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.
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.