Portmeirion has delivered FY23 results in line with our estimates and FY24 PBT guidance has been maintained. While trading conditions are expected to remain challenging in the near-term, especially in South Korea, there is a clear focus on protecting earnings and maximising future profitability. To this end, 10% of the cost base has been reduced for FY24. The BS has improved with net debt lowered to £7.9m (vs £10.1m FY22). With debt reduction remaining a priority and given macro uncertainty, the ....
