Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksPTD.L Share News (PTD)

  • There is currently no data for PTD

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Pittards FY profit to miss expectations

Thu, 23rd Feb 2023 15:22

(Sharecast News) - Pittards slumped on Friday after it said full-year profit was set to miss market expectations after it took a hit from a weakening of the pound and weaker sales in the last quarter of the year.

In an update ahead of its results for the year to the end of December 2022, the company - which makes advanced leather and luxury leather goods for retailers, manufacturers and distributors - said most of the year showed a steady recovery from the Covid impact.

However, the latter part was affected by a number of factors which mean that even though it expects to generate an EBITDA for the year, pre-tax profit will miss expectations.

It pointed to the sharp fall in the pound in the aftermath of the mini budget in September and said this had a progressive impact on its UK business due to the US dollar overdraft and maturing hedges, which had to be unwound with a net negative effect of around £1.5m on cash.

Pittards noted that US dollar revenues make up a big chunk of sales and said the group's hedging strategy involves a combination of forward US dollar hedges and a US dollar overdraft, aimed at allowing the business time to adjust selling prices and costs in the event of a change in the value of the pound.

The company also said sales were weaker in the last quarter of the year. This was due to customers destocking prior to Christmas and an early Chinese New Year.

"There remains some uncertainty around sales volumes and inflationary pressures for 2023, along with some continued supply chain challenges," it said.

"However, we anticipate that the financial impact of any lower sales volumes will be partially mitigated both by the lowering of the group's cost base and the continuing weakness of GBP."

At 1610 GMT, the shares were down 14% at 40.20p.

More News
24 Mar 2020 13:35

Pittards earnings improve as it delays dividend decision

(Sharecast News) - Leather and luxury good manufacturer Pittards reported revenue of ?22.3m in its final results on Tuesday, down from ?28.5m year-on-year.

Read more
24 Mar 2020 12:14

Pittards Sees Annual Profit Rise, Suspends Shareholder Return Review

Pittards Sees Annual Profit Rise, Suspends Shareholder Return Review

Read more
19 Sep 2019 11:48

Pittards Interim Profit Rises On Increased Margins But Orders Decline

(Alliance News) - Leather goods manufacturer Pittards PLC on Thursday said its interim profit doubled on increased margins and despite a 16% drop in revenue.The company said lower headcount

Read more
19 Sep 2019 10:18

Turbulent leather market sees Pittards revenue fall in first half

(Sharecast News) - Specialist advanced leather producer Pittards reported a 16% drop in interim revenue in its half-year report on Thursday, to £12.1m.

Read more
2 Apr 2019 10:46

Pittards profit remains stable as revenue slips

(Sharecast News) - 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.

Read more
2 Apr 2019 10:36

Pittards Optimistic For 2019 After Solid 2018 Despite Narrowed Profit

LONDON (Alliance News) - Leather and luxury goods maker Pittards PLC said Tuesday it entered 2019 well positioned for growth following a "solid" 2018 in which profit and revenue 2018, to

Read more
7 Jan 2019 14:21

Pittards Appoints Richard Briere As Finance Head & Company Secretary

LONDON (Alliance News) - Leather goods retailer Pittards PLC on Monday said it appointed Richard Briere as the new chief financial officer & company secretary with effect from March are to he

Read more
7 Nov 2018 10:20

Pittards Finance Boss Matthew O'Rourke To Step Down At Year's End

LONDON (Alliance News) - Leather goods maker Pittards PLC on Wednesday said Chief Financial Officer Matthew O'Rourke will leave the company at the end of 2018.Pittards did not say why a

Read more
25 Sep 2018 11:48

Pittards Interim Profit And Revenue Rise In "Satisfactory" Trading

LONDON (Alliance News) - Leather and luxury goods maker Pittards PLC said Tuesday its interim profit and revenue grew modestly amid "satisfactory" trading as it cautioned of further from

Read more
25 Sep 2018 09:32

Pittards warns on tariffs after fall in UK hide orders

(Sharecast News) - Pittards warned new global tariffs could affect its business as the leather producer reported falling UK hide manufacturing orders.

Read more
1 May 2018 14:48

DIRECTOR DEALINGS: Pittards Chairman Buys GPB20,000 Worth Of Shares

LONDON (Alliance News) - Pittards PLC said that Chairman Stephen Yapp bought shares worth GBP20,000 in the leather and luxury goods producer on Tuesday.Yapp bought 23,800 shares at a price

Read more
27 Mar 2018 11:36

Pittards Swings To 2017 Profit After Stock Write-Down Isn't Repeated

LONDON (Alliance News) - Luxury leather goods producer Pittards PLC said on Tuesday that revenue rose 12% year over year in 2017 after increased volumes in existing markets in

Read more
21 Dec 2016 08:41

Pittards warns of hit from Ethiopia disruption, lower leather demand

(ShareCast News) - Leather and luxury leather goods maker Pittards has warned that its full year results are likely to be lower due to lower demand in recent months and disruption to its Ethiopian manufacturing operations from the violent social unrest in the country. Pittards said second-half

Read more
5 Oct 2016 12:57

DIRECTOR DEALINGS: Pittards Non-Executive Director Buys Shares

Read more
19 May 2016 08:57

Pittards Poaches O'Rourke From Clarks Owner As New Finance Boss

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.