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Pittards swings to first-half loss as revenue drops 45%

By BFN News | 02:35 PM | Wednesday 30 September, 2020


Specialty leather producer Pittards swung to a first-half loss after its revenue was hit by the pandemic. Pre-tax losses for the six months through June amounted to £2.3m, compared to a profit of £0.2m year-on-year. Revenue fell 45% to £6.6m. 'Despite the disruption of the first half, we enter the second half with renewed confidence and stability and with positive and improving cash flows,' chairman Stephen Yapp said. Sales, he added. 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,' Yapp said. At 2:35pm: (LON:PTD) Pittards PLC share price was 0p at 39p Story provided by StockMarketWire.com

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