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[March 2001]
Portmeirion Group PLC Annual Results
For the year to 31 December 2000, sales for Portmeirion Group were £30.727 million, an 11.9% increase over the previous year. The profit before tax of £3.351 million compares with £2.823 million in 1999, an increase of 18.7%. Earnings per share were 22.19p as against 18.50p the previous year. The Board is recommending a final dividend of 9.95p, bringing the total to 13.25p for the year. This is unchanged from 1999. The dividend cover is 1.7.
Chairman Arthur Ralley commented: "During 2000, the steady development of the business continued in all departments. Sales in our two most important markets, the UK and the USA, have been good, increasing by 20% in the US and some 15% in the UK. We are concentrating considerable effort on Japan and the Far East, where we believe we have good prospects. To that end we have formed a wholly owned subsidiary in Japan. The climate is improving for exports to the European markets and we expect gains there in the current year.
Our product development strategy is now delivering excellent results. Enhancements to our classic ranges, with the emphasis on the world famous Botanic Garden and Pomona patterns, has rejuvenated the offer, leading to significantly improved sales in both the UK and USA. Two new contemporary collections, Dawn and Dusk, were introduced during the first half of the year. Both ranges have achieved excellent sales and enhanced our reputation for innovative and creative design.
Two new collections of tableware and giftware, Beachcomber and Amabel, have been launched during February 2001. Our reputation for exciting new products has enabled us to achieve immediate acceptance and sales with a large number of our retail customers, both in the home market and overseas. Our product development plans will ensure that we maintain the momentum that has now been generated.
....We now have a strong management team, led by the Chief Executive, Kami Farhadi, and we have added to the executive management team where new skills were required. Given the pace of change and development in the Group, investment in management expertise will continue to be a priority. We have further strengthened the Board of Directors to meet the challenges before us, by appointing Janis Kong as a Non-Executive Director. She is currently Managing Director of Gatwick Airport, part of BAA plc, and has wide business experience. Euan Cooper-Willis, our previous Chairman, continues to make a very valuable contribution in the role of Non-Executive Director and consultant".
ENDS