×
540
Fashion Jobs
HAYS RECRUIMENT
Merchandising Manager - Growing Jewellery Brand
Permanent · LONDON
FOUR SEASONS RECRUITMENT
Ecommerce Manager
Permanent · LONDON
FOUR SEASONS RECRUITMENT
Sales Supervisor
Permanent · LONDON
TOO FACED
Too Faced Business Manager, Boots - Oxford
Permanent · OXFORD
TOO FACED
Too Faced Business Manager - Boots, Leeds Trinity
Permanent · LEEDS
FOUR SEASONS RECRUITMENT
Merchandising Manager
Permanent · LONDON
360 RESOURCING
Account Manager
Permanent · LONDON
BIMBA Y LOLA
Sales Assistant Brompton Road
Permanent · LONDON
BIMBA Y LOLA
Part Time Sales Assistant Brompton Road
Permanent · LONDON
BIMBA Y LOLA
Sales Assistant Richmond
Permanent · LONDON
HAYS RETAIL
Retail Operations Manager
Permanent · LONDON
NEXT RETAIL LTD
Home Design Consultant
Permanent · CAMBERLEY
NEXT RETAIL LTD
Warehouse Administrator
Permanent · DONCASTER
HAYS RECRUIMENT
E-Commerce Manager
Permanent · LONDON
HAYS RECRUIMENT
Eyewear Account Manager South London
Permanent · LONDON
NEXT RETAIL LTD
Home Design Consultant
Permanent · CARDIFF
NEXT RETAIL LTD
Sales Coordinator - Permanent
Permanent · LONDON
360 RESOURCING
Head Office Recruitment Consultant - Fashion Retail
Permanent · LONDON
360 RESOURCING
Temps Controller / Temps Recruitment Consultant - Fashion Retail
Permanent · LONDON
OUTSIDE THE BOX RECRUITMENT
Production Manager-Shoes & Slg-Luxury- London Salary up to £70k
Permanent · LONDON
DEPLOY LONDON
International Sales & Marketing Manager
Permanent · LONDON
FOUR SEASONS RECRUITMENT
Digital Marketing Manager
Permanent · LONDON
Advertisements

Pittards sales rise but profits are slim

Published
today Sep 26, 2017
Reading time
access_time 2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

High-end leathergoods and technically advanced leather materials supplier Pittards had an encouraging first half with revenues up 6% to £14.2 million as its plan to operate a more diversified business start to pay off.


Pittards



But while the company said that its gross profit margin improved to 23.6% from 22.7% a year ago, its pre-tax profit was only £0.1 million, worse than £0.4 million in H1 a year ago.  And profit on an Ebitda wasn’t particularly impressive either. It hit £0.7 million this time, which was at least better than the £0.4 million in the second half of last year, although it was lower than the first half of 2016. Still, the company reduced its net debt to £1 million from £10.1 million as of December 31 2016.

Chairman Stephen Yapp said the company continued to make solid operational and strategic progress while delivering “a profitable first half performance which improved upon the previous six months.”

He also said that “recent discussions and heightened sampling activity demonstrate that our strategic roadmap for developing an increasingly diversified business model will provide not only revenue and profit growth but a more balanced business positioned to take advantage of the changing landscape.”

So how exactly does Pittards plan to get to a position where it can report strong profits as well as higher sales? It said it has identified its priority markets for growth as being performance gloves, footwear, lifestyle and interiors.

“There are nascent signs that we have reached the bottom of the prolonged downward trend experienced in recent years and consumer demand for our technically advanced leathers within these markets has started to recover,” it explained.

The company, whose products are stocked in Harrods, has refined its objectives in these markets and said “our initial thoughts have been endorsed in advanced customer discussions. This has been further evidenced by an increase in sampling activity which typically occurs towards the end of what can be a protracted two-to-three year negotiation process.”

As far as the higher sales figure was concerned, the company said that it was due to increased sales activity in the UK division. The UK has seen sales increases in most market sectors and in particular the shoe market.

Meanwhile, in Ethiopia, orders in its core market for work gloves increased and in line with its targeted new market, it has delivered some small “but strategically important” initial orders for men's footwear.

Copyright © 2020 FashionNetwork.com All rights reserved.