Pittards profit up but strategy ‘under review’
23/09/2015
Chairman Stephen Boyd warned that its order book is below expectations. “This reflects the lower level of demand that has become evident during July and August. This trend was confirmed at the major international trade fairs attended recently, where it was clear that activity levels in the leather industry are currently depressed and likely to remain so in the medium term.”
Turnover was down at £15.6 million, compared with £17.4 million due to reduced volume in the dress glove and military sectors although the gross margin improved, reflecting more favourable exchange rates, in particular a stronger dollar.
Mr Boyd said the business will review its strategy for the next three years to “validate, and, where appropriate, reset our priorities”.
However, he suggested new opportunities are “starting to appear” and these could have an impact in the second half of 2016. He also confirmed Pittards will invest in people and training during 2016.
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