Stoke-on-Trent-based pottery firm, Portmeirion’s revenue exceeded the £90million milestone in 2019, growing by £3.3million…
Leading ceramic manufacturer, Portmeirion – who trade from their Headquarters in Stoke-on-Trent, Staffordshire – have reported revenue growth of £3.3m (3.68%) for 2019, up to £92.8m from £89.5m (2018).
However, actions to protect the company’s brands in South Korea have resulted in a drop for pre-tax profits for 2019 – down to £7.1m from £9.7m (2018).
Chief Executive of Portmeirion, Mike Raybould commented:
"We are pleased that many parts of our business continued to perform strongly in 2019.
"The actions we took to protect our brands in the South Korean market resulted in a reduction in our like-for-like sales and profit in 2019.
"However, we have strengthened our teams and processes and start 2020 stronger as a result.
"We have a strong balance sheet and good headroom in our bank facilities which will support our business as we navigate the fast evolving Covid-19 situation, and we have already made several steps to preserve our short term cash flow including deferring our final dividend decision until we have more certainty on the impact on the group.
"We are confident in the long term that by investing in our unique portfolio of brands and new product pipeline that we will continue to grow our business around the world.
"We are excited by the opportunities that online, new sales markets and the recent acquisition of Nambé present."
As the outbreak of Covid-19 continues, Portmeirion have confirmed that it is not recommending a final dividend at present.
The company issued the following statement to the London Stock Exchange:
"We have a strong balance sheet and extensive bank facilities and headroom in place.
"We have put contingency plans in place for Covid-19 across our business.
"These include looking after the health and safety of our staff as well as managing both potential supply chain risk and impacts on sales markets around the world.
"At the time of writing, we have seen only minor disruption to our supply chains and our factories are working against good sales order books.
"We continue to monitor our key sales markets around the world closely. Given that South Korea, our third largest market, has already seen a substantial outbreak of the virus and the fast changing situation in the UK and USA it is prudent to assume there will be further disruption to come.
"We will continue to adapt and flex our contingency plans over the coming weeks."