Portmeirion (PMP)

Portmeirion PMP Logo

The manufacturer and worldwide distributor of high quality homewares (ceramic tableware, cookware, giftware and tabletop accessories) under the Portmeirion, Spode, Royal Worcester and Wax Lyrical brands

18-Jan-2018 – 925.1p – £100.4m – PER 12.8

Trading Update For The 12 Months To End December 2017 – “Record Sales For The Ninth Consecutive Year” is the headline, over £84.5m, up 10% on last year. PBT expected to be slightly ahead of market expectations.

A lot to like here, it’s going on my Watchlist, 875p.

Subsequently revised Watchlist price, 900p.

15-Mar-2018 – 1037.5p – £112.6m – PER 14.4

Results For The 12 Months To End December 2017 – Ninth consecutive year of record Revenue, up 10.6% to £84.8m (2016: £76.7m), PBT up 13.0% to £8.8m (2016: £7.8m), EPS up 9.2% to 65.07p (2016: 59.60p), Total Dividends up by 7.5% to 34.66p (2016: 32.25p), Net Cash of £1.6 million (2016: Net Debt of £2.3 million) and the Operating Margin is up 10.7% (2016: 10.4%). Currently 20% ahead of last year, the outlook for 2018 is positive.

Still like this a lot, in order to keep an eye on it I will leave it on my Watchlist, 900p.

17-May-2018 – 1117.5p – £122.1m – PER 15.2

AGM Statement – Sales up 15% for the 4 months to end April 2018 (20% in CC) – FY PBT to be in-line with market expectations.

Still quite like this but based on this statement and forecasts it now seems fairly priced here. I’m going to remove this from my Watchlist and go Neutral for now.

12-Jul-2018 – 1200p – £130.5m – PER 16.0

Trading Update For The 6 Months To End June 2018 – Confident of achieving profits for the FY in-line with market expectations.

I remain Neutral here as I consider this even perhaps over priced at this level.

2-Aug-2018 – 1122.5p – £122.0m – PER 15.0

Interim Results For The 6 Months To End June 2018 – Strong H1 and confident of meeting FY market expectations.

Looks like there may be some upside here but sure there’s enough to push it through 1300, I remain Neutral.

17-Jan-2019 – 1000p – £108.7m – PER 12.9

Trading Update For The 12 Months To End December 2018 – Revenue and PBT to be ahead of market expectations.

I still see this as offering some value but not enough to warrant any more than 30% upside, perhaps – Downside could be protected somewhat though with that 4% or so yield.

21-Mar-2019 – 1037p – £113m – PER 14

Results For The 12 Months To End December 2018 – Revenue up 5.7%, PBT up 10.1%, Basic EPS up 10.8% with the Dividend up 8.2%. Net Cash is up from £1.6m to £2.3m and Operating Margin is up from 10.7% to 11%. Current trading is in-line.

Looks like a steady ship – Will probably do a little more analysis here as looks like a reasonable growth with income opportunity.

14-May-2019 – 1215p – £129m – PER 15.4

Trading Update For The 4 Months To End April 2019 – Expecting FY PBT to be significantly below market expectations. Dividend policy should not be affected (this year).

Ouch! Had this down as a potential “reasonable growth with income”, now seems the opposite.

1-Aug-2019 – 990p – £105m – PER 13

Interim Results For The 6 Months To End June 2019 – In-line with expectations set out in May and remains on-track to deliver FY in-line.

Perhaps fairly priced (at best) around the 1000p level.

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