Portmeirion Group
PMP · AIM · Consumer Products and Services · mcap £24m · 46.5p 4 open situations →
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Transformation plan
Part of Wax Lyrical disposal – Profit improvement plan under wayPart of US tariffs and net debt – Net debt cut to £6.2m; ABL signed
A new CEO and the 'Elevated' transformation plan set targets: reduced FY26 losses and a return to profit before tax in FY27. H1 results on 23 Sept 2026 were in line, with the leadership team complete, factory quality improved and £1.8m of inventory cleared. The CFO leaves on 25 Sept 2026 and an interim CFO joins on 28 Sept. Q4 weighting is heavy.
- Next milestone
- Retail investor webinar on 30 September 2026; Royal Worcester relaunch in H1 2027 23 Sep 2026 ↗
- CFO leaving
- Jonathan Hill leaves the Company and Board on 25 September 2026 for health reasons
- Interim CFO
- Adrian Wilding expected to join 28 September 2026; permanent CFO search to commence 23 Sep 2026 ↗
- Permanent CFO
- Search process to commence; updates to follow
- Trading
- In line with Board expectations, as confirmed on 28 July 2026
- Operational targets
- 12 operational targets set for 2026 23 Sep 2026 ↗
- 23 Sep 2026 H1 delivered; FY26 operational targets in progress
- 22 Sep 2026 Leadership change: interim CFO replaces departing CFO
- 28 Jul 2026 Operational objectives in progress; leadership complete
- 3 Jun 2026 New CEO in place; targets reset, funding sought
US tariffs and net debt
Includes Transformation plan – H1 delivered; FY26 operational targets in progress
Net debt of £17.5m at FY25 prompted the 50p equity raise and the ABL facility. At 30 June 2026 net debt was £6.2m, helped by the £17.2m net equity raise and receipt of 98% of the $3m US tariff claim. The new £36m ABL with Bank Leumi replaced the RCF facilities. Seasonal working capital peak still to come.
- Seasonal peak
- Working capital peak in October 23 Sep 2026 ↗
- Size
- £18.6m gross equity raise
- Price
- 50p per share, as announced on 3 June 2026
- ABL
- new £36m ABL
- Status
- equity raise completed during H1
- Net debt
- £6.2m at 30 June 2026 versus £14.8m a year earlier 23 Sep 2026 ↗
Next: Seasonal working capital peak in October
- 23 Sep 2026 Net debt cut to £6.2m; ABL signed
- 28 Jul 2026 Completed in H1; £18.6m gross raised
- 10 Jun 2026 Retail Offer closed, fully allocated; conditional
- 3 Jun 2026 Bookbuild launched; not underwritten
Wax Lyrical disposal
Includes Transformation plan – H1 delivered; FY26 operational targets in progress
Wax Lyrical was confirmed non-core on 6 May 2026 with a sale to be sought. It now has a profit improvement plan, 'Getting Match Fit', under new leadership, and disposal is pushed to the medium-term. H1 sales fell 18.0%, mainly from order cancellations after supplier problems.
- H1 sales
- Down 18.0%, mainly from cancelled orders after key supplier supply issues 23 Sep 2026 ↗
- Plan
- 'Getting Match Fit': new retailers, D2C ecommerce, car products, price increases, range cut 23 Sep 2026 ↗
- Disposal timing
- Medium-term 23 Sep 2026 ↗
Next: Deliver profit improvement plan; disposal medium-term
- 23 Sep 2026 Profit improvement plan under way
- 28 Jul 2026 Profit improvement plan before disposal
- 6 May 2026 Confirmed non-core; sale to be sought
AB Traction towards control
- 25 Jun 2026 25.8572%
Closed · 1
Company filings. Not investment advice.