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Portmeirion expects to report record revenue for 2018, sees profits ahead of market forecasts

The AIM-listed company said it expects its revenue to grow by 5.2% to at least £89.2mln, driven by "strong" growth across its key markets including the UK, US and South Korea
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Portmeirion said, at constant dollar exchange rates, its total group revenue increase for 2018 would have been nearer to 6.8%

Portmeirion Group PLC (LON:PMP) saw its shares jump higher on Thursday after the high-quality homewares manufacturer said it expects to report record revenue for 2018 and sees profits ahead of market forecasts.

In a trading update for the year ended 31 December, the AIM-listed company said it expects its revenue to grow by 5.2% to at least £89.2mln, driven by "strong" growth across its key markets including the UK, US and South Korea.

READ: Portmeirion shares gain as first-half profits jump by almost a third after strong trading performance

The company – which owns the Portmeirion, Spode, Royal Worcester, Pimpernel and Wax Lyrical brand - said, at constant dollar exchange rates, its total group revenue increase for 2018 would have been nearer to 6.8%.

The firm noted that its home fragrance business, acquired in 2016, continued to thrive, with a growth of more than 11% year-on-year in 2018

In addition, the company said, its ongoing focus on online sales yielded 20% year-on-year growth.

Dick Steele, Portmeirion’s non-executive chairman, commented: "We are delighted to complete our tenth consecutive year of record sales.”

He added: “We will continue to invest in growing our business and look forward with confidence to 2019."

The firm expects to announce its preliminary results for the year ended 31 December 2018 on Thursday 21 March 2019.

In late afternoon trading, Portmeirion shares were 7% higher at 1,070p.

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