UK revenue up for Portmeirion

Specialist potteries company "pleased" with its preliminary results for 2008.
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The Portmeirion Group has revealed its preliminary results for the year ended December 31st, with revenue essentially flat, but UK revenue up slightly.

Revenue for the year was £31.8 million - down a touch from the £32.0 million reported in 2007. Export revenue excluding the US was up by 2.1 per cent, while UK revenue rose by 9.9 per cent. US revenue, however, was down by 10.9 per cent.

The firm's balance sheet remains strong, with cash balance up 45.4 per cent to £3.938 million (2007: £2.708 million).

"We are pleased with these results, achieved despite the very difficult retail environment in which we have been operating," said Dick Steele, non-executive chairman of Portmeirion. "The US market has been extremely challenging in 2008, but our other key markets have performed well given the global economic situation. This is a result of our ability to deliver designs that cater for global markets.

"In the coming year we will continue to develop the brand with an emphasis on product design in order to generate long-term sales increases.

"We have the brand, we have the product and we have the people. We will continue to drive sales, return on sales and dividend payments."

Steele added that the first two months of the current year have shown a six per cent increase over the corresponding period last year.

The company has a number of licences in its portfolio including The Very Hungry Caterpillar.

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