**Summary of Portmeirion Group PLCs Preliminary Results for the Year Ended 31 December 2025:**
Portmeirion Group PLC, a global homewares brands group, reported its preliminary results for 2025, highlighting a year of transformation and strategic refocusing. Despite macroeconomic challenges, the company made significant progress in its transformation plan, "Elevating Portmeirion," aimed at simplifying operations, improving financial performance, and returning to growth.
**Financial Performance**
**Revenue** Remained stable at £91.1 million, in line with 2024, despite US market disruptions due to tariffs. Excluding the US, revenue grew by 8.6% on a constant currency basis.
**Profitability** Reported a headline loss before tax of £3.6 million (2024: £1.1 million profit), primarily due to US tariffs, initial margin investments in UK production, and higher costs. Statutory loss before tax was £7.2 million, including additional inventory write-downs and restructuring costs.
**EBITDA** Headline EBITDA decreased to £2.6 million (2024: £7.3 million), while statutory EBITDA was negative at £1.1 million (2024: £6.3 million).
**Net Debt** Increased to £17.5 million (2024: £12.1 million) due to operating losses and higher tariffs, partially offset by improved working capital management.
**Strategic and Operational Highlights**
**Transformation Plan** Made material progress in the "Elevating Portmeirion" strategy, focusing on driving higher returns, focused expansion, and excellence everywhere.
**On-shoring** Increased UK-based production to 33.7% of branded tableware, with strong sell-through of UK-made Christmas ranges.
**Leadership Changes** Strengthened the leadership team with key appointments, including Michael Scheepers as CEO, Victoria Brabender as Product Strategy Director, and Sam Pearce as COO.
**Energy Management** Secured favorable energy hedges through March 2027 and reduced energy usage by 1.3% in 2025.
**Inventory Management** Cleared £2.5 million of inventory in 2025 and agreed on further deals worth over £2 million post-year-end.
**Non-Core Disposal** Identified Wax Lyrical as non-core and plans to seek a disposal.
**Current Trading and Outlook**
**Q1 2026** Revenue ahead of 2025, with growth in the US and international markets.
**Strategic Priorities** Good progress on Elevating Portmeirion priorities, including inventory clearance, focused expansion through licensing deals, and operational excellence.
**US Claims** Submitted a $3 million refund claim for unlawful tariffs and continues to pursue a $0.8 million COVID-related claim.
**Outlook** Cautiously optimistic about prospects, with plans to reclaim lost ground, return to growth, and deliver improved performance despite ongoing macroeconomic uncertainty.
**Chairmans Statement**
The Chairman emphasized the Groups strong brand assets and the potential for significant growth, highlighting the importance of the transformation plan and strategy refresh. The Board remains confident in the refreshed leadership teams ability to deliver the strategy and drive the Groups next phase of growth.
**Conclusion**
Portmeirion Group PLCs 2025 results reflect a transitional year marked by strategic progress and operational challenges. The company is focused on strengthening its balance sheet, improving profitability, and expanding its global footprint through focused initiatives and a refreshed leadership team. Despite short-term headwinds, the Group is positioned for long-term growth and value creation.
| Financial Metric | 2024 (£m) | 2025 (£m) | Change (£m) |
|---|---|---|---|
| Revenue | 91.2 | 91.1 | (0.1) |
| Headline (loss)/profit before tax | 1.1 | (3.6) | (4.7) |
| Statutory (loss)/profit before tax | 0.0 | (7.2) | (7.2) |
| Headline EBITDA | 7.3 | 2.6 | (4.7) |
| EBITDA | 6.3 | (1.1) | (7.4) |
| Headline basic earnings per share (p) | 8.04 | (25.3) | (33.34) |
| Statutory Basic earnings/(loss) per share (p) | 2.50 | (45.3) | (47.80) |
| Dividends paid and proposed per share (p) | 1.50 | 0.00 | (1.50) |
| Free cash flow (£m) | (3.7) | (5.7) | (2.0) |
| Net debt (£m) | (12.1) | (17.5) | (5.4) |