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Just answered my question in the previous post, looks like the largest shareholder off loaded a chunk of shares
Are the stats on this page correct, if so then nearly 67mil changes hands today that approx 15% of the share issue. What's up I ask.
Leather goods firm Pittards said it had succeeded in breaking even in the first half after being hit by export taxes imposed by the Ethiopian government. Exports from Ethiopia represent 93% of the company's sales and the government there has put a 150% tariff on crust leather exports. Despite this, Chairman Stephen Boyd said the firm's "commitment to accelerate the realisation of the benefits from manufacturing more products in a low cost economy remains strong". The firm also said raw material prices had remained stubbornly high at its tannery in Ethiopia but there were signs of prices easing which should contribute to improved gross margins in the second half. Revenue dropped to £18.3m in the first half, compared to £20.3m the year before. There were no profits, but Pittards avoided making a loss. This compared with a £1.1m profit the previous year. Boyd said work to restructure the company's balance sheet to enable the payment of a dividend was progressing well. "We expect to give notice of a general meeting to seek approval for this change shortly," he said.
WH Ireland reiterated its "buy" recommendation for Pittards (PTD) with a 5.88p target price. The leather company has suffered delays in the transfer of its facilities to Ethiopia, leading the broker to lower its full year pre-tax profit forecast for 2012 to 1.5 million pounds, from 2.6 million pounds. However, WH Ireland believes that this is a temporary setback, which will not impede the firm's five year plan to improve cash generation and profitability, helped by lower production costs in Ethiopia. The broker added that the shares trade on a prospective earnings multiple of just 6.3 times, compared to the personal goods sector average of 19.9 times
Leather goods manufacturer Pittards has had to deal with big export tariff increases on semi-processed materials from Ethiopia and dropped sharply yesterday after taking on more debt. But revenues are climbing and Tempus says the firm is “one to watch”.
Leather goods exporter Pittards had to run to stand still in 2011 as the rising cost of raw materials nibbled away at profits. Revenue from continuing operations in 2011 rose to £38.2m from £36.1m the year before, with demand from key customers remaining firm. Profit before tax eased to £3.05m from £3.30m in 2010, but this is after adjustments to acquisition impairments of £0.6m in 2010 and £0.4m in 2011, so the overall trading out-turn was more or less the same. Earnings per share on a diluted basis dipped to 0.82p from 0.84p in 2010. Net assets rose from £11.6m (restated) at the end of 2010 to £16.0m a year later, reflecting investment in property, plant and equipment - mainly in Ethiopia - as well as a substantial increase in inventory levels to accommodate the effect of the new crust (semi-processed) tariff in Ethiopia, which will potentially unwind in the first half of 2012.
Stephen Boyd, Chairman of Pittards, commented: The Group succeeded in significantly strengthening its balance sheet, extending its brand and increasing revenues in 2011 but against a backdrop of rising raw material prices, as I advised earlier in the year, and this coupled with structural changes in the supply chain has caused the unadjusted trading profit to remain at £2.7m..
Highlights - Revenue up 6% to £38.2m (2010: £36.1m) - Profit from trading (without adjustments to acquisition impairment) £2.7m, as prior year - Pre-tax profit from trading activities £3.1m (2010: £3.3m) - Cash used in operations of £0.4m (2010: generated £3.4m) - Net assets increased by 38% from £11.6m to £16.0m - Net borrowings increased to £4.9m from £3.0m (restated) - Gearing now 31% (2010: restated 26%)
http://www.investegate.co.uk/Article.aspx?id=201203190700085543Z
6% today, what's up Doc.
1.5% in a falling market, a few decent trades looks good to me.
Anyone know when the next trading update could be released
Pittards (PTD) remains a "buy" for Merchant Securities following the release of interim results which were in line with expectations. The broker sees the pre-tax profit increase of 22% to 1.1 million pounds as positive and believes Pittards is well positioned to enhance revenue and profits given a strong order book. Merchant also believes there is scope for upside provided by the estimated price-to-earnings ratio of 6.8 times for 2012.
CONT We continue to work with our legal advisors on restructuring our balance sheet to enable the payment of dividends in the future and we expect this restructuring to have taken place before year-end. Our retail shop expansion at the Yeovil headquarters will be opening in the next few weeks and spearheading our entry into the consumer product arena, which is an important part of our strategy. Daines and Hathaway, our premium leather goods branded subsidiary, is gaining ground in its sector with a number of new customers and a renewed presence in the USA. Two exciting new ranges of leather garments, created by our Yeovil based design team, were launched at the PURE show in Olympia in August and are already gaining attention in the fashion world. Our garment production unit in Ethiopia has just moved to larger rented premises pending the completion of the new factory we are building for garments and leather goods on the Addis ring-road. The neighbouring factory is nearing completion for leather goods and gloves production. We are in the process of training glove makers there in order to service a new order for industrial gloving from a prominent US based wholesaler, which represents a major new opportunity for us. Work on improving animal husbandry in Ethiopia to improve both skin quality and meat yield and quality continues with GIZ (the German agency for sustainable international development) and we are seeking two or more farms to establish our own flocks which would be bred and farmed in accordance with best practice. We were delighted to be one of six finalists in the PricewaterhouseCooper West of England Business of the Year Awards in June at only our first attempt. The judges were looking for performance against six criteria, including innovation, business management and contribution to the region and were very complimentary about our business. We have also been shortlisted for two categories in the UK Fashion and Textiles Awards in their 25th year celebrations which will take place in the presence of HRH the Princess Royal in October. There is some uncertainty about the strength of global demand in the coming months and we continue to face inflationary pressures on raw materials. However our order book remains strong, our relationships with key customers are good and our offshore presence enables us to manufacture in lower cost environments, all of which provide some resilience against adverse conditions.
