Pittards Plc

0.00 (0.0%)
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 Shares Traded Last Trade
  0.00 0.0% 6.375 1,000 08:00:00
Bid Price Offer Price High Price Low Price Open Price
6.25 6.50 6.375 6.375 6.375
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Leather And Leather Products 19.66 0.28 2.10 3.19 0.92
Last Trade Time Trade Type Trade Size Trade Price Currency
10:29:01 O 1,000 6.275 GBX

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Top Posts
Posted at 23/5/2023 23:06 by somertrade
A few quick points on comments made on this thread:
The Pittards pension schemes went into the PPF back in about 2005, so pensions should be safe (if not worth what they once were).
Over valued stock - it's been like that for as far back as I can remember. I worked there for 25+ years until redundancy 15 years ago. You're correct, it should have been written down much more than it ever was. Much was years old and no one wanted it.
When John Pittard was chairman there were several local gloving companies who would make a claim on every order they could when it was clearly due to their actions, not Pittards that caused any problems. JWWP let them get away with it, ignoring lab reports, costing money. Then large overseas gloving companies squeezed them on price (demanding to know the actual costs) until the pips squeaked.
Since the current MD/CEO took over it's been a gradual one way street to decline.
Every year the same excuses - the pound's too strong/ the pound's too weak...
Back in the early 2000's there were staff share option schemes. £2,000+ of shares bought then were recently sold by Pittards (disenfranchising many small shareholders) for £8.06. Not the best investment I ever made! At least those in charge have likely lost far more.

Posted at 19/5/2023 14:47 by clocktower
callumross - I guess if they did that it would send out even more warning signals to any company that trades with them around the world. I doubt if many businesses that trade with them are aware of the serious position they seem to be in.

You just have to look at the discount that FAB has had to give to raise funds today - 84% discount to the market price at the time of setting the price.

I am all for a funding to wipe out the debt as this could be a very good and profitable business if run by a top rate BOD that put shareholders interests on the same playing field as their own.

However can they raise the many millions required to save the business?

If they raise only part of the dent, I will not be investing in the stock but if they raise sufficient to get ride of the debt then I would be back in, even if it is at 2p a share.

Posted at 12/5/2023 13:31 by clocktower
Not the MD the Chairman and certain others also need to carry the can - The Chairman being the biggest issue impo.

As far as I am aware Mulberry do not source their leather from Pittards - although a board member sits on PTD's board, I believe it is more historical.

Dr Martins has also suffered has it not recently?

Spot on about being the brand owner S - however gloves have been a traditional product of PTD but who the heck is looking for a brand in standard leather gloves. Maybe in Motor Bike Gloves/ Golf Gloves etc but they are going to go with top club brands anyway, I guess if it is golf gloves.

Top brands are only going to want the very best of the leather, be it in gloves or saddle leather - Headphones covers - clothes (jackets in the main) or even shoes - so what do you do with the rest of the leather? Make things for other people that are demanding a certain end price rather than the very best.

Hill & Friends website - you only seem to be able to buy refurbished bags - nothing new. Very odd.


Still plenty of bags on SALE on Pittards website though - Bargain Prices as well.


Posted at 12/5/2023 11:14 by smithie6
old leather stock

Dr Martins boots is I think a customer of PTD, yes ?
they use shed loads of leather every year, they have global sales.

clearly they have never wanted to buy that old stock. nor Mulberry, another client of PTD.

Posted at 11/5/2023 14:33 by smithie6
....I wonder if that £800k (updated/corrected) spent on a vacuum drying machine about 1.3 years ago would be very useful money to have now.

Was it a good investment or reckless spending ?


clearly absolutely no one, I mean no one !
is interested to buy the massive stock of leather that the company has, otherwise big chunks of that would already have been sold to bring in hard cash.

And that infers a big write off in the value of that stock, imo, which would make the accounts worse but I guess that the mkt has already assumed that, by looking at the share price.

Posted at 11/5/2023 14:06 by clocktower
Seeing the share price drop again on very small volume and what looks like a buy, suggests to me that it's days are very numbered now.

The bell tolls unless they can raise and wipe out the debt but at what price 5p?

Posted at 26/4/2023 11:20 by callumross
judging by the share price nothing left for shareholders I presume. Which begs the question as to why the board and others subscribed for shares at 25p just a couple weeks ago?
Posted at 26/3/2023 22:06 by smithie6
...I agree with the criticism of the directors.

The MD has been in power for ~15 years I think & seen the share price go from 150-200p down to 25p.

The old chestnut of X millions of assets in product or leather. Yr after year the co. could not reduce it. Few posters here ever believed that. A big write down of that value looks likely in the turmoil ahead imo.

The co. spent £0.8 million not long ago on a vacuum drying unit. That was arguably yet another poor decision, since the co. is desperate for any money.

The FD left not long ago. Another red flag.


The directors' scheme to enrich themselves.
Does not give confidence in the directors.

Posted at 23/2/2023 19:08 by chriss911911
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
Posted at 11/10/2022 10:13 by clocktower
With these RNS, I think we could see PTD coming into play and a buyer in the wings, as there are so few shares available without moving the share price rapidly upwards.

The asset value far exceeds the current share price and as the Chinese have big interests in Ethiopia it could be something they want to get their hands on imo.

Watch this space.

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