Portmeirion's (PMP) difficulties in Asia aren't new, but other markets continue to compensate for tough trading. Sales in South Korea may have fallen 23.3 per cent to £2.8m but, fortunately, this geography only accounts for around 8 per cent of group revenues. By comparison, revenues across the US – the star performer – shot up 28.5 per cent to £8.3m as the group prioritised online sales.
The UK is still the group’s largest market, and sales there rose 8.5 per cent to £12.4m. This reflected new customer wins and improved synergies between Portmeirion and candle maker Wax Lyrical, which was acquired in 2016. Chief executive Lawrence Bryan said the company had also benefited from the shift in consumer tastes towards more casual dinnerware and away form more formal products. Still, the UK retail environment remains "uncertain" in light of Brexit and the challenges on the high street.
Analysts at Panmure Gordon expect pre-tax profit of £9.4m during 2018, giving EPS of 71.4p, compared with £8.8m and 64.8p in 2017.
| PORTMEIRION (PMP) | ||||
| ORD PRICE: | 1,173p | MARKET VALUE: | £128m | |
| TOUCH: | 1,155-1,190p | 12-MONTH HIGH: | 1,310p | LOW: 885p |
| DIVIDEND YIELD: | 3% | PE RATIO: | 17 | |
| NET ASSET VALUE: | 391p* | NET DEBT: | 3% | |
| Half-year to 30 Jun | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
| 2017 | 33.1 | 1.61 | 11.9 | 7.4 |
| 2018 | 36.9 | 2.08 | 15.2 | 8.0 |
| % change | +11 | +29 | +28 | +8 |
| Ex-div: | 6 Sep | |||
| Payment: | 1 Oct | |||
| *Includes intangible assets of £13.1m, or 120p a share | ||||
