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Portmeirion shares crack as it warns overseas troubles will put a big dent in this year’s profits

While the UK and US are performing well, Portmeirion has seen a bigger-than-expected drop in sales in some of its overseas markets, particularly Korea

portmeirion plates
Sales are down 10% so far this year

Shares in Portmeirion Group PLC (LON:PMP) cracked on Tuesday as the pottery company warned this year’s profits will be “significantly below” current market expectations.

Stoke-on-Trent-based Portmeirion blamed the bleak outlook on slowing demand for its cups and plates in some of its international markets, particularly Korea.

READ: Portmeirion posts record annual revenue as it hikes divi

After a strong end to 2018, bosses had always expected a drop-off in overseas sales at the start of this year, but the slowdown has been more pronounced than they had expected.

Even with decent showings in its two largest markets – the UK and the US – sales are down 10% so far in 2019.

“While the total effect on group sales is expected to be less than that for the full year, the board now expects profit before taxation for the full year will be significantly below market expectations,” read the gloomy statement.

“We do not anticipate this leading to a change in our expectations for dividend payments in the current year.”

Portmeirion shares lost a quarter of their value in early deals on Tuesday, falling to 913p.

Quick facts: Portmeirion

Price: 800 GBX

AIM:PMP
Market: AIM
Market Cap: £87.02 m
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