Portmeirion Group announced on Thursday that it experienced a pretax loss during the first half of the year, primarily due to a decrease in revenue caused by cautious behavior from U.S. customers. Along with this, destocking by retailer customers also contributed to the decline. However, the company remains optimistic, stating that its performance in the second half has begun on a positive note.
Despite a reduced order flow in the North American market, Portmeirion Group expects sales in this region to stabilize and resume growth over time. The company also revealed that its Christmas order book is robust and surpasses last year's figures.
The reported pretax loss amounted to £113,000 ($141,126), a significant drop compared to a pretax profit of £1 million recorded in the previous year. Revenue also experienced a decline, falling from £45.5 million to £44.1 million.
The board declared an interim dividend of 3.50 pence per share, maintaining the same level as the previous year.
Chief Executive Mike Raybould expressed confidence in the company's ability to manage overheads effectively despite the challenging inflationary environment. Furthermore, they will continue to focus on achieving global synergies within their cost base over the next 12 months.
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