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Share Name Share Symbol Market Type Share ISIN Share Description
Pittards Plc LSE:PTD London Ordinary Share GB00BHB1XR83 ORD 50P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -2.50 -3.91% 61.50 60.00 63.00 64.00 61.50 64.00 66,531 10:37:08
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Personal Goods 15.2 -2.3 -17.7 - 8

Pittards Share Discussion Threads

Showing 801 to 820 of 1050 messages
Chat Pages: 42  41  40  39  38  37  36  35  34  33  32  31  Older
DateSubjectAuthorDiscuss
13/5/2021
17:45
btw Burberry prelims were issued today "Within this, full-price sales grew 63% in the quarter (12% versus Q4 FY19) driven by Mainland China, Korea and the U.S." sales +63% !! versus the prior year hopefully with luxury goods shops opened again Pittards have also seen a big uplift (some info in the RNSs I think)
smithie6
13/5/2021
17:39
Reduced cost base by £2m, changed operating model " you understand what "changed operating model" means ? they are still making gloves (etc), still processing hides & still then selling on to the shoe, car sectors the change is making shoes themselves ? (they only had about 3 of their own shops, with 1 being a factory shop; & the shops are operated to fly the flag imo rather than be the main routes for sales & they only closed 1 shop, ( saving 100k) ok, they are also trying to make Pittards a brand for bags etc but I think it will phps be difficult to quickly obtain a high % of the overall sales from that my guess is that the shoe mfr venture is going well & that encouraged the dirs & J.A.Rendell to put more hard cash in to co. shares (in recent 1-2 yrs I think Rendell has gone from ~16% to 23% to ie. buying ~7% of the co. I make that about 1 million shares ! & if he did it with an average of 45p then it cost ~£450k !!!!!! (just need to hope that he has a brother running Jaguar or any co. making train seats ! (that need to buy lots & lots of leather !)
smithie6
13/5/2021
14:20
As cheap as the shares today S . :-) Just need more liquidity and I would add again. I'll buy you 50 when this reaches £1. S
clocktower
13/5/2021
13:51
the gloves look good & as you say, cheap, <£4/pair I could use a pair but I don't need 50 pairs (£12-13 for just 1 pair from different seller; clearly if you can buy at £4/pair & manage to re-sell one by one at £12-13/pair it would be a good return !)
smithie6
13/5/2021
07:07
Your post number 48 S is one of the many reasons that I purchased another 5000 yesterday at 58.7p and will continue to add as and when cash allows, because one way or another you can bet your bottom dollar that the stock price is headed much higher so they can take full advantage of the generous award. Not forgetting they now have the authority to add another 400k shares they now hold in treasury. I would suggest that everyone goes to the company website and downloads the annual report and reads it in great detail. Having done so I believe they will then understand how the business has been transformed sine the start of H2 in 2020. It is an impressive publication this time as it really sets out the changing focus and how they are pursuing the reduction in stock amongst many other new offerings and the focus on specialty leathers and fire retardant applications that most tanneries cannot offer and therefore are unable to meet the standards demanded by the likes of the rail industry, aviation and of course the motor industries that are also conscious of the safety standards of Pittards leathers. Another huge step that the company has made which I expect has in part been down to the pandemic, are the introduction of leathers that are particularly suitable to be used in numerous applications where disease control is paramount, like on hospital furnishings, chairs etc, in place of plastics. Additionally in doctors surgeries, care homes and so on. Demand could rocket as use of these leathers could become part of the specification criteria on new projects very soon, much in the same way as laws were introduced about foam safety in furniture many years ago.
clocktower
12/5/2021
23:12
to be clear 12 months of inventory is terrible stock control imo hopefully it is bad due to the notable fall in sales in 2020 due to the Covid crisis bumping up the unsold inventory (but if so it shows that if sales falls they are "unable" to reduce their stock buying in response !!, which seems nuts) & not due to a sleepy bod (but imo the co. has a history of having an excessively high inventory wrt turnover, debt, profit, etc; but phps there are some reasons for it )
smithie6
12/5/2021
23:05
stock I'm not an accountant but I'm fairly sure that the inventory is treated as an asset & changes in assets are input to the report for assets but not input to the calcs for profits (unless a large chunk of that asset is sold as is to an external buyer in which case it would go in to the profit calc; where leather/inventory assets are used to make products then the book value will be included in the profit calcs as a cost) if there is a change to the value of an asset then it can be put in to the profit calc. as a one off (& PTD did that once about 5-6 years ago) (while noting that some cos. declare that they don't revalue assets unless they are sold, phps to reduce the accounting work/costs & to have less problems avoiding paying tax in real money on a 'profit' which hasn't been crystallised & hence hasn't produced any cash to pay any tax on it !
