Today’s finals show Portmeirion is a much improved business entering 2022. It is executing very well against strategy and has delivered an FY21 PBT broadly in-line with FY19, despite navigating lockdown 3.0 and supply side challenges. Macro uncertainties means the trading backdrop is likely to present further challenges in 2022, but management signal it can navigate these through ongoing self-help. We make no PBT forecast changes and following recent weakness, view the shares as oversold on a YR ....
