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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Pittards Plc | LSE:PTD | London | Ordinary Share | GB00BM8NGB73 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 5.375 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMPTD
RNS Number : 7697R
Pittards PLC
26 September 2017
Pittards plc
("Pittards" or "the Group")
Results for the six months ended 30 June 2017
Pittards plc, the specialist producer of technically advanced leather and luxury leather goods for sale to retailers, manufacturers and distributors today announces its results for the six months ended 30 June 2017.
Half year highlights:
-- Revenue up 6% to GBP14.2m (H1 2016: GBP13.4m) -- Gross profit margin improved to 23.6% (H1 2016: 22.7%)
-- Profit before tax GBP0.1m (2016 pre-exceptional costs - H1 2016 PBT: GBP0.4m, H2 2016 LBT: GBP0.2m)
-- EBITDA GBP0.7m (2016 pre-exceptional costs - H1 2016: GBP0.9m, H2 2016: GBP0.4m) -- Net assets GBP20.7m (31 December 2016: GBP21.3m) -- Net debt down by GBP1m to GBP9.1m (31 December 2016: GBP10.1m) -- Increased level of sampling activity for both existing core and new customers
Stephen Yapp, Chairman commented: "We have continued to make solid operational and strategic progress whilst delivering a profitable first half performance which improved upon the previous six months.
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.
Consequently, the Board remain confident that the positive trading momentum we are beginning to experience will continue into the second half of 2017 and anticipates full year trading will be ahead of the prior year."
For further information please contact:
Pittards plc www.pittardsleather.com Stephen Yapp, Chairman +44 (0) 1935 474 321 Reg Hankey, CEO Matthew O'Rourke, CFO WH Ireland Limited www.whirelandplc.com Mike Coe/Ed Allsopp +44 (0) 117 945 3470
This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
Chairman's statement
The first half of 2017 has built upon the strategic and operational progress made at the end of last year. The final phase of the review is now refining the identified priorities in our core and target markets, investing accordingly and making operational improvements to drive future growth. These will be underpinned by our continued commitment to innovation and valued customer relationships.
I am cognisant that developing the strategic roadmap could have distracted us from the day job. Therefore, it is encouraging that the business also retained its operational focus, remained profitable and improved its financial performance in comparison with the previous six months.
Half year ended 30 June 2017:
-- Revenue up 6% to GBP14.2m (H1 2016: GBP13.4m) -- Gross profit margin improved to 23.6% (H1 2016: 22.7%)
-- Profit before tax GBP0.1m (2016 pre-exceptional costs - H1 2016 PBT: GBP0.4m, H2 2016 LBT: GBP0.2m)
-- EBITDA GBP0.7m (2016 pre-exceptional costs - H1 2016: GBP0.9m, H2 2016: GBP0.4m) -- Net assets GBP20.7m (31 December 2016: GBP21.3m) -- Net debt down by GBP1m to GBP9.1m (31 December 2016: GBP10.1m) -- Increased level of sampling activity for both existing core and new customers
Strategic update
We have identified our 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.
The respective objectives in these markets are being refined and 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.
Financial review
Revenue was up 6% to GBP14.2m as a consequence of increased sales activity in the UK division. The UK has seen sales increases in most market sectors and in particular the shoe market. In Ethiopia, orders in our core market for work gloves increased and in line with our targeted new market, we have delivered some small but strategically important initial orders for men's footwear.
The gross margin improved to 23.6% reflecting a favourable currency improvement, principally against the US dollar and improved raw material prices. Costs for both distribution and administration increased by GBP0.5m, impacted predominantly by foreign exchange movements along with investment in key people.
Profit before tax for the half year at GBP0.1m, compares favourably to the second of half 2016 loss of GBP0.2m (excluding exceptional costs).
Stock levels stabilised over the first half in line with our ongoing reduction and realignment programme.
Net debt reduced by GBP1m to GBP9.1m from 31 December 2016, due to a GBP0.3m cash improvement, GBP0.3m of loan repayments and a GBP0.4m foreign exchange movement on Ethiopian balances. The decrease in net assets from GBP21.3m to GBP20.7m largely reflects a weaker Ethiopian birr impacting the value of the Ethiopian net assets.
Board changes
Jill Williams will step down as a non-executive director on 31 December 2017. The Board would like to thank Jill for her contribution and support over the past 28 years at Pittards and recently throughout the transitional phase and wish her well for the future
Outlook
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.
Consequently, the Board remain confident that the positive momentum we are beginning to experience will continue into the second half of 2017 and anticipates full year trading will be ahead of the prior year.
