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Portmeirion RNS Release

Preliminary Results year ended 31 December 2014


RNS Number : 2208H
Portmeirion Group PLC
12 March 2015
 



12 March 2015

 

Portmeirion Group PLC ('Portmeirion' or 'the Group')

 

Preliminary results for the year ended 31 December 2014

 

 

Financial summary


 

2014

£m

 

2013

£m

 

Increase

%

Revenue

61.4

58.3

5.3

Pre-tax profit

7.6

7.0

8.6

EBITDA

8.9

8.3

7.4

Basic earnings per share

57.64p

53.26p

8.2

Dividends paid and proposed per share in respect of the year

26.50p

24.00p

10.4

 

 

 

Highlights:

 

Financial

·    Sixth consecutive year of record Group revenue with growth of 5.3% to £61.4 million (2013: £58.3 million)

·    Profit before tax increased 8.6% to a record £7.6 million (2013: £7.0 million)

·    Total dividend paid and proposed for 2014 increased by 10.4% to a record 26.50p (2013: 24.00p)

·    Revenue growth in key markets of USA, UK and South Korea

·    Strong revenue growth of over 25% in other export markets

 

 

Operational

·    Approved £1.5 million investment in a new kiln and other equipment which will increase manufacturing capacity in the UK by over 50%

·    Growth in online revenue of over 70% to £2.0 million (2013: £1.1 million)

·    Record production levels with 17% increase to 150,000 best pieces per week (2013: 128,000)

·    Exciting new ceramic range with Ted Baker announced

·    80 new jobs created



Dick Steele, Non-executive Chairman commented:

 

"We are delighted to be reporting another record year.  Our core values of innovation, targeted product development and operational excellence remain unchanged.  We remain confident for the future; the outlook for 2015 is positive."

 

 

 

 

 

ENQUIRIES:

 

Portmeirion Group PLC:



Dick Steele

+44 (0) 1782 744 721

[email protected]

Non-executive Chairman

Brett Phillips

 

+44 (0) 1782 744 721

 

[email protected]

Group Finance Director

 



Bell Pottinger:



Dan de Belder

+44 (0) 203 772 2561

[email protected]

Kashara Taylor

+44 (0) 203 772 2593

[email protected]




Panmure Gordon

(Nominated Adviser and Broker):

 

+44 (0) 207 886 2500


Freddy Crossley / Duncan Monteith


Corporate Finance

Tom Salvesen / Maisie Atkinson


Corporate Broking

 



Portmeirion Group PLC

Business Review

 

Portmeirion enjoyed a sixth successive year of record sales in 2014 with revenues and earnings being driven to their highest ever levels. This outcome, together with our confidence for the future, has enabled us to increase our dividend for the sixth successive year. We have improved our sales in the United States but have continued to be adversely impacted in Europe with the ongoing Anti-Dumping Duty. Our diversified product range, supply base and wide markets have enabled us to maintain our steady progress. 

 

Dividends

The Board is recommending a final dividend of 21.00 pence per share bringing the total paid and proposed for the year to 26.50 pence per share, an increase of 10.4% over the total amounts paid in respect of 2013 and a 10.5% increase over the final dividend for 2013.

 

The final dividend will be paid, subject to shareholders' approval at the AGM on 19 May 2015, on 27 May 2015 to shareholders on the register on 24 April 2015.

 

The dividends paid and proposed for 2014 are covered 2.2 times by earnings (2013: 2.2 times). The Board continues to consider that a level of dividend being twice covered is an appropriate and sustainable level for the business.  

 

Over the last six years we have increased our total dividends by an average of 10.3% per annum compound and our total dividend is now 80% higher than it was in 2008.

 

We listed on the London Stock Exchange 27 years ago in 1988; the issue price of our shares at flotation was £1.80 each. Our share price has grown nearly fivefold since 1988 and our total dividends have amounted to £3.41 per share during that period. We have never cut or withheld our dividend as a listed company.

 

The Board is committed to a progressive dividend policy; we believe that this is what our shareholders expect of us, why they bought Portmeirion shares and why they continue to hold them. We aim to maintain a sustainable and fair level of dividend cover and to increase our dividends whenever our results, cash balances and prudent views of future trading and business investment needs allow us so to do. Our consistent policy is to increase the interim dividend each year by the same percentage as the final dividend of the preceding year, subject of course to prevailing conditions.

