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British pottery company Portmeirion Group’s (LON: PMP) shares are gaining on Thursday after it said revenue for the year to 31 December 2020 is expected to be at least 6% ahead of market consensus following a strong second half and seasonal trading performance.
Portmeirion’s stock price is currently up 6.8% at 535p per share.
The year's revenue will be at least £87 million, the company stated, below the £92.8 million in 2019.
As a result, the group also expects to report a net profit for the full year, above market expectations.
The fall in revenue has been attributed to store closures from the multiple lockdowns due to COVID-19. Second-half sales were down 7% on a like-for-like basis from the same period in 2019.
The 12% fall in like-for-like sales over the year was put down to Portmeirion’s acquisitions of Nambé in July 2019 and Portmeirion Canada in August 2020.
“Although 2020 has been a challenging year and our sales markets have been significantly impacted by Covid-19, we are hugely encouraged by the resilience of our brands and most recently our strong seasonal sales performance,” commented Mike Raybould, Portmeirion’s CEO.
“We have taken a long term view through 2020 and increased investment spend behind our key strategic objectives; in particular online sales channel development and the efficiency and capabilities of our factories and warehouses. We believe this will accelerate growth in future years,” Raybould added.
Despite the continued challenges in 2021, the company said that it remains confident, with 47% of its total UK/US sales made through online channels.
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