Pittards returns to profit

7th Sep 2009 14:21

Leather manufacturer Pittards returned to profitability in the first half despite a drop in revenues.The group made a profit before tax of £329,000 in the six month ended 30 June compared with a loss of £38,000 last time.Revenue for the six month period was £12.47m. This was less than the £13.17m earned in the same period in 2008 due to some loss of volume from customers who were themselves facing lower demand from their customers as a result of the 'credit crunch'.'Our customers remain uncertain about demand for the second half which makes it very difficult for us to forecast the outlook for the rest of the year,' said chairman SD Boyd.'However, we are aware that customer stocks of finished products have been greatly reduced therefore the pick-up, when it comes, should be swift, hence we are preparing ourselves to respond quickly to any upturn in orders.' 'In the meantime we continue to seek cost reductions in all areas of the business, but without compromising our core strengths of innovation, quality and performance,' he added.