Editor's Pick: Markets: The week that was (16-20/11/09)
(PTD.L) Pittards PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 18-11-09 | RNS |
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RNS Number : 7198C Pittards PLC 18 November 2009 Pittards plc Holdings in Company Pittards plc ("Pittards" or "the Company"), the specialist producer of technically advanced leather and luxury leather goods for sale to retailers, manufacturers and distributors, announces that on 9 November 2009 it was informed that on that date Browallia Holdings Limited transferred its entire shareholding in the Company to Browallia AB. The beneficial holding of Peter Gyllenhammar, who owns 100 per. cent. of both Browallia Holdings Limited and Browallia AB, remains unchanged following this transfer. Subsequent to the transfer Browallia AB holds 141,816,538 share in the Company representing 63.53% of total shares in issue. Contacts:
Jill Williams, Finance Director +44 (0) 1935 474 321
This information is provided by RNS The company news service from the London Stock Exchange END
HOLFFIFIASUSEDF More |
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| 10-11-09 | RNS |
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RNS Number : 2845C Pittards PLC 10 November 2009 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi
of existing shares to which voting rights are
attached: ii
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights
acquisition of shares already issued to which voting rights are attached
An acquisition or disposal of instruments with similar economic effect to qualifying financial
instruments
An event changing the breakdown of voting rights
Other (please specify):
notification obligation: iii
(if different from 3.):iv
which the threshold is crossed or
reached: v
reached: vi, vii
8. Notified details:
A: Voting rights attached to shares viii, ix
if possible using
the ISIN CODE
GB0006905201
B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi
Resulting situation after the triggering transaction
Total (A+B+C)
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi
Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights:
This information is provided by RNS The company news service from the London Stock Exchange END
HOLFFSFDSSUSEDF More |
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| 09-11-09 | RNS |
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RNS Number : 1509C Pittards PLC 09 November 2009 Pittards plc Change of Nominated Adviser and Broker Pittards plc, the specialist producer of technically advanced leather and luxury leather goods for sale to retailers, manufacturers and distributors, is pleased to announce that WH Ireland Limited has been appointed as nominated adviser and sole broker to the Company with immediate effect. Contacts:
Jill Williams, Finance Director +44 (0) 1935 474 321
This information is provided by RNS The company news service from the London Stock Exchange END
APPEAKFKEDKNFFE More |
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| 07-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 5094Y
Pittards PLC
07 September 2009
Pittards plc produces technically advanced leather for many of the world's leading brands of gloves, shoes, luxury leathergoods and sports equipment and for its own brands of quality leathergoods.
PITTARDS PLC
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2009
Chairman's Interim Statement
In the face of the worst global recession for decades I am very pleased to report that the first half of 2009 shows an improving picture and a return to profitability at the post tax level.
Our continued tight management of costs, coupled with a stronger US dollar resulted in a profit from operations of £0.426m, which was substantially better than the £0.102m achieved in 2008. After finance costs of £0.097m (2008 - £0.140m) the profit before taxation was £0.329m (2008 - loss of £0.038m).
Revenue for the six month period was £12.466m. This was less than the £13.170m earned in the same period in 2008 due to some loss of volume from customers who were themselves facing lower demand from their customers as a result of the 'credit crunch'. Selling prices were largely maintained due to the weaker pound improving competitiveness. Of this turnover 89% was exported, similar to 2008.
Income from sales of glove leather represented around 70% of turnover, slightly more than 2008, as dress glove leathers sold well following the cold winter in both Europe and USA. Golf leather sales have been more muted in the year to date as the major brands reduced their stock pipelines however we should benefit very quickly from any upturn in consumer demand as they are carrying very low back-up stocks, and the relationships remain strong.
Our major international brand customers in the shoe and leathergoods sector also downgraded their forecasts in the first half but there are signs of an upturn starting to appear in the golf sector and our leathers have been placed in new styles for the future, which will help volumes. Saddlery leather sales held up well in the period and we will be serving those customers directly from our Walsall base at Daines & Hathaway shortly. We continue to develop and expand our leathergoods range to attract new customers.
Production at our Taiwanese subcontracting partner has been similarly affected as the casual footwear market has also been quieter so far this year, however the new range launched at the Hong Kong Leather Fair for the Chinese premium domestic market was well received and looks promising as a new income stream.
We continue to increase the amount of product taken to the finished leather stage at ETSC, the tannery we manage in Ethiopia, and skill levels and tanning processes there continue to improve. This enables us to be competitively priced on leathers when we could not previously have reached the price point, which has been extremely useful in the current economic climate. At the time of writing, Pittards is in advanced dialogue with the government of Ethiopia about the future ownership of the ETSC tannery.
The Pittards retail shop at the Yeovil site has settled down well and we continue to add new lines of leather products to our range. We are keen to exploit our strategy to develop Pittards as a consumer brand in this way and we are looking into ways of designing more branded products with suitable partners. The Daines and Hathaway business which we purchased towards the end of last year is also developing well, despite the difficult economic backdrop. We have refreshed their classic range of premium leathergoods with exciting new leathers from the Pittards bovine range and are now building a prestigious new customer base in both the UK and USA.
