Portmeirion Group PLC Trading Update (5453U)
19 January 2017 - 6:00PM
UK Regulatory
TIDMPMP
RNS Number : 5453U
Portmeirion Group PLC
19 January 2017
19 January 2017
Portmeirion Group PLC ('Portmeirion' or 'the Group')
Trading Update
Portmeirion, the manufacturer and worldwide distributor of high
quality homewares under the Portmeirion, Spode, Royal Worcester and
Wax Lyrical brands is pleased to confirm that it expects profit
before taxation for the year to 31 December 2016 to be slightly
ahead of market expectations.
The Group expects to report record revenues for the year ended
31 December 2016 of over GBP76 million, an increase of at least 11%
above the previous year. This is the eighth consecutive year in
which we have achieved record sales. The revenue contribution from
Wax Lyrical, which we acquired on 4 May 2016, was over GBP10
million. Wax Lyrical has performed in line with management's
expectations. At a constant US dollar exchange rate our total Group
revenue increase would have been nearer 7%.
We expect to announce the Group's preliminary results for the
year ended 31 December 2016 on 9 March 2017. The Board remains
committed to a progressive dividend policy.
Dick Steele, Non-executive Chairman, said:
"As we advised in the summer, our Indian and South Korean
markets have been challenging in 2016; total revenues from these
two markets were over GBP7 million below the reported revenue for
these markets in 2015. Nevertheless, as a Group we have again
produced record revenues, a result which shows how resilient the
Group is to such external shocks. We look forward with
confidence."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014 (MAR).
Enquiries:
Portmeirion Group PLC:
Dick Steele +44 (0) 1782 744721 steele_clan@msn.com
Non-executive Chairman
Brett Phillips +44 (0) 1782 744721 bphillips@portmeiriongroup.com
Group Finance Director
Bell Pottinger:
Dan de Belder / Saskia Lumley +44 (0) 203 772 2500 ddebelder@bellpottinger.com
Panmure Gordon +44 (0) 207 886 2500
(Nominated Adviser and Broker):
Freddy Crossley / Duncan Monteith Corporate Finance
Tom Salvesen Corporate Broking
Cantor Fitzgerald Europe +44 (0) 207 894 7000
(Joint Broker):
Catherine Leftley / Marc Milmo Corporate Finance
David Banks Sales
This information is provided by RNS
The company news service from the London Stock Exchange
END
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