PTD.L Regulatory News (PTD)

PITTARDS PLC

(AIM: PTD)

Trading Update

Pittards, the specialist producer of technically advanced leather and luxury leather goods for sale to retailers, manufacturers and distributors, is pleased to provide an update on current trading prior to entering a close period leading up to the announcement of its results for the financial year ended 31 December 2011. 

Trading in all areas of the business has been broadly in line with market expectations for the year as a whole. Our order book remains strong as we enter 2012 and we continue to make progress with our strategic developments.

On 10 December 2011 the Ethiopian Government brought into effect a tariff of 150% on exports of leather at the crust (part processed) stage. This has caused us to speed up progress on finishing leather in our Ethiopian tannery, which will be of overall 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.

The Company expects to announce its preliminary results in mid March 2012.