Portmeirion Group (PMP): Transformation plan

This situation live

£24m · 46.5p · −52% since the first step

3 Jun 2026 · New CEO in place; targets reset, funding sought · −48% until the next step The transformation plan will be underpinned by the creation of a 'Fortress Balance Sheet'.

28 Jul 2026 · Operational objectives in progress; leadership complete · +5% until the next step We are delivering against the key milestones set out at the equity raise and moving at pace.

22 Sep 2026 · Leadership change: interim CFO replaces departing CFO · +0% until the next step A process to appoint a permanent CFO will now commence and further updates will be provided as appropriate.

New CEO / reset

Transformation plan

H1 delivered; FY26 operational targets in progress

Every step · 7

3 Feb 2026 Year one done; losses and higher net debt – We took bold decisions in April to position our business for long term growth, resetting certain customer relationships, changing how we work and... ↗
6 May 2026 CEO handover to Scheepers, effective w/c 11 May 2026 – I'm delighted to be given the opportunity to lead the business as we launch and execute on our new strategic plans. ↗
6 May 2026 Refreshed strategy launched; CEO handover imminent – Michael Scheepers has been promoted to Chief Executive Officer and will take up the appointment week commencing 11th May 2026 (subject to regulatory checks). ↗
3 Jun 2026 New CEO in place; targets reset, funding sought – The transformation plan will be underpinned by the creation of a 'Fortress Balance Sheet'. ↗
28 Jul 2026 Operational objectives in progress; leadership complete – We are delivering against the key milestones set out at the equity raise and moving at pace. ↗
22 Sep 2026 Leadership change: interim CFO replaces departing CFO – A process to appoint a permanent CFO will now commence and further updates will be provided as appropriate. ↗
23 Sep 2026 H1 delivered; FY26 operational targets in progress – We are delivering against the key milestones set out in our revised ‘Elevated’ growth strategy at the equity raise completed earlier in the period. ↗

What is happening

Portmeirion Group: Transformation plan – H1 delivered; FY26 operational targets in progress. ['H1 delivered; FY26 operational targets in progress']

In short: 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.
Announced: 3 Feb 2026 · Year one done; losses and higher net debt
Latest: 23 Sep 2026 · H1 delivered; FY26 operational targets in progress
Next milestone: Retail investor webinar on 30 September 2026; Royal Worcester relaunch in H1 2027
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
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
Leadership: Final two appointments made at end of H1: Jane Mason (UK and Europe) and Hayley Baddiley (Marketing)
Factory: Seconds down c.300 basis points as a percentage of volume produced

Briefing Pro

What it does, how it got here, what management promised and delivered – written from its own announcements.

From the company's own announcements. Not investment advice.

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