Business
Interim results for the six months to 30 June 2025
Portmeirion Group PLC reported interim results for the six months ended June 30, 2025, with revenue increasing by 1.3% to £37.1 million. However, the headline loss before tax was £2.8 million, compared to a £2.0 million loss in the prior year, due to disruption from US import tariffs. Excluding the USA, sales were up 10.8% on a constant currency basis, with South Korea showing a 31.6% growth. Wax Lyrical sales increased 15.5% to £7.1 million. The free cash outflow improved by 46.2% to £2.8 million, while net debt increased by £1.4 million to £14.8 million, driven by lower US profits and higher stock levels. No interim dividend is proposed. The Group has a revised £30 million Revolving Credit Facility with Barclays. Disclaimer*
About this update from Portmeirion Group Plc
[{"type":"text","content":"\n\n25 September 2025\n \nPortmeirion Group PLC\n(the \"Group\")\n \nInterim results for the six months ended 30 June 2025\n \nGroup Sales return to growth despite significant disruption from USA import tariffs with an encouraging performance in South Korea and double-digit growth in International and Wax Lyrical\n \nHeadline loss before tax higher than prior year reflecting significant disruption from USA import tariffs\n \nFree cash flow improved by £2.4m, however Net Debt increased by 10.4% primarily a result of impact of US tariffs on US profitability and reflects proactive measures taken to manage stock levels ahead of key Christmas trading period\n \nPortmeirion Group PLC, the global homewares brands group, announces its results for the six months ended 30 June 2025.\n \nCommenting on the Group's performance Mike Raybould, Chief Executive said:\n \n\"As we reported in our July trading statement, the introduction of additional import tariffs in the US market caused immediate disruption and significant uncertainty in our largest and most profitable market. We have acted quickly and proactively in our response and continue to monitor the situation closely including how it impacts consumer confidence over the Christmas period. Against this backdrop I'm delighted that we have taken the opportunity to accelerate our Made in Stoke-on-Trent onshoring initiative, increasing the proportion of product supplied into the US that is made in the UK. \n \nOutside of the US, we are pleased to see sales up 10.8% on a constant currency basis with an encouraging performance in our South Korea market (up 31.6% on constant currency). We anticipate growth in these markets to continue in the second half.\n \nWe are in the early stages of following through on our transformation plan launched in March and despite the ongoing global market uncertainty, I am pleased with the progress being achieved. We are making decisions every day that we believe over time will strengthen our business and deliver more consistent and profitable results for our stakeholders.\n \nWe will continue to execute on our own transformation plan, but we are disappointed that the UK Government has chosen not to take more immediate steps to support UK ceramic manufacturing and respond to the calls for action. It...