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Portmeirion issues profit warning amid 'challenging and unpredictable market conditions'

Fri 13 Dec 2024 09:05

(Sharecast News) - Pottery business Portmeirion warned on Friday that both revenue and pre-tax profits for the year ending 31 December were now expected to be below market expectations. Portmeirion said full-year revenues would be roughly £90.0m, representing an approximately 7% drop in H2 sales, and pre-tax profits were seen at £1.0m.

Portmeirion stated this was principally due to supply delays in the key Christmas period, continued destocking in South Korea and "challenging and unpredictable market conditions".

Looking forward, whilst Portmeirion expects the near-term market outlook to remain uncertain, sales were expected to rebound in 2025.

"We see good potential in the medium and long term for growth driven by the progress we have made in expanding our online and physical store distribution channels," said the group.

As of 0905 GMT, Portmeirion shares had sunk 16.10% to 172.0p.

Reporting by Iain Gilbert at Sharecast.com

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