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Portmeirion swings to interim profit amid record revenues

Tue 14 September 2021 13:30 | A A A

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(Sharecast News) - Portmeirion said on Tuesday that it swung to an interim profit as revenues grew and the homewares manufacturer's business surpassed pre-pandemic levels.

In the six months to 30 June, the company swung to a headline pre-tax profit of £1.5m from a pre-tax loss of £2.7m in the same period a year ago, with revenue up 35% to a record £43.1m. Compared with pre-Covid levels in 2019, revenue was 24% higher. Online sales at the company rose 15% on the year at constant currency.

Portmeirion also said it was expecting to resume dividend payments for FY21 following a strong first half.

Chief executive Mike Raybould said: "We have seen strong trading in the first half of the financial year, including a significant benefit from the focus on our online transformation strategy. Since the period end trading has continued that trend into the first two months of the second half of the financial year.

"Looking forward we continue to have a strong order book across our key markets. While we are cognisant of the ongoing, widely reported disruption and volatility in global supply chains we are confident the accelerated strategic investments we are making across our business will enable a strong path of growth in the next few years."

At 1410 BST, the shares were up 11% at 688p.

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