Consolidated income statement (unaudited)
for the six months ended 30 June 2017
Hot Features
Premium
Year ended Six months Six months ended
31 December ended 30 June 2016
2016 Note 30 June 2017 GBP'000
GBP'000 GBP'000
27,009 Revenue 14,229 13,373
(20,554) Cost of sales (10,866) (10,339)
(4,307) Cost of sales - exceptional - -
stock provision
------------- -------------- -----------------
2,148 Gross profit 3,363 3,034
(2,167) Distribution costs (1,064) (857)
(3,572) Administrative expenses (1,938) (1,555)
Administrative expenses
- exceptional restructuring
- costs - (98)
------------- -------------- -----------------
Profit/(Loss) from operations
(3,591) before finance costs 361 524
(499) Finance costs (276) (215)
19 Finance income - 5
------------- -------------- -----------------
(4,071) Profit/(Loss) before taxation 85 314
(75) Taxation charge 2 (45) (97)
------------- -------------- -----------------
Profit/(Loss) for the period
(4,146) after taxation 40 217
Earnings/(Loss) per share
attributable to equity shareholders
of the parent 1
(29.89p) - basic 0.29p 1.56p
(28.91p) - diluted 0.28p 1.51p
------------- -------------- -----------------
Consolidated statement of comprehensive income (unaudited)
for the six months ended 30 June 2017
Year ended Six months Six months
31 December ended 30 June ended 30 June
2016 2017 2016
GBP'000 GBP'000 GBP'000
Profit/(Loss) for the period after
(4,146) taxation 40 217
Other comprehensive income
Items that will not be reclassified
to profit or loss
135 Revaluation of land and buildings - -
Revaluation of land and buildings
279 - unrealised exchange (loss)/gain (213) 123
------------- --------------- ---------------
414 (213) 123
Items that may be subsequently
reclassified to profit or loss
Unrealised exchange (loss)/gain
827 on translation of overseas subsidiaries (489) 353
------------- --------------- ---------------
827 (489) 353
1,241 Other comprehensive (loss)/income (702) 476
------------- --------------- ---------------
Total comprehensive (loss)/income
(2,905) for the period (662) 693
------------- --------------- ---------------
Consolidated statement of changes in equity (unaudited)
for the six months ended 30 June 2017
Share Share Capital Shares Share Translation Revaluation Retained Total Non-controlling Total
capital premium reserve held based reserve reserve earnings attributable interest equity
GBP'000 GBP'000 GBP'000 by payment GBP'000 GBP'000 GBP'000 to owners GBP'000 GBP'000
ESOP reserve of the
GBP'000 GBP'000 parent
GBP'000
-------- -------- -------- -------- -------- ------------ ------------ --------- ------------- ---------------- --------
At 1 January 2016 6,944 2,984 6,475 (495) - (2,692) 1,853 9,081 24,150 179 24,329
-------- -------- -------- -------- -------- ------------ ------------ --------- ------------- ---------------- --------
Comprehensive
income
for the period
Profit for the
period
after taxation - - - - - - - 217 217 - 217
Other
comprehensive
income
Unrealised
exchange
gain on
translation
of foreign
subsidiaries - - - - - 353 123 - 476 - 476
-------- -------- -------- -------- -------- ------------ ------------ --------- ------------- ---------------- --------
Total other
comprehensive
income - - - - - 353 123 - 476 - 476
-------- -------- -------- -------- -------- ------------ ------------ --------- ------------- ---------------- --------
Total
comprehensive
income for the
period - - - - - 353 123 217 693 - 693
-------- -------- -------- -------- -------- ------------ ------------ --------- ------------- ---------------- --------
Purchase of
non-controlling
interest - - - - - - - - - (179) (179)
-------- -------- -------- -------- -------- ------------ ------------ --------- ------------- ---------------- --------
At 30 June 2016 6,944 2,984 6,475 (495) - (2,339) 1,976 9,298 24,843 - 24,843
-------- -------- -------- -------- -------- ------------ ------------ --------- ------------- ---------------- --------
Comprehensive
income
for the period
Loss for the
period
after taxation - - - - - - - (4,363) (4,363) - (4,363)
Other
comprehensive
income
Gain on the
revaluation
of buildings - - - - - - 135 - 135 - 135
Unrealised
exchange
gain on
translation
of foreign
subsidiaries - - - - - 474 156 - 630 - 630
-------- -------- -------- -------- -------- ------------ ------------ --------- ------------- ---------------- --------
Total other
comprehensive
income - - - - - 474 291 - 765 - 765
-------- -------- -------- -------- -------- ------------ ------------ --------- ------------- ---------------- --------
Total
comprehensive
income/(expense)
for
the period - - - - - 474 291 (4,363) (3,598) - (3,598)
-------- -------- -------- -------- -------- ------------ ------------ --------- ------------- ---------------- --------
Share based
payment
expense - - - - 29 - - - 29 - 29
-------- -------- -------- -------- -------- ------------ ------------ --------- ------------- ---------------- --------
At 31 December
2016 6,944 2,984 6,475 (495) 29 (1,865) 2,267 4,935 21,274 - 21,274
