23rd Dec 2015 07:31
LONDON (Alliance News) - Leather goods manufacturer Pittards PLC said Wednesday that its profit for 2015 will be "materially below current market expectations", as suppressed demand continued to hits its volumes.
However, the company said that it still expects its full year results to show a "reasonable level of profit". According to broker forecasts provided by Morningstar, WH Ireland expects Pittards to report a pretax profit of GBP1.6 million for the year.
Pittards said that the continued strength of the US dollar, along with lower raw material prices, are beginning to be shown in better margins, and it is well placed to benefit from a recovery in volumes.
"Whilst we are disappointed with the slowdown in the current macro environment, Pittards has achieved a great deal in 2015. This includes the strengthening of the balance sheet, purchasing the freehold of the factory at Yeovil, restructuring the board and the strategically important opening of our second shop in order to build the Pittards consumer brand," said Chairman Stephen Boyd in a statement.
Pittards expects to report its 2015 results in the week beginning March 21.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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