 

Revenues

Revenues were £61.4 million for the year, an increase of 5.3% over the previous year (2013: £58.3 million). This represents a sixth successive year of record revenues for the Company. At a constant US dollar exchange rate our revenue increase would have been even higher at 7.6%.

 

Our largest market remains the United States, which represents nearly a third of our sales. We finished the year 1.0% above last year in translated figures in the United States, but by 6.4% in local currency. Better rates of employment and lower fuel costs continue to improve our prospects in the United States.

 

The United Kingdom remains our second largest market accounting for just over a quarter of our revenues; here we increased sales by 3.3% over 2013. At just under a quarter of our sales South Korea had another good year for us with a sales increase of 2.0%. Sales growth in the rest of the world was an impressive 25.3% during the year, with a starring performance in India which grew by 84% to take that market to our fourth largest at nearly 4% of sales. We supply our products to over sixty countries throughout the world.

 

Online sales, principally to United Kingdom and United States customers, were £2.0 million and are included in the sales figures quoted above. This was an excellent increase at 74% above 2013. The increase in the United States, which commenced online sales in the second half of 2013, was 178%; we increased United Kingdom online sales by 36%. This route to market currently shows no signs of cooling.

 

We continue to be well served by our diversified strategy encompassing widely differing geographies, products, customers and routes to market. These strategies enable us to pursue opportunities as and when they appear.

 

Profits

Earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 7.4% to £8.9 million in the year (2013: £8.3 million). Profit before taxation was £7.6 million, an increase of 8.6% over the comparative year (2013: £7.0 million). Both of these figures represent another record year for Portmeirion.

 

Basic earnings per share increased by 8.2%, dividends have been increased by 10.4%; dividend cover is fractionally below last year but still well within comfort levels.

 

EBITDA and profit growth continue to be ahead of revenue growth, albeit only marginally as we are increasingly nudging against manufacturing inefficiencies.

 

We continue to suffer from the imposition of Anti-Dumping Duty which has been forced on some of our European sales. The cost to the business in 2014 was approximately £0.8 million.

 

Nearly all of our corporate profits are subject to taxation in either the United Kingdom or the United States.  We do not engage in any exotic tax planning exercises. The corporate taxation which we paid in 2014 amounted to £1.5 million.

 

Balance Sheet

High inventories have been a factor this year; as we have struggled to achieve the stock deliveries demanded by our customer base, our stock receipts, balances and controls have been less than optimum with peak stocks in 2014 hitting £17.3 million; these were reduced to £15.5 million by the year end, £3.8 million above 2013. This is an area for further management focus in 2015. Our stock provisioning policies are unchanged and rigorous.

 

Cash balances finished the year at £5.9 million, being £0.3 million below 2013 year end. Stronger stock controls would have added more cash from our stock balances, but at the expense of revenue and profits.  Cash balances remain strong even after paying dividends of £2.6 million, corporate taxation of £1.5 million and capital investments of £0.9 million during 2014.

 

The pension scheme deficit on the defined benefit scheme which we closed sixteen years ago increased to £4.2 million from £2.4 million at the year end predominantly because of the discount rates used to evaluate the liabilities. £0.8 million of cash contributions were made to this scheme in 2014; there was no trading benefit to Portmeirion Group from the payment.

 

We have used treasury shares with a book value of £37,834 to satisfy share options exercised during the year, these treasury shares were originally bought at an average price of £1.87 each. We have 282,388 treasury shares remaining on the balance sheet which will be used to satisfy share options where appropriate. We have also acquired a further 95,671 shares for an employee benefit trust during the year. Our balance of such employee benefit trust shares now stands at 189,671, these will also be used to satisfy share options.

 

Products and Brands

We have four brand names - Portmeirion, Spode, Royal Worcester and Pimpernel. It is in our brands that much of the value of Portmeirion Group lies. The long and illustrious history of our brands stretches back to the mid eighteenth century with Spode and Royal Worcester. Some of our major tableware patterns are also brand names in their own rights.

 

Portmeirion Botanic Garden is a major pattern with a worldwide following. Since its launch in 1972 it has continued to evolve and grow. Sales last year were over £28 million, a conservative estimate would be that over 50 million pieces of Botanic Garden are still in use and on display all over the world. Other companies have tried to imitate the success of Botanic Garden and we are alert to any infringement of our intellectual property. Botanic Garden remains at the heart of our future prosperity.

