TIDMPTD
RNS Number : 2764N
Pittards PLC
29 September 2021
Pittards plc
("Pittards", the "Group" or the "Company" )
Interim results for the six months ended 30 June 2021
("First Half" or "H1")
Positive trading momentum in First Half with improving order
book
Continued growth in revenue and profitability
Interim Dividend declared
Pittards plc, the specialist producer of technically advanced
leather and luxury leather goods for retailers, manufacturers and
distributors, today announces its results for the six month trading
period ended 30 June 2021.
Commenting on the results, Chairman, Stephen Yapp, said:
"I am pleased to report that we are seeing gathering momentum in
the Group's recovery. Profitability and cash flow for the First
Half are in line with expectations and ahead of the second half of
2020. Our business model continues to evolve and during the period
we invested GBP0.8m in new product equipment. The Group's entry
into several new markets is showing positive returns.
As a measure of confidence in the improving performance and
outlook for the business, the Directors are pleased to declare an
interim dividend of 0.5p per share. We are looking forward to the
next phase of profitable growth and reporting continued progress at
the full year. "
Highlights: Financial
-- Group revenues up 46% to GBP9.7 million (H1 2020: GBP6.6 million)
-- Gross margin of 28% (H1 2020: 17%)
-- EBITDA of GBP0.8 million positive (H1 2020: (negative GBP1.3m)) an improvement of GBP2.1m
-- Profit/(Loss) before taxation of GBP0.3 million (H1 2020: (GBP2.3 million Loss))
-- Net debt at Period-end reduced to GBP10.0 million (H1 2020: GBP11.3 million)
-- Earnings/Loss per share (basic) of 1.55 pence (H1 2020: (17.06 pence Loss))
-- Interim Dividend declared of 0.5 pence per share (H1 2020: Nil)
Highlights: Operational
-- Major capital investment of GBP0.8 million in new production
equipment (now fully commissioned) to meet increasing demand
-- Sales Order Book at highest level for two years.
-- Increasingly diversified portfolio of products and markets;
entry into several new markets showing positive returns
-- Successful implementation of The DWP's "Kickstart" Scheme
-- Ethiopian business showing increased activity in the finished
products side with encouraging order book
-- Launch of new Tri Protex antimicrobial leather
Commenting on the outlook for the Full Year, Reg Hankey, Chief
Executive said:
"There have been clear signs of a continued recovery in sales
since the half year, evidenced by a progressively improving order
book. We continue to see more opportunity than risk in the "new
normal" that is emerging from the pandemic. As we head towards the
end of the year we can build on our existing, agile, cash
generative business model that is able to sustain a programme of
modest investment as well as consistent returns for
shareholders."
Chief Executive Officer's report
Overview
We were able to grow both sales and order book during the First
Half period and improve profitability. Over 84% of our sales are
exported down from 89% in 2019, as growth accelerated in the UK
market. The national lock down in January 2021 and Brexit, resulted
in slower logistics (international shipping market), travel and
consequently operating the business remained more challenging than
normal during the First Half.
We invested heavily in new production equipment in the First
Half, in response to a growing, broader production range and the
need to balance labour costs and improve delivery performance. This
investment (GBP0.8m) impacted operational progress in the First
Half as machinery was procured and installed but leaves us well
placed to meet increasing customer demand efficiently and
effectively.
Our operations in Ethiopia have not escaped the impact of
COVID-19 but have adopted best practice for infection control and
safety. We progressed our ability to mass produce finished footwear
and we have maintained operations as normal, throughout the First
Half.
The group continues to adopt a strict cash management policy,
which has delivered improvements in fixed costs, particularly
administrative costs and to a lesser extent inventory,
notwithstanding challenges within the shipping market.
