UK-Based Pittards: 2018 in decline due to “weak demand” and other uncertainties, 2019 “wants clarifications”

Revenue falls while net profits remain stable. Pittards, British brand active in the manufacturing chain of leather gloves, leather goods and leather car interiors, has published its financial data regarding the year that ended on December 31st, 2018. Sales reached 33.34 million euro, down from the revenue of 2017 of 35.4 million, while net profits remained near the previous year’s: 468,000 euro. According to the company, the decline in revenue is tied to “the overall weakening of demand”, which has affected international markets: “specifically, demand for leather shoes was lower, reflecting the trends currently active within the segment’s global market”. With regards to geopolitical and social standings of countries in which Pittards manufactures, the company sees “further opportunities for economic developments” in Ethiopia, where the business owns a tannery. This positive note is caused by the stable government and an evolved democracy, even though these are only the first signals of the times to come. Potential risks are limited by the company’s production capacity in the United Kingdom, but “uncertainties regarding the country’s future in relation to the European Union” are still having an impact. The group has explained how “it is continuously monitoring the situation and the effects that Brexit may have on the company”. “We must be aware of the unforeseeable economic developments that may occur under different aspects – comments Stephen Yapp, Pittards’ president -, but the group has begun 2019 with growth goals and clear priorities”. This optimism, concludes the manager, “is supported by new business opportunities brought on by new clients in both our reference markets”.

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