LONDON (Alliance News) - Leather and luxury goods maker Pittards PLC said Tuesday it entered 2019 well positioned for growth following a "solid" 2018 in which profit and revenue fell.
In 2018, pretax profit narrowed 14% to GBP354,000 from GBP413,000 the year prior. This was after revenue fell 5.9% to GBP28.5 million from GBP30.3 million the year before.
"Good progress has already been made in implementing the group's stated objectives," Pittards Chair Stephen Yapp said. "It has been a year of solid achievement where the group has delivered stable results, established the pillars for growth and made strategically important inroads."
During the year, the firm developed a new foothold in automotive and airline markets. It also saw progress at its footwear manufacturing operation in Ethiopia.
"Whilst the group must be mindful of the unpredictable global economic situation, in several respects the group has entered 2019 well positioned for growth with clear priorities, a stable financial base with available banking facility headroom of GBP5.5 million and a positive outlook about our near-term opportunities", Yapp added.
Pittards does not pay an interim dividend.
Shares in Pittards were untraded at 62.15 pence on Tuesday.