Report and Accounts for the year ended 31 December 2025. There were no material differences in related parties or related party transactions in the six months ended 30 June 2026 except for transactions with key management personnel.

11. Availability of document

          A copy of the interim results will shortly be available on the Company website at www.portmeiriongroup.com.  

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[1] Constant currency reflects the like-for-like performance by removing the impact of any changes in currency rates across the periods.  It is calculated by adjusting the current year value to reflect the average currency rate used for the prior period thereby removing the impact of currency in any comparative.

 

END