smithie6
12/5/2021
22:49
btw the possible cost of the free shares for the directors, if the share price target is met (even for 1 day ) £1.4 million £560k for the MD (40%) £420k for the chairman, 30%, who sat on the renumeration committee to change to conditions of the bonus scheme, which included £420k for himself. (& to buy those shares to put in treasury ready to give to the dirs. is money that could in part be used to pay a divi to shareholders or reduce the bank (which would also be benefit the workers by making the co. more solid financially)) (I guess that the workers would probably like to be able to create & approve their own bonus schemes, as the b.o.d. have done !! je je) it appears that there is no lock in period & the dirs could sell their shares as soon as they get them & resign the day afterwards. (although selling such a volume of shares would take time, unless the co. was sold)
smithie6
12/5/2021
22:16
True Smithie6, and I do not disagree with you to some extent BUT if you have a plan to enrich yourselves and not your shareholders for a few years, you might hatch a plan that is in your best interests and not that of all your stakeholders. All I am saying, that is the picture one might draw, you might be quite correct in saying they are a bunch of useless twits but go look at their qualifications and experience plus their ages, and maybe think the unthinkable, not that I am suggesting they have done anything wrong but just acted to promote certain interests at certain times. However, we can both look at it from different angles - surely no company of this nature would sign a contract for skins, for years like you are suggesting. Overstocked to the tune of £17m now £15m unfinished goods, come on S they add value by making gloves, shoes, etc So did the drop of £2m help the company become EBITDA positive in H2 and will a further drop in stocks (should that occur have the effect of turning into profits) have a material effect on the cash flow etc.
clocktower
12/5/2021
21:52
have to agree to disagree generally a good business is one that turns over its stock in a short time, & makes a % in doing so. & holds little stock of raw materials ('just in time' is a modern version of this, where almost no stocks are held & materials or subassemblies are supplied 'just in time' as needed by production. (this modern production metod, JIT, of implodes if just 1 production item does not arrive 'JIT' since the whole production process then stops !, while many overhead costs continue) at present PTD is only turning over its stock once every 12 months pretty terrible imo but phps there are some reasons that partly explain it phps they have contracts with the animal skin providers to buy X hundred/thousand skins per month, which is good for PTD since it gives them a steady price & a g'teed supply of raw material but if PTD don't then sell the resulting finished products they then get overstocked
smithie6
12/5/2021
20:24
S, any shrewd business owner, will devalue their stock if they are making more than they require, even if they are borrowing up to the hilt, if they want to make the business look less than healthy, or if you want to carry your profits forward you devalue your stock by a greater amount one or more years and build a stock pile. Who is to argue what you say the stock is worth, it can be worth as little as 10p in the £1 if a liquidator gets a foot in the door. They will also use stock to manipulate the business, building stock piles that can be used if you hit hard times, or for example if you wish for example to sell your business at top dollar. You turn your devalued stock, into gold with a magic wand, by selling a chunk at top dollar, then valuing the remaining stock at the price you are currently having to top it to just keep the wheels turning, with the lowest overheads you possibly can manage with. Having good stock is like having gold in your safe if you have a market for it. So, what you have done is show good profits, with low expenses, bar what the directors draw, as any buyer can just wipe that away in a stroke. You wave the wand again in the same way as you obtain a new property valuation to what maybe on the books having not been revalued for x number of years. Skins are great stock, labour costs rise, storage is cheap in certain countries, so the only increase you suffer from is transport costs but you can control those to some extent as well.
clocktower
12/5/2021
19:06
btw would buying fewer new skins & making more use of existing stocks actually feed into the calcs for profit, or just into the calcs for cashflow & assets ??
smithie6
12/5/2021
17:12
I acknowledge you may not agree S but food for thought anyway. In response to your comments about China etc the Story in itself is worth a premium and many folks would rather buy goods made in Ethiopia than in China I believe. Another area I have not touched on the the Chamois leather that many car owners sill use. This is an old video but interest all the same imo. Https://www.youtube.com/watch?v=yfcOHv0t_bY
clocktower
12/5/2021
15:47
Just take a look at the impressive list of brand partners: Https://corporate.pittards.com/about/working-with-us/ You may recall I posted about Vivobarefoot brand,this was started by members of the Clarks family and its well worthy taking a look at their accounts on the Companies House Website and see how they are growing as well. Some of the shoes as shown in one of the video I posted are being produced in Ethiopia. Happy days and rich rewards ahead imo. DYOR.
