Pittards : 2022 Interim Report

Pittards PLC Interim Report 2022

The FootJoy x Buscemi collaboration in Pittards leather has been a sell-out style and post-pandemic participation levels remain high for this core sector.

Interim report 2022

Contents

Reports	Page
• Chairman's quote and highlights	4
• Chief Executive Officer's report	6
•	Chief Executive Officer's outlook	7
•	Group Finance Director's report	9

Financial statements and notes

•	Consolidated income statement	10
• Consolidated statement of comprehensive income	10
•	Consolidated balance sheet	11
• Consolidated statement of changes in equity	12
• Statement of cash flows	13
• Notes to the consolidated accounts	14

26-Sep-22

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Pittards plc

("Pittards", the "Group" or the "Company")

Interim results for the six months ended 30 June 2022

("First Half" or "H1 2022")

Positive trading momentum maintained

Continued growth in revenue and profitability, stable order book

Interim Dividend declared

Pittards plc, the specialist producer of technically advanced leather and luxury leather goods for retailers, manufacturers and distributors, today announces its interim results for the six month ended 30 June 2022.

Commenting on the results, Chairman, Stephen Yapp, said:

"I am pleased to report a solid performance in the First Half with profitability and EBITDA consistent with the achievement of market expectations for the year as a whole. This has been achieved against the backdrop of a turbulent global trading environment including inflation, increasing energy costs and supply chain reliability challenges. The whole team has responded with vigour and flexibility, and I thank them for their efforts."

"The Directors are pleased to declare an interim dividend of 0.5p per share, which we plan to pay in January 2023."

Highlights: Financial

• Group revenues up 7% to £10.37m (H1 2021: £9.66m)
• Gross margin of 30% (H1 2021: 28%)
• EBITDA of £0.83m positive (H1 2021: £0.75m) an 11% improvement
• Profit before taxation up 31% to £0.34m (H1 2021: £0.26m)
• Net debt of £11.18 (H1 2021: £10:04m)
• Earnings per share (basic) up 63% to 2.54 pence (H1 2021: 1.55 pence)
• Interim dividend declared of 0.5 pence per share (H1 2021: 0.5 pence per share)

Highlights: Operational

• Continued strengthening of the management team
• Sales order book continues to be steady
• Acquisition of Hill and Friends adds another luxury brand to portfolio
• A diversified portfolio of products and markets enabling future growth opportunities
• Ethiopian business steadily recovering post COVID-19

26-Sep-22

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