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Pittards PLC - Yeovil, Somerset-based leather and leather goods producer - Revenue for 2021 rises to £19.7 million from £15.2 million in 2020, and firm swings to pretax profit of £460,000 from loss of £2.3 million. Gross margin improves to 28% from 21%. Hails ‘resilience’ in year and notes recovery in core business. Says performance in second half was dented by supply chain challenges and inflationary pressures. On start to new year, says it entered 2022 with a ‘much stronger’ order book than the year before, but cautions: ‘It remains too early to judge how strong the recovery will be, given the heightened uncertainty caused by the conflict in Ukraine, inflationary pressures, and continued supply chain challenges.’
‘However, we remain cautiously optimistic that the group will see continued growth in the year,’ firm adds.
Proposes final dividend of 0.5 pence, taking total payout for year 1.0p after no payout in 2020.
Current stock price: 66.50p, up 4.7% on Wednesday
12-month change: up 36%
By Lucy Heming; lucyheming@alliancenews.com
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