Net assets at 30 June 2009 were £2.207m compared to £2.930m at 30 June 2008. The balance sheet is now recovering from the December 2008 level of £1.885m following the write-down of derivative financial instruments at that time. All the forward foreign exchange contracts outstanding at 31 December 2008 have now matured but this adversely impacted on borrowings during the first half.
Net borrowings at 30 June 2009 were £3.930m which was higher than £3.617m in June 2008. As noted above, the maturity of forward foreign exchange contracts had a draining effect on cash but this exercise is now complete and there are no contracts outstanding at
30 June 2009. The Company has also completely settled some legacy loans from the previous group structure therefore with the return to profitability the cash position should improve. The Company's bank remains supportive of the strategy being followed.
Our customers remain uncertain about demand for the second half which makes it very difficult for us to forecast the outlook for the rest of the year. However, we are aware that customer stocks of finished products have been greatly reduced therefore the pick-up, when it comes, should be swift, hence we are preparing ourselves to respond quickly to any upturn in orders. In the meantime we continue to seek cost reductions in all areas of the business, but without compromising our core strengths of innovation, quality and performance.
SD Boyd - Chairman
For further information, please contact:
Stephen Boyd - Chairman - Tel: 07768 443195
Jill Williams - Finance Director - Tel: 01935 474321
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
for the six months ended 30 June 2009
Year ended 31 December 2008 Six months ended 30 Six months ended 30
June 2009 June 2008
Note
£'000 £'000 £'000
26,387 Revenue 12,466 13,170
(21,948) Cost of sales (10,120) (11,251)
4,439 Gross profit 2,346 1,919
(1,754) Distribution costs (927) (942)
(2,088) Administrative (1,181) (970)
expenses
360 (Loss) gain on (16) (110)
foreign currency
translation
398 Other operating 188 185
income
1,355 Profit from trading 410 82
activities
Release of provision
for
- fundamental - 13
reorganisation
Excess of the
acquirer's interest
in the net fair
value
93 of acquiree's - -
identifiable net
assets over cost
(1,519) Gain (loss) on 16 7
derivatives
(71) Profit (loss) from 426 102
operations before
finance costs
(296) Finance costs (97) (140)
Profit (loss) on
(367) continuing 329 (38)
operations before
taxation
(13) Taxation (5) (11)
Profit (loss) on
continuing
operations after
(380) taxation 324 (49)
attributable to the
equity shareholders
of the parent
Other comprehensive
income
(1,140) Currency translation (981) 76
differences
573 Fair value gains net 979 95
of tax on financial
instruments
(567) Other comprehensive (2) 171
income for the
period
Total comprehensive
income for the
period attributable
(947) to the equity 322 122
shareholders of the
parent
Profit (loss) per 1
share attributable
to equity
shareholders of the
parent
(0.17p) - basic and diluted 0.15p (0.02)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
for the six months ended 30 June 2009
31 December 2008 30 June 30 June
2009 2008
£'000 £'000 £'000
Total equity at beginning of
2,808 period attributable to the equity 1,861 2,808
shareholders of the parent
(1,140) Currency translation differences (981) 76
573 Fair value gains net of tax on 979 95
financial instruments
(567) Net (loss) gains recognised (2) 171
directly in equity
(380) Profit (loss) for the period 324 (49)
Total equity at end of period
1,861 attributable to the equity 2,183 2,930
shareholders of the parent
24 Minority interest 24 -
1,885 Total equity at end of period 2,207 2,930
CONSOLIDATED BALANCE SHEET (UNAUDITED)
as at 30 June 2009
31 December 2008 30 June 2009 30 June 2008
£'000 £'000 £'000
ASSETS
Non-current assets
2,149 Plant, property and 1,969 2,249
equipment
294 Intangible assets 244 343
2,443 Total non-current assets 2,213 2,592
Current assets
4,409 Inventories 5,124 4,795
3,602 Trade and other 3,246 3,465
receivables
77 Cash and cash equivalents 77 46
- Derivative financial - 51
instruments
8,088 Total current assets 8,447 8,357
10,531 TOTAL ASSETS 10,660 10,949
LIABILITIES
Current liabilities
(4,131) Trade and other payables (4,334) (4,393)
(3,450) Interest bearing loans (4,078) (3,505)
and borrowings
(995) Derivative financial - -
instruments
- Provisions - (9)
(8,576) Total current (8,412) (7,907)
liabilities
Non-current liabilities
(70) Interest bearing loans (41) (112)
and borrowings
(8,646) TOTAL LIABILITIES (8,453) (8,019)
1,885 Net assets 2,207 2,930
Equity
2,233 Called up share capital 2,233 2,233
4,214 Share premium account 4,214 4,214
8,158 Capital redemption 8,158 8,158
reserve
6,475 Capital reserve 6,475 6,475
(495) Shares held by ESOP (495) (495)
(18,724) Retained earnings (18,402) (17,655)
Total equity
1,861 attributable to equity 2,183 2,930
shareholders of the
parent
24 Minority interest 24 -
1,885 2,207 2,930
CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
for the six months ended 30 June 2009
Year ended 31 December 2008
Six months ended 30 Six months
June 2009 ended 30
June 2008
£'000 Note £'000 £'000
Cash flows from
operating activities
784 Cash generated from 2 544 (30)
(used in) operations
(9) Tax paid (5) (6)
(276) Interest paid (99) (98)
499 Net cash generated 440 (134)
from (used in)
operating activities
Cash flows from
investing activities
17 Proceeds on disposal - 18
of property, plant
