An opaque 2019 for Pittards, but Brexit doesn’t scare it: Ethiopia is ready

Sales decreased over the last 6 months of the year, but profits go up. Stephen Yapp said himself satisfied by Pittards’ results, the tanning and leather group in the United Kingdom of which he is president. Even after the group’s revenue decreased sensibly.

Down by 16%

The group’s sales between January and June 2019 decreased by 16% in comparison to the same period of the previous year, going from 14.5 million UK pounds (circa 16.4 million euro) to 12.1 million UK pounds (about 13.7 million euro). During this period, the group’s EBITDA remained the same (about 900 thousand euro), while net earnings before tax doubles from 100,000 UK pounds (about 113,000 euro) in 2018 to 200,000 (circa 226,000 euro) from this June 30th.

The comment

The topics highlighted on our 2018 annual report were followed even in the first half of 2019 – explains Mr. Yapp -. We achieved solid financial results for the period that allowed us to face the current international fluctuations”. Also of the same opinion is the group’s president, “the improved profitability” that reflects “the hard work” was conducted to “improve operational efficiency”. Mr- Yapp has stated to be confident for the future: “The result and outcome of Brexit remains uncertain and could determine the short-term consequences of the group, but 90% of sales is done outside of Europe and with our double production capacity, divided between the UK and Ethiopia, we believe we can manage all the risks considered in the model we created – concludes the manager -. We have entered the second half of the year with a good number of orders and we are optimistic for future periods as we believe there are opportunities offered by our reference markets”.

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