Portmerion Group announces dividends to be resumed

DividendMax Ltd.

Portmerion Group announces dividends to be resumed

The Portmerion Group Board is committed to a dividend policy which ensures they retain and invest enough capital in their business to drive long-term growth in their brands and they maintain a prudent and sustainable level of dividend cover. 

The Board determined not to pay a dividend for FY20 due to the impact and disruption of Covid-19 on business. On the basis of their strong first half trading performance they expect to resume dividend payments for FY21.

Other financial highlights include:

•Record Group revenue of £43.1 million, an increase of 35% over the prior year (2020: £32.0 million) and 24% over pre Covid-19 levels (2019: £34.9 million).

•Like-for-like sales in constant currency up 7% against 2019 ("YO2Y"), ahead of pre Covid-19 levels despite ongoing disruptions, showing the strength of consumer demand and progress with their online strategy.

•Headline profit before tax was £1.5 million (2020: loss before tax £2.7million, 2019: profit before tax £0.5 million).

•Continued strong online sales growth which increased by 15% on a constant currency basis over 2020 with gross margin improvement of +900bps and 124% growth YO2Y.

•Earnings per share up to 9.12p per share (2020: loss per share 20.71p, 2019: earnings per share 3.96p).

•Strong balance sheet maintained and significant headroom within current borrowing facilities. 

•Following a strong first half of the year and with an expanding global order book, the Group remains confident of achieving market expectations for FY21.

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