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20 Jan 2011 07:00
Trading UpdatePortmeirion Group PLC('Portmeirion' or 'the Group')
20 January 2011
Portmeirion, the AIM listed manufacturer and worldwide distributor of household goods, is pleased to report strong trading through the Christmas period and, following the positive trading update on 15 December, expects its profit before exceptional items and taxation for the year to 31 December 2010 to be in line with the revised market expectations.
The Group expects to report record revenues for the full year to 31 December 2010 of at least £50 million. Over £13 million of these sales were made under our Spode and Royal Worcester brands, well above the £12 million target we referred to in our last trading update.
2010 sales were excellent, particularly in the US, South Korea, Canada and Italy. Sales of Spode Christmas Tree in the US and Sophie Conran for Portmeirion products worldwide were particularly strong. In 2011 we will launch over 250 new products including a collection of Royal Worcester items to commemorate the Royal Wedding, for which we have already seen significant demand.
The Group's net cash position has also improved considerably from £4.4 million at the end of 2009 to over £6 million at 31 December 2010.
We expect to announce the Group's preliminary results for the year ended 31 December 2010 on 23 March 2011.
Dick Steele, Non-executive Chairman, said:
"To have grown sales to over £50 million is a significant milestone for Portmeirion. It is pleasing to note that the growth in 2010 has been shared among all four of our brands: Portmeirion, Pimpernel, Spode and Royal Worcester"
Enquiries:
Portmeirion Group PLC:Dick Steele +44 (0) 1782 744 721 steele_clan@msn.comNon-executive Chairman Brett Phillips +44 (0) 1782 744 721 bphillips@portmeiriongroup.comGroup Finance Director
Seymour Pierce Limited (Nominated Adviser and Broker):
Freddy Crossley +44 (0) 207 107 8000 freddycrossley@seymourpierce.com
Catherine Leftley catherineleftley@seymourpierce.com
Corporate Broking:
David Banks +44 (0) 207 107 8011 davidbanks@seymourpierce.com
Katie Ratner +44 (0) 207 107 8058 katieratner@seymourpierce.com
Pelham Bell Pottinger:
Dan de Belder +44 (0) 207 861 3881 ddebelder@pelhambellpottinger.co.uk
Lucy Frankland +44 (0) 207 861 3885 lfrankland@pelhambellpottinger.co.uk
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