In line with market expectations, UK leathermaker Pittards has posted a 50% fall in pre-tax profits for the full year 2003, to £1 million ($1.82 million).

The company attributed the decline to a combination of factors, the main ones being overcapacity in the industry leading to heightened competition, the weakness of the dollar and a sharp rise in the company’s pension costs which rose 60% to £2.1 million.  Sales turnover was up from £78.9 million to £85.4 million.

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