Pittards profit remains stable as revenue slips

Specialist producer of technically-advanced leather and luxury goods Pittards announced its results for the year ended 31 December on Tuesday, reporting a fall in revenue to £28.5m, from £30.3m.

The AIM-traded firm said its profit before tax was stable year-on-year at £0.4m, while EBITDA grew to £1.8m from £1.6m 12 months earlier.

Net assets at year-end stood at £18.5m, down from £19.8m in 2017, while net debt narrowed to £7.7m from £8.0m.

On the operational front, Pittards said it had a “new foothold” in the automotive and airline markets, and had made progress with footwear manufacturing in Ethiopia.

“Good progress has already been made in implementing the group's stated objectives,” said Pittards chairman Stephen Yapp.

“Whilst the group must be mindful of the unpredictable global economic situation, in several respects the group has entered 2019 well positioned for growth with clear priorities, a stable financial base with available banking facility headroom of £5.5m and a positive outlook about our near-term opportunities.”