These full-year numbers from Portmeirion (PMP) suggest the company is back on track after weak demand in Asia produced a disappointing 2016 performance. It’s not that the Asian market has necessarily improved, but sales in the UK and US have made up for the continued lacklustre performance. Sales in South Korea still fell by a third to £6.6m in 2017, but it's hoped a greater variety of products will attract new customers.
Thankfully, solid sales growth of 6 per cent in the UK to £28.8m was aided by the now-complete acquisition of candle maker Wax Lyrical. Management says it's “cautiously optimistic” about the UK retail sector, despite continued challenges and uncertainty. A more positive tone was struck in the US, where sales rose 3.9 per cent following a good holiday trading period.
Analysts at Cantor Fitzgerald expect pre-tax profit of £9.6m in 2018, giving EPS of 72.6p, compared with £8.8m and 64.8p in 2017.
PORTMEIRION (PMP) | ||||
ORD PRICE: | 1,045p | MARKET VALUE: | £114m | |
TOUCH: | 1,045-1,050p | 12-MONTH HIGH: | 1,050p | LOW: 830p |
DIVIDEND YIELD: | 3.3% | PE RATIO: | 16 | |
NET ASSET VALUE: | 411p* | NET CASH: | £1.6m |
Year to 31 Dec | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
2013 | 58.3 | 7.0 | 53.3 | 24.0 |
2014 | 61.4 | 7.6 | 57.6 | 26.5 |
2015 | 68.7 | 8.6 | 66.0 | 30.0 |
2016 | 76.7 | 7.8 | 59.6 | 32.3 |
2017 | 84.8 | 8.8 | 65.1 | 34.7 |
% change | +11 | +13 | +9 | +7 |
Ex-div: | 26 Apr | |||
Payment: | 30 May | |||
*Includes intangible assets of £13.3m, or 122p a share |