Luxury crockery manufacturer Portmeirion reported record revenues and profits last year, as worldwide demand for posh pottery proved more resilient than some would have expected amid the economic turmoil. Chief executive Lawrence Bryan is just as confident for the Diamond Jubilee year with a range of over 350 new products set to bolster demand for brands like Spode and Royal Worcester. He is not alone as broker Seymour Pierce upgraded 2012 EPS estimates by 9 per cent to 45.7p following these record numbers.
Around three-quarters of the Stoke-on-Trent-based china manufacturer 's sales are from overseas with the biggest market being the US, responsible for £21.4m of turnover. South Korea has also proved a lucrative market and demand for set piece bowls helped drive up revenues here 9.3 per cent to £10.7m. The company has plans to expand into China with a new distribution centre due to be completed next week.
In Europe, the UK reported the strongest growth with sales up 9.6 per cent to £13.9m. However, there are concerns over the Italian market as austerity measures could see sales drop, although Mr Bryan doesn't expect this to impact full-year results.
PORTMEIRION (PMP) | ||||
|---|---|---|---|---|
| ORD PRICE: | 477p | MARKET VALUE: | £49m | |
| TOUCH: | 470-485p | 12-MONTH HIGH: | 523p | LOW: 413p |
| DIVIDEND YIELD: | 4.1% | PE RATIO: | 11 | |
| NET ASSET VALUE: | 239p | NET CASH: | £6.8m | |
| Year to 31 Dec | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2007 | 32.0 | 4.42 | 30.8 | 14.7 |
| 2008 | 31.8 | 1.09 | 5.8 | 14.7 |
| 2009 | 43.2 | 3.72 | 24.7 | 15.8 |
| 2010 | 51.2 | 5.25 | 34.9 | 17.4 |
| 2011 | 53.6 | 6.33 | 43.9 | 19.6 |
| % change | +5 | +21 | +26 | +13 |
Ex-div: 25 Apr Payment: 23 May | ||||
