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 2020.
· Revenue for the first half £6.6m (H1 2019: £12.1m)
· EBITDA negative £1.3m (H1 2019: £1.2m positive)
· Loss before tax amounted to £2.3m (H1 2019: £0.2m profit)
· Net assets were £14.6m (31 December 2019: £17.9m)
· Gross margin was 17.1% (31 December 2019: 29.7%)
· Group cash facilities headroom of £2.5m (£2.7m: 2019) including CBILS completed July 2020
Stephen Yapp, Chairman, said: -
"Despite the disruption of the first half, we enter the second half with renewed confidence and stability and with positive and improving cash flows. Our strategy to enlarge our portfolio of markets, products, improve quality of margin and lower our cost base, is showing clear signs of delivering benefits to the business. Over 14% of sales in the first half compared to 1.5% in H1 2019 were from our new target markets, and overall sales have consistently risen from May through to August. We are well positioned to deliver positive operational cashflow in the second half together with a reduction in net debt compared to the half year."