Portmeirion pre-tax profits on target after bumper revenues

Kasmira Jefford
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PORTMEIRION Group, the china-maker best known for its Botanic Garden pattern and collection by Sophie Conran, said full-year profits are likely to be in-line with forecasts after enjoying a strong Christmas trading period.

The Aim-listed manufacturer said it expects to report revenues for the year to 31 December 2012 of over £55m, around three per cent above last year – its fourth consecutive year of record sales.

A strong performance in its UK and South Korean markets helped offset a fall in US sales, which Portmeirion said were hit by hurricane Sandy.

“The achievement of another record level of sales in such challenging conditions is highly satisfying,” Dick Steele, non-executive chairman, said.

“Our diversity of export markets has enabled us to balance harsh conditions in the US with opportunities elsewhere in the world.”

Analysts at Seymour Pierce expect the company to report a pre-tax profit of around £6.7m.

Portmeirion announced last week it has appointed Philip Atherton as its new sales and marketing director to accelerate its expansion overseas in its existing markets, such as Hungary and Canada, and to launch in new markets such as Russia and China.