Last checked at 30 Sep 2019 16:00
30 September 2019
Portmeirion Group PLC
(the "Company" or the "Group")
Sale of Shareholding in Furlong Mills
Portmeirion Group PLC ( AIM:PMP )the designer, manufacturer and worldwide distributor of high quality homewares under the Portmeirion, Spode, Royal Worcester, Pimpernel, Wax Lyrical and Nambé brands announces that it has sold its 44.5% stake in Furlong Mills Limited, a supplier of clay and glazes.
The sale is for £3.26m and will drive an extraordinary profit in 2019 of £0.9m.
The Group will continue to source its raw materials for its Stoke ceramic factory from Furlong Mills Limited and has signed a long term supply contract that closely mirrors its historical trading relationship with the Mill.
Dick Steele, Non-Executive Chairman, said:
"Our focus remains on growth, profitability, dividends and return on capital employed. We have a long term relationship with Furlong Mills and will continue to work closely with them. Following our recent acquisition of Nambé and the opportunities we see within the Group, we believe this capital can be better employed to fuel the future growth and performance of our business."
ENQUIRIES:
Portmeirion Group PLC:
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Dick Steele, Non-executive Chairman | +44 (0) 1782 744721 | steele_clan@msn.com |
Mike Raybould, Chief Executive | +44 (0) 1782 744721 | mraybould@portmeiriongroup.com |
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Hudson Sandler: | ||
Dan de Belder Nick Moore | +44 (0) 207 796 4133 | ddebelder@hudsonsandler.com nmoore@hudsonsandler.com |
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Panmure Gordon: | ||
(Nominated Adviser and Broker) | +44 (0) 207 886 2500 |
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Freddy Crossley / Joanna Langley |
| Corporate Finance |
James Stearns |
| Corporate Broking
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Cantor Fitzgerald Europe: | ||
(Joint Broker) | +44 (0) 207 894 7000 |
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Phil Davies / Rick Thompson |
| Corporate Finance |
Casper Shand Kydd |
| Sales
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