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Report and Accounts for the Year Ended 31 December 2015 Stock Code: PMP

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Report and Accounts for the Year Ended 31 December 2015 Stock Code: PMP Report and Accounts for the year ended 31 December 2015 Stock code: PMP 24610.04 4 April 2016 8:57 PM Proof 9 Our Performance > Introduction Welcome to Portmeirion Group PLC Report and Accounts 2015 Our Performance Introduction 2015 Highlights 01 Who We Are 02 Where We Operate 03 Our Brands 04 Snapshot of 2015 08 Strategic Report Business Model and Strategy 10 Review of the Business 11 Key Performance Indicators 16 Principal Risks and Uncertainties 17 Corporate and Social Responsibility 18 Going Concern and Outlook 21 Our Governance Board of Directors 22 Report of the Directors 23 Directors’ Remuneration Report 26 Corporate Governance Statement 34 Statement of Directors’ Responsibilities 37 Independent Auditors’ Report 38 Our Financials Consolidated Income Statement 39 Consolidated Statement of Comprehensive Income 40 Consolidated Balance Sheet 41 Company Balance Sheet 42 Consolidated Statement of Changes in Equity 43 Company Statement of Changes in Equity 44 Visit investor.portmeiriongroup.com Consolidated Statement of Cash Flows 45 Company Statement of Cash Flows 46 Notes to the Financial Statements 47 Five Year Summary 73 Stakeholder Information Company Information 74 Financial Calendar 75 Retail Outlets 76 Pictured: Sophie Conran for Portmeirion Pictured on front cover: Spode Blue Italian 24610.04 4 April 2016 8:57 PM Proof 9 Our Performance > Introduction > 2015 Highlights 2015 Highlights Revenue Pre-tax Profit Basic EPS Dividends Paid (£’000) (£’000) (p) & Proposed (p) £68,669 £8,649 66.02p 30.00p +11.9% +13.6% +14.5% +13.2% 1 .80 .28 .64 ,009 ,61 53,610 55,525 58,295 61,370 68,669 19.60 21 24.00 26.50 30.00 6,330 6,595 7 7 8,649 43.94 47 53.26 57 66.02 Financial Highlights Operational Highlights • Seventh consecutive year of record Group revenue which • New kiln installed within timescale and budget and now in increased by 11.9% to £68.7 million (2014: £61.4 million). production. • Profit before tax increased 13.6% to an all-time high of • Ted Baker range wins Best Licensed Home Décor, Tableware £8.6 million (2014: £7.6 million). or Housewares range at The Licensing Awards. • Total dividends paid and proposed for 2015 increased by • Attained Investors in People silver level and became first 13.2% to 30.00p (2014: 26.50p). company in the UK to be awarded with the new Investment in Young People (IiYP) award. • Revenue growth in USA, UK and Asia. • 2016 celebrates 200th Anniversary of Blue Italian range. • Stocks reduced by £2.8 million to £12.7 million (2014: £15.5 million). • Cash balance increased to £11.1 million (2014: £5.9 million). Portmeirion Group PLC Annual Report and Accounts 2015 01 24610.04 4 April 2016 8:57 PM Proof 9 Our Performance > Introduction > Who We Are Who We Are Our aim is for our Group to be as successful and as profitable as possible. To achieve this we need to conduct ourselves in an efficient manner to maintain high levels of customer service, and drive forward targeted product development to grow our sales. We need to have a focused commitment to operational excellence, innovation and quality and work towards our vision with energy, integrity and a sense of purpose.” Portmeirion Group PLC is a British the classic Botanic Garden range which Production and Sourcing company based in Stoke-on-Trent. has a worldwide following. Our oldest We manufacture finest English We are a market leader in high quality continuous pattern, Spode Blue Italian, is earthenware from our factory in Stoke-on- and innovatively designed tableware, celebrating its 200th anniversary in 2016. Trent as well as sourcing from overseas cookware, giftware and tabletop bone china and porcelain products. Design is key to our business. We accessories. Portmeirion Group All are produced to the same exacting continue to develop, extend, refresh encompasses four world leading brands; quality standards. The mix between own and refine our existing patterns, and Portmeirion, Spode, Royal Worcester and manufactured and sourced product was to launch new patterns and products, Pimpernel and has a long track record of 46:54 for 2015. Production from our so as to retain and improve customer creating value for our shareholders. Stoke-on-Trent factory is well placed to appeal. Working closely with our major keep pace with the growing demand for We have 689 valued employees in the UK customers, our design studio in Stoke- UK made product with a fully operational and the US and sell into over 60 countries on-Trent is the creative hub for new new kiln installed. around the world where our brands designs and extensions to existing and products are enjoyed by millions of ranges. Design talent comes from a Routes to Market consumers. strong in-house team working together Portmeirion Group sells its products to a with freelance artists and designers to Product Design and worldwide marketplace through a variety deliver a