-------- -------- -------- -------- -------- ------------ ------------ --------- ------------- ---------------- --------
Comprehensive
income
for the period
Profit for the
period
after taxation - - - - - - - 40 40 - 40
Other
comprehensive
income
Unrealised
exchange
loss on
translation
of foreign
subsidiaries - - - - - (489) (213) - (702) - (702)
-------- -------- -------- -------- -------- ------------ ------------ --------- ------------- ---------------- --------
Total other
comprehensive
expense - - - - - (489) (213) - (702) - (702)
-------- -------- -------- -------- -------- ------------ ------------ --------- ------------- ---------------- --------
Total
comprehensive
(expense)/income
for
the period - - - - - (489) (213) 40 (662) - (662)
-------- -------- -------- -------- -------- ------------ ------------ --------- ------------- ---------------- --------
Share based
payment
expense - - - - 54 - - - 54 - 54
-------- -------- -------- -------- -------- ------------ ------------ --------- ------------- ---------------- --------
At 30 June 2017 6,944 2,984 6,475 (495) 83 (2,354) 2,054 4,975 20,666 - 20,666
-------- -------- -------- -------- -------- ------------ ------------ --------- ------------- ---------------- --------
Consolidated balance sheet (unaudited)
as at 30 June 2017
31 December 30 June 2017 30 June 2016
2016 GBP'000 GBP'000
GBP'000 Note
ASSETS
Non-current assets
12,106 Property, plant and equipment 11,534 11,448
243 Intangible assets 227 257
1,800 Deferred income tax asset 3 1,761 1,628
------------ ------------- -------------
14,149 Total non-current assets 13,522 13,333
Current assets
17,353 Inventories 16,956 20,139
4,388 Trade and other receivables 4,208 4,307
206 Cash and cash equivalents 469 358
38 Current income tax recoverable 46 54
------------ ------------- -------------
21,985 Total current assets 21,679 24,858
------------ ------------- -------------
36,134 Total assets 35,201 38,191
------------ ------------- -------------
LIABILITIES
Current liabilities
(4,362) Trade and other payables (4,772) (4,660)
- Current income tax liability - (13)
Interest bearing loans,
(6,781) borrowings and overdrafts (7,560) (5,503)
------------ ------------- -------------
(11,143) Total current liabilities (12,332) (10,176)
Non-current liabilities
(183) Deferred income tax liability 3 (178) (106)
Interest bearing loans,
(3,534) borrowings and overdrafts (2,025) (3,066)
------------ ------------- -------------
(3,717) Total non-current liabilities (2,203) (3,172)
------------ ------------- -------------
(14,860) Total liabilities (14,535) (13,348)
------------ ------------- -------------
21,274 Net assets 20,666 24,843
------------ ------------- -------------
EQUITY
6,944 Share capital 6,944 6,944
2,984 Share premium 2,984 2,984
6,475 Capital reserve 6,475 6,475
(495) Shares held by ESOP (495) (495)
29 Share based payment reserve 83 -
(1,865) Translation reserve (2,354) (2,339)
2,267 Revaluation reserve 2,054 1,976
4,935 Retained earnings 4,975 9,298
------------ ------------- -------------
21,274 Total equity 20,666 24,843
------------ ------------- -------------
Statement of cash flows (unaudited)
for the six months ended 30 June 2017
Year ended Six months Six months ended
31 December ended 30 June 2016
2016 30 June 2017
Note GBP'000
GBP'000 GBP'000
Cash flows from operating
activities
Cash generated from/(used
(1,336) in) operations 4 1,191 (394)
(81) Tax paid - (53)
(480) Interest paid (276) (212)
------------- -------------- --------------------
Net cash generated from/(used
(1,897) in) operating activities 915 (659)
------------- -------------- --------------------
Cash flows from investing
activities
Purchases of property, plant
(1,181) and equipment (289) (736)
(5) Purchases of intangible assets (2) (1)
(192) Purchase of investments - (191)
------------- -------------- --------------------
Net cash used in investing
(1,378) activities (291) (928)
------------- -------------- --------------------
Cash flows from financing
activities
2,364 Proceeds from borrowings 737 340
(1,658) Repayment of bank loans (834) (376)
374 New finance lease obligations - 337
Repayment of obligations
(88) under finance leases (41) (13)
------------- -------------- --------------------
Net cash (used in)/generated
992 from financing activities (138) 288
------------- -------------- --------------------
Increase/(Decrease) in cash
(2,283) and cash equivalents 486 (1,299)
------------- -------------- --------------------
Cash and cash equivalents
(1,474) at beginning of period (3,738) (1,474)
Exchange gains on cash and
19 cash equivalents 21 8
------------- -------------- --------------------
Cash and cash equivalents
(3,738) at end of period (3,231) (2,765)
------------- -------------- --------------------
Notes to the consolidated accounts (unaudited)
1. Earnings per share attributable to equity shareholders of the parent
(a) Basic
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the year excluding the shares owned by the Pittards employee share ownership trust.
