Management Reports • Jan 21, 2013
Management Reports
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RNS Number : 9625V
Portmeirion Group PLC
21 January 2013
21 January 2013
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 December, it expects its profit before taxation for the year to 31 December 2012 to be in line with market expectations.
The Group expects to report record revenues for the year ended 31 December 2012 of over £55 million, approximately 3% above last year. It is gratifying to achieve record sales for the fourth consecutive year despite the continuing difficult economic conditions in most of our major markets. The UK and South Korean markets continued to perform well. However, revenues in the US were affected by a number of adverse factors, including Superstorm Sandy, which has resulted in US sales being below last year.
The Group continued to improve its cash position during 2012, closing the year with a net cash balance of over £7.0 million at 31 December 2012 (2011: £6.8 million).
We expect to announce the Group's preliminary results for the year ended 31 December 2012 on 21 March 2013.
Dick Steele, Non-executive Chairman, said:
"The achievement of another record level of sales in such challenging conditions is highly satisfying. Our established strategy of product design, product quality, a powerful international sales team and financial prudence continues to serve us well. In particular, our diversity of export markets has enabled us to balance harsh conditions in the US with opportunities elsewhere in the world."
Enquiries:
Portmeirion Group PLC:Dick Steele +44 (0) 1782 744 721 [email protected]
Non-executive Chairman
Brett Phillips, +44 (0) 1782 744 721 [email protected]
Group Finance Director
Seymour Pierce Limited (Nominated Adviser and Broker):
Mark Percy +44 (0) 207 107 8000 [email protected]
Catherine Leftley [email protected]
Corporate Broking:
David Banks +44 (0) 207 107 8011 [email protected]
Katie Ratner +44 (0) 207 107 8058 [email protected]
Pelham Bell Pottinger:
Dan de Belder +44 (0) 207 861 3881 [email protected]
Julia Hanrahan +44 (0) 207 861 3982 [email protected]
This information is provided by RNS
The company news service from the London Stock Exchange
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