Housewares Business-to-business magazine for housewares retailers and their suppliers
Portmeirion Group has confirmed record annual revenues in 2010 of £51.2m – an increase of 19% on the previous year’s £43.2m, which was in itself a record.
Commenting on the company’s results for the year ending December 31, non-executive chairman Dick Steele said that trading had been above market expectations.
“We achieved growth across all four brands, and sales of Spode and Royal Worcester were well above our forecasted figure,” he said. “We have plans to further increase our spend on product development and have already launched over 250 new products in 2011.”
He added that the new financial year had also started well, with the first two months’ revenues 15% above the corresponding period last year.
Portmeirion exports to over 60 countries, its largest market being the United States, accounting for 41% of revenues. This, together with Canada, means that North America now accounts for 45% of group business. Emerging markets for the group include Russia and China.
Underlying pre-tax profit for 2010 jumped 41.2% to £5.2m, with the US contributing 9.2% and South Korea 6.0% to the overall percentage profit increase.
The group spends 2% of revenues on product development, and new lines introduced this year include six bone china patterns, and new licence Paddington Bear.
It says it is also still looking for acquisition opportunities “to complement and strengthen the group”.
