Pittards increase exports

Pittards plc have just released (March 6, 2003) their annual results which show further progress in the second half of 2002 and a profit for the year of £2 million (US$3.15 million). Pittards are an example of how a British leather company can still succeed despite very challenging times. They have recently signed new major contracts with leading world brands such as Adidas and in the last five years have increased their exports by over 30%. The group now export more than 80% of their total turnover which for the year ended December 31, 2002, amounted to £78.9 million (£83 million) and represented a percentage of 84% (81%). Profits of £2 million represent further progress in recovery from an exceptionally difficult 2001. The volume of finished leather sold was up 5%, largely due to important new business gains. Robert Tomkinson, chairman of Pittards, commented: 'I am pleased to report we are continuing to broaden the product and customer base of our business thus reducing our dependence on any single market segment, raw material type or currency. We are investing in new product and market development and in plant and equipment which will help us to reduce lead times and costs. 'Looking forward, against a background of generally unsettled economic and political conditions, we expect to make progress, albeit modest, this year.'