A SLUMP IN PROFITS at one of the most famous Welsh pottery brands has been blamed on an EU ‘anti-dumping’ tax.
Portmeirion Pottery, the AIM-listed business found in 1960 by Susan Williams-Ellis and husband Euan, saw profits fall 38% to £0.9m for the six months to 30 June, compared to the same period a year earlier.
Profits fell by more than £400,000 as a result of the “protectionist” anti-dumping duty imposed on ceramics made in China, Portmeirion said in its interim statement to the stock exchange. While the group will continue to bear some costs related to the duty, it has “largely” mitigated this through moving production to Bangladesh.
The duty was set by the EU to balance out what it considered was Chinese ceramic imports priced below market value.
Portmeirion Pottery chairman Dick Steele said: “We’re a global company. We sell globally and we source globally. You’ve got to get out there and mix it with the big boys to compete. You can’t sit at home being a little European hiding behind tariffs and duties.”
“It’s protectionism and nobody benefits from protectionism,” he added, reported WalesOnline.
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