Portmeirion Group Plc (PMP.L) on Monday turned around to profit in fiscal 2024, compared to loss last year. Revenues for the period, however, declined from a year ago on tougher market and the significant downturn in the Group's South Korean market.
The homewares brands group posted pre-tax profit of 45 thousand pounds for fiscal 2024, compared to pre-tax loss of 8.53 million pounds last year.
Headline profit before tax dropped 63.3 percent to 1.07 million pounds from 3.03 million pounds a year ago. The profit was impacted by the decline in sales in the South Korean market and its impact on factory utilisation.
Profit for the year came in at 344 thousand pounds or 2.49 pence per share, in contrast to loss of 8.46 million pounds or 61.41 pence per share in the previous year.
Headline earnings per share declined to 8.03 pence from 21.34 pence a year ago.
The company's revenues came in at 91.21 million pounds, a 11 percent decline from last year's 102.73 million pounds. Revenues were impacted by a tough consumer market and reflecting the significant downturn in the group's South Korean market. Looking ahead, Portmeirion Group said that it remains mindful of the challenges ahead in what continues to be an uncertain economic environment and with a significant fourth quarter weighting for the business.
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