Homeware and pottery business Portmeirion spins up revenue boost

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The company’s profits also increased during the first half as consumers returned to their homes.

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Omeware and fine China company Portmeirion has been boosted by consumers’ return to lifestyle shopping, driving profit and revenue growth in the first half of the year.

The Stoke-on-Trent based business, which owns the Royal Worcester Fine China and Wax Lyrical Scented Candle brands, posted revenue of £45.4 million for the six months of the year, up 5 percent from £43.1 million during the previous same period. increased. year.

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Profit before tax increased from £1.5 million to £2 million during this period.

According to the company, group sales were 30% ahead of 2019’s pre-pandemic levels.

Portmeirion CEO Mike Raybould said the business was not immune to the macroeconomic headwinds created by the war in Ukraine, but Portmeirion’s brands remained in strong demand around the world.

“We have seen encouraging growth year on year through July and August.

“On the back of a record revenue year in 2021, our increasingly diverse sales markets and the continued execution of our strategy have enabled us to reinvest top line sales and bottom line profits in the first half,” he said.

The company said the impact of input cost inflation and labor market disruption was more significant than previously forecast as the business world grapples with the ongoing economic shock.

However, Portmeirion still expects operating margins to grow in the short-term in 2022 and predicts a “significant” bounce in the medium- and long-term “as and when macroeconomic conditions return to normal” and the value and business transformation of its brands “to become apparent.” goes”.

Portmeirion said it has now reinstated its interim dividend to shareholders that was deferred during the COVID-19 pandemic.

Last month, the company bought essential oils retailer AromaWorks London for £440,000 and snatched it from the jaws of administrators.

Credit: www.standard.co.uk /

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