Portmeirion has delivered PBT in line with expectations, but net debt is higher, and no final dividend is declared. There were positive elements in the results and today, under the leadership of a new Chairman, a five-pronged plan has been laid out to reverse a period of underperformance and return the business to sustainable growth with a strengthened balance sheet. We await to see how the strategic reset plays out before reintroducing forecasts. Theoretically if PBT in the current year returns to at least the FY23 lows of £3.0m, the shares are trading on an undemanding 10x P/E, with little if any recovery being priced in
