Article Abstract:
Pittards is a UK leather processor which has had profit forecasts upgraded for 1997 and has good growth potential for specialty leather products. The company achieved good growth in 1996 despite a crisis affecting the beef industry which meant that more expensive foreign hides had to be imported. The company's glove leather business has performed especially well in 1996. Pittards' profit is forecast at 4.5 million pounds sterling for 1997 by SBC Warburg compared to a previous forecast of 3.7 million pounds.
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Article Abstract:
Pittards is a leather processor which has sought to focus on specialized areas and upmarket clients, especially in the sporting goods sector. The company has two main divisions, shoe and leather goods and glove leather, and has invested in innovation. Raw material costs have dropped and this has helped Pittards deal with price pressures on its products. The company has a non-core, low margin raw materials operation which could raise 2.3 million pounds sterling if it were sold.
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Article Abstract:
Pittards faces competition in the leather industry from low-cost producers from Asia. The company's gloving business accounted for 25 million pounds sterling of its turnover for 1995. Leather goods and shoes accounted for 45 million pounds sterling. The company's sales should be boosted by the Euro 96 tournament and Pittards appears to be a company with recovery stock shares. The company's pre-tax profit is forecast at 2.8 million pounds sterling for 1996.
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