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Pittards reports revenue of £6.6 mn in H1 FY20
20 Oct 20 2 min read
Pittards plc, a UK-based specialist producer of technically advanced leather and luxury leather goods, has announced interim results for its first half (H1) FY20 ended on June 30, 2020. Revenue for the period dropped to £6.6 million (H1 FY19: £12.1 million). The loss before tax stood at £2.3 million compared to profit before tax of £0.2 million in H1 FY19.
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“Despite the disruption of the first half, we enter the second half with renewed confidence and stability and with positive and improving cash flows. Our strategy to enlarge our portfolio of markets, products, improve quality of margin and lower our cost base, is showing clear signs of delivering benefits to the business,” Stephen Yapp, chairman at Pittards, said in a press release.
“Over 14 per cent of sales in the first half compared to 1.5 per cent in H1 2019 were from our new target markets, and overall sales have consistently risen from May through to August,” Yapp said.
Gross profit for H1 FY20 was £1.1 million (£3.6 million). Company incurred a loss after taxation of £2.3 million compared to profit after taxation of £0.1 million.
Company stated that US market was particularly hard hit in first half. Pittards’ factories, both in UK and Ethiopia, remained open and delivered product to certain customers who are key suppliers to Covid19 response services both in the UK and overseas to ensure supplies were maintained. Company switched its finished goods manufacturing facilities to produce both face masks and bags for scrubs.
“We are well positioned to deliver positive operational cashflow in the second half together with a reduction in net debt compared to the half year,” Yapp said in the release.
Fibre2Fashion News Desk (JL)
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