City briefs: Portmeirion, Severn Trent

Homewares manufacturer Portmeirion has reported a drop in revenues of 8% for the six months to 30 June.

The Stoke firm turned over £32m during the period, but is beginning to see a positive trend in sales now that retail stores have re-opened.

Portmeirion says it expects to see a low, single digit £m loss before tax for the first half of the year. Last year, the company made a profit of £500,000.

Severn Trent has said it will take a hit of between £50-85m due to the impact of Covid-19 on 2020/21 revenue.

The utilities giant said the Ofwat regulatory model will allow this cash to be recovered in 2022/23 and that it has been “encouraged” by cash collections “broadly in line” with the same period in 2019.