Pittards PLC – PTD – Final Results
Pittards plc, the specialist producer of technically advanced leather and luxury leather goods for retailers, manufacturers and distributors today announces its results for the year ended 31 December 2020.
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Key performance indicators 2020 |
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Second half |
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Full year |
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2020 |
2019 |
Change |
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2020 |
2019 |
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£m |
£m |
£m |
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£m |
£m |
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Revenue |
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8.6 |
10.2 |
(1.6) |
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15.2 |
22.3 |
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Gross profit |
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2.1 |
3.3 |
(1.2) |
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3.2 |
6.9 |
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Gross margin |
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24% |
32% |
-8% |
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21% |
31% |
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Profit/(Loss) before tax |
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(0.0) |
0.4 |
0.4 |
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(2.3) |
0.6 |
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EBITDA |
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0.3 |
0.9 |
(0.6) |
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(1.1) |
2.0 |
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Net assets |
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13.9 |
17.5 |
(3.6) |
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13.9 |
17.5 |
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Inventory |
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15.0 |
17.3 |
(2.3) |
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15.0 |
17.3 |
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Net debt |
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10.1 |
9.6 |
(0.5) |
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10.1 |
9.6 |
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Net debt adjusted for treasury shares held |
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9.7 |
9.6 |
(0.1) |
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9.7 |
9.6 |
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Gearing |
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73.0% |
54.7% |
-18% |
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73.0% |
55.0% |
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Staff numbers |
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1,096 |
1,224 |
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Basic (loss)/earnings per share (in pence) |
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(17.7) |
2.9 |
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Net assets per share (in pence) |
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107.0 |
126.3 |
Stephen Yapp, Chairman, commented:
"We have entered 2021 stronger, with a more diverse and flexible business, ready to take full advantage of opportunities in our markets. It remains too early to judge how strong the recovery will be, but on balance, we see more reason to be positive that we can make further progress to build on the momentum of the second half of last year, starting the year with stronger demand from customers"