Wax Lyrical acquisition lifts Portmeirion in first half

Sales at high-end homewares distributor Portmeirion rose 16% in its first half, it reported on Friday, with the acquired Wax Lyrical brand seeing its first full interim period as part of the group.

The AIM-traded company, which manufactures and distributes products under the Portmeirion, Spode, Royal Worcester and Pimpernel brands, acquired the Wax Lyrical brand and added it to its stable in May 2016.

Excluding sales from that brand, total group sales were still 3% ahead year-on-year in the six months to 30 June, though they reduced 1.9% on a constant currency basis.

“In light of this, we continue to expect profit before tax to be in line with market expectations for the full year,” the board said in its statement.

It said it would release its interim results for the first half on 3 August.