Portmeirion, one of the leading home ceramics and tableware businesses, has today announced the retirement of Dick Steele as Non-Executive Chairman. He will leave the Board at the end of this month. Mr Steele has a long association with Portmeirion as former CEO and latterly as Chair. He will be replaced by Peter Tracey as Non-Executive Chairman from 25th Feb’25. Mr Tracey is currently Managing Director of Blackdown Partners Ltd, an independent investment bank. He also holds non-executive roles at Hurtwood Capital and Inspired Plc. We view his appointment positively. Given Portmeirion’s mixed track record over the last 5-years, we anticipate the focus on delivering sustainable earnings growth and rebuilding shareholder value to be sharpened under his watch. Last month the company warned on the FY24 outcome. We anticipate a full YE update in the weeks ahead, at which point we will be in a better position to review FY25 prospects and reinstate FY25/FY26 forecasts. We believe FY24 should be a base to build from. Today’s new Chairman news should be supportive of a recovery thesis because at some stage trading challenges across key markets will gradually abate. In the meantime the shares on BS considerations are in value territory, trading 2.2x below historical NAV of 399p.
