Profits warning from potter Portmeirion

The Stoke-on-Trent based company, which trades mainly in the USA and the UK, was issuing a trading statement following Thanksgiving day last Thursday – traditionally the start of the North American Christmas shopping season – and as the Britain’s run-up to the festive season begins. Sales for the first 11 months of 2008 were on a downwards trend, Portmeirion said, and were currently standing only 1.3% above last year, compared to 5.6% higher at the half year point. Portmeirion's largest market, the USA, had remained difficult with sales falling by 13% although revenue in the UK, the company's second largest market, were nearly 10% above last year. However, the company said the revenue figures were disappointing because they were significantly below the levels budgeted for this financial year. Portmeirion said its directors took little comfort from even greater difficulties besetting the sector in general, but believed company profit for the year ending 31 December would be significantly below market expectations. The company – set up in the 1960s by Susan Williams-Ellis, who died last year and whose architect father Sir Clough Williams-Ellis created Portmeirion Village in North Wales – will publish its annual figures in March.