Portmeirion remains cautiously optimistic as sales hit £110m

Portmeirion, the manufacturer, designer and distributor of homewares expects its 2022 sales to be at least £110m.
This is a 4% increase from 2021 and 4% ahead of market expectations. The Stoke-on-Trent-based firm which operates under the Portmeirion, Spode, Royal Worcester, Pimpernel, Wax Lyrical and Nambé brands, also revealed its sales are now 18% above pre-Covid 2019 levels.
The group says it expects its 2022 profit before tax to be 10% above the previous year, with improved operating margins and in line with market expectations.
CEO Mike Raybould said the firms sales outperformance benefitted from the retranslation of US dollar sales at a lower rate, and also from a stronger than expected seasonal trading performance in the US and South Korea.
Raybould said: “Our highly experienced teams continue to manage costs and successfully navigate the challenges of global supply chain disruption and ongoing effects of the war in Ukraine.
“Our sales footprint is increasingly diversified, with the US our largest sales market and 75% of sales now outside the UK, higher online channel penetration and clear evidence that our unique brands continue to resonate strongly with our end customers.
“Whilst we remain cautious in our outlook for 2023 given the backdrop of expected weaker consumer demand, we believe that the Group is well placed for growth as conditions improve.
“We will continue to focus on our long term strategy of driving growth through greater customer reach via further geographical expansion, building online channels and leveraging our brands. We expect to improve operating margins further in 2023 through ongoing implementation of operational efficiencies, driving operating margin towards our longer-term target of more than 13%”.
The group is launching new products in 2023, including Spode tableware and giftware collaboration with British interior designer, Kit Kemp.
Preliminary results for the year ended 31 December 2022 will be announced on 23 March 2023.