Trading Update

RNS Number : 9466J

Pittards PLC

23 December 2015

 

23 December 2015

PITTARDS PLC

(AIM: PTD)

Trading update

Pittards plc ("Pittards" or the "Company"), the specialist producer of technically advanced leather and luxury leather goods for sale to retailers, manufacturers and distributors, announces that the suppressed demand that the Company warned it was experiencing in its interim results for the six months ended 30 June 2015 has continued to affect volumes and consequently, while it expects the results for the year overall to show a reasonable level of profit, they will be  materially below current market expectations.

Stephen Boyd, Chairman commented: "Whilst we are disappointed with the slowdown in the current macro environment, Pittards has achieved a great deal in 2015. This includes the strengthening of the balance sheet, purchasing the freehold of the factory at Yeovil, restructuring the Board and the strategically important opening of our second shop in order to build the Pittards consumer brand.

"The continued strength of the US dollar in which over 70 per cent. of Pittards' products are invoiced, together with lower raw material prices are now beginning to be reflected in better margins and the Board considers the Company well placed in the medium term to benefit from a recovery in volumes as the gradual improvement in economic activity in advanced economies gains more traction.

"Against this background the Company continues to develop its strategy to invest in its people and business to better meet customers' needs and deliver superior shareholder value in the longer term."

The Company expects to release its preliminary announcement of results for the year to 31 December 2015 in the week commencing 21 March 2016.

For further information, please contact:
Pittards plc	www.pittardsleather.com
Stephen Boyd, Chairman	[phone]
Reg Hankey, CEO
Jill Williams, Finance Director
WH Ireland Limited	www.wh-ireland.co.uk
John Wakefield/Ed Allsopp	[phone]

 

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