and equipment
(165) Purchases of (49) (19)
property, plant and
equipment
25 Deferred payment on (25) -
investment in a
subsidiary
(123) Net cash used in (74) (1)
investing activities
Cash flows from
financing activities
(265) Repayments of bank (142) (129)
loans
Repayments of
obligations under
finance leases
(82) and hire purchase (41) (42)
arrangements
- New loans 50 -
(347) Net cash used in (133) (171)
financing activities
29 Increase (decrease) 233 (306)
in cash and cash
equivalents
(2,326) Cash and cash (2,648) (2,326)
equivalents at
beginning of period
(351) Exchange (losses) (924) 32
gains on cash and
cash equivalents
(2,648) Cash and cash (3,339) (2,600)
equivalents at end
of period
NOTES (unaudited)
1. Profit (loss) per share attributable to equity shareholders of the parent
Year
ended 31 December 2008 Six months Six months ended 30
ended 30 June 2009 June 2008
£'000 £'000 £'000
(380) Profit (loss) on 324 (49)
ordinary activities
after taxation
Weighted average number of ordinary share in issue
(excluding the shares owned by the Pittards employee share ownership trust)
Shares Shares Shares
'000 '000 '000
222,294 Basic 222,294 222,294
The weighted average number of ordinary shares for the purpose of calculating the diluted earnings per ordinary share is identical to that used for basic earnings per ordinary share. There is no dilution in 2009 or 2008.
2. Cash generated from (used in) operations
Year ended 31 December 2008
Six months ended 30 Six months
June 2009 ended 30
June 2008
£'000 £'000 £'000
(367) Net profit (loss) 324 (38)
before taxation
Adjustments for:
496 Depreciation 230 240
73 Amortisation 49 49
(791) Foreign exchange 16 (51)
loss (gain)
1,519 (Loss) gain on (16) 88
derivatives
254 Bank and other 97 140
interest charges
(17) Profit on sale of - (17)
property, plant and
equipment
(326) Provision movement - (317)
Operating cashflows
841 before movement in 700 94
working capital
Working capital:
1,245 (Increase) decrease (715) 859
in inventories
(1,042) Increase (decrease) 356 (571)
increase in trade
and other
receivables
(260) Decrease (increase) 203 (412)
in payables
784 Cash generated from 544 (30)
(used in) operations
3. The financial information contained in this interim statement has not been audited or reviewed by the Company's auditor and does not constitute statutory accounts as defined in section 240 of the Companies Act 1985 or Section 434 of the Companies Act 2006. The directors approved and authorized this interim statement on 7 September 2009. The financial information for the full preceding year is extracted from the statutory accounts for the financial year ended 31 December 2008. Those accounts, upon which the auditor issued an unqualified opinion with an emphasis of matter paragraph regarding going concern, have been delivered to the Registrar of Companies. The auditor's report did not contain a statement under section 237(2) or (3) of the Companies Act 1985.
4. Pittards plc is a public limited company incorporated in the United Kingdom under the Companies Acts 1985 and 2006. The Company is domiciled in the United Kingdom and is quoted on the Alternative Investment Market ("AIM").
As permitted this interim report has been prepared in accordance with UK AIM listing rules and not in accordance with IAS 34 "Interim Financial Reporting" therefore it is not fully in compliance with IFRS.
5. The report containing the interim financial information is to be sent direct to shareholders. Copies of the report are available to the public from the registered office of Pittards plc. The address of the registered office is: Pittards plc, Sherborne Road, Yeovil, Somerset, BA21 5BA.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR MGGGLKFKGLZM
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| Date/Time | Subject | Author | ||
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| 21-05-09 | ||||
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Dont give up on this one you may be in for some good news.
 I dont have any of these but thinking of taking some on shortly. More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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| 22-11-08 |
HOLD
Local Update Anyone?
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Does anyone have any info. on how Pittards are doing in the current business climate-maybe a shareholder who also works there?
Would like to think they can weather storm and come back Thanks P More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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| 08-09-08 |
BUY
currency bet
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pittards benefits tremendously from the stronger $/£ relation - everything else alike the company should generate EPS of closer to 1p in 2009. very strong name in its industry - which is a huge sector offering scope for substantial growth if you have the technical skills and the "name". this company is definitely turning the corner now and should have great potential for the future. what is the swede doing with his majority stake - adds further spice to the picture!?
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| 24-04-08 | ||||
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Bought these about 2 years ago,and recently bought more following Directors' buys. Time will tell, whether good/bad decision.
All the best P More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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