Pittards remains on recovery track on strong sales and a return to profit

By

Nigel TAYLOR

Published
Feb 10, 2022

Pittards is recovering, the high-end leather and leather goods producer/retailer said Thursday, reflected in a stronger set of trading figures for the year ended 31 December, boosted by a good second half performance.

In its trading update ahead of official numbers out on 23 March, Pittards said it enjoyed a 30% bounce in FY 2021 sales to £19.8 million, slightly ahead of expectations.

And there was also a modest return to pre-tax profit, coming in £0.5 million ahead and overturning a year-ago’s £2.3 million loss.

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Importantly, its sales order book was up 25% in January compared to the start of 2021.

Although the universal disruption in global shipping and transport alongside the impact of Covid, hit its supply chains, Pittards said its decision to increase raw material inventory early last year helped soften the blow. In fact, inventory levels closed the year only marginally higher at £15.4 million compared to £15 million in 2020.

“We remain cautious, in the short term, but hope the pandemic is now evolving through a final phase to enable a recovery to more normal conditions,” the company said in its trading statement. 

“We therefore anticipate a further improvement in sales and profit in 2022, notwithstanding global inflationary pressures, particularly surrounding energy, and input costs”, it added.