Portmeirion Group sees record sales in 2018

Homewares manufacturer and distributor Portmeirion Group updated the market on its trading on Thursday, saying it expected to report record revenue for the year ended 31 December of at least £89.2m.

The AIM-traded firm said that was ahead of market expectations, explaining that it was driven by “strong” growth across its key markets including the UK, US and South Korea.

That represented an increase of 5.2% over the previous year, and is was the 10th consecutive year in which the company achieved record sales.

At a constant dollar exchange rate, Portmeirion said its total group revenue increase would have been nearer to 6.8%.

The firm’s home fragrance business, acquired in 2016, continued to “thrive”, with the board saying it grew more than 11% year-on-year.

In addition, its ongoing focus on its own online sales yielded 20% growth over 2017.

As a result of the growth across the business, the board announced that it also expected profit before tax for the year ended 31 December to be ahead of market expectations.

“We are delighted to complete our 10th consecutive year of record sales,” said Portmeirion non-executive chairman Dick Steele.

“Our strategy of geographical diversification backed by product development and our portfolio of leading homeware brands continues to drive our business forward strongly.

“We will continue to invest in growing our business and look forward with confidence to 2019.”

Portmeirion Group said it would announce its preliminary results for the year ended 31 December on 21 March.