Sales at Portmeirion Group are expected to have hit at least £110 million last year.
Strong Christmas trading and “robust” demand across its portfolio of consumer goods brands means the firm estimates full year sales will be four per cent higher than 2021 and four per cent ahead of market expectations. Its group sales are now 18 per cent above pre-Covid levels.
The Stoke-on-Trent company is also expecting its annual pre-tax profit to be 10 per cent higher than in the previous year, which stood at £7.2 million.
Portmeirion Group owns the Portmeirion, Spode, Royal Worcester, Pimpernel, Wax Lyrical and Nambé brands offering a wide range of high-quality homewares.
Its largest sales market is the US and 75 per cent of its sales are now outside the UK.
In a trading update, Chief Executive Officer Mike Raybould said revenue has benefitted from the retranslation of US dollar sales at a lower rate and from a stronger than expected seasonal trading performance in the US and South Korea.
He said: “Our highly experienced sales teams continue to manage costs and successfully navigate the challenges of global supply chain disruption and ongoing effects of the war in Ukraine.”
He added: “Whilst we remain cautious in our outlook for 2023 given the backdrop of expected weaker consumer demand we believe that the Group is well placed for growth as conditions improve.
“We will continue to focus on our long term strategy of driving growth through greater customer reach via further geographical expansion, building online channels and leveraging our brands.
“We expect to improve operating margins further in 2023 through ongoing implementation of operational efficiencies, driving operating margin towards our longer-term target of more than 13 per cent.”
Portmeirion Group’s announcement follows one by Churchill China, who last week said it is expecting a jump in profits.
