Final Results - Year Ended 31 December 1999

Pittards PLC
8 March 2000

                                                                              
                 Results for the year ended 31 December 1999                 

Summary

                                             Year ended          Year ended
                                       31 December 1999    31 December 1998

Turnover                                         £62.1m              £74.3m
Profit before taxation                            £1.8m               £0.1m
Earnings (loss) per share                          6.8p               (0.5p)
Ordinary dividend                                  3.6p                3.5p
Net assets per share                              98.0p               95.0p
Gearing                                           20.0%               21.0%

* The Company continues to make steady progress since returning to
  profitability in the second half of 1998.
* Gearing is down to 20%.
* Net assets per share have increased to 98p.
* Final dividend increased by 4% to 2.6p (3.6p for the year).
* The increased commitment to innovation and accelerated pace of new product
  development is delivering results.

Robert Tomkinson, Chairman of Pittards, commented:

'Despite the continuing strength of sterling, we go into 2000 with improving
order books for the first few months of the year, helped by exciting new
products to supplement our existing range. The business remains sensitive to
uncertainties such as exchange rates, raw material prices and the state of the
global economy.  Assuming that the current level of demand continues, we
expect to make further progress this year.'

For further information, please contact:

John Pittard - Group Managing Director
John Buckley - Group Financial Director
Pittards plc - Tel: [phone]


CHAIRMAN'S STATEMENT

The Company has continued to make steady progress since its return to
profitability in the second half of 1998.  Profit before tax for the year
ended 31 December 1999 was £1.759m and compares to a profit of £0.085m for the
previous year.

In my interim statement I said that market conditions in the first six months
of the year had been generally unhelpful, and that world demand for leather in
the sport and leisure sectors had been depressed.  Since then, although
conditions generally have changed little, and despite the persistent strength
of sterling, demand for our products has increased in many of the sectors we
serve.  Group turnover in the second half was 6% higher than in the first six
months and amounted to £62.12m for the year as a whole (1998 - £74.32m).  The
reduction in annual turnover of 16% was in part due to lower underlying
sheepskin prices in the Raw Materials Division for much of the year, but was
mainly the result of temporary destocking by certain customers of the Glove
Leather Division during the second and third quarters. The lower Group
turnover was more than offset by the reduction in the cost of sales.

Operating profits for the year were £2.232m compared to £1.016m in 1998.  As
between the two halves, Group profits were virtually unchanged.  Although
profits in the two manufacturing divisions were over 50% higher in the second
six months than in the first, this achievement was masked by a small, seasonal
second half loss in the Raw Materials Division.

After interest costs of £0.47m (1998 - £0.93m), a negligible tax charge (1998
- credit of £0.10m) and preference dividends, earnings per share were 6.8p
(1998 - loss 0.5p).  The board is recommending a final dividend of 2.6p, (1998
- 2.5p), making a total for the year of 3.6p (1998; 3.5p)- an increase of
2.9%. The proposed dividend is covered 1.9 times by earnings.  If approved at
the Annual General Meeting the final dividend will be paid on 12 May 2000 to
shareholders on the register at the close of business on 14 April 2000. 

Our balance sheet has grown stronger during 1999.  Net assets have risen to
£24.47m - equivalent to 98p per ordinary share (1998 - £23.76m and 95p) - and
borrowings have fallen slightly to £4.96m, (1998 - £5.03m) representing 20% of
shareholders' funds (1998 - 21%).  Cash flow in the year was broadly neutral. 
Funds generated from profitable trading were offset by higher working capital
needs flowing from the increasing volume of business, and rising raw material
prices in the manufacturing divisions towards the end of the year.

