Portmeirion Group (AIM:PMP), the Stoke-on-Trent based homeware brands group, said group sales in the seasonally quieter first half of 2026 were expected to reach approximately £36.4m, flat year-on-year at constant currency.
Tableware sales rose 4.1%, with the US market up 17% following a reset commercial relationship with a key partner and strength in the independent retail channel.
International sales, spanning more than 50 markets outside the US, UK and South Korea, grew 37.7%, aided by new distributor agreements including entry into Türkiye. South Korea sales fell 15.7% as the company reset distributor relationships, while UK tableware sales dropped 6.9% against what the company described as market disruption from a competitor collapse and heavier discounting.
Wax Lyrical, the group's home fragrance brand, saw sales decline 18.3%; the company described the brand as non-core and will be placed into a disposal process in the medium term, with a profit improvement plan targeting growth over the next 18 months.
Net debt stood at £6.2m at 30 June, down from £17.5m at the last financial year end, reflecting proceeds from the equity raise completed during the half and US tariff claim receipts.
"Thanks to the support of shareholders, our balance sheet has been transformed," said chief executive Michael Scheepers.
The company completed its senior leadership team with two appointments at the end of the half and reiterated full-year guidance for revenue growth of 3-5%, including negative currency impact, with adjusted pre-tax losses narrower than in the 2025 financial year.
Interim results are due in September.
News Intelligence what this means for the company
Portmeirion held full-year guidance (3–5% revenue growth, narrower losses) on first-half sales of £36.4m, flat year-on-year at constant currency. US tableware surged 17% after a distributor reset and strong independent retail, while international sales outside core markets jumped 37.7% on new distributor deals including Türkiye entry. However, UK tableware fell 6.9% amid competitor disruption and discounting, South Korea dropped 15.7% during a distributor reset, and Wax Lyrical (flagged as non-core) declined 18.3%—the company will now dispose of it. Net debt fell to £6.2m from £17.5m, aided by the equity raise completed in the half and US tariff claim receipts.
The balance-sheet repair is material—net debt halved to £6.2m—and US momentum is real, but flat group sales in H1 and the Wax Lyrical disposal signal that core tableware growth remains uneven. Guidance reiteration on a mixed half suggests management confidence is cautious; the outcome hinges on whether US strength and international expansion can offset UK weakness and South Korea's reset.
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