Pittards PLC – Half-year Report

Pittards PLC – Half-year Report

Pittards plc, the specialist producer of technically advanced leather and luxury leather goods for retailers, manufacturers and distributors, today announces its results for the six months ended 30 June 2019.

Half year ended 30 June 2019

·      Revenue decreased by 16% to £12.1m (H1 2018: £14.5m)

·      EBITDA £0.8m (H1 2018: £0.8m)

·      Profit before tax increased to £0.2m (H1 2018: £0.1m)

·      Net assets £18.5m (31 December 2018: £18.5m)

·      Gross margin improved to 29.7% (31 December 2018: 25.1%)

·      Strategic initiatives progressing well particularly in the interiors market and Ethiopian footwear manufacturing

Stephen Yapp, Chairman commented: "The themes outlined in our 2018 annual report have continued into the first half of 2019; we have delivered a solid financial performance against ongoing fluctuations in global trading and made important progress to diversify our business.

"The improvement in profitability reflects the hard work to enhance operational efficiencies, investments to broaden our manufacturing capabilities and our focus on delivering a quality service to core customers, whilst taking further steps to create a more balanced portfolio.

"We enter the second half of the year with a good order book, lower cost base and improved margins.  Looking ahead, we are increasingly optimistic about the pipeline of opportunities within our core and targeted markets. Whilst this is set against an uncertain economic outlook, we expect the second half to be stronger than the first particularly in terms of profit and are confident our ongoing investment plans and strategy will deliver significant shareholder value as these fully mature."

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