Stoke-on-Trent pottery firm Portmeirion has warned that profits for 2019 will be 'materially behind current market expectations' - after seeing sales decline in one of its key markets.
The Stoke-based company - which owns brands including Spode, Wax Lyrical and Royal Worcester - revealed earlier this year that its record-breaking results streak came to an end after sales fell 10 per cent on last year.
Now bosses have issued a trading update to shareholders revealing that full-year profits will be lower than originally anticipated.
The declining figures have been blamed on falling sales in South Korea.
Portmeirion CEO Mike Raybould said: "Since being appointed in September, I have reviewed all of our markets, and our teams have invested a huge amount of resource to resolve the issues we have faced in South Korea which were more challenging than we had anticipated earlier in the year.
"The group has a long and consistent track record of growth, leveraging our heritage portfolio of homeware brands around the world.
"We believe that the recent actions we have taken will be successful in protecting our brands and export markets in the long term."
"The group continues to invest in its long term strategy. In the last three months there have been key senior level hires in marketing, digital and online and product development to accelerate our progress in these areas.
"With the actions we have now taken, I am confident that we will be able to turnaround our South Korean business and grow strongly in a greater number of markets in the coming years."
For the six months to June 30, revenue at Portmeirion stood at £34.9 million while pre-tax profits were recorded as £0.5 million - down from £2.1 million for the same period in 2018.
