Earnings Release • Jan 20, 2014
Earnings Release
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RNS Number : 0027Y
Portmeirion Group PLC
20 January 2014
20 January 2014
Portmeirion Group PLC ('Portmeirion' or 'the Group')
Trading Update
Portmeirion, the AIM listed manufacturer and worldwide distributor of high quality homewares, is pleased to confirm that, following strong trading through the last quarter of 2013, it expects its profit before taxation for the year to 31 December 2013 to be in line with market expectations.
The Group expects to report record revenues for the year ended 31 December 2013 of over £58 million, approximately 5% above last year. This is the fifth consecutive year in which we have achieved record sales.
The Group closed the year with a net cash balance of some £6 million at 31 December 2013 (2012 : £7.5 million). This was after spending £3.9 million to acquire the long leasehold interest in our Stoke-on-Trent warehouse during the year.
We expect to announce the Group's preliminary results for the year ended 31 December 2013 on 20 March 2014.
Dick Steele, Non-executive Chairman, said:
"I am delighted with the achievement of another record level of sales. The economic conditions in many of our markets remain challenging but we continue to drive growth through our strong brands, innovative designs and attention to quality."
Enquiries:
Portmeirion Group PLC:Dick Steele +44 (0) 1782 744721 [email protected]
Non-executive Chairman Brett Phillips, +44 (0) 1782 744721 [email protected]
Group Finance Director
Bell Pottinger:
Dan de Belder +44 (0) 207 861 3881 [email protected]
Kashara Taylor +44 (0) 207 861 3032 [email protected]
Panmure Gordon +44 (0) 207 886 2500
(Nominated Adviser and Broker):
Freddy Crossley/Nicola Marrin Corporate Finance
Adam Pollock Corporate Broking
This information is provided by RNS
The company news service from the London Stock Exchange
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