Portmeirion Sees Modest Sales Growth in 2025 as Tariffs and Restructuring Drive Loss

Portmeirion (LSE:PMP) said group revenue for 2025 is expected to edge around 1% higher on a constant-currency basis to approximately £91m, with underlying growth of about 8% when excluding the US, where import tariffs weighed on demand. Strong performances in South Korea and other international markets helped offset a 7% decline in North America, while sales in the UK were broadly flat over the year.

The group is partway through a strategic transformation programme focused on reshaping its US distribution model, reducing elevated inventory levels, investing in the onshoring of production to Stoke-on-Trent and strengthening its leadership team. These initiatives, combined with the impact of US tariffs and higher input costs, are expected to result in a headline loss before tax of around £3.5m for the year, alongside an increase in net debt to roughly £17.5m. Despite near-term pressure on profitability, management highlighted strong festive-season sell-through, a faster pace of innovation and improving trends in the second half as supporting confidence in a return to growth in 2026.

From a market perspective, the shares are held back by weak technical signals and valuation concerns. Financial performance remains mixed, with potential liquidity pressures, while the absence of a dividend and an elevated price-to-earnings multiple further weigh on investor sentiment. Recent corporate updates underline a commitment to transparency, although this has limited impact on the overall investment case at present.

More about Portmeirion

Portmeirion Group PLC is a global homeware brands business headquartered in Stoke-on-Trent, England. The group owns a portfolio of six heritage and contemporary brands, including Spode, Portmeirion, Royal Worcester, Pimpernel, Wax Lyrical and Nambé. It designs and markets tableware, cookware and home fragrance products across more than 50 international markets, with key exposure to North America, the UK and South Korea, and an increasing focus on premium, UK-made “Made in Stoke-on-Trent” ranges aimed at higher-value customers and channels.