Pittards swings to exceptionals-driven FY pretax loss

Pittards has swung to an exceptionals-driven FY pretax loss, with revenue coming in lower, as it said it was beginning to experience a more positive demand environment for leather.

Pretax loss for the period was £4.1m, from a profit of £655,000. Revenue was £27.0m, from £30.5m. The results included a £4.3m exceptional stock provision, from nil in the comparative period.

Chairman Stephen Yapp said Pittards was putting in place the necessary pillars that would strengthen its position as a leading performance-leather expert, supported by scalable manufacturing operations and a highly capable management team.

"The restructuring and strengthening of the management team was completed in the final quarter of 2016 and strides have already been made to evolve and progress the strategic priorities and milestones for the next three years. Further updates on this will be given later this year," said Yapp.

"Whilst it is still early days, we are beginning to experience a more positive demand environment for leather. Together with the actions being identified and taken, the Board believe we will start to see a benefit in the latter part of 2017 and that the prospects for the future are promising."