Portmeirion Share News (PMP)

LONDON (Alliance News) - Portmeirion Group PLC on Thursday reported an increase in revenue and profit in 2017, noting this was "a ninth consecutive year of record sales and earnings", and issued a positive outlook for further strong growth in 2018.

The homewares manufacturer and distributor, whose porcelain brands also include Spode and Royal Worcester, generated revenue of GBP84.8 million of 2017, up 11% from GBP76.7 million the prior year. The pretax profit recorded GBP8.8 million, up 1.3% from GBP7.8 million.

The UK and USA markets contributed to the strong revenue growth of the company. Portmeirion said that there was a strong progress on growth and diversification in export markets and "the export markets showed excellent growth with sales to 'rest of the world' up 54.4% over 2016". The integration of Wax Lyrical candle and home fragrance business, which was acquired by Portmeirion in May 2016, also was completed.

The dividends paid and proposed for 2017 increased by 7.5% to 34.66p per share compared to 32.25p in the past year.

"We are delighted to be reporting a ninth consecutive year of record revenue and a record profit before taxation. Our core values of innovation, targeted product development and operational excellence remain unchanged, and we are pleased to report on the successful integration of the Wax Lyrical home fragrance business into the group. Trading in the first two months of the current year is ahead of the comparative period in 2017. The outlook for 2018 is positive, and we remain confident for the future," said Non-Executive Chairman Dick Steele.

Shares in Portmeirion Group was 1.1% up at 1,049.00 pence on Thursday.