Year ended Six months Six months
31 December ended ended
2016 30 June 2017 30 June 2016
GBP'000 GBP'000 GBP'000
Profit/(Loss) for the period
(4,146) after taxation 40 217
------------- -------------- --------------
Shares Shares Shares
'000 '000 '000
Weighted average number of ordinary
13,870 shares in issue 13,870 13,870
------------- -------------- --------------
(b) Diluted
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares by the shares issued under the 2015 Long Term Incentive Plan (LTIP).
Year ended Six months Six months
31 December ended ended
2016 30 June 2017 30 June 2016
GBP'000 GBP'000 GBP'000
Profit/(Loss) for the period
(4,146) after taxation 40 217
------------- -------------- --------------
Shares Shares Shares
'000 '000 '000
Weighted average number of ordinary
14,341 shares in issue 14,304 14,341
------------- -------------- --------------
2. Taxation
Year ended Six months Six months
31 December ended ended
2016 30 June 2017 30 June 2016
GBP'000 GBP'000 GBP'000
Analysis of the charge in
the period
The charge based on the
profit for the year comprises:
- Corporation tax on profit - -
for the year
Foreign tax on profit for
32 the year - 13
Foreign tax related to prior
91 years - 27
------------- -------------- --------------
123 Total current tax - 40
------------- -------------- --------------
Deferred tax
Origination and reversal
(169) of temporary differences 45 57
121 Impact of change in UK tax - -
rate
------------- -------------- --------------
(48) Total deferred tax 45 57
------------- -------------- --------------
75 Income tax charge 45 97
------------- -------------- --------------
3. Deferred taxation
Year ended Six months ended Six months ended
31 December 30 June 2017 30 June 2016
2016 GBP'000 GBP'000
GBP'000
1,800 Deferred tax asset 1,761 1,628
(183) Deferred tax liabilities (178) (106)
------------- ----------------- -----------------
1,617 Deferred tax assets (net) 1,583 1,522
------------- ----------------- -----------------
4. Cash used in operations
Year ended Six months Six months
31 December ended ended
2016 30 June 2017 30 June 2016
GBP'000 GBP'000 GBP'000
(4,071) Profit/(Loss) before taxation 85 314
Adjustments for:
Depreciation of property plant
605 and equipment 319 283
35 Amortisation 18 17
480 Bank and other interest charges 276 210
29 Share based payment expense 54 -
Other non-cash items in Income
(61) Statement 87 (10)
------------- -------------- ------------------
Operating cash flows before
(2,983) movement in working capital 839 814
------------- -------------- ------------------
Movements in working capital
(excluding exchange differences
on consolidation)
2,912 (Increase)/Decrease in inventories (618) (651)
Decrease/(Increase) in trade
(194) and other receivables 29 (213)
Increase/(Decrease) in trade
(1,071) and other payables 941 (344)
------------- -------------- ------------------
Cash generated from/(used
(1,336) in) operations 1,191 (394)
------------- -------------- ------------------
5. Basis of preparation
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 434 of the Companies Act 2006. The directors approved and authorised this interim statement for issue on 26 September 2017. The financial information for the full preceding year is extracted from the statutory accounts for the financial year ended 31 December 2016. Those accounts, upon which the auditor issued an unqualified opinion, have been delivered to the Registrar of Companies. The auditor's report did not contain a statement under section 498(2) or (3) of the Companies Act 2006.
Pittards plc is a public limited company incorporated and domiciled under the Companies Act 2006 in England. It is quoted on the Alternative Investment Market ("AIM").
These financial statements are presented in sterling as that is considered to be the functional currency of the primary economic environment in which the Group operates.
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.
6. Availability of interim report
The interim report will be available at the Company's website www.pittards.com, in accordance with AIM Rule 20.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PGUQGBUPMPUA
(END) Dow Jones Newswires
September 26, 2017 02:01 ET (06:01 GMT)
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