Pottery firm Portmeirion predicts profits ahead of expectations
STOKE-ON-TRENT pottery manufacturer Portmeirion has told shareholders it expects pre-tax profits for the year to December 31, 2015 to be slightly ahead of expectations.
The AIM-listed company said it also expected to report record revenues for the year, at more than £68m, an increase of at least 11% over the previous year.
This is the seventh consecutive year in which the firm has achieved record sales. At a constant US dollar exchange rate its revenue increase would have been at least 8%.
On the production side, the company its new kiln, which it announced last year, was installed and commissioned during 2015 within timescale and budget without any disruption to existing production. The kiln will be brought into live production from the beginning of February to meet expected demand for UK manufactured product in 2016.
Dick Steele, non-executive chairman, said: “I am delighted with the achievement of another record level of sales. Sales performance in the UK has been particularly robust throughout 2015, with strong growth in online sales, and the US performed strongly in the run up to Christmas. We look forward with confidence.”
The group expects to announce its preliminary results for the year ended December 31, 2015 on March 9, 2016. The board said it remained committed to a progressive dividend policy.
