PTD.L Share News (PTD)

Leather goods firm Pittards said trading in all areas of the business has been broadly in line with market expectations for the year as a whole. Its order book has remained strong as it enters 2012 and it continues to make progress with strategic developments. Pittards also explained that it has quickened the pace of progress on finishing leather at its Ethiopian tannery after the government brought into effect a tariff of 150% on exports of leather at the part processed or 'crust' stage. Speeding up progress in Ethiopia is expected to benefit to the group in 2012. "In order to minimise any potential disruption to our customers we had to bring in additional crust supplies to the UK prior to this date which has put some pressure on cash but RBS, the company's bankers, have been very supportive through this transition period which should reverse during the first half of 2012," Pittards explained in a company statement.The group will announce its preliminary results mid March 2012.cj