 

Spode Christmas Tree is our second largest pattern, its main market is in North America where it consistently achieves sales in excess of $10 million per annum. From shortly after its launch in 1938 Christmas Tree has been a dominant Christmas tableware pattern; we also have other Christmas patterns such as The Holly and The Ivy, Sophie Conran for Portmeirion Christmas and Christmas Wish.

 

Our oldest continuous pattern is Spode Blue Italian, a traditional cobalt blue on finest English earthenware. In 2016 Blue Italian will have enjoyed 200 years of sales and we plan to celebrate this anniversary.

 

We have just launched Ted Baker Portmeirion tableware patterns, we have high hopes for these ranges and early responses are encouraging.

 

Product development remains key to our future. We continue to develop, extend, refresh and refine our existing patterns, and to launch new patterns and products, so as to retain and improve customer appeal. Central to our product development work is commercial reality; innovation is important but it is subordinate to profit. The Ted Baker Portmeirion launch in 2015 is a great example of new pattern development (albeit drawing heavily on a shape that we first introduced fifty years ago).The forty new SKUs introduced into Botanic Garden in 2014 clearly show the continuing development of existing patterns.

 

A list of our current patterns can be found at www.portmeirion.co.uk, www.spode.co.uk, www.royalworcester.co.uk and www.pimpernelinternational.co.uk.

 

Production and Sourcing

Whether our sales are of United Kingdom manufactured product or overseas sourced product is determined by the products being demanded. Our Stoke-on-Trent factory produces finest English earthenware, it does not produce bone china or porcelain which are different clay mixes and have different firing temperatures. Irrespective of the place of production all of our products are manufactured to our exacting quality standards and carry our reputation on the backstamp.

 

The mix between own manufactured and sourced product was 48:52 in 2014, whereas in 2013 it was 44:56 and in 2012 it was 41:59. With steadily increasing sales overlaid on this trend it is clear that our own production is rising. Our factory has been at the forefront of our results for 2014 as greater production volumes have continued to be driven out, albeit at some cost to production and working capital efficiencies. Average weekly production of best quality pieces is a reasonable proxy for production volume; in 2014 we achieved 150,000 per week, in 2013 it was 128,000 per week and in 2012 115,000 per week. In January 2015 we announced an extensive expansion of our production capacity in Stoke-on-Trent. By the last quarter of 2015 we will have commissioned a new tunnel kiln and other associated production equipment at a cost of £1.5 million which will be met from our current cash facilities. This expansion will enable us to drive our UK production to 250,000 per week; as demand increases we will be able to meet it.

 

Despite a 16% increase in sales of own manufactured products in 2014, energy costs only increased by 2.6% as we continued to drive firing efficiencies and benefitted from energy price reductions.

 

People

We created 80 new jobs in 2014; the average number of employees during the year increased from 578 to 631. We anticipate further job creation in 2015. Average sales per employee were £97,258 in 2014, a marginal fall on 2013 reflecting, in part, the inherent inefficiencies that we met as production levels were driven closer to capacity constraints. EBITDA per employee was £14,059, also showing a marginal reduction on 2013 for similar reasons to sales.

 

We are the first company in the UK to receive the Investment in Young People award.  This award recognises the practical support and considerable time and effort we have committed towards the development of employability skills and identification of potential career options of local young people.

 

Staff costs are the biggest item of expense in our business. Most of our people are in the United Kingdom, and the majority are based at our Stoke-on-Trent factory and warehouse sites. We employ 36 people in the United States, mainly at our Connecticut warehouse, but also in our Manhattan office and showroom. Total staff costs were £17.9 million in 2014, an increase of 10.8% over 2013 compared to a 9.2% increase in staff numbers. Average staff cost per head is £28,331.

 

We operate a non-contractual annual incentive scheme; for 2014 most of our people received a payment under this scheme by way of thanks for their contribution to the continuing success of Portmeirion.

 

The Environment

We recognise our environmental responsibilities and strive for more efficient use of resources and elimination of waste with considerable success.  For example, we have achieved a reduction of 16.7% in our 'Primary Specific Energy Consumption', a measure of energy efficiency under our Climate Change Agreement, for the period from 2013 to 2014.

