Pittards, a well-known British leather specialist, recently revealed its financial results for the year 2018, showing a decrease in revenue but an optimistic outlook for the future. Despite encountering challenging economic conditions, the company is confident about its potential for growth moving forward.
In the past year, Pittards experienced a decline in revenue from £30.3 million to £28.5 million. However, the pre-tax profit remained steady at £0.4 million. On a positive note, EBITDA rose to £1.8 million from £1.6 million, and gross profit also saw a slight increase from £7.1 million to £7.2 million. Chairman Stephen Yapp emphasized the strides made towards achieving the company’s goals and expressed his belief in its stability and growth prospects.
Despite the obstacles presented by a subdued global economy and reduced demand for shoe leather, Pittards managed to meet market expectations. The company recognized the complexities of the current economic landscape, particularly with uncertainties surrounding Brexit and trade relations between the US and China.
To tackle these challenges head-on, Pittards has outlined a strategic plan focused on diversifying its customer base and expanding into new market segments. The company aims to boost leather sales to niche markets such as automotive and aviation, while also looking to grow its presence in the shoe leather sector. In Ethiopia, Pittards is concentrating on enhancing finished product manufacturing, particularly in footwear and gloves. By investing in manufacturing capabilities and forming partnerships with niche brands like Soul of Africa and Vivo Barefoot, Pittards is setting itself up to fortify its business model and drive sustainable growth.
Overall, Pittards continues to demonstrate resilience in the face of adversity and is well-equipped to navigate the uncertainties of the global market. With a clear growth strategy that prioritizes innovation and diversification, the company appears poised for success in the years ahead.
For more information on Pittards and their financial results, visit their official website here. Additionally, to learn more about the leather industry and market trends, you can visit Leather UK’s website here.
