Portmeirion Warns Solid First Half Does Not Guarantee Strong Year

Thu, 06th Aug 2015 07:39

LONDON (Alliance News) - Portmeirion Group PLC Thursday reported a rise in revenue and profit in the first half of 2015, but the company warned the strong performance in the first half does not guarantee a similar performance in the second.

The homeware company reported a higher pretax profit of GBP1.8 million in the first half of 2015 compared to the GBP1.2 million profit made a year earlier as revenue climbed to GBP27.9 million from GBP24.5 million.

Earnings before interest, tax, depreciation and amortisation was up by 23% to GBP2.3 million from GBP1.9 million, with earnings per share rising 41% to 13.01 pence from 9.21 pence.

Portmeirion upped its interim dividend to 6.10 pence per share from the 5.50 pence per share paid in the first half of 2014.

Production from its Stoke-on-Trent factory continued to operate at "record levels", averaging 155,000 finished pieces per week, a higher rate than the 150,000 pieces per week produced on average in the whole of 2014.

However, the company said the strong first half performance does not guarantee a similar second half.

"The performance of Portmeirion Group for the first six months of 2015 has been very encouraging. However, it is too early to imply second half increases at a similar level. Our results for the full year are always significantly weighted towards the second half," said the company in a statement.

Portmeirion said its first half results in 2014 only contributed 40% of full year revenues and 16% of pretax profits in 2014.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

Portmeirion