Upbeat Pittards returns to profit alongside a healthy order book
Pittards is back in the black. The recovering leathergoods specialist cited two major positives in its trading statement for the year ended 31 December 2021: a return to full-year profitability and an improved order book for 2022.
Chairman Stephen Yapp said of its 12 month performance: “Pittards has acquitted itself robustly. The resilience of the group was particularly evidenced by an increased sales revenue… reflecting recovery in our core business and further development of our new business sectors.”
The result is a positive EBITDA of £1.4 million against a loss of £1.2 million a year ago and a profit before tax of £0.5 million, overturning 2020’s £2.28 million loss, "returning to pre-Covid levels".
Pittards said the numbers reflected a “satisfactory recovery, given the wider macro pressures in the second half”.
Revenue numbers also lifted to £19.7 million from £15.2 million in fiscal 2020 “reflecting recovery in our core business and further development of our new business sectors, including interiors and shoes”. Meanwhile gross margin rose to 28% from 21% in the year ago period.
And the outlook remains positive too with Q4 2021 sales orders resuming from both interiors and big shoe markets. It also talked of a continued focus and investment in innovation “to deliver better technical performance, creating sustainable products across a broader range of markets including big shoe, interiors, military and equestrian”.
Of its current trading and outlook, CEO Reg Hankey added: “We have started the current year with a better Order Book than for each of the last three years and we believe that this higher level of demand is sustainable.
“In addition to our traditional markets, which have recovered well, we are now also well-placed to respond to our new strategic market sectors of interiors (automotive, aviation and mass transit), large shoe brands and shoe production in Ethiopia which are set for faster growth than 2021.”
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