Group flags return to growth in 2026 following tariff disruption and transformation costs
After a short-lived early flourish, Portmeirion shares fell 8% to 90p on Tuesday after the homeware business confirmed a headline pre-tax loss of £3.5 million for 2025, as US tariff pressures and restructuring costs offset improved sales momentum in the second half.
Full-year revenue rose 1% at constant currency to £91 million, with underlying growth of 8% excluding the impact of North America, its largest and most profitable market.
US sales declined 7% as the company withdrew from off-price retail channels and cancelled certain China-made seasonal product lines.
Chief executive Mike Raybould said the group had “taken bold decisions” to position the business for long-term growth, including strategic changes to its product mix, onshoring of Stoke-on-Trent-made goods, and several senior hires in commercial, product and North American leadership roles.
A strong festive season saw improved sell-through of Spode ‘Christmas Tree’ lines in the US, growth of 6% in UK tableware during H2, and a 26% sales rebound in South Korea. International markets rose 14%, supported by the Q4 launch of a Botanic Garden Cookware range.
The company ended 2025 with net debt of £17.5 million, up from £12.1 million the year prior. This reflected the impact of US stock costs and the group’s reported loss, though Portmeirion said it had worked closely with sole lender Barclays to revise debt covenants.
Raybould said the business was “confident we can return to growth” in 2026, with further product launches under the Spode and Portmeirion brands and a strong pipeline supported by a recent trade show in Atlanta.
The company also committed to responsibly managing excess inventory to protect long-term brand value.