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Pittards profits leathered by Ethiopia tax

Wed, 19th Sep 2012 11:23

Leather goods firm Pittards said it had succeeded in breaking even in the first half after being hit by export taxes imposed by the Ethiopian government.Exports from Ethiopia represent 93% of the company's sales and the government there has put a 150% tariff on crust leather exports.Despite this, Chairman Stephen Boyd said the firm's "commitment to accelerate the realisation of the benefits from manufacturing more products in a low cost economy remains strong".The firm also said raw material prices had remained stubbornly high at its tannery in Ethiopia but there were signs of prices easing which should contribute to improved gross margins in the second half. Revenue dropped to £18.3m in the first half, compared to £20.3m the year before.There were no profits, but Pittards avoided making a loss. This compared with a £1.1m profit the previous year.Boyd said work to restructure the company's balance sheet to enable the payment of a dividend was progressing well."We expect to give notice of a general meeting to seek approval for this change shortly," he said.
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2 Aug 2022 13:43

IN BRIEF: Pittards buys luxury fashion brand Hill & Friends

Pittards PLC - Yeovil, Somerset-based leather and leather goods producer - Buys London-based luxury fashion brand Hill & Friends Ltd for an undisclosed amount. The acquisition, which has been financed from the company's existing cash resources, enables Pittards to add another fashion brand to its growing portfolio whilst also offering the potential for international growth.

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23 Mar 2022 17:49

IN BRIEF: Pittards in profit; optimistic outlook despite uncertainty

Pittards PLC - Yeovil, Somerset-based leather and leather goods producer - Revenue for 2021 rises to GBP19.7 million from GBP15.2 million in 2020, and firm swings to pretax profit of GBP460,000 from loss of GBP2.3 million. Gross margin improves to 28% from 21%. Hails "resilience" in year and notes recovery in core business. Says performance in second half was dented by supply chain challenges and inflationary pressures. On start to new year, says it entered 2022 with a "much stronger" order book than the year before, but cautions: "It remains too early to judge how strong the recovery will be, given the heightened uncertainty caused by the conflict in Ukraine, inflationary pressures, and continued supply chain challenges."

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10 Feb 2022 12:19

TRADING UPDATES: Kin & Carta, S&U and Solid State lift guidance

TRADING UPDATES: Kin & Carta, S&U and Solid State lift guidance

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12 Nov 2021 11:36

IN BRIEF: Pittards says Ethiopia operations unaffected by civil war

IN BRIEF: Pittards says Ethiopia operations unaffected by civil war

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29 Sep 2021 13:22

EARNINGS UPDATES: Pittards swings to profit; Immupharma loss widens

EARNINGS UPDATES: Pittards swings to profit; Immupharma loss widens

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29 Sep 2021 11:50

AIM WINNERS & LOSERS: Nostra Terra jumps on reserves upgrade

AIM WINNERS & LOSERS: Nostra Terra jumps on reserves upgrade

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24 Mar 2021 18:33

TRADING UPDATES: CPPGroup recommences dividend; TClarke profit shrinks

TRADING UPDATES: CPPGroup recommences dividend; TClarke profit shrinks

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24 Mar 2021 11:33

AIM WINNERS & LOSERS: St James House up as shares restored to trading

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10 Feb 2021 15:19

Pittards reports improvement in demand towards end of 2020

(Sharecast News) - Leather and luxury goods supplier Pittards updated the market on 2020 on Wednesday, reporting that its unaudited results showed revenue of around £15.2m, with about £8.6m of that coming in the second half, up approximately 30% on the first half.

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10 Feb 2021 11:24

TRADING UPDATES: Dekel's Ayenouan Sales Up; Pittards Order Book Strong

TRADING UPDATES: Dekel's Ayenouan Sales Up; Pittards Order Book Strong

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16 Nov 2020 14:13

DIRECTOR DEALINGS: Pittards Senior Team Buy GBP75,000 Worth

DIRECTOR DEALINGS: Pittards Senior Team Buy GBP75,000 Worth

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20 Oct 2020 12:43

DIRECTOR DEALINGS: Pittards CEO Stephen Yapp Buys 30,000 Shares

DIRECTOR DEALINGS: Pittards CEO Stephen Yapp Buys 30,000 Shares

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30 Sep 2020 12:18

UK EARNINGS SUMMARY: City Pub In Signs Of Recovery After Tough Interim

UK EARNINGS SUMMARY: City Pub In Signs Of Recovery After Tough Interim

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20 Jul 2020 09:52

Pittards secures coronavirus business interruption loan

(Sharecast News) - Leather products manufacturer Pittards said on Monday that it had successfully secured and drawn down a coronavirus business interruption loan of £1m through Lloyds Bank.

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17 Jul 2020 14:46

North Industrial Services Appoints Stephen Yapp To Board

North Industrial Services Appoints Stephen Yapp To Board

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