Stoke pottery company Portmeirion receives $2.7m US tariff refund
Refund eases financial strain for the global brand
Stoke-on-Trent-based pottery company, Portmeirion Group PLC, has secured a substantial refund of $2.7 million on US tariffs, representing 98% of its claim from the US Government Treasury.
The payment, along with a $0.3 million settlement received in previous months, covers almost the entirety of the $3 million tariff refund requested by Portmeirion from the US Customs and Border Protection Consolidated Administration and Processing of Entries system.
Portmeirion experienced a pre-tax loss of £7.2 million last year, attributing US tariffs, higher energy and labour costs, and the short-term effects of its ongoing transformation plan as contributing factors.
The recent refund is seen as a relief to Portmeirion's finances as it aims to reduce net debt and pursue its strategic plans.
The firm's sales were around £91 million for the full year, marking a 1% increase year-on-year, with significant growth outside the US market.
Portmeirion is undertaking strategic initiatives to bolster its operations, including resetting customer relationships and furthering its Made in Stoke-on-Trent onshoring initiative.
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