Portmeirion Reports Profit Increase for 2012, but U.S. Sales Slowed
STOKE-ON-TRENT, England-Portmeirion Group has reported a profit of ?5 million, or $7.5 million, for 2012, a 6.6 percent increase over the previous year.
Sales for the group, which includes the Portmeirion, Spode, Royal Worcester and Pimpernel brands, increased 3.6 percent to ?55.5 million, or $84 million for the year, which ended Dec. 31, 2012. The company said events in the United States, including Superstorm Sandy, the presidential elections and government budget uncertainty, hampered sales--they declined by 6.4 percent in U.S. dollars. The U.S. is Portmeirion's largest market; it accounted for 36 percent of revenue in 2012, compared to 40 percent in 2011. U.K. sales grew 7.9 percent. Online sales, the company said, were 75 percent higher than in 2011 at more than ?500,000, or roughly $758,000.
"Our global brands are respected and valuable, our product ranges are excellent, our people are best in class and our balance sheet is strong," said Dick Steele, non-executive chairman, in a statement. "We remain confident for the future."