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Portmeirion Group weak as homewares firm’s update fails to excite though first-half sales rose

For the six months to the end of June, the manufacturer and worldwide distributor of high-quality homewares said its first-half sales increased by 11% compared to the same period a year earlier
Homewares
It added: "We remain confident that we will achieve profits for the full year in line with market expectations"

Portmeirion Group PLC (LON:PMP) saw its shares drift lower on Thursday as a brief trading update failed to excite, although the ceramics firm revealed that its first-half sales increased and said it is confident about meeting full-year profit expectations.

For the six months to the end of June, the manufacturer and worldwide distributor of high-quality homewares under the Portmeirion, Spode, Wax Lyrical, and Royal Worcester brands, said its first-half sales increased by 11% compared to the same period a year earlier.

READ: Dark day for major retailers as disappointing news sends shares sliding across the board

On a constant currency basis, Portmeirion added, total group sales were 15% higher on last year.

The AIM-listed group said: "We are delighted with the positive start to the year with strong progress in both our ceramic and home fragrance divisions. With the seasonal weighting of our business, trading in the second half of the year remains important to the Group." 

It added: "We remain confident that we will achieve profits for the full year in line with market expectations."

The group said its results for the six months ended 30 June 2018 will be announced on 2 August 2018.

In early afternoon trading, Portmeirion shares were down 0.8% at 1,190p.

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