Success in finished goods boosts Pittards’ profit
28/08/2013
The company said this was due to a better mix of products sold with a lower concentration of more commodity-style leathers, to a stronger dollar and to some easing in skin prices in Ethiopia.
Pittards chairman Stephen Boyd said: "In my 2012 statement last March I described 2012 as a year of transition following major structural changes in the business. I am pleased to report that these changes have yielded benefits in the first half of 2013 with a return to more normal levels of profitability."
Revenue included an increased proportion of finished goods as its glove-making factory in Ethiopia became “more experienced and efficient”. Dress glove making is growing alongside industrial glove production and the company plans to expand it further.
“Our new aviation product offering was well-received at the Aircraft Interiors Expo in Hamburg in April and we now have in place most of the capital equipment required to take this to bulk production in the next few months,” the company added.
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