Pittards eyes impact on automotive and airline markets
02/04/2019
The group’s profit before tax was £400,000, level with the figure of 2017.
Announcing the results, chairman Stephen Yapp said: “Throughout the year, the number of global uncertainties and challenges has not reduced, and it is against this backdrop that the business delivered results for 2018 in line with market expectations.”
In the report, UK-based Pittards said it had begun supplying leather to the automotive and airline industries in its domestic market, with initial production beyond the sampling stage. This is part of its efforts to break into new market sectors as it looks to secure its medium and long-term growth. It is also putting emphasis on larger shoe leather brands, although it said it does not expect further progress in this area in the near-term.
With regards to its operations in Ethiopia, which include a tannery, glove-making facilities and a shoe factory, the company said it had made investments in both people and machinery. This has allowed it to increase its footwear manufacturing capabilities. It has also increased capacity at its tannery with the addition of new tanning drums and fleshing machines.
Discussing the company’s position, CEO Reg Hankey said: “This was a year of progress and whilst there is much more ahead of the group, it has started to demonstrate its ability to differentiate its customer-focused model to provide a more balanced portfolio, deliver growth and remain a world class provider of leather and finished leather products.”
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