StockMarketWire.com - Portmeirion Group's revenue for 2019 grew to £92 million, a 3% increase on the previous year and in line with the company's expectations.

The homewares production firm did see a 5% decline in sales, driven by its export markets for its Botanic Garden ranges and largely a result of historical overstocking due to the level of reshipping from other markets into South Korea.

Portmeirion's migration towards online continues with total online sales in its core UK and US markets growing by 17% year on year. It estimates that 30% of its total UK/US sales are now made through online channels, reflecting the strong progress made in the transition to online.

Sales from its own ecommerce platforms grew 16% year on year and are expected to continue to grow strongly in 2020. Online sales remain a key area of strategic focus for the Group.

Mike Raybould, CEO at Portmeirion, said: "Whilst 2019 was a challenging year, we have taken a long term view to protect our brand in our South Korean market. This has caused us short term pain through reduced export sales of Portmeirion Botanic Garden and increased cost and disruption to our factories from developing a large number of new ranges. However, we believe we have now made good progress in stabilising this key market.

"We are confident in our strategic plan and the long term opportunities to grow our business. In 2020, we intend to further increase investment behind key strategic areas such as driving online growth and brand marketing including campaigns and product launches to celebrate the 250th anniversary of Spode. The integration of the Nambe business continues to go well and we look forward to seeing the anticipated benefit in future sales growth."

The Group's preliminary results for the year ended December 31, 2019 are expected to be published on March 19, 2020.


At 8:27am: [LON:PMP] Portmeirion Group PLC share price was 0p at 805p



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