StockMarketWire.com - Tableware and glassware supplier Portmeirion Group said it expected its annual profit to be 'significantly below' market expectation after its sales for the first four months of the year fell 10%.

The company said it had continued to experience good sales growth in the UK and US. However, sales to export markets, particularly Korea, had been lower than expected.

'We have been working with our Korean distributor on new product development during 2019 which we see as critical to protect and grow this market for the long term,' Portmeirion said.

'However this new product development, by nature, will take time to bring to market and optimise for manufacturing efficiency.'

The company said it did not expect the profit downgraded to change its expectations for dividend payments in the current year.

'We believe our long term strategy is the right one and are pleased with the progress we are making in other areas to protect and grow our brand portfolio,' it added.


At 8:28am: [LON:PMP] Portmeirion Group PLC share price was -305p at 910p



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