The Portmeirion Group plc Board is declaring an interim dividend of 3.50p per share (2022: 3.50p). The interim dividend will be paid on 15 December 2023. The ex-dividend date will be 16 November 2023 with a record date of 17 November 2023.
Other financial highlights include:
●H1 Group revenue of £44.1 million, a decrease of 3% compared to the record prior year sales (H1 2022: £45.5 million); as previously stated this is reflective of increased caution on ordering from US customers, in particular the destocking by retailer customers.
●Headline profit before tax was £0.0 million (H1 2022: £2.0 million).
●H1 headline operating profit margin of 1.6% was impacted by the fall in revenue (H1 2022: 4.3%) and gross margin reduction.
●H1 gross margin impacted by peak inflation in stock due to container freight rates which are expected to subside through H2 2023 and 2024.
●Solid growth in the UK, South Korea and rest of world markets.
●Headline basic loss per share of 0.12p (H1 2022: earnings per share of 12.00p).
●Strong balance sheet maintained with like-for-like inventory reduction of 5% since FY 2022 and further reduction expected in H2 2023.
●Net debt is £15.0 million but they expect this to reduce below FY 2022 levels (FY 2022: £10.1 million) by year end as working capital unwinds and they maintain significant headroom within current borrowing facilities.
