WORKERS PRAISED AS PROFITS SOAR AT PORTMEIRION
And 2023 is looking good too for potbank
POTTERY giant Portmeirion has recorded record results – after a bumper 2022.
The Stoke-based manufacturer has released its preliminary results for 2022.
This includes revenue rising from £106 million to £110 million and pre-tax profit shooting up from £6 million to £7 million. It comes as the Stoke workforce has been credited for ‘improved productivity’ at the company’s London Road factory.
Now Portmeirion says it is ‘well positioned’ for further growth in 2023. It follows recent growth in South Korea, Canada and China and the upcoming 50th anniversary of Portmeirion Botanic Garden.
Chief executive Mike Raybould, left, said: “I am delighted that our brands continue to resonate so well with customers around the world despite the tougher economic backdrop. We have benefited from our diversified, global sales geography with 75 per cent of sales now outside the UK.
“We saw strong sell during our seasonal / Christmas trading with increased online penetration and successful new product extensions. Ongoing productivity improvements in our UK ceramic factory with the continued investment in automation, together with our long-term energy price hedge in place until quarter one of 2024, helped us to mitigate higher input cost inflation and still grow operating margins.
“We have a strong new product pipeline and look forward to launching our new product ranges over the next 18 months.
“Our ambition is to support and extend our key heritage ranges, including Portmeirion Botanic Garden and Spode Christmas Tree, as well as taking further share in contemporary product categories. We will launch our Spode tableware and giftware collaboration with leading British interior designer Kit Kemp in New York and London in April.
“Trading for the first few months of 2023 remains in line with our expectations and we enter the new year with a healthy forward order book. We continue to focus on delivering on our significant long-term growth and margin improvement opportunity.
“The macro-economic uncertainty looks to continue. However, our global diversification, strong balance sheet and encouraging customer outlook means we are well positioned for the year ahead.”