Paddington comes home for Portmeirion

Announcing the company's annual results. Chairman Dick Steele said: "We are delighted to report another record year with trading above market expectations. We achieved growth across all four brands, and sales of Spode and Royal Worcester were well above the figure we had forecasted. The new financial year has started well with revenues for the first 2 months of 2011, 15% above the corresponding period last year. The outlook for the remainder of 2011 is positive." The company said 2010 had been a year of opportunity and success. Having previously enjoyed record revenues in 2009, 2010 was another record year with revenues growing by 18.7% to £51.2 million (2009: £43.2 million). Pre-tax profit was 39% up at £5.4 million (2009: £3.9 million). "We were able to build upon the acquisition of the Spode and Royal Worcester brands to further consolidate our position as an internationally renowned homewares group, and our established Portmeirion and Pimpernel brands also had record years," Steele said. "When we acquired the Spode and Royal Worcester brands in April 2009 we forecasted revenues of £19 million from these brands by the end of 2010; we actually achieved revenues of £22 million during this period. The acquisition cost of the Spode and Royal Worcester brand names was £2.2 million." Portmeirion said its strategy was to obtain products from the most appropriate source. Its Stoke-on-Trent factory was producing at its highest ever levels, with kilns running 24 hours a day, 7 days a week making the fine earthenware for which it has a worldwide reputation. Porcelain, stoneware or bone china are sourced offshore. During the year, staff numbers increased by 9% to 532 (2009: 487).