This has been a challenging year for the Glove Leather Division.  A phase of
destocking by manufacturers of golf gloves - the largest single segment of the
division's business - led to a temporary reduction of more than a third in its
sales of golf glove leather.  The impact was most severe in the second and
third quarters. Management responded vigorously to this challenge and, in a
difficult market place, achieved highly creditable growth of 18% in the volume
of sales of other sports leathers and of dress, public service and military
leathers.  The impact on margins of an overall reduction in sales volume of
13% was cushioned by measures taken to reduce operational gearing, by strict
management of costs and by continuous improvements in manufacturing
efficiency.  Now that the destocking phase is behind us, demand for our golf
glove leather has been steadily rebuilding.  In addition, a number of
innovative products have recently been introduced for both the sports and
service markets which will help to broaden further the scope of the division's
business and lessen its dependence on any one segment of the market.

The recovery of the Shoe & Leathergoods Division gathered pace during the
year.  Finished leather sales volume grew by 15% compared to the previous
year.  Sales of leather to leading European manufacturers of casual footwear
and of luxury leathergoods increased substantially, despite the strength of
sterling relative to the euro.  Margins also advanced appreciably as the
productivity and efficiency gains of the previous year were sustained as
production levels rose.  With additional resources allocated to innovation and
product development the division is producing the kind of exciting and radical
new products that are critical to the future growth of the business.  The
recovery in the performance and prospects of the division has been due, in no
small measure,  to strong leadership and to the co-ordinated efforts of all
involved, whether in sales and marketing, new product development or
manufacturing.

The Raw Materials Division traded profitably in the first half, a period
during which the price of sheepskins remained low.  The increasing popularity
of nappa leather garments coupled with the seasonal demand for raw sheepskins
from European manufacturers of double face (wool-on) garment leathers, helped
to prompt a sharp rise in sheepskin prices in the third quarter, squeezing
margins in a fiercely competitive market.  The division resumed profitable
trading when the seasonal demand for double face abated towards the end of the
year, but overall, a small loss was incurred for the second half.

Despite the continuing strength of sterling, we go into 2000 with improving
order books for the first few months of the year, helped by exciting new
products to supplement our existing range. The business remains sensitive to
uncertainties such as exchange rates, raw material prices and the state of the
global economy.  Assuming that the current level of demand continues, we
expect to make further progress this year.


ROBERT C TOMKINSON
Chairman


CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year ended 31 December 1999

                                                  Year ended     Year ended
                                                 31 December    31 December
                                                        1999           1998
                                               Note    £'000          £'000

Turnover                                              62,115         74,320 
Cost of sales                                        (51,312)       (64,262)
                                                      ------         ------
Gross profit                                          10,803         10,058 
Distribution costs                                    (3,724)        (3,628)
Administrative expenses                               (4,847)        (5,414)
                                                      ------         ------
Operating profit                                       2,232          1,016 
Interest net                                           
Interest payable                                        (473)          (931)
                                                      ------         ------
Profit on ordinary activities before taxation          1,759             85 
Taxation                                                  (1)            99 
                                                      ------         ------
Profit on ordinary activities after taxation           1,758            184 
Dividends - equity and non-equity               2     (1,070)        (1,048)
                                                      ------         ------
Transfer to reserves                                     688           (864)
                                                      ======         ======

Earnings (loss) per share (basic and diluted)   3        6.8p          (0.5p)
                                                      ======         ======

There were no discontinued activities in 1998 or 1999.  Accordingly the above
results relate entirely to continuing activities.


CONSOLIDATED BALANCE SHEET
as at 31 December 1999

                                                 31 December    31 December
                                                        1999           1998
                                                       £'000          £'000
Fixed assets
Tangible fixed assets                                 17,850         18,869
                                                      ------         ------
Current assets    
Stocks                                                12,830         12,229
Debtors                                                8,027          7,153
Investments                                               14             23
Cash at bank & in hand                                    22             57
                                                      ------         ------
                                                      20,893         19,462
                                                      ======         ======
Creditors - amounts falling due within one year
Bank loans & overdrafts                               (4,982)        (3,596)
Trade creditors                                       (5,676)        (5,930)
Other creditors                                       (3,637)        (3,595)
                                                      ------         ------
                                                     (14,295)       (13,121)
                                                      ------         ------
Net current assets                                     6,598          6,341
                                                      ------         ------
Total assets less current liabilities                 24,448         25,210

