Good results for Pittards

United Kingdom
Published:  18 March, 2014

Profits have soared at leather producer Pittards, which is headquartered at Yeovil and also has a tanning and leather goods facilities in Ethiopia.

According to its preliminary results, Pittards' pre-tax profits increased to £1.7 million (US$2.8 million) in the 2013 calendar year, up from £0.3 million (US$0.5 million) a year earlier. Pittards' underlying FY trading was generally in line with market expectations, but that its predominantly dollar-based revenues were dented by the weakening of the dollar relative to sterling in Q4. Earnings before interest, taxes, depreciation and amortisation jumped by 80% to £2.4 million (US$4 million) over the same period.

However, revenues dipped by 3% to £35.8 million (US$59.4 million).

Stephen Boyd, chairman of Pittards, said: "I am pleased to report that the recovery noted in my interim statement, following the turbulence of 2012, continued throughout 2013."

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