Portmeirion reaches new revenue record for 10th consecutive year

21st Mar 2019 10:00

(Sharecast News) - Pottery company Portmeirion Group reported its 10th consecutive year of record group revenue in its final results on Thursday, with the figure increasing 5.7% year-on-year to £89.6m.The AIM-traded firm's profit before tax was ahead 10.1% at £9.7m, and its EBITDA rose 7.5% over the prior year to £11.8m.Earnings per share were 10.8% higher at 72.12p, with total dividends paid and proposed for 2018 up 8.2% over the prior year at 37.50p per share.Net cash improved to £2.3m from £1.6m, and Portmeirion's operating margin rose to 11.1% from 10.7%.On the operational front, the company claimed "strong" progress across its key markets of the UK, US and South Korea, with its home fragrance division - acquired in 2016 - delivering sales growth of 11.1%.Online sales grew 24.4% over the prior year, with the board reporting a number of successful new product launches including Sara Miller London Portmeirion, and line extensions in Portmeirion Botanic Garden and Royal Worcester Wrendale Designs.For 2019, three new UK manufactured ranges were being launched - Portmeirion Botanic Garden Harmony, Portmeirion Atrium and Spode Kingsley.The company also strengthened its board, appointing Angela Luger as a non-executive director on 1 March."We are delighted to be reporting a 10th consecutive year of record revenue and another record profit before taxation," said non-executive chairman Dick Steele."Our strategy and core values remain unchanged. We are focused on driving profitable sales growth through new product introduction, developing our markets, investing behind our brands and enhancing our operational capabilities and efficiency supported with complementary strategic acquisitions."We look forward into 2019 with confidence and at this very early stage of the year expect trading to be in line with expectations for the full year."