 

Risks

Our annual report and accounts lists the principal risks to which we consider the business is subject; five of these risks merit a little more discussion here:

 

Currency risks remain broadly covered as our US dollar receivables from our US sales are matched by our US dollar payables for our purchases from the Far East. Other foreign exchange net exposures are managed as appropriate.

 

Political and regulatory decisions are often unforeseen. The recent Anti-Dumping Duty problems from Brussels were not on the horizon until three years ago, similarly we have to worry about carbon tax measures when compared to other economic areas. The 1997 political decision about pension schemes referred to below were completely unforeseen but the impact continues. We remain as alert as possible to these dangers and mitigate them as best we can.

 

Energy costs are a major item of expenditure for us. Recent energy pricing has proved favourable and we will maintain our aggressive stance on energy conservation.

 

We have a diversified approach to product sourcing, from our own factory and other sources in the UK and overseas. This diversification increases the likelihood of problems occurring, but also increases our ability to deal with those problems.

 

Our long closed defined benefit pension scheme continues to absorb cash. In 2014 we paid in £0.8 million with no future economic benefit for the business, however this does not affect reported profits by this amount. We continue to take action to de-risk this scheme.

 

Corporate Governance

We are an AIM listed company and so are not subject to the full panoply of listing requirements and corporate governance rules which apply to companies on the main market. Nevertheless, we recognise and welcome the benefits of many of these corporate governance requirements which are not mandated upon us and we implement them enthusiastically when we can see tangible shareholder benefit. We consider our approach to be forward looking in a number of areas, in particular in seeking annual re-election of all directors and in the strenuous efforts which we make to get shareholders to engage with us.

 

We will continue to be energetic but practical in our pursuit of effective and efficient corporate governance relative to our size, markets and business structure. The guidance provided by the Quoted Companies Alliance is a vital yardstick for companies of our size.

 

Outlook

Our business is worldwide for revenues and for supplies; our ranges have longevity and our brands have a value far above the figures ascribed to them in our balance sheet.

 

Our strategy and core values remain unchanged; we believe in attentive design, assured quality, a professional sales approach, nurtured brands, prudent financing and progressive dividends. The greatest of these is dividends, and they depend on the others.

 

We continue to seek out acquisition opportunities to match our demanding criteria.        

 

Trading in the first two months of the current year is ahead of the comparative period in 2014.  However, as we have become increasingly second-half weighted, sales in these months are low in comparison to the rest of the year. We remain confident in our business model for the short and long terms.          

 

 

Richard Steele                                               Lawrence Bryan

Non-executive Chairman                               Chief Executive



CONSOLIDATED INCOME STATEMENT

For the year ended 31 December 2014

 

 


Notes

2014

£'000

2013

£'000

 

Revenue

 

3

 

61,370

 

58,295

Operating costs


(53,811)

(51,233)

 

Operating profit

 

 

 

7,559

 

7,062

 

Interest income

 

 

 

16

 

52

Finance costs

5

(152)

(246)

Share of profit of associated undertakings


188

141

 

Profit before tax

 

 

 

7,611

 

7,009

 

Tax

 

 

 

(1,538)

 

(1,400)

 

Profit for the year attributable to equity holders

 

 

 

6,073

 

5,609

 

Earnings per share

 

2

 

57.64p

 

53.26p

 

Diluted earnings per share

 

2

 

57.30p

 

52.84p

 

Dividends paid and proposed per share

 

4

 

26.50p

 

24.00p

 

 

All the above figures relate to continuing operations.

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the year ended 31 December 2014

 

 



2014

£'000

2013

£'000

 

Profit for the year


 

6,073

 

5,609

Items that will not be reclassified subsequently to profit or loss:




Remeasurement of net defined benefit liability


(2,455)

1,947

Deferred tax relating to items that will not be reclassified subsequently to profit or loss


 

491

 

(660)

Items that will be reclassified subsequently to profit or loss:




Exchange differences on translation of foreign operations


368

(156)

Deferred tax relating to items that may be reclassified subsequently to profit or loss


 

45

 

(28)

Other comprehensive income for the year


(1,551)

1,103

Total comprehensive income for the year attributable to equity holders


4,522

6,712

 

