PTD.L Regulatory News (PTD)

7 May 2008 12:05

Pittards PLC07 May 2008 Pittards plc Statement to be made at the AGM Wednesday 7 May 2008 Before embarking upon the formal business of this annual meeting, I would liketo give shareholders an update on how the Company is performing in the currentyear. In my statement in the 2007 Annual Report and Accounts, I commented that inlight of the continued uncertainty about the US dollar and the global economicclimate we remained cautious in the short term. The dollar has come back in our favour since the low point of $2.10 in Novemberlast year but still not to the level we would like to be clearly profitable, andthe current forecasts are that whilst it will continue to strengthen later in2008 this may be more slowly than we expected when we prepared our 2008 BusinessPlan. We have continued with our strategy to reduce our UK cost base and productstransferred to Ethiopia are progressing well. The redundancy programme weannounced in December last year is now virtually completed and the currentworkforce is now c.180 in Yeovil as planned. This has enabled us to reduce losses substantially from the level at the end of2007 and enabled us to continue to pursue our strategic plans. Stephen Boyd Chairman For further information, please contact:Reg Hankey, Chief Executive Pittards plc Tel: 01935 474321Jill Williams, Finance Director Pittards plc Tel: 01935 474321John Wakefield Blue Oar Securities Plc Tel: 0117 933 0020 This information is provided by RNS The company news service from the London Stock Exchange