AGM Statement

5 May 2005 12:08

Pittards PLC05 May 2005 Pittards plc Statement to be made at the AGM Before embarking upon the formal business of this annual meeting, I would liketo give shareholders an update on how we are performing in the current year. In my statement in the Annual Report and Accounts, I commented that although theinternational market for leather is not expected to recover much before thesecond quarter, we have entered 2005 with a cost base more in line with thecurrent depressed level of demand. We have attended two of the major international leather fairs in the last monthor so - one in Hong Kong, the other in Bologna, Italy. Both fairs were quieterthan last year and there was little evidence to suggest that a recovery isunderway in the international market for leather. However, our exhibitionstands were noticeably busier than the average and our new ranges were very wellreceived. Although the Group has traded unprofitably in the first quarter, the scale ofloss is substantially less than in the equivalent period of 2004. Both Divisionshave made improvements in monthly performance in each month so far this year,and customer orders have risen to their highest level since January 2003 inYeovil, and since early 2004 in Leeds. We expect to be profitable in the secondquarter, but not sufficiently so to cover the loss incurred in the first threemonths of the year. S D BoydChairman 5 May 2005 This information is provided by RNS The company news service from the London Stock Exchange