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Portmeirion Group reports drop in profits after challenging six months

In a trading statement last month the company warned there would be a “material” drop in profits after an unexpected decrease in demand from Asia.
Portmeirion Group reports drop in profits after challenging six months
While revenues grew 2% to £28.5mln in the six months ended in June, pre-tax profit dropped 22% to £1.4mln

It has been a challenging six months for Portmeirion Group PLC (LON:PMP), maker and purveyor of fine china.

In a trading statement last month the company warned there would be a “material” drop in profits after an unexpected decrease in demand from Asia.

“We strongly believe that this is a short term set back and we remain confident in our medium and long term prospects,” said chairman Dick Steele today.

While revenues grew 2% to £28.5mln in the six months ended in June, pre-tax profit dropped 22% to £1.4mln.

Investors will be well looked after with a 15% hike to the interim dividend, which comes in at 7p a share.

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