Portmeirion hails transformational acquisition

23rd Mar 2010 15:45

Cash rich pottery firm Portmeirion said its April 2009 acquisition of the Royal Worcester and Spode brands had transformed the company, with the acquisition boosting revenue more than expected.Sales rose to £43.2m in 2009 from £31.8m in 2008, with an £8.5m contribution from the newly acquired brands, as against expectations of around £7m. The two brands are expected to generate revenue increases for years to come.'Whilst not necessarily an indication of full year performance, revenues for the first two months of 2010 are 40% above the corresponding period of last year,' the company said.Excluding exceptional items, profit before tax surged to £3.9m from £1.4m the year before. Net cash at the end of 2009 stood at £4.4m, up from £3.9m at the end of 2008. The full year dividend has been increased to 15.80p from 14.70p.