Half Year 2024 Portmeirion Group PLC Earnings Call Transcript
Key Points
- Sales outside of South Korea increased by 5% on a constant currency basis, with the US market showing a 5% growth.
- The cost reduction program is on track to deliver around 10% or GBP4 million in lower overheads across the year.
- The order book for Christmas in the US, UK, and Wax Lyrical home fragrance business is ahead of last year.
- The interim dividend expectations for the year are 7.25p, up from 5.5p last year.
- A new long-term bank facility deal with Barclays has been signed, providing significant facility headroom.
- Overall sales were down 17% due to significant destocking issues in the South Korean market.
- The company reported a GBP2 million loss in the first half, driven by the sales reduction.
- The Nambe brand sales were down due to a weaker economy in the US and reduced footfall in premium department stores.
- The South Korean market saw a 61% decline in sales, with 50% attributed to destocking issues.
- Supply chain challenges continue, with disruptions in travel and higher container rates impacting operations.
Good afternoon, and welcome to the Portmeirion Group PLC Interim Results Investor Presentation. (Operator Instructions) The company may not be in a position to answer every question it received during the meeting itself. However, the company can review all questions submitted today and publish responses, where it's appropriate to do so.
Before we begin, I would like to submit the following poll. And I would now like to hand you over to CEO, Mike Raybould. Good afternoon to you.
Good afternoon, everybody, and thank you for joining us. This is Portmeirion Group's 2024 interim results presentation. As I said, you have me, Mike Raybould, Chief Executive; and my colleague, Dave Sproston, our Group Finance Director. We're looking forward to talking to you today to run through our latest half year results. And as I've said, there's opportunity at the end if you have a question and we'll get to as many of those questions as we can.
I'm going to start straight away with our
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