Portmeirion Group (PMP): US tariffs and net debt

This situation live

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

3 Jun 2026 · Bookbuild launched; not underwritten · −41% until the next step The Placing is not being underwritten.

10 Jun 2026 · Retail Offer closed, fully allocated; conditional · −11% until the next step Admission is expected to take place at 8.00 a.m. on 24 June 2026

28 Jul 2026 · Completed in H1; £18.6m gross raised · +5% until the next step Strengthen Balance Sheet - DELIVERED - £18.6m gross equity raise and new £36m ABL

Dilutive fundraise

US tariffs and net debt

Net debt cut to £6.2m; ABL signed

Next: Seasonal working capital peak in October

Every step · 6

3 Feb 2026 Covenants revised in 2025 with Barclays – Working collaboratively with our sole lender Barclays, we revised our RCF covenants in 2025 to provide the headroom and flexibility for the Group to deliver... ↗
6 May 2026 Net debt £17.5m; refund claims pending – Any proceeds from either claim will be used to reduce the Groups net debt in line with our Fortress Balance Sheet priority. ↗
3 Jun 2026 Bookbuild launched; not underwritten – The Placing is not being underwritten. ↗
10 Jun 2026 Retail Offer closed, fully allocated; conditional – Admission is expected to take place at 8.00 a.m. on 24 June 2026 ↗
28 Jul 2026 Completed in H1; £18.6m gross raised – Strengthen Balance Sheet - DELIVERED - £18.6m gross equity raise and new £36m ABL ↗
23 Sep 2026 Net debt cut to £6.2m; ABL signed – During the period, the Group signed a new £36m ABL banking facility with Bank Leumi, replacing previous RCF facilities. ↗

What is happening

Portmeirion Group: US tariffs and net debt – Net debt cut to £6.2m; ABL signed. ['Net debt cut to £6.2m; ABL signed']

In short: 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.
Announced: 3 Feb 2026 · Covenants revised in 2025 with Barclays
Latest: 23 Sep 2026 · Net debt cut to £6.2m; ABL signed
Seasonal peak: Working capital peak in October
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
Net equity raise: £17.2m, completed at end of June 2026
Free cash flow: £5.8m outflow in H1 2026 versus £2.8m outflow in H1 2025

Seasonal working capital peak in October.

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

Briefing Pro

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

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