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Portmeirion Group PLC on Monday said it expects to post a small growth in earnings during the first half of its current financial year, as headwinds from the US market were offset by signs of recovery within its South Korean segment. The Stoke-on-Trent, England-based ceramics maker and retailer of homeware brands said it expects group sales at around £37.1 million for the six months that ended June 30, up 1.3% from the year before and 2.8% higher at constant currency. In North America, however, sales declines 11% as a result of actions taken by the group in response to US tariff disruption, such as cancelling some orders sourced from Asia which would have been subject to higher tariffs. The firm nonetheless noted ‘early signs that retailer confidence may be returning in recent weeks’. In early March, it launched a review of its USA sales strategy, as a result of which it is withdrawing or reducing its supply to some value retailers who contribute lower sales margins. Sales rose 3.0% within Portmeirion’s UK market, due to a ‘strong performance’ by home fragrance brand Wax Lyrical, which grew 16%. Sales in South Korea were 32% higher amid progress clearing historic stock overhand, while sales within the group’s International segment improved 11% due to new distributors in its key growth markets. Its International division consists of more than 50 separate markets, excluding the USA, UK and South Korea. ‘The imposition of additional import tariffs in the USA at the beginning of Q2 caused immediate disruption and significant uncertainty in our largest and most profitable market. We have proactively implemented a number of actions in response to these challenges and will continue to monitor the situation closely, remaining sensitive to the wider macro/ political uncertainty and its influence on consumer confidence,’ said Chief Executive Officer Mike Raybould. ‘We progress against our 2025/26 strategic priorities which will drive a transformation of our business - our International and South Korean markets are back in growth, and the UK has seen an impressive performance from Wax Lyrical which continues to take market share.’ Looking ahead, Portmeirion expects ‘modest’ sales growth during its second half, due to ‘short term caution’ on the US market. It anticipates flat to low single digit growth in the UK, as well as ‘continued improvement’ in the South Korea and International markets. The firm will release its half-year results in late September. Shares in Portmeirion Group were up 4.6% at 139.60 pence in London on Monday afternoon. The stock remains down 41% over the past year. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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