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Pittards annual revenue falls; says earnings positive in second half
StockMarketWire.com
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Leather goods manufacture Pittards forecast a fall in annual sales, even after trading improved in the second half.
Revenue for the year through December fell to around £15.2 million, down from the £22.3 million it had reported in 2019.
Revenue in the second half had grown about 30% compare to the first half.
Pittards said its operating earnings performance was positive during the second half but did not provide earnings guidance for the full year.
'We finished the year with a reduced break-even point and the cost base aligned to current conditions,' it added.
'Customer orders began to rise towards the end of the year, and we started 2021 with an order book stronger than the beginning of the previous two years,' Pittards said.
'The ongoing uncertainty associated with the pandemic remains, but the directors consider that there is more opportunity than risk as we look ahead.'
Chairman Stephen Yapp signs of recovery in cash flow and sales, identified at the interim stage , continued better than anticipated for the remainder of 2020.
'We remain cautious in the short term, and hope the pandemic is now evolving through a final phase to enable the recovery to more normal conditions to commence,' Yapp said.
At 9:15am: (LON:PTD) Pittards PLC share price was 0p at 39p
Story provided by StockMarketWire.com
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