CONSOLIDATED BALANCE SHEET

31 December 2014

 

 



2014

£'000

2013

£'000

 

Non-current assets

 

 



Intangible assets


1,177

1,419

Property, plant and equipment


9,168

9,285

Interests in associates


1,854

1,778

Deferred tax asset


832

222

Total non-current assets


13,031

12,704

 

Current assets




Inventories


15,544

11,713

Trade and other receivables


10,772

10,889

Cash and cash equivalents


5,905

6,205

Total current assets


32,221

28,807

 

Total assets

 

 

 

45,252

 

41,511

 

Current liabilities




Trade and other payables


(6,856)

(6,465)

Current income tax liabilities


(1,196)

(1,141)

Total current liabilities


(8,052)

(7,606)

 

Non-current liabilities




Pension scheme deficit


(4,153)

(2,404)

Total non-current liabilities


(4,153)

(2,404)

 

Total liabilities

 

 

 

(12,205)

 

(10,010)

Net assets


33,047

31,501

 

Equity




Called up share capital


549

548

Share premium account


6,456

6,375

Investment in own shares


(1,814)

(1,139)

Share-based payment reserve


292

742

Translation reserve


1,012

599

Retained earnings


26,552

24,376

Total equity


33,047

31,501

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the year ended 31 December 2014

 

 

 



 

 

Share

capital

£'000

 

Share

premium

account

£'000

 

Investment in own shares £'000

Share-based payment

reserve

£'000

 

 

Translation

reserve

£'000

 

 

Retained

earnings

£'000

 

 

 

Total

£'000

At 1 January 2013

541

5,802

(767)

601

783

19,887

26,847

Profit for the year

-

-

-

-

-

5,609

5,609

Other comprehensive income for the year

 

-

 

-

 

-

 

-

 

(184)

 

1,287

 

1,103

Total comprehensive income for the year

 

-

 

-

 

-

 

-

 

(184)

 

6,896

 

6,712

Dividends paid

-

-

-

-

-

(2,376)

(2,376)

Increase in share-based payment reserve

 

-

 

-

 

-

 

141

 

-

 

-

 

141

Shares issued under employee share schemes

 

7

 

             573

 

202

 

-

 

-

 

(60)

 

722

Purchase of own shares

-

-

(574)

-

-

(3)

(577)

Deferred tax on share-based payment

 

-

 

-

 

-

 

-

 

-

 

32

 

32

At 1 January 2014

548

6,375

(1,139)

742

599

24,376

31,501

Profit for the year

-

-

-

-

-

6,073

6,073

Other comprehensive income for the year

 

-

 

-

 

-

 

-

 

413

 

(1,964)

 

(1,551)

Total comprehensive income for the year

 

-

 

-

 

-

 

-

 

413

 

4,109

 

4,522

Dividends paid

-

-

-

-

-

(2,587)

(2,587)

Increase in share-based payment reserve

 

-

 

-

 

-

 

194

 

-

 

-

 

194

Transfer on exercise or lapse of options

 

-

 

-

 

-

 

(644)

 

-

 

644

 

-

Shares issued under employee share schemes

 

1

 

81

 

38

 

-

 

-

 

(34)

 

86

Purchase of own shares

-

-

(713)

-

-

(3)

(716)

Deferred tax on share- based payment

 

-

 

-

 

-

 

-

 

-

 

47

 

47

At 31 December 2014

549

6,456

(1,814)

292

1,012

26,552

33,047

 

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended 31 December 2014

 

 


2014

£'000

2013

£'000

 

Operating profit

 

7,559

 

7,062

Adjustments for:



Depreciation of property, plant and equipment

1,001

906

Amortisation of intangible assets

311

289

Contributions to defined benefit pension scheme

(800)

(800)

Charge for share-based payments

194

141

Exchange (loss)/gain

(20)

37

Profit on sale of tangible fixed assets

-

(9)

Operating cash flows before movements in working capital

8,245

7,626

Increase in inventories

(3,506)

(200)

Decrease/(increase) in receivables

332

(1,369)

Increase in payables

316

771

Cash generated from operations

5,387

6,828

Interest paid

(59)

(30)

Income taxes paid

(1,525)

(1,261)

