Portmeirion navigated a tricky Q4, with a good Christmas performance enabling it to meet FY23 PBT expectations. This is both a relief and a good outcome. We are however having to dial back FY24 estimates to reflect signalling of ongoing macro related caution for the US and South Korea. The challenges here remain market/consumer driven than PMP specific. Net, our FY23 PBT estimate remains unchanged but FY24 and FY25 are downgraded by 36%/28%. We remain confident about mid-term prospects given operational gearing upside once demand recovers in key markets. For now, prudence dictates a reduced TP of 250p and a move from Buy to Hold.
