Trading Update

RNS Number : 2966Z

Pittards PLC

12 January 2011

 



PITTARDS PLC

(AIM: PTD)

Trading Update

Pittards, the specialist producer of technically advanced leather and luxury leather goods for sale to retailers, manufacturers and distributors, is pleased to provide an update on current trading prior to entering a close period leading up to the announcement of its results for the financial year ended 31 December 2010. 

Trading in all areas of the business has been stronger than market expectations for the year as a whole therefore we anticipate that the second half result will be slightly stronger than the first half, where we announced a pre tax profit of £0.9m.  Our order book remains strong as we enter 2011 and we continue to make progress with our strategic developments.

There are some non trading items that are still being reviewed by the Company and our auditors.  These include a property revaluation of the Ethiopian factory, the potential release of part of the impairment provision made against the Ethiopian tannery purchase and the 20% devaluation of the Ethiopian Birr in September 2010 which will be beneficial in the longer term.  The net effect of these potential adjustments is expected to be positive.

The Company expects to announce its preliminary results in March 2011.

Contacts:
Pittards plc	www.pittards.com
Stephen Boyd, Chairman	[phone]
Reg Hankey, Chief Executive	[phone]
Jill Williams, Finance Director	[phone]
WH Ireland Limited	www.wh-ireland.co.uk
John Wakefield / Marc Davies	[phone]

 

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