LONDON (Alliance News) - Ceramics and homeware business Portmeirion Group PLC Thursday reported a 6.3% increase in profit in 2013, despite difficulties in its largest market - the US.
The company posted pretax profit of GBP7.0 million for 2013, up from GBP6.6 million, as revenue climbed 5.0% to GBP58.3 million, from GBP55.5 million in 2012.
Earnings before interest, taxation, depreciation and amortisation rose 5.8% to GBP8.3 million from GBP7.8 million.
Portmeirion said profit and EBITDA growth continued to outstrip revenue growth "as we built upon our efficiency drives from prior years". However, profits were held back by the Anti-Dumping Duty imposed on some of its European sales.
The firm said its largest and most important pattern remains Portmeirion Botanic Garden - accounting for over 40% of sales. Portmeirion said demand for Botanic Garden has been strong during 2013, largely from South Korea, and this has driven increased production through its Stoke-on-Trent factory.
However geographically, it said the US market has been difficult, meaning sales fell 1.8% in sterling terms and 3.1% in local currency. The US represents over a third of the company's sales.
Portmeirion's second largest market - the UK - did better, with sales up 3.5%. It accounts for 26% of total group sales.
Financially, the firm said it has a strong balance sheet with cash at GBP6.2 million, down slightly from GBP7.5 million.
On the back of its strong performance, the firm said it will pay a final dividend of 19.00 pence, up from 17.30 pence, making a total dividend of 24.00 pence, compared with 21.80 pence a year earlier.
The stock was trading at 760.00 pence Thursday afternoon, up 10.00 pence or 1.3%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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Portmeirion (PMP)