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[August 2000]
Portmeirion Continues to Build on Previously Improved Performance
For the six months to 30 June 2000, Portmeirion Group plc recorded turnover up 13.5% to 14.898 million, profit before tax up 18.5% to 1.097 million and earnings per share up 21% to 7.09p. The Board decided to declare an unchanged interim dividend of 3.3p per share.
Chairman Arthur Ralley said:
"It is encouraging to report that the results continue to be positive. We have continued to build on the improved performance of the second half of 1999. The total sales increase of 13.5% included a 23% increase in the UK and a 13% increase in the USA, our two major markets. Sales to the EU were some 18% higher.
"The new product ranges have contributed greatly to this improved performance. The 'Seasons Collection', launched last year, has continued to sell very well and our two new ranges launched this spring, 'Dawn' and 'Dusk' have been a great success.
"Our strategy of product diversification into other areas of home-ware and giftware, including lines of glass, metal and textiles, continues under the 'Portmeirion' brand and is being very well received by our major customers. The range of outsourced non-ceramic products enhances our overall product offer, adding variety and interest and we will continue to pursue this strategy.
"Our manufacturing efficiency is steadily improving, as we begin to reap the benefits of our 'lean' manufacturing techniques. As a result, the operating margin has improved, and we expect this improvement to continue.
"We have now had notice that we will receive grants totalling approximately 3.1 million towards the cost of building our Visitors Centre and high technology factory extension. We will now proceed with this project, which will further enhance the Portmeirion brand image while generating additional sales and profits.
"The second half of the year has started well and we view the future with growing confidence. The company will continue to emphasise high quality design, and the designers themselves, in our marketing effort in order to further enhance Portmeirion's reputation as a leading brand for style and quality, both classic and contemporary."
ENDS