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Portmeirion posts record annual revenue, double-digit profit growth, hikes full-year dividend

The AIM-listed ceramics manufacturer reported a 10% rise in pre-tax profit to £9.7mln for the year ended 31 December 2018, up from the £8.8mln recorded in the previous year
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Portmeirion saw its 2018 revenue increase by 5.7% to £89.6mln, up from £84.8mln in 2017, a tenth consecutive year of growth

Portmeirion Group PLC (LON:PMP) saw its shares rise on Thursday after the high-quality ceramics manufacturer reported record annual revenue, double-digit profit growth, and increased its full-year dividend.

Posting results for the year ended 31 December 2018, the AIM-listed company reported a 10% rise in pre-tax profit to £9.7mln, up from the £8.8mln recorded in the previous year.

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

The group saw its 2018 revenue increase by 5.7% to £89.6mln, up from £84.8mln in 2017, a tenth consecutive year of growth, boosted by strong progress in the UK, US and South Korea.

Dick Steele, Portmeirion’s non-executive chairman Dick Steele said: "We look forward into 2019 with confidence and at this very early stage of the year expect trading to be in line with expectations for the full year."

The group is proposing a final dividend for 2018 of 29.50p per share, up from 27.26p in 2017, making a total dividend for the year of 37.50p, up 8.2% on last year's 34.66p pay-out.

In late morning trading, Portmeirion shares were 2.7% higher at 1,065p.

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