Portmeirion (LSE:PMP) reported a 1.9% decline in first-half revenue to £36.4 million, while its headline loss before tax widened to £4.5 million as the homewares group continued to invest in its Elevated transformation programme and the onshoring of production to Stoke-on-Trent.
Performance varied across the group’s markets during the period. Portmeirion reported revenue growth in the US, Malaysia and other international markets, while revenue declined in the UK, South Korea and its non-core Wax Lyrical business.
The company is continuing to restructure its operations and invest in its brands as part of the Elevated programme.
Portmeirion Raises £17.2 Million in Equity
During the period, Portmeirion completed a £17.2 million equity fundraising and reduced net debt to £6.2 million.
The group also secured a new £36 million asset-based lending facility.
Management described the resulting financial position as a “fortress” balance sheet and said the funding would support operational restructuring and investment in the group’s brands.
Group Changes Manufacturing Model
Portmeirion is moving towards what it describes as a demand-led factory model as part of changes to its manufacturing operations.
The company is also continuing the onshoring of production to Stoke-on-Trent and has expanded into Türkiye.
Changes to the group’s management team have also been made as Portmeirion implements its transformation programme.
Management Targets Return to Growth in 2027
Portmeirion said its current priorities include investment in the business rather than dividend payments.
Management aims to stabilise trading during 2026 and is targeting a return to growth in 2027. The company noted that its outlook remains subject to macroeconomic and political uncertainty.
Portmeirion is also progressing a corporate rebrand to Spode Group PLC.
The group owns homewares brands including Spode, Portmeirion, Royal Worcester and Wax Lyrical and sells tableware and related products across the UK, US, Asia and other international markets.
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