Improved productivity at Portmeirion Group’s Stoke-on-Trent factory has helped to lead the company to a record year for sales.
Preliminary results for the year to 31 December 2022 saw revenue increase five per cent to £110.8 million from £106 million in 2021, which is 19 per cent above pre-Covid levels.
Pre-tax profits rose from £5.9 million to £6.9 million over the same period, and headline profits hit £8 million, up from £7.2 million.
Online platforms have continued to grow despite physical retail stores reopening, and now represent 51 per cent of total sales in its core UK and US markets.
The company, which is based in Stoke-on-Trent, says it has achieved factory productivity gains from capital investments.
The success is also partly down to a strong Christmas trading period particularly in the US – its largest sales market – where the Spode Christmas Tree range remains a favourite.
Chief executive Mike Raybould said: “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 per cent of sales now outside of the UK. We saw strong sell through during our seasonal / Christmas trading with increased online penetration 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.”
There are plans to support and extend key heritage ranges and a Spode tableware and giftware collaboration with leading British interior designer Kit Kemp will take place in New York and London next month.
Mike added: “Trading for the first few months of 2023 remains in line with our expectations and we enter the new year with a healthy forward order book.
“We continue to focus on delivering on our significant long-term growth and margin improvement opportunity.
“The macroeconomic uncertainty looks to continue however our global diversification, strong balance sheet and encouraging customer outlook means we are well positioned for the year ahead.”
Portmeirion Group owns the Portmeirion, Spode, Royal Worcester, Pimpernel, Wax Lyrical and Nambé brands offering a wide range of homewares.
