Ethiopian Currency Devaluation

Pittards plc

("Pittards" or "the Company")

Ethiopian Currency Devaluation

Pittards plc, the specialist producer of technically advanced leather and luxury leather goods for sale to retailers, manufacturers and distributors notes that with effect 11 October 2017 the Ethiopian Government has devalued its currency by 15%.

The devaluation in the currency will have no adverse effects on the Company's trading performance although there will be some adverse balance sheet adjustments arising on the consolidation of the Ethiopian assets at the year end. It is currently estimated that these adjustments will amount to approximately £1 million.  

In overall terms this is a positive development for Pittards plc as the devaluation will make its operations in Ethiopia more competitive.

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