Portmeirion Group (PMP)

 

Portmeiron sees FY pretax profit slightly up on views

Portmeirion expects its FY 2016 pretax profit to be slightly ahead of market expectations, and confirmed that, as previously advised, its Indian and South Korean markets had been challenging during 2016.

It anticipated booking record FY revenues of more than £76m, an up at least 11% on the year. At a constant US dollar exchange rate our total Group revenue increase would have been nearer 7%.

"This is the eighth consecutive year in which we have achieved record sales," the company said.

The revenue contribution from Wax Lyrical, acquired in May 2016, was more than £10m. Wax Lyrical had performed in line with management's views.

Non-executive chair Dick Steele said that, as advised in the summer, Portmeiron's Indian and South Korean markets were challenging in 2016.

"Total revenues from these two markets were over £7m below the reported revenue for these markets in 2015," he noted.

"Nevertheless, as a group we have again produced record revenues, a result which shows how resilient the Group is to such external shocks. We look forward with confidence."

At 8:08am: (LON:PMP) Portmeirion Group PLC share price was +27.5p at 975p