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Portmeirion ( (GB:PMP) ) has issued an update.
Portmeirion Group PLC has announced a trading update revealing that its FY24 revenue is expected to be approximately £90 million, with a profit before tax of £1.0 million, falling below market expectations. This shortfall is attributed to supply chain disruptions, destocking in South Korea, and challenging market conditions exacerbated by political events. Despite these challenges, the company remains optimistic about the medium-term outlook, driven by potential growth in the US market, the strong performance of its Wax Lyrical division, and strategic actions taken to enhance its supply chain and product offerings. The company aims to leverage growing consumer demand for its brands and expects sales to rebound in 2025.
More about Portmeirion
Portmeirion Group PLC is a leading omni-channel British ceramics manufacturer and retailer, renowned for its homeware brands like Portmeirion, Spode, Royal Worcester, Pimpernel, Wax Lyrical, and Nambé. Headquartered in Stoke-on-Trent, UK, the company operates globally, with a strong presence in the US, UK, and South Korea. Its growth strategy emphasizes expanding international sales, developing online channels, and launching new products to widen market appeal.
YTD Price Performance: -28.27%
Average Trading Volume: 14,002
Technical Sentiment Consensus Rating: Strong Buy
Current Market Cap: £28.21M
For detailed information about PMP stock, go to TipRanks’ Stock Analysis page.
