Portmeirion enjoys strong trading ahead of royal wedding
Portmeirion, the Stoke-based AIM-listed manufacturer and distributor of household goods and pottery, reports strong trading through the Christmas period today.
The group says it expects profit before exceptional items and taxation, for the year ended December 31, 2010, to be in line with the revised market expectations.
In a statement, it said: “The group expects to report record revenues for the full year to December 31 of at least £50m.
“Over £13m of these sales were made under our Spode and Royal Worcester brands, well above the £12m target we referred to in our last trading update.
“2010 sales were excellent, particularly in the US, South Korea, Canada and Italy.
“Sales of Spode Christmas Tree in the US and Sophie Conran for Portmeirion products worldwide were particularly strong.
“In 2011, we will launch over 250 new products including a collection of Royal Worcester items to commemorate the royal wedding, for which we have already seen significant demand.
“The group’s net cash position has also improved considerably from £4.4m at the end of 2009 to over £6m at December 31, 2010.”
Non-executive chairman Dick Steele said: “To have grown sales to over £50m is a significant milestone for Portmeirion.
“It is pleasing to note that the growth in 2010 has been shared among all four of our brands: Portmeirion, Pimpernel, Spode and Royal Worcester”
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