Key performance indicators 2021
First half 2021
v Second half
2020 H1-2020
-----------------------
2021 2020 Change
Except
where stated GBPm GBPm % GBPm
---------------------------- ------ -------------- ------ ------ ------- --------
Revenue 9.7 8.6 12% 6.6
Gross profit 2.7 2.1 30% 1.1
Gross margin 28% 24% 4% 17%
----------------------------- ------ -------------- ------ ------ ------- --------
Profit / (Loss) before
tax 0.3 (0.0) (2.3)
EBITDA 0.8 0.2 276% (1.3)
Net assets 13.6 13.8 (1.8%) 14.6
Inventory 15.0 15.0 (0.4%) 16.9
Net debt 10.0 10.1 0.6% 11.3
----------------------------- ------ -------------- ------ ------ ------- --------
Net debt adjusted for
treasury shares held 9.5 9.7 1.6% 11.3
Gearing % 74.1% 73.2% 1.2% 77.4%
Staff numbers 1,125 1,096 3% 1,052
Basic earnings per
share (in pence) 1.55 - (17.06)
Net Asset value per
share (in pence) 104.6 106.0 (1%) 112.7
Strategic and operational review
Sales in the First Half were GBP9.7m, up 12% on the second half
of 2020 (H2 2020: GBP8.6m) and up 46% on the corresponding six
month period last year (H1 2020: GBP6.6m). Sales are being
underpinned by an improving order book, which is also providing
greater forward visibility. Our core customer base is recovering at
a steady pace. New growth markets continue to develop, principally,
the shoe sector, although automotive and mass transit interiors
have yet to recover.
The First Half closed with a positive sales order book, ahead of
the start of the year and the highest for two years. Golf, defence,
cycling, speciality endurance gloves and sports in general
continued to recover.
Underlying margins have maintained their positive momentum,
despite a weaker dollar and rising material prices. We anticipate
margins will now stabilise following significant investment in
people and production equipment. With a more diversified portfolio
of products and markets, the balance of the business continues to
improve as we successfully manage the relationship between cost
control and expanding our capabilities, whilst maintaining the
quality of our offering.
Innovation remains central to what we do. We launched at the end
of December a new Tri Protex antimicrobial leather and are
developing a further product line for advanced fire-retardant
leather into Rail applications.
Dividend
The board is also pleased to announce the Company's return to
the Dividend List. As a measure of its confidence in the improving
performance and outlook for the business, the Directors are
declaring an interim dividend of 0.5p per share. The interim
dividend will be paid by 25 November 2021 to shareholders on the
register at close of business on 29 October 2021. The shares will
go ex-dividend on 28 October 2021.
Outlook
There have been clear signs of a continued recovery in sales
since the half year, evidenced with a progressively improving order
book. We are cautiously optimistic that the positive sales trend
will continue for the remainder of the year.
Our management of cash in the First Half of the year gives us
confidence to pay the interim dividend and that we can continue to
progress well in the second half and improve our profitability.
Our Ethiopian business is showing increased activity in the
finished product side and has recovered some ground from earlier in
the year, with an encouraging order book to fulfil in the second
half.
We see more opportunity than risk in the "new normal" that is
emerging from the pandemic. As we head towards the end of the year,
we can build on our existing agile, cash generative business model,
that is able to sustain a programme of modest investment, as well
as consistent returns to attract and retain a long term investor
base.
Ch ief Financial Officer's report
Overview
Key financial metrics were in line with our expectations.
Recovery of demand was assisted by the Department for Work and
Pensions (DWP) 'Kickstart Scheme'. This enabled us to address a
rising order book, as we were able to increase our headcount above
2020 levels. Our re-shaped cost base enabled us to access sustained
fixed cost reduction. In addition, our capital investment programme
of GBP0.8m in plant equipment, principally a Vacuum Dryer and Hide
Splitter for our key production volume resulted in our largest six
monthly spend (excluding buildings) in over eight years. This
investment has sowed the seeds for the second half and beyond to
improve efficiency.
Profitability
Profit before tax in the First Half amounted to GBP0.3m, an
improvement of GBP0.3m over the "breakeven" result for the second
half of 2020. This was mostly due to increases in volume and
margins combined with tight cost control. Gross margins rose to 28%
(second half 2020: 24%) as capacity increased. Pure variable
material margin ( defined as sales less variable material costs)
have eased at the start of the second half, with raw material
prices now weighing on our pure variable margins. However,
production investment and a better mix of business is expected to
offset these effects to maintain our overall gross margins, along
with higher production levels.
