Pittards chairman, S D Boyd, has released a statement about what was discussed at the recent AGM. He said: “In my statement in the Annual Report and Accounts, I commented that although the international market for leather is not expected to recover much before the second quarter, we have entered 2005 with a cost base more in line with the current depressed level of demand.

“We have attended two of the major international leather fairs in the last month or so - one in Hong Kong, the other in Bologna, Italy.  Both fairs were quieter than last year and there was little evidence to suggest that a recovery is underway in the international market for leather. However, our exhibition stands were noticeably busier than the average and our new ranges were very well received.

“Although the group has traded unprofitably in the first quarter, the scale of loss is substantially less than in the equivalent period of 2004. Both Divisions have made improvements in monthly performance in each month so far this year, and customer orders have risen to their highest level since January 2003 in Yeovil, and since early 2004 in Leeds. We expect to be profitable in the second quarter, but not sufficiently so to cover the loss incurred in the first three months of the year.”

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