Maker of famous Spode ceramics predicts record results for 2010

By DAILY MAIL REPORTER
Updated: 08:06 EST, 15 December 2010

The maker of Spode and Royal Worcester ceramics said 2010 will be a record year for sales after a surge in demand from overseas buyers.

Exports to markets including North America and South Korea have been strong, accounting for about 70% of Portmeirion's turnover.

It is confident it's on course to significantly exceed profit forecasts in this financial year.

The Stoke-based company, which bought the Royal Worcester and Spode brands out of administration last year, is also gearing up to meet an expected surge in demand for products to commemorate the Royal Wedding in April.

Souvenirs in the Royal Worcester range are set to include fine bone china items finished in 22-carat gold that will sell for up to £400 a piece.

Chairman Dick Steele said the company hoped to sell hundreds of thousands of pounds worth of wedding-related products worldwide.

He added: 'We are delighted that 2010 will be another record year for sales as we continue to capitalise on the Spode and Royal Worcester brands.'

Portmeirion said sales in the second half of 2010 were significantly up on the same period last year and profits before exceptional items were also well ahead of expectations.

In particular, worldwide sales in the Spode and Royal Worcester brands have grown by more than 40% on last year and will exceed the annual target of £12m set at the time of their acquisition in April 2009.

Today's upbeat trading statement follows a strong performance in the first half of 2010 when sales grew 24% to £21m. In 2009, the AIM-listed manufacturer's sales increased 36% to £43.2m with pre-tax profits up 164% to £3.7m.

Shares jumped 11% today as Freddie George, an analyst at Seymour Pierce, raised his 2010 profits forecast from £4.5m to £5m.