Portmeirion Share News (PMP)

Portmeirion Group PLC - homewares manufacturer based in Staffordshire, England - Expects 2020 revenue to be at least GBP87 million, down from GBP92.8 million in 2019, which is at least 6% ahead of market consensus expectations. Says this is following a strong second year-half and seasonal trading performance.

Notes second year-half sales were down 7% on a like-for-like basis from the prior year, representing a continued trend of improving sales for its homeware brands. Estimates 47% of total UK and US sales are made through online channels compared to 30% the previous year, and sales from e-commerce platforms grew by 60% from 2019, representing 13% of total group sales.

"Although 2020 has been a challenging year and our sales markets have been significantly impacted by Covid-19, we are hugely encouraged by the resilience of our brands and most recently our strong seasonal sales performance. We remain confident in our strategic plan, the strength of our brands and the long term opportunities to grow our business," says Chief Executive Mike Raybould.

Current stock price: 545.00 pence

Year-to-date change: up 9.0%

By Zoe Wickens; zoewickens@alliancenews.com

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