In marked contrast to the previous year, the UK sports and technical leather producer Pittards has been able to post a healthy set of full-year results for 2002.

In the 12 months ended December 31 2002, pre-tax earnings came in at £2 million ($3.2 million) or £0.54 pence per share. This was in spite of sales being down nearly £4 million to £78.9 million, though volumes of finished leather were up 5%, largely on the back of new business gains.  Of the company’s total sales, 80% went for export, a 30% increase on the year before.

Recent major-name end user applications for Pittards leather cited by the company include the Italian national soccer team (Puma boots), British equestrian hopeful Jeanette Brakewell, who is selecting different Pittards leathers for her gloves, boots and saddlery, as well as US baseball star Barry Bonds who holds the Home Runs record.

“We are continuing to broaden the product and customer base of our business, thereby reducing our dependence on any single market segment raw material type or currency,” commented Robert Tomkinson, chairman.  “We are investing in new product and market development, and in plant and equipment which will help us to reduce lead times and costs. Looking forward, against a background of generally unsettled economic and political conditions, we expect to make progress, albeit modest, this year."

In 2001, Pittards made a loss of £3 million which was blamed at the time on UK foot and mouth epidemic, the global economic slowdown and the costs associated with the closure of the company’s Kinghorn fellmongery in Scotland.   (For that story and others Pittards, go to leatherbiz.com news page and enter ‘Pittards’ in the search box.)

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