Creditors - amounts falling due after more than 
one year                                                   -         (1,448)
                                                      ------         ------
                                                      24,448         23,762
                                                      ------         ------

Capital & Reserves
Called up share capital                                8,449          8,449
Reserves                                              15,978         15,292
                                                      ------         ------
Shareholders' funds (including £3,000,000
attributable to non-equity interests)                 24,427         23,741
Minority interest                                         21             21
                                                      ------         ------
                                                      24,448         23,762
                                                      ------         ------


CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 December 1999
                                                  Year ended     Year ended
                                                 31 December    31 December
                                                        1999           1998
                                                       £'000          £'000

Net cash inflow from operating activities              2,130          5,599 
                                                      ------         ------
Returns on investments and servicing of finance
Interest paid                                           (441)          (934)
Interest element of finance lease rental repayments       (9)           (21)
Preference dividends paid                               (285)          (285)
                                                      ------         ------
Returns on investments and servicing of finance         (735)        (1,240)
                                                      ------         ------

Taxation
UK corporation tax paid                                  (91)          (261)
Overseas tax paid                                         (1)             -  
                                                      ------         ------
Taxation                                                 (92)          (261)
                                                      ------         ------

Capital expenditure and financial investment
Purchase of tangible fixed assets                       (497)          (890)
Purchase of matching shares under Restricted 
Share Plan                                               (16)            (9)
Sale of tangible fixed assets                             46          3,113 
                                                      ------         ------
Capital expenditure and financial investment            (467)         2,214 
                                                      ------         ------

Equity dividends paid                                   (763)          (763)
                                                      ------         ------

Net cash inflow before financing                          73          5,549 
                                                      ------         ------

Financing
Repayment of term loans                               (4,198)        (1,502)
Capital element of finance lease rental repayments       (44)          (102)
                                                      ------         ------
Financing                                             (4,242)        (1,604)
                                                      ------         ------
(Decrease) increase in cash                           (4,169)         3,945 
                                                      ======         ======

Notes

1.  The figures for the year ended 31 December 1999 are unaudited and do not
    constitute full accounts within the meaning of Section 240 of the
    Companies Act 1985.  The figures for the year ended 31 December 1998, set
    out above, are extracted from the full accounts for that year.  A full
    Report and Accounts for 1998, including an unqualified report from the
    auditors, has been filed with the Registrar of Companies. 

2.  Dividends

                                                             1999      1998
                                                            £'000     £'000
    Equity:
    Ordinary interim - 1.0p per share (1998 - 1.0p)           218       218
    Ordinary final proposed - 2.6p per share (1998 - 2.5p)    567       545
                                                            -----     -----
    Total ordinary for year - 3.6p per share (1998 - 3.5p)    785       763
    Non-equity:
    Preference paid 30 June and 31 December                   285       285
                                                            -----     -----
                                                            1,070     1,048
                                                            -----     -----

3.  Earnings (loss) per ordinary share

    Basic earnings (loss) per ordinary share are based on the profit on
    ordinary activities after taxation and preference dividends of £1,473,000
    (1998 - loss £101,000) and the average number of shares in issue of
    21,797,638 (1998 - 21,797,638).  On a diluted basis the average number of
    shares in issue was 21,818,721 (1998 - 21,797,638).  

4.  Copies of the 1999 Annual Report and Accounts will be posted to
    shareholders in early April.  Further copies may be obtained by contacting
    the Company Secretary at Pittards plc, Sherborne Road, Yeovil, Somerset,
    BA21 5BA.  The annual general meeting is to be held at the registered
    office on 2 May 2000.