Pittards Share Discussion Threads

[chriss911911] 27/2/2023 18:57

Results are being delayed into April for unknown reasons, website says March, like last year, but trading update says will be later, bank or auditors likely cause for delay, the director buys in Jan, was same value as dividend payment why ? answer, bank, likely reason, do we need any more flags,? or wait for the red ticker, tick, tock, tick, tock, this ones going pop... ja ja

[clocktower] 27/2/2023 09:27

In respect of John Rendell he was buying when they were over £1. I seem to recall but has bought a lot more since - and why would he be happy as it has been a terrible investment it seems but could he buy the rest and have a solution to that huge stock pile?

"Smithie624 Feb '23 - 23:35 - 477 of 479
0 0 0
John Rendell is probably not happy.

He owns 27% of the co. !!"

[clocktower] 27/2/2023 09:21

I took a look at the company website this morning and that of the business they purchased last year, as I spotted your post Smithie6.

I noticed that it is almost the same as two years ago and the bags are much the same.

I also looked at Hill and Friends last year when they purchased the business and same goes for that - nothing fresh it seems - so you wonder why they bothered to buy a failing business and leave it without fresh product.

As regards making for Mulberry, I doubt that as Mulberry have there very own production, and I seem to recall that most of Mulberry's leather is supplied by a tannery up the north of the country, not Pittards.

In Ethiopia they make gloves and shoes it seems, so I assume the UK only turns out goods for the other brand they own - Daines & Hathaway that seem to supply a few USA outlets but again dated product and website,


They do I believe supply a lot of leather to the likes of Dr Martins but they are having a hard time as well plus of course leather for golf shoes, gloves, sports wear and so on.

I do fear they are a Zombie company though and in a death spiral due to high interest rates and slowing consumer demand, plus high energy and transport costs.


I look forward to seeing the re-valuation numbers and the figures when and if ever published, as events could overtake them before the date due imo.

[smithie6] 25/2/2023 00:00

...well, Yeovil footie team is nicknamed 'the glovers'

....used to make loads in Yeovil, most closed over the decades & most of the Pittards production moved to Ethiopia.

Making stuff by hand in the UK, its difficult to compete with countries with cheaper labour rates. Although the northern UK tannery has done quite well over the last 5 years & the Oxford Satchel Company....

imo making stuff for Mulberry etc, no real profit in that imo

Shame that Ethiopia hasn't been the hoped for big success. With its super cheap labour it's difficult to see why it hasn't taken off.

One problem at present might be the rock bottom currencies of various countries such as Turkey, Argentina, Venez., & others
...which surely makes them very cheap production sources.

...even products from Spain, Italy are notably cheaper imo.

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Leather stocks.
I don't think that any poster here believes that the claimed value is true, although the accounts are reqd. to be true. If the value is written down one day that would be a painful hit to the accounts & asset value.

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Spending £800k on a big vacuum dryer hasn't produced the dirs hoped for cost reductions, imo.

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The new chairman X years ago hasn't produced results imo.

[smithie6] 24/2/2023 23:35

John Rendell is probably not happy.

He owns 27% of the co. !!

[smithie6] 24/2/2023 20:40

Phps any insider dealing ?

Price reduced from 60p to 42p "without any news" ...in the 1-3 months before today's news of lower sales.

[smithie6] 24/2/2023 20:33

Can you spell that out a bit more ?

...lower orders & sales volumes ..so less cash needed for operating cash for making stuff !!
That should give them greater liquidity, no ?

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Lower sales...combined with inflation of many costs including wages, not a good combination.

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So, the hoped for boom due to making finished products including shoes in Africa using cheap labour.....has failed or at not least not been a success ?

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Hedging.
£1.5 million loss
Would the overall loss phps have been smaller without the hedging ??!!
Did/do they know what they were doing ??

[baner] 24/2/2023 17:44

clock

it is not about solvency, but liquidity that will drive them into administration. cash will dry up and then it is ten and out. finito.

[clocktower] 24/2/2023 13:09

banar, I cannot see that occurring in the foreseeable future - Even if you take the 75% of the stock out of it and weigh up the assets that remain in the factories and buildings, I think it will exceed the borrowings at present.

Dividends will no-doubt be something of the past once again - it was a mistake to start paying one anyway, as they needed to sort out that debt, and the other error was buying back shares to put in treasury around 18 months/two years ago.

