Portmeirion up as it beats market expectations

Shares in AIM-listed potter Portmeirion Group (LON:PMP) rose by 14% to 570p (as of 15:50 GMT) after it announced that revenues for 2020 would be 6% higher than forecast. Management also said that profits would be ahead of market expectations after strong second half trading.

CEO Mike Raybould commented: “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.

“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. We have an exciting pipeline of new products to launch around the world in 2021 which we expect will contribute to sales growth across our key sales markets.

“There is no doubt that Covid-19 and the restrictions imposed by government lockdowns will continue to bring challenges through 2021. However our operations remain open and our proven international brand strength, growing online presence and strong balance sheet provide a platform for us to grow across our key sales markets.

“We remain confident in our strategic plan, the strength of our brands and the long term opportunities to grow our business“.