Chief quits Portmeirion as warning handed out

SHARES in Staffordshire tableware maker Portmeirion Potteries went on a wild ride today, after the company issued two statements - one a profits warning, the other announcing the resignation of chief executive Mary-Lorraine Hughes.

The second statement said Hughes quit yesterday "due to differences over policy".

Earlier, Portmeirion warned April and May trading had been "particularly difficult, especially in the United States" and that first-half profits would be well below the GBP 2.7 million in the same period last year. The shares dived 65p to 210p, but recovered to 255p. The company gave no further explanation as to why Hughes had left, but said operations director Kami Farhadi would fill the role, pending appointment of a successor. The City has fallen out with Portmeirion since the price peaked at 565p last year, due to poor results. Today's profit warning is the second this year. In January, the firm said 1997 profits would be GBP 1 million below expectations and later reported a 14% fall to GBP 5.5 million.

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