IN BRIEF: Portmeirion to become Spode as makes progress under new CEO

Portmeirion Group PLC - Stoke On Trent, Staffordshire-based owner of ceramics and homeware brands Spode, Portmeirion, Royal Worcester and Wax Lyrical - Reports half-year results, the first under its new chief executive officer, Michael Scheepers, as its name change to Spode Group PLC is set be effective during November. Pretax loss widens to £5.0 million in the six months that ended June 30 from £2.9 million a year before, as revenue slips to £36.4 million from £37.1 million. Records headline loss before interest, tax, depreciation and amortisation of £1.2 million, swung from £100,000 in earnings a year before.

Portmeirion says many operational and legacy issues have been identified and tackled since Scheepers joined in May, and it is fast-tracking new product launches under is 'elevated' strategy. The second half of the year is key for Portmeirion, and it says it is seeing strong demand in the US for its Spode Christmas Tree collection. It expects to return to growth in 2027.

Portmeirion separately says Chief Financial Officer Jonathan Hill will leave on Friday due to health reasons. It hires Adrian Wilding as interim CFO. Wilding most recently was CFO of FireAngel Safety Technology, an AIM listing sold under Wilding's leadership.

Current stock price: 50.00 pence

12-month change: down 63%

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