I really do not understand why a couple of directors bought share a short time ago, that in itself shows poor judgement, when you must be aware that water is not only leaking through the roofs but coming up through the floorboards, so to speak.

A buyout from the major shareholder maybe?

[baner] 24/2/2023 12:34

administration getting closer and closer.........and when it happens there will be absolutely nada left for shareholders. not a penny.

[chriss911911] 23/2/2023 19:08

Dear shareholder, I have been burning about 1m of your money each year for last 10 years, thank you for your patience so far. I'm working on a new plan to extract more cash under a false flag. I didn't have a business since, 10 yrs, but no one seem able to work it out, so far. I invented diversion in Ethiopia, and sent all your money there, for them to burn on a pointless war crippling all around me. Hey look, it's worked so far, I have been coining it in in the meantime, and even the roof leaks regular, but alas, I have no more money left to burn on a senseless escapade in Ethiopia. I need more of your money to continue my Ethiopian quest, but I understand if the only hedging for second half will be in my garden, sorry for my deception, PS also sorry, for the shambolic trading update today, we could have told the truth, but then why, you have sucked it up all these 10 years, you might stretch to 11 ? sorry I got that wrong, I refer to the near term share price...ja ja

[clocktower] 23/2/2023 15:18

Re: Your Post 468

Why do you think they appointed a new CFO in January 2023 ?

However, it does show that the board were clueless about these arrangements imo.

[clocktower] 23/2/2023 15:13

I doubt they have the funds or access to them and think of R H's age - hardly a Wizz kid having struggled with the business for so many years after being lumbered with big loans by the previous bunch that were running the business into the ground.

R H has done a pretty good job but the magnitude of problems he took on were to heavy I believe to really have given him a chance in hell.

Everything has played against him and his team imo.

[my retirement fund] 23/2/2023 15:06

Expect a discounted management buy out soon !

[clocktower] 23/2/2023 14:52

True but I expect the largest shareholder and a couple of other big investors might be or have already been looking how to resolve Pittards long term troubles - hence the small directors buys not long ago.

Expect news before long imo - and a bit more buying maybe.

Bear in mind that is also a reason why they said : " As a consequence of a high inflationary environment in Ethiopia we have undertaken a revaluation of our assets there, subsequently we have revalued our assets across the Group. This will result in a significant uplift to our assets. "

[callumross] 23/2/2023 14:34

At least nothing about material uncertainty about going concern or covenants breached?

[clocktower] 23/2/2023 14:25

Todays RNS sounds pretty grim going forward with net debt at a staggering £11.9m,

They are trying to increase assets by revaluing the Ethiopian business assets but that is just window dressing, as without any buyer insight for the business it is fictional


The red flags have been there for some time and the small directors buys were just giving false confidence to some I guess.

[clocktower] 22/2/2023 07:35

Will PTD survive into 2024?

Will there be sufficient demand for leather as car sales fall, the recession bites into sales of ladies fashion accessories, like high end handbags, gloves, which of course Pittards are famous for?

With stocks at what must be record levels, it is hard to see how they can reduce what now surely must be considered dead stock, and in truth should be written down in value by many millions of pounds.

I took a look at the company website and the ranges of bags look like they were three or four years ago, with next to nothing new, so one can only assume they are sitting on piles of dated products. While I guess the main business is supplying others with leather, are they getting sufficient new orders to use any of that stock pile up, while I suspect they are having to buy in more skins to process just to keep the wheels turning.

[clocktower] 02/2/2023 11:51

Not looking good at all for PTD - the chart looks shocking. Must be very concerning for the company following director buying small amounts.

[z1co] 11/1/2023 16:40

clock

The awful smelling trolldog specialises in DOG companies like this one.Another one you're losing your money.

Enjoy your losses trolldog.

[clocktower] 11/1/2023 16:20

Another director buying a small amount yesterday but his total holding is only around a months salary I guess ( I need to check his salary).

[clocktower] 11/1/2023 14:37

Why were the directors buying one has to ask themselves, even though I agree with you about the dead stock.

[chriss911911] 10/1/2023 17:15

baner, sounds about right for value per share 0, also why else get cash into business, the same as dividend payment in Jan, coincidence ?, maybe your right the bank or perhaps a board director objected to dividend out of company funds, and at same time doing precisely the opposite as last RNS on treasury shares and buy backs, also trading treasury shares in what should be surely a closed period, director to business, but an even number (0) at least, otherwise looks all odd, so lets call it negative 1p all in...