Acquisitions boost sales in first quarter, with Royal Worcester and Spode accounting for around half of the increase.
At the company’s agm held on May 20, non-executive chairman Dick Steele stated: ”
“In our 2009 results statement, which was announced on 23 March 2010, we stated that sales for the first two months of 2010 were 40% higher than for the corresponding period in 2009.
I am pleased to confirm that this trend has continued for the four months ended April 30, 2010 and our sales remain 40% higher than the prior period. However, it is important to note that approximately half of this increase is attributable to sales of Spode and Royal Worcester which, due to the timing of the acquisition, did not generate any revenue in the comparable period last year.
I would also add that despite the uncertain economic environment, we remain positive on the outlook for the remainder of 2010.”
Portmeirion bought the global intellectual property rights of Royal Worcester & Spode in April last year, after Royal Worcester went into administration in 2008.
In March 2010, Portmeirion Group reported a 236% profit jump for the year ending December 31, 2009. Revenues totalled £43.2m – up 36% on 2008 and the highest revenue figure ever reported by the company.