Pottery maker serves up success on a plate
STOKE-ON-TRENT pottery maker Portmeirion has said it expects to report record revenues for the full year, up 4% on 2010.
The AIM-listed manufacturer said it had seen strong trading in December and confirmed it expected pre-tax profit for the year to December 31, 2011 to be in line with market expectations.
The group expects to report full-year revenues of more than £53m, the third year running it has defied the economic gloom and reported record revenues.
It said that if the same dollar exchange rate used to translate US dollar sales in 2010 was applied, then 2011 group revenues would show a 6% increase over the previous year.
The group said sales in its three largest markets – the US, UK and South Korea – all showed increases over 2010.
The manufacturer said it had again ended the year with a strong cash position. Its net cash balance was £6.8m at December 31, 2011 (2010: £6.2m).
Dick Steele, non-executive chairman, said: “This robust performance has been achieved in the most challenging of economic environments. Our worldwide sales channels, strong brands, emphasis on design and insistence on quality all continue to underpin the success of our business.”
The group expects to publish its full-year results on March 22.
