PTD.L Regulatory News (PTD)

7 Jan 2005 07:00

Pittards PLC07 January 2005 NEWS RELEASE Pittards plc produces technically advanced leather for many of the world'sleading brands of gloves, shoes, luxury leathergoods and sports equipment. Pittards plc is pleased to announce the sales of both of its former Raw MaterialDivision's factory sites in Scotland. The sale of the factory in Langholm, nearDumfries, for £0.12m was completed on 17 December 2004. Conditional contractshave been exchanged for the sale of the Division's remaining former factory siteat Kinghorn, Fife, for a price of £3.15m. Completion of the sale is conditionalupon receipt of an outline planning consent satisfactory to the purchaser. Sheepskin production at the Langholm factory ceased in October 2004 and atKinghorn in January 2002. The Kinghorn site, which is approximately 25 acres inarea, has a book value of £0.64m. Approximately 10 acres is zoned forresidential development in the Kirkcaldy Area Local Plan. An application foroutline planning consent in conformity with the Local Plan was submitted inAugust 2003. The proceeds of these sales will be primarily applied to the reduction of bankborrowings. The difficult trading conditions to which we referred in our announcement on 3 November continued throughout the second half of 2004. The internationalmarket for leather is not expected to recover much before the second quarter of2005. 7 January 2005 This information is provided by RNS The company news service from the London Stock Exchange