broad portfolio. Our product Development of channels including to trade customers offering is complemented by licensed such as large high street retailers and Our value lies with our strong brands and designs such as the fashionable Ted independent stores, via a network of the patterns which underpin these. Some Baker Portmeirion collections and popular agents and distributors as well as from of our major tableware patterns are also Royal Worcester Wrendale range. our own retail shops and websites. brand names in their own right such as We serve our customers from warehouses in the UK, the US and China. Our Paths to Market Concessions Trade Retail Online Distributors 02 www.portmeiriongroup.com | Stock code: PMP 24610.04 4 April 2016 8:57 PM Proof 9 Our Performance > Introduction > Where We Operate Where We Operate Sophie Conran for Portmeirion Portmeirion Botanic Garden Ted Baker Portmeirion Spode Blue Italian United States United Kingdom South Korea Other Growing Markets Connecticut warehouse, Stoke-on-Trent Exclusive distributor India, Taiwan and Thailand New York showroom incorporating head office, South Korea sales of These markets accounted for and offices manufacturing operation, £12.3 million represent £9.5 million which represented US sales of £22.3 million warehouse and retail 18% of Group revenue. 14% of Group revenue. represent 32% of Group outlets We sell through an exclusive Total sales for these three revenue. UK sales of £17.9 million distributor, with routes to key markets were more than We sell to major department represent 26% of Group markets via wholesale outlets, double the 2014 level. All stores, over 1,200 revenue. over 100 retail stores, major are serviced via an exclusive independent retailers, Our routes to market include department stores, TV home distributor with access to a major internet retailers of major department stores, over shopping channels and range of different distribution both general and home 500 independent retailers, distributor and third party channels. goods merchandise, 10 retail outlets, nationwide websites. national chains of ‘big box’ mail order companies and retailers, warehouse club UK based websites dedicated merchandisers and a growing to each Portmeirion Group website. brand. Portmeirion Group PLC Annual Report and Accounts 2015 03 24610.04 4 April 2016 8:57 PM Proof 9 Our Performance > Introduction > Our Brands Our Brands Portmeirion is recognised worldwide for producing unique designs as epitomised by its best-selling and classic Botanic Garden range. The award winning Sophie Conran for Portmeirion and Ted Baker collections showcase the diverse, high quality products within the brand which deliver both beautiful designs and practicality for modern day living. Visit www.portmeirion.co.uk Pictured: Portmeirion Botanic Garden 04 www.portmeiriongroup.com | Stock code: PMP 24610.04 4 April 2016 8:57 PM Proof 9 Renowned for its rich heritage and timeless designs, Spode’s product portfolio appeals across the generations and includes celebrated British designs such as Blue Italian, Blue Room and Christmas Tree. These classic and intricately detailed designs have stood the test of time with Spode being widely regarded as one of Great Britain’s great ceramic brands. Visit www.spode.co.uk Pictured: Spode Christmas Tree Portmeirion Group PLC Annual Report and Accounts 2015 05 24610.04 4 April 2016 8:57 PM Proof 9 Our Performance > Introduction > Our Brands Our Brands continued Founded in 1751, Royal Worcester has a rich and diverse design heritage. The brand offers a wide spectrum of quality products from fashionable fine bone china mugs and sophisticated, competitively priced tableware sets to the unique and opulent Painted Fruit collection. Quirky new characters have enhanced the popularity of the brand’s Wrendale Designs licensed collection of mugs and giftware. Visit www.royalworcester.co.uk Pictured: Royal Worcester Wrendale Designs 06 www.portmeiriongroup.com | Stock code: PMP 24610.04 4 April 2016 8:57 PM Proof 9 With its unrivalled reputation for quality products, Pimpernel, the premier brand for placemats, coasters, trays and accessories, continues to build on its holistic solution for the tabletop with the introduction of new and exclusive designs. Visit www.pimpernelinternational.co.uk Pictured: Pimpernel Carte Postale Portmeirion Group PLC Annual Report and Accounts 2015 07 24610.04 4 April 2016 8:57 PM Proof 9 Our Performance > Introduction > Snapshot of 2015 Snapshot of 2015 Awards success In 2015 Portmeirion won the Large Exporter Award for the West Midlands area in the Business Desk Awards. We were also a finalist for the Large Manufacturer Award. In addition, we were finalists for the Staffordshire Business Awards in the categories Export Large, Apprentice of the Year Ted Baker Portmeirion and Business of the Year. Ted Baker range wins Best Licensed Home Décor, Tableware or Housewares range at The Licensing Awards. Portmeirion were recognised as an Investor in People (IIP) at the higher level Insider Midlands Award silver standard.
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