Stoke-on-Trent-headquartered Portmeirion Group has reported pre-tax losses of £8.5m for 2023 but says the current 12 months is looking brighter with new product launches on the horizon.
The ceramic giant, which owns brands including Portmeirion, Spode, Royal Worcester and Wax Lyrical, also announced its revenue was down from £110.8m to £102.7m for the 12 months up to December 31.
Pre-tax profits were also down more than 60 per cent from £8m to £3m, with tough trading conditions in the USA and Asia cited as a major reason.
However, on the current financial year, Portmeirion said it was set to achieve profit expectations supported by a reorganisation to support a “leaner operating model” going forward.
The Group also announced it has posted a “good Christmas trading period” and that the Spode brand had continued to grow.
It also revealed a new Spode range, designed by Kit Kemp, had started to roll out within the Firmdale Hotel Group. The Group’s premier hotels using the ware include the Covent Garden and Knightsbridge Hotels in London and Warren Street Hotel in New York.
Mike Raybould, Chief Executive said: “Our brands continue to prove resilient despite the tougher economic backdrop for consumer goods.
“We are encouraged by our continued growth in ROW markets, a return to growth in our Wax Lyrical division and a good Christmas sales period.
“We expect US and UK markets will show modest growth in 2024 and are encouraged by our current US Christmas advance orders that are significantly ahead of last year.
“We will look to mitigate ongoing market conditions through an exciting line up of new product launches in 2024 targeted at both supporting our key heritage ranges and reaching new parts of the market
“During the year we were delighted to see our new Spode range, in collaboration with leading British interior designer Kit Kemp, start to roll out within the Firmdale Hotel Group.
“This new market segment provides greater visibility for our much loved ranges and we are excited by the opportunity to further leverage our brands.
“We are confident in the strength and resilience of our brands that have over 750 years of combined heritage and continue to grow market share even in the current tough macro-economic environment.
“We are pleased with the continued strategic progress we have made and remain confident in our long term strategy to grow sales and improve operating margins.
