Source B: Portmeirion Group plc
Portmeirion Group plc makes and sells homeware and home fragrance. It is a public limited company listed on AIM, based in Stoke-on-Trent, and it owns six heritage brands: Spode, Portmeirion, Royal Worcester, Nambé, Pimpernel and Wax Lyrical. It has over 650 employees worldwide and the majority of them are in Stoke-on-Trent.
The last five years have been hard. Revenue reached £110.8 million in 2022 and then fell two years in a row, to £91.2 million in 2024, before holding at £91.1 million in 2025. Profit fell much further than revenue. Headline profit before tax was £8.0 million in 2022 and £1.0 million in 2024. The headline operating margin went from 7.8% in 2022 to 4.7% in 2023. Earnings for each share fell from 46.59p in 2022 to 8.04p in 2024, and the dividend from 15.50p to 1.50p. By the end of 2025 the group had net debt of £17.5 million, and although operations still generated cash, they generated only £0.5 million of it, against £2.1 million the year before.
The group sells in three main markets: the United Kingdom, North America and South Korea. North America is the largest of the three.
Portmeirion Group owns a factory in Stoke-on-Trent, but approximately 26% of its branded tableware is actually made there. The rest is bought in from suppliers, much of it in Asia. The company has a stated strategy called Made in Stoke-on-Trent and says it intends to increase the share it makes itself.
Something outside the business has pushed that plan along. When the United States introduced tariffs, orders that Portmeirion Group had sourced from Asia for the American market were cancelled, and the company decided to speed up parts of the Made in Stoke-on-Trent plan in response.
Source: Portmeirion Group plc annual results and interim statements, 2024 to 2026
Appendix E: Portmeirion Group plc revenue and headline profit before tax, indexed to 2022
Source: Portmeirion Group plc
Appendix G: Making tableware in Stoke-on-Trent compared with buying it from a supplier
Share of branded tableware made in the Stoke-on-Trent factory = 26%
Time to change a design or add a new product, made in Stoke-on-Trent = 4 weeks
Time to change a design or add a new product, bought from an overseas supplier = 20 weeks
Smallest order an overseas supplier will accept = 6 000 pieces
Smallest order the Stoke-on-Trent factory will run = 400 pieces
Average order to delivery time, Stoke-on-Trent = 3 weeks
Average order to delivery time, overseas supplier = 14 weeks
Source: Analyst
Analyse one way in which keeping a factory in Stoke-on-Trent, rather than buying all of its tableware from suppliers, might affect Portmeirion Group plc's costs.
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