Portmeirion (AIM:PMP) Group PLC’s shares soared 19% in early trading after the homewares manufacturer forecast sales of at least £110mln in 2022.
This would be 4% ahead of 2021 and 4% above consensus market expectations, it said, adding group sales are now 18% ahead of pre-Covid levels.
As a result, pre-tax profits are seen rising 10% over 2021, with improved operating margins, and in line with market expectations.
The owner of the Royal Worcester and Nambé brands reported trading had been strong over Christmas with robust demand across its portfolio.
Mike Raybould, chief executive, commented: “The sales outperformance benefits from the retranslation of US dollar sales at a lower rate (which benefits revenue but not profitability) and also a stronger-than-expected seasonal trading performance in our US market and continued momentum in South Korea.”
He said the US was now its largest market, with 75% of sales now outside the UK.