Net cash from operating activities

3,803

5,537

Investing activities



Interest received

16

76

Proceeds on disposal of property, plant and equipment

16

46

Purchase of property, plant and equipment

(860)

(4,579)

Purchase of intangible assets

(69)

(99)

Net cash outflow from investing activities

(897)

(4,556)

Financing activities



Equity dividends paid

(2,587)

(2,376)

Shares issued under employee share schemes

86

722

Purchase of own shares

(716)

(577)

Net cash outflow from financing activities

(3,217)

(2,231)

Net decrease in cash and cash equivalents

(311)

(1,250)

Cash and cash equivalents at beginning of year

6,205

7,450

Effect of foreign exchange rate changes

11

5

Cash and cash equivalents at end of year

5,905

6,205

 

NOTES TO THE PRELIMINARY RESULTS

 

 

1.             This announcement was approved by the Board of Directors on 11 March 2015.

 

1.1          The financial information set out above does not constitute the Company's statutory accounts for the years ended 31 December 2014 or 2013, but is derived from those accounts.  Statutory accounts for 2013 have been delivered to the Registrar of Companies and those for 2014 will be delivered following the Company's Annual General Meeting.  The auditors have reported on those accounts: their reports were unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under Sections 498(2) or (3) of the Companies Act 2006.

1.2          For the year ended 31 December 2014 the Group has prepared its annual report and accounts in accordance with accounting standards adopted for use in the European Union (International Financial Reporting Standards).

 

This financial information has been prepared in accordance with the accounting policies stated in the Group's financial statements for the year ended 31 December 2014.

 

The financial statements have been prepared on the historical cost basis, with the exception of derivative financial instruments which are stated at their fair value.

 

1.3          At 31 December 2014 the Group had a cash balance of £5.9 million and an unused bank facility with available funding of £4 million.  It manufactures approximately 48% of its products and sources the remainder from third party suppliers.  The Group sells into a number of different markets worldwide and has a spread of customers within its major UK and US markets.

 

After making enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future.  Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

 

 

NOTES TO THE PRELIMINARY RESULTS

Continued

 

2.             Earnings per share

 

The calculation of basic and diluted earnings per share is based on the following data:

 


Earnings

£'000

2014

Weighted

average

number of

shares

Earnings

per share

(pence)

Earnings

£'000

2013

Weighted

average number of

shares

Earnings

per

share

(pence)

Basic earnings per share

6,073

10,535,950

57.64

5,609

10,531,715

53.26

Effect of dilutive securities:

employee share options

 

-

 

62,308

 

-

 

-

 

82,372

 

-

Diluted earnings per share

6,073

10,598,258

57.30

5,609

10,614,087

52.84

 

 

 

3.             Geographical analysis

 

The following table provides an analysis of the Group's revenue by geographical market, irrespective of the origin of the products:

 


2014

£'000

2013

£'000

 

United Kingdom

 

15,939

 

15,435

United States

20,052

19,854

South Korea

15,077

14,783

Rest of the World

10,302

8,223


61,370

58,295

 

 

4.             Dividends

 

The Directors recommend that a final dividend for 2014 of 21.00p (2013: 19.00p) per ordinary share be paid, subject to shareholders' approval, on 27 May 2015 to shareholders on the register on 24 April 2015.  The total dividend paid and proposed for the year is 26.50p (2013: 24.00p) per share.


NOTES TO THE PRELIMINARY RESULTS

Continued

 

5.             Finance costs


2014

£'000

2013

£'000

 

Interest paid

 

43

 

43

Realised losses on financial derivatives

3

7

Unrealised losses on financial derivatives

12

-

Defined benefit pension scheme - other finance costs

94

196


152

246

 

 

 

6.             Reconciliation of earnings before interest, tax, depreciation and amortisation (EBITDA)


2014

£'000

2013

£'000

 

Operating profit

 

7,559

 

7,062

Add back:



Depreciation

1,001

906

Amortisation

311

289

Earnings before interest, tax, depreciation and amortisation

8,871

8,257

 

 

The accounts for the year ended 31 December 2014 will be posted to shareholders on or before 16 April 2015 and laid before the Company at the Annual General Meeting on 19 May 2015.  Copies will be available from the Company Secretary at Portmeirion Group PLC, London Road, Stoke-on-Trent, Staffs., ST4 7QQ, or from the website www.portmeiriongroup.com.

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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