The results for the first half of 2011 demonstrate further progress over 2010 as the Group continues to expand its activities globally. We achieved a profit from trading activities of £1.3m, an improvement of 20% compared to the same period last year, despite an environment of fairly severe price inflation on raw materials. Finance costs of £0.2m were slightly higher than last year as we invested more in plant, property and equipment around the Group to support the recovery and increased demand for our products. The Directors also considered it appropriate to release a further £0.5m from the unrecognised deferred taxation asset, carrying on from the £1.0m released at the end of 2010. This led to a tax credit of £0.4m for the period and hence a profit on continuing operations after taxation of £1.5m (2010: £0.9m). Revenue for the six months totalled £20.3m, an improvement of 22% on 2010 (£16.6m), reflecting our strong order book throughout this period and despite the dollar being some 6% weaker than in the corresponding period in 2010. Export sales represented 94% of revenue (2010: 92%). The increased revenue is fairly evenly spread across the product range. Sales of sheepskin and goat based products benefitted from early winter cold spells in UK and USA which led customers to restock pipelines. Demand for sports glove leathers was also strong. Sales of hide based products were similarly robust with the military and services sector faring well alongside sport and casual footwear. Net assets at the end of June 2011 were £12.2m (2010: £8.7m). This improvement reflects continued profitability, the release of a proportion of the previously unrecognised deferred tax asset and further payments against loans. Net borrowings at the end of the period of £4.5m compared favourably with the 2010 figure of £6.5m as inventories and receivables were tightly managed despite increased activity levels, and this led to a gearing ratio of 37% compared to 75% in 2010.
http://www.investegate.co.uk/Article.aspx?id=201109150700182608O
Director also traded the spike - Director / PDMR Shareholding Pittards plc ("Pittards" or "the Company"), the specialist producer of technically advanced leather and luxury leather goods for sale to retailers, manufacturers and distributors, has been informed that on 18 March 2011 Chamberlain Plastics Limited, a company in which Stephen Boyd, Chairman is deemed beneficially to be interested, sold 1 million ordinary shares of 1p each in the Company at a price of 3.75 p per share. The sale was undertaken to assist Chamberlain Plastics' cashflow requirements. Chamberlain Plastics continues to own 7,666,667 shares and Stephen Boyd additionally owns 11 million shares in Pittards, representing approximately 4.31 per cent in aggregate of the issued share capital.
nighthawk - well played
Saw your post here this morning so traded the spike and would like to say thanks m8.
Raw material costs concern Pittards Date: Thursday 17 Mar 2011 LONDON (ShareCast) - Pittards, which makes leather for goods such as Nike American football gloves and Timex watch straps, saw profits edge up in 2010 as revenues soared in line with global economic recovery, but warned that high raw material prices will make maintaining margins a challenge. Pre-tax profits on continuing operations rose to £3.3m from £800,000 on revenues that jumped to £36.1m from £24.6m. Pittards, which has tannery operations in Ethiopia and a head office and shop in Yeovil, said the surge in revenues “reflects a major recovery in volumes from key customers, partly due to the refilling of the pipelines they had emptied in late 2008/early 2009 during the global recession, and partly in response to improved consumer demand.” The consumer products section is developing well with revenue from finished products growing steadily, Pittards said. “As we enter 2011 our orderbook remains strong and our customers remain confident about consumer demand but the current inflationary climate is affecting raw material prices therefore maintaining margins will be a challenge,” the company said. “We will continue to make maximum use of our strong brand and market knowledge and experience during this growth phase in our development.”
A nice set of results here. Dont know much about these but I intend to find out!
Stephen Boyd, Chairman of Pittards, commented: The Group achieved a consolidated profit from trading activities of £3.3m in 2010, the first full year of our expanded group including the Ethiopia Tannery Share Company (ETSC) which we acquired in December 2009. This compares to £0.8m in 2009 and shows the benefits of this strategic purchase.
- Revenue up 47% from consolidated group, or 27% on like for like basis excluding ETSC - Profit from trading activities up to £3.3m from £0.8m (312% increase) - Profit from trading (without impairment release) up to £2.7m from £0.8m - Cash generated from operating activities of £3m - Net assets increased by 39% - Net borrowings fell by 43% (to £3.5m from £6.2m) - Gearing reduced to 33% from 80%
http://www.investegate.co.uk/Article.aspx?id=201103170700091013D