Despite the unsettled world outlook, UK leathermaker Pittards still managed to post a 16% increase in profits for the six months ended June 31 2003.

After a massive 72% hike in pension costs to £1.2 million ($1.9 million) [due mainly to a three-yearly actuarial valuation], operating profit came in at £1.1m.  Sales climbed 20% to £43.5 million, with a 26% rise been seen in export sales which  accounted for a record 86% of turnover.

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