Financial support and banking facilities
We have made final furlough claims of GBP3k to the end of
February 2021, and a repayment of GBP34k in March, resulting in a
net repayment of GBP31k of furlough during the first quarter of
2021, meaning we were financial independent of furlough since
October 2020. No further furlough claims were made or are planned
for 2021. We have established a team of 14 Kickstart staff,
receiving funding from Kickstart (DWP) of GBP0.1m during the First
Half. Our Coronavirus Business Interruption Loan Scheme (CBILS) of
GBP1m, is repayable over five years and has reverted to commercial
terms, with repayments made monthly through to 2026. We have not
sought a new source of CBILS funding or any extension but have
extended our standard bank facilities by GBP0.5m, to support First
Half capital investment through a five year asset finance facility
which was put in place during the First Half.
Cost control and productivity
Headcount has stabilised at 1,125 as at 30 June 2021, a rise
from our 2020 year end, marking a return to recruitment to enable
our capacity to respond to an increased level of demand as our
markets recover. It is pleasing to report the successful
implementation of the DWP's Kickstart Scheme which has lowered the
average age of staff by seven years and rebalanced the shape of our
production and sales-centric staff. Administrative staff now
represent just four per cent of the total headcount, compared to
eight per cent in 2019. We experienced increased haulage costs in
the first half, due to delays and shortages in international
shipping logistics.
Assets and currency
At the end of the First Half, net assets stood at GBP13.6m
(December 2020: GBP13.9m), the small reduction due entirely to the
devaluation of the Ethiopian BIRR on foreign subsidiary net assets.
Net debt improved modestly by GBP0.1m to GBP10.0m (GBP10.1m: 31
December 2020), despite significant investment in production
equipment amounting to GBP0.8m. We continue to hedge the US dollar
to balance currency risks and have some cover through to March
2023. Currency gains in the period were GBP0.2m due to the dollar
being much weaker on average than our hedged position. The dollar
to GBP exchange rate has since recovered to trade in line with our
average hedged cover at $1.364. Facilities headroom at the half
year, of GBP2.8m (31 December 2020: GBP3.3m).
Energy costs
In light of recent volatility in the energy markets, we confirm
that we have adequate hedging in place for energy contracts through
to September 2022, and these contracts are included in our
forecasts. The financial stability of our suppliers are
satisfactory and therefore the price instability in the wholesale
gas market will not materially impact the group during 2021.
Working capital
Inventory levels reduced slightly to GBP14.97m (31 December
2020: GBP15.02m) at the half year. Logistics, including getting
product in and out the business, remain challenging as we had much
higher levels of inventory in transit, masking the steady progress
achieved in reducing older stock. Our current inventory levels are
the lowest for nine years. Due to longer shipping times and
challenge getting shipping slots we estimate that inventory was
increased by GBP0.6m.
Our supplier average payment days rose to 64 days at the end of
June (2020: 59 days). Our customer average days to pay rose also to
66 days (H1 2020: 61 days). The increase in debtor days was mostly
almost entirely to a change in mix of customers.
Gearing
Our gearing was slightly higher at 74.1% (2020: 73.2%), due
entirely to the devaluation of the Ethiopian BIRR affecting the net
asset value of our Ethiopian businesses, otherwise gearing would
have improved to 72.6%. The devaluation lowers the future operating
costs relating to the supply of skins into the UK making up circa
half our production volume.
Share buybacks
In July the company announced a share buyback program to enable
market purchases to continue to build a sufficient level to meet
existing LTIP obligations. To date the company has purchased 40,000
shares taking our treasury shareholding to 974,210, shares
resulting in our current market value of our treasury shares being
GBP613,752 based on the closing price on the 22 Sept 2021.
Second half of 2021
Our order book is sufficient to cover the remaining budgeted
sales through to the end of the year. The stability of margins, a
leaner cost base, our hedging strategy, new equipment and a
re-energised team together give us greater confidence in the
predictability of future earnings.
