Pittards back on track

Pittards have announced a profit before tax of £740,000 for the six months ended June 30, 2002, following the recovery of the British leather industry after last year's problems of foot and mouth and September 11. Profit before tax to the end of June represents the first stage of recovery from an exceptionally difficult 2001 in which the pre tax profit for the same period was just £79,000. Sales turnover for the first half 2002 was £36.2 million, a record 83% of which was to customers outside the UK. Volume of finished leather sold was up 8% on a rising trend. Chairman Robert Tomkinson said: 'This profit of £740,000 for the six months to June represents the first stage of our recovery from the exceptional difficulties of 2001. Our recent efforts to broaden the product and customer base of our business are reducing our dependence on any single market segment, raw material type or currency and despite the generally uncertain international economic outlook, we expect to report further progress in the second half of this year.' The company have also announced a major new contract with leading sports brand Adidas. Pittards have based much of their recovery on developing demand for new technical leathers from existing and new customers. First half progress for the company was mirrored in the success of the English world cup squad in June when many of the players including goal keeper David Seaton were wearing Puma boots made from Pittards newly developed lightweight soccer leather. In May, the company announced a world first with their development of an organic tanning system that can successfully incorporate a range of advanced technical properties including water repellency, resistance to perspiration, the ability to be dyed to a high colour standard and enhanced stay soft ability.