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[December 2008]
Portmeirion Trading Update
Following Thanksgiving Day in the USA and in the run up to Christmas the Board of Portmeirion has provided an update on trading. Portmeirion plans to announce its full year results in late March 2009.
The company announced that revenues for the first 11 months of 2008 were trending downwards and currently stood at 1.3% above last year, compared to 5.6% higher at the half-year point. Portmeirion's largest market, the USA, has remained difficult with sales falling by 13%. Revenues in the UK, the company's second largest market were, however, nearly 10% above last year.
These revenue figures were described as disappointing because they are significantly below the levels budgeted for this financial year by the company. The Board said it took little comfort from the even greater difficulties besetting the sector in general. As a result it believes that the group's profit for the year ending 31 December 2008 will be significantly below market expectations.
The Board said it remained committed to maintaining returns to shareholders and said it was confident in the long term viability of its business model.
ENDS