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Portmeirion reports record year

The Portmeirion Group has announced a record sales year in its preliminary results for the year ended 31 December, 2022, saying the results show a continued resilience of its brands and strong global demand.

Group sales for the year increased 5% to £110.8 million, and were up 19% over pre-Covid levels (2019: £92.8m). Operating margin increased from 7.2% to 7.8% with the group reiterating its long-term ambition to improve the operating margin to 12.5%.

Profit before tax for the full year was £8 million, compared to £7.2 million in 2021, and £7.4 million in 2019.

Sales from online platforms have continued to grow over the year, despite physical retail stores reopening, and now represent 51% of sales in the UK and US markets.

2023 is off to a good start and the group says the first few months have been in line with its expectations and forward order books remain healthy.

Mike Raybould, chief executive, commented: “I am delighted that our brands continue to resonate so well with customers around the world despite the tougher economic backdrop. We have benefited from our diversified, global sales geography with 75% of sales now outside of the UK.

“We saw strong sell through during our seasonal/Christmas trading with increased online penetrations and successful new product extensions. Ongoing productivity improvements in our UK ceramic factory with the continued investment in automation, together with our long-term energy price hedge in place until Q1 FY24, helped us to mitigate higher input cost inflation and still grow operating margins.

“We have a strong new product pipeline and look forward to launching our new product ranges over the next 18 months. Our ambition is to support and extend our key heritage ranges including Portmeirion Botanic Garden and Spode Christmas Tree as well as taking further share in contemporary product categories. We will launch our Spode tableware and giftware collaboration with leading British interior designer Kit Kemp in New York and London in April 2023.”

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