STAFFORDSHIRE pottery group Portmeirion boosted shareholders today with the announcement that pre-tax profits for the year to December 31 are likely to be significantly ahead of expectations.
The AIM-listed firm, best known for its floral designs, said group revenues for the six months to June 30, 2010 were 24% ahead of last year and continued to be significantly up on last year during the second half.
Investors reacted well to the news and share prices rose by more than 10% in early trading.
The firm said it had enjoyed a strong first half in terms of exports with sales particularly strong in markets such as the United States, South Korea and Canada.
It said these markets had continued to be robust during the second half of the year.
The group also owns the famous Spode and Royal Worcester brands and it said these had also performed strongly during the year with sales up more than 40% on 2009, exceeding the £12m target set by the company last year.
Investment in the continued development of its four main brands: Portmeirion, Spode, Royal Worcester and Pimpernel will continue, the group said.
The aim is to launch around 250 new products next year, including a collection of Royal Worcester items to commemorate the Royal Wedding of Prince William and Kate Middleton.
A further update, which will include the Christmas trading period, will be announced in January.
Dick Steele, Portmeirion’s non-executive chairman, said: “We are delighted that 2010 will be another record year for sales as we continue to capitalise on the Spode and Royal Worcester brands. Our investment in new products under both these and our Portmeirion and Pimpernel brands has contributed greatly to our revenue growth.”
