Highlights:

  • FY 2025 Group sales expected at c.GBP 91m, up 1% year-on-year.
  • Excluding US tariffs, sales increased by 8%.
  • South Korea and international markets showed strong double-digit growth.

Portmeirion Group PLC (LSE:PMP), the international homeware brands group, has published its trading update for the financial year ended 31 December 2025. The report highlights overall group sales growth, strategic changes to the business, and plans for 2026.

Group Sales Reach GBP 91m Amid Market Challenges

Portmeirion Group’s total sales for FY 2025 are expected to reach approximately GBP 91 million, representing a 1% increase year-on-year at constant currency. Excluding the US market, which faced tariff-related challenges, sales growth was around 8%.

The US market experienced a 7% decline due to tariff disruptions and strategic adjustments, including the withdrawal of the Spode brand from certain off-price channels and the discontinuation of some seasonal China-made SKUs. In the UK, tableware sales improved during the second half of the year, rising 6%, with double-digit growth in the Group’s own ecommerce platform. South Korea recorded a 26% sales increase, reflecting a rebound from 2024 lows, while international markets grew by 14%, supported by new product launches such as the Botanic Garden Cookware range.

Transformation Measures and Financial Position

Throughout 2025, the Group implemented strategic changes to support long-term growth. These included adjustments to the US product offer and distribution, reductions in excess inventory, initial margin investment in the Stoke-on-Trent onshoring initiative, and upfront investment in future growth opportunities.

The combined effect of these measures, along with US import tariffs, higher energy costs, National Insurance, and minimum wage increases, resulted in a headline loss before tax of approximately GBP 3.5 million. Net debt at the year-end was GBP 17.5 million, up from GBP 12.1 million in 2024, reflecting the cost of importing US product and year-end US stock values impacted by tariffs. Portmeirion worked with Barclays to revise its RCF covenants, providing flexibility for ongoing transformation.

Leadership Appointments and Strategic Outlook

Portmeirion strengthened its executive team in Q4 2025. Michael Scheepers joined as Group Brand and Commercial Director, Victoria Brabender as Product Strategy Director, and Sam Pearce was promoted to Chief Operating Officer. In the US, Michael Close was appointed President of Sales, supported by two further senior sales hires in January 2026.

The Group concluded the year with strong seasonal sell-through in key markets and plans to continue product innovation under its Spode and Portmeirion brands in 2026. A focus on reducing end-of-line inventory responsibly remains a priority to maintain brand equity while supporting growth.

Despite tariff challenges and short-term financial impacts, Portmeirion Group has advanced its transformation strategy, strengthened leadership, and positioned itself for growth in 2026. With new product launches and improved trading momentum, the Group aims to expand its market presence globally.

PMP shares traded at GBX 90.00, down 7.69% at the time of writing on 3 February 2026.