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Wax Lyrical spares Portmeirion's blushes

Internet and home fragrances successes were overshadowed by a disastrous year of trading in India and South Korea
Wax Lyrical spares Portmeirion's blushes

Home fragrances specialist Wax Lyrical and the weak pound helped cover over the cracks of what was otherwise a difficult year for Portmeirion (PMP). The posh crockery maker began its results presentation boasting about an eighth consecutive year of record revenues. Exclude the £10.4m contribution from Wax Lyrical, acquired by the group last May, and record statutory revenues (see table) are reduced to £66.3m, a decline of 3 per cent.

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Turnover in India tanked from £5.8m in 2015 to £1.1m, after a mischievous distributor assured management of vigorous demand, before flogging products destined for the country elsewhere. Plenty of that same crockery ended up in South Korea, a difficult market itself, where revenues slid 21 per cent to £10m.

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