clocktower
12/5/2021
14:30
Right S - note all resolutions passed and details on the company website, so one might assume that JR was happy with everything, as voted upon. We shall see the numbers and be able to comment them but for sure the directors do not have enough votes to swing anything. Now you would like my view as to the stock pile. First and foremost, they used over £2m of it to support the business over the past year. Stock reduced for the first time in many years. If you were a member of a BoD that made a plan, say five years ago that would enrich you in the way they are now most likely to be very well rewarded, you would set out a detailed plan of how this were to be achieve. 1) Buy Assets - (Property plus Stocks/skins) 2) Borrow against those assets 3) Increase Staff to handle and process all that stock/skins. 4) Depreciate the stock every year (even though inflation and wage/processing costs are likely to increase over the years of stock building. Now rather than build a bigger picture, I will cut to the chasse. 5) Unexpected event - COVID-19 - adjust plan - Bigger stroke of Luck. 6) Make the best of a difficult situation. 7) Start implementation of the revise plan (not much of an adjustment anyway) 8) Cut staff, as you now do not require so many, as you reduce your buying/processing of skins. 9) Big Staff savings, as the numbers are no longer required. 10)Due to inflation,higher processing costs etc the stock value has in fact increased. 11) In between these times you have been doing more R&D and finding new large clients for which you can manufacture for. (SHOES - GLOVES - SPORTS GOODs ETC) 12) Use the stock to improve and return to positive EBITDA and increase your cash flow, which as they say improved significantly during H2. 13) Obtain agreement to adjust your share options, buy more shares before doing this though. 14) Bingo, let all guns fire and make hay. 15) Turn the corner show what a jolly good outlook and potential great investment PTD is. 16) Share Price Shoots up. 17) Alternative, find a buyer and take profits from all the share awards etc. I could set it out in more detail but I think you will get the drift of things. Hence I am buying shares, as funds allow as retail demand is once again picking up in all sectors, some saddle makers for instance are quoting long delivery dates due to demand. Handbag makers are returning to huge demand - Golf players buying new leather shoes, the list is endless.
clocktower
12/5/2021
13:06
the MD been the MD for years & sorry but he has not done a good job .& I get the impression that the only reason that changes are happening is because of the new chairman joining a few years ago ie. that the MD does not have the basic skills to be an MD, no initiative, no ideas etc etc. as proven every year since he became MD before 2010; the ideas/changes have come from the 'new' chairman, & that claim is supported by the non-exec. chairman getting 30% of the options, that is unusual so the bod must see him as being the person proposing the changes, imo anyway. ------ so, personally I feel that a new MD would be good for the share price (& a new buyer, who stops buying shed loads of skins that there is no predicted need for !!)
smithie6
12/5/2021
12:49
clocktower go on then, can you enlighten us as to why holding 1 year's worth of inventory/turnover is a good thing ? ( noting that the co. has borrowed a lot of bank money in order to fund all that stock just sitting there (& I assume also a bigger insurance cost, & bigger cost to pay for storeage space, shelving, heating/cooling) & the interest cost for that debt is high wrt the annual numbers for profit/loss Can anyone name any other listed company that has 1 year of stock ? ( more normal is 3, 4, 5 months worth, depending on the work, time delay etc to replenish inventory) ------- maybe the dirs are dedicated to - be nice to the workers in Ethiopia - be nice to their children - be nice to the providers of the animals that provide the skins - be nice to the directors & are phps running the co. as a social club or charity with no interest in managing stock levels, making profits or managing the debt levels (just raise more cash as they did in 2015 with high % dilution) or ever paying a divi to shareholders (& recalling that the previous perf. targets for growth in EBIT, the dirs couldn't meet them ! so they just deleted them !! ffs !)
smithie6
12/5/2021
10:08
Everyone disappeared this morning but we have a few sellers, so a little drop back before the next step up maybe.
clocktower
11/5/2021
23:07
My Retirement Fund you say you have been a shareholder for years can you explain this turnover was markedly down in 2020 & there was a notable reduction of staff in Ethiopia & not long ago they created a production sowing facility there & they have 2 different sites so, why are they setting up, building, a new site/facility ? since they laid off 150-200 ppl in 2020 surely they already have over capacity ?? (& the co. is tight for spending cash) ====== stocks/inventory despite 5 years of allegedly trying hard to reduce it as a % of turnover it is much much worse now than it was 5 years ago !! You think these directors have the slightest clue what running a company is about ?!
smithie6
11/5/2021
22:57
2015 RNS. share option scheme for dirs 1/2 of options with perf. targets linked to the growth in EBIT & 1/2 linked to turnover I think ----- options were priced wrt 120p the price that money was raised at in 2015. Personally I do not think it is morally/ethically correct to give a % of the assets/cash raised in 2015 to the same MD as asked for that cash raise at any price below 120p. If he had told those investors that he would get rich by the share price getting to just 70p (50p lower) then those ppl would not have invested £5.5 million. If he departed & a new MD then tried to get results, then the new MD could morally/ethically get some options without reference to the 120p, but not the MD who raised £5.5 million at 120p. ------ if the share price were to fall to say 35p, would the directors just change, again, all the conditions for the dirs. share options ? sorry, but its not ethical imo. If an MD can't get his options to be 'in the money', one assumes 'cause he is not very good, then in my opinion he should phps just leave & give someone else a chance; rather than change the performance requirements & the exercise price, just to suit the dirs. !! ---- at Northbridge they didn't do that. (ok they did endlessly issue new options to the MD at ever lower prices ! but he finally retired at 68, with 1 million options still 'out of the money' !) The co. performed poorly over 15 years (due to the collapse in oil exploration drilling due to the fall in the oil price).
smithie6
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