Portmeiron Group expects record revenues

21st Jan 2013 09:07

Homewares manufacturer Portmeirion anticipates record revenues in its annual results despite difficult economic conditions and the devastating impacts of Hurricane Sandy. The group expects revenues exceeding £55m for the year to December 31st, 2012, a 3.0% increase compared to 2011.Portmeirion continued to improve its cash position, closing the year with a net cash balance of over £7.0m, up from £6.8m the year before.A strong performance in the UK and South Korean markets kept the business afloat in the face of a tough US market. US sales were hit by Hurricane Sandy, which destroyed homes across the country, and the wailing economy.Dick Steele, Non-executive Chairman, said: "The achievement of another record level of sales in such challenging conditions is highly satisfying."Our established strategy of product design, product quality, a powerful international sales team and financial prudence continues to serve us well. In particular, our diversity of export markets has enabled us to balance harsh conditions in the US with opportunities elsewhere in the world."Shares slid 1.37% to 540.00p at 10:00 Monday. RD