UK: Pittards FY profit up despite revenue dip
- FY pre-tax profit GBP1.7m, up from GBP0.3m
- Revenues down 3% to GBP35.8m
- Gross margins up on higher skin prices
Leather producer Pittards recorded a stronger full-year pre-tax profit in 2013, thanks to rising skin prices which reduced revenues by 3%.
The UK company said the revenue reduction was caused by a lower proportion of commodity-style leather sales, with higher skin prices in early 2013 reducing competitiveness.
However, this also improved the mix of products sold, resulting in a gross margin of 20.4%, up from 17.4% in 2012, and also aided by tight controls on costs.
“I am pleased to report that the recovery noted in my interim statement, following the turbulence of 2012, continued throughout 2013,” said company chairman Stephen Boyd.
Pittards said industrial and dress glove production at its Pittards Product Manufacturing (PPM) factory in Ethiopia had increased, becoming more significant in terms of turnover thanks to improving efficiencies and more staff training.
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