LONDON (Alliance News) - Leather and luxury goods producer Pittards PLC saw it shares rise Thursday as it appointed Godfrey Davis, the chairman and former chief executive of luxury goods company Mulberry Group PLC, as a non-executive director.
Davis "brings a wealth of experience in the luxury leather goods sector which should prove highly beneficial to the company's growth strategy in this area," it said in a statement.
The supplier of leather goods to the likes of FootJoy, Hermes, Marks & Spencer and Nike also said its underlying trading was generally in line with market expectations during 2013, although it was hit in the last quarter by the US dollar's decline against sterling. Pittards makes most of its revenues in dollars but reports in sterling.
It expects to release its full results for 2013 in the week starting March 17, 2014.
WH Ireland said it has trimmed its earnings forecasts as a result of the company's warning about the sterling hit to its results, but it still thinks that Pittards is an interesting stock for anyone looking to invest in potential recovery stories.
"The appointment of Godfrey Davis given his previous experience bodes well," it said.
WH Ireland retained a Buy rating on the stock and raised its price target to 230 pence, from 200 pence.
Pittards shares were up 7.9% at 178.00 pence Thursday morning, one of the top gainers on AIM.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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