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5 Mar 2013 12:00
PITTARDS PLC
(AIM: PTD)
Trading Update
Further to the pre-close period trading update of 15 January 2013 in which the Company confirmed that trading for the year ended 31 December 2012 was broadly in line with market expectations, Pittards plc ('the Company'), the specialist producer of technically advanced leather and luxury leather goods for sale to retailers, manufacturers and distributors, advises that, while revenues will be as expected, the Company is now substantially through the audit process which has identified higher costs of sales (mainly relating to raw material prices) than previously predicted hence the result for the year, whilst still positive, will fall short of market expectations.
In addition, the Company is pleased to confirm that the Companies Court has now given approval to the cancellation of its share premium account and capital redemption reserve which shareholders approved by resolutions dated 7 December 2012. This means that the Company is now capable of paying dividends to shareholders at such time as the board believes this is appropriate and in the best interests of the Company.
The Company's preliminary results are expected to be announced in the week commencing 18 March 2013.
Contacts:
Pittards plc www.pittards.com
Stephen Boyd, Chairman +44 (0) 1935 474 321
Reg Hankey, Chief Executive +44 (0) 1935 474 321
Jill Williams, Finance Director +44 (0) 1935 474 321
WH Ireland Limited www.wh-ireland.co.uk
John Wakefield +44 (0) 117 945 3470
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