Foot and mouth threat to Pittards
Article Date: Mar 06 2001Leather goods group Pittards has warned that future trading may be affected by the recent outbreak of foot and mouth disease, writes Nancy Smith.
Pittards, which supplies leather to the glove, shoes and other leather goods manufacturers, has been affected by the mass cull of cattle in the UK. Chairman Robert Tomkinson admits that 'until the disease is contained and our supplies of raw material return to normality, the trading outlook will remain unclear'.
This gloomy news came as the group reported a 31 per cent increase in sales to £81.2 million for the year to 31 December 2000, while pre-tax profits increased 71 per cent to £3 million. Strong demand for leather in the sports and leisure industries helped support the trading improvement.
As yet, the City has not been unduly worried by the spectre of foot and mouth and its potential effect on future business, as underlying trading has so far been good.
Tomkinson says sales in the first two months of the current year were ahead of the same period last year. The shares rose today by five per cent to 65.5p, their highest point for twelve months.
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