14 July 2022

Portmeirion Group PLC (the 'Group')

Half Year Trading Update

Portmeirion Group PLC, the designer, manufacturer and worldwide distributor of high quality homewares under the Portmeirion, Spode, Royal Worcester, Pimpernel, Wax Lyrical and Nambé brands updates on trading for the six months to 30 June 2022.

Sales for the first half of the year will be at least £45 million (2021: £43.1 million), representing a 5% increase on the previous year.  

With consumers facing increasing cost of living inflationary pressures, together with the impact of the Ukraine war on raw material prices, global supply chain issues and weaker sales markets, we remain cautious as we enter the key second half trading period.

Against this backdrop of significantly more challenging economic conditions, we are pleased that we continue to grow and with the resilient performance our brands have shown.

Mike Raybould, Chief Executive commented:

"The benefit of our diversified sales markets, strong brands and the ongoing strategic investment in productivity, automation and efficiency has mitigated much of the increasingly challenging market conditions and input cost inflation during H1. However, we have also seen retail customers react to the economic environment by de-stocking in the first half and we remain cautious to the risk of further declines in consumer and retailer confidence for our key second half trading period.

We have an exciting pipeline of product launches planned for H2 and looking forward we will continue to invest in our long term strategy which we are confident will deliver long term sales growth together with improved operating margins."   

Notes: This announcement contains inside information for the purposes of the retained UK version of the EU Market Abuse Regulation (EU) 596/2014 ("UK MAR").

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