AGM Statement

RNS Number : 9655C

Pittards PLC

09 May 2012

 



PITTARDS PLC

(AIM: PTD)

AGM Statement

Pittards, the specialist producer of technically advanced leather and luxury leather goods for sale to retailers, manufacturers and distributors, reports that the Chairman will give the following update on current trading at the Company's AGM today, 9 May 2012 at 12 noon.

In the Preliminary announcement of results for the year ended 31 December 2011 on 19 March 2012 we reported to shareholders that the Ethiopian Government had from 10 December 2011 introduced a 150% tariff on the export of part processed (crust) material from the country.  We outlined the steps we had taken and were proposing to take to deal with this new situation but unfortunately this has taken longer than first anticipated.  We also reported that raw material prices remained stubbornly high: this situation still prevails. As a result, the Company  expects to achieve a breakeven position for the first half of 2012.

We are pleased to confirm that production levels in Ethiopia are now picking up rapidly, and product quality is good. As the re-organisation in our Yeovil factory is now almost complete , we expect to report a return to normal trading results during the second half of 2012 as the benefits of more off shoring and increased production capacity start to take effect and put us in a stronger position to service growing consumer demand in Asia and the BRIC countries for luxury goods..

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]

 

END

 

 

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