Receipt of $2.7m from US Tariff refund claim
Portmeirion Group PLC has received $2.7 million in cleared cash funds from the US Government Treasury as partial payment towards its $3.0 million tariff refund claim, with an additional $0.1 million in interest also paid. This brings the total settlement to 98% of the claim, with the Group expecting the remaining 2% to be resolved. The received funds will be utilized to reduce the Group's net debt, reinforcing its commitment to a strong balance sheet. A further update on trading and transformation plan progress is anticipated in July.
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Portmeirion Group PLC, the global homewares brand group, is pleased to announce that it has received cleared cash funds of $2.7m (c.£2.0m) from the US Government Treasury in partial payment of the $3.0m tariff refund claim submitted by the Group into the US Customs and Border Protection (USCBP) Consolidated Administration and Processing of Entries (CAPE) system.
This payment, when combined with a payments totalling $0.3m received in April and May, settles 98% of the total $3.0m (c.£2.3m) claim. In addition, the US Treasury has also paid interest totalling $0.1m. The Group continues to believe 100% of the claim will be settled and will not make a further announcement on this matter.
The cash received will be used to reduce the Group's net debt in line with the Group's stated priority to achieve a 'Fortress Balance Sheet'.
The Group will provide an update on trading and progress against its transformation plan initiatives in a Half Year update in July.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.