Six Six
Consolidated Income months months Year
Statement ended ended ended
for the six months ended 30 June 2021 30/06/2021 30/06/2020 31/12/2020
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
--------------------------------- ------ ----------- ----------- -----------
Revenue 9,659 6,627 15,233
Cost of sales (6,965) (5,495) (12,059)
------------------------------------- ------ ----------- ----------- -----------
Gross profit 2,694 1,132 3,174
Distribution costs (804) (882) (1,632)
Currency gains / (losses) 195 (356) (48)
Administrative expenses (1,582) (1,884) (3,268)
------------------------------------- ------ ----------- ----------- -----------
Profit / (Loss) before
operations and finance
costs 503 (1,990) (1,774)
Finance costs (239) (262) (508)
------------------------------------- ------ ----------- ----------- -----------
Profit / (Loss) before
taxation 264 (2,252) (2,282)
Taxation 3 (63) (114) (144)
------------------------------------- ------ ----------- ----------- -----------
Profit / (Loss) after
taxation 201 (2,366) (2,426)
------------------------------------- ------ ----------- ----------- -----------
Earnings per share 2
------------------------------------- ------ ----------- ----------- -----------
Basic 1.55p (17.06)p (17.67)p
Diluted 1.55p (17.06)p (17.67)p
Consolidated Statement of Comprehensive
Income
for the six months ended 30 June 2021
Six Six
months months Year
ended ended ended
30/06/2021 30/06/2020 31/12/2020
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
----------------------------------------- ----------- ----------- -----------
Profit / (Loss) for the
period after taxation 201 (2,366) (2,426)
Other comprehensive (expense)/income
Revaluation of land and
buildings 185 - 508
Revaluation of land and buildings
- unrealised exchange (loss) (372) (58) (575)
------------------------------------------- ----------- ----------- -----------
(187) (58) (67)
Unrealised exchange (loss) on
translation of overseas subsidiaries (254) (96) (860)
Fair value (losses) on foreign
currency cash flow hedges (84) (481) 6
------------------------------------------- ----------- ----------- -----------
(338) (577) (854)
Other comprehensive (loss) (525) (635) (921)
Total comprehensive (loss)
for the period (324) (3,001) (3,347)
----------------------------------------------- ----------- ----------- -----------
Six Six
Consolidated balance months months Year
sheet ended ended ended
as at 30 June 2021 30/06/2021 30/06/2020 31/12/2020
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
----------------------------- ----- ----------------- ----------- -----------
Assets
Non-current assets
Property, plant and
equipment 9,796 9,929 9,599
Intangible assets 72 81 75
Deferred income tax
asset 4 100 100 100
--------------------------------- ----- ----------------- ----------- -----------
Total non-current
assets 9,968 10,110 9,774
Current assets
Inventories 14,966 16,877 15,021
Trade and other receivables 3,111 2,843 2,848
Cash and cash equivalents 161 99 85
--------------------------------- ----- ----------------- ----------- -----------
Total current assets 18,238 19,819 17,954
Total assets 28,206 29,929 27,728
Liabilities
Current liabilities
Trade and other payables 3,690 3,302 2,863
Interest bearing loans,
borrowings and overdrafts 7,489 9,345 6,909
--------------------------------- ----- ----------------- ----------- -----------
Total current liabilities 11,179 12,647 9,772
Non-current liabilities
Deferred income tax
liability 3 758 709 804
Interest bearing loans,
borrowings and overdrafts 2,714 2,015 3,294
--------------------------------- ----- ----------------- ----------- -----------
Total non-current
liabilities 3,472 2,724 4,098
Total liabilities 14,651 15,371 13,870
Net assets 13,555 14,558 13,858
--------------------------------- ----- ----------------- ----------- -----------
Equity
Share capital 6,944 6,944 6,944
Share premium 2,984 2,984 2,984
Capital reserve 6,475 6,475 6,475
Shares held in treasury
/ ESOP (355) (495) (850)
Share based payment
reserve 59 334 47
Cash flow hedge reserve 209 (194) 293
Translation reserve (5,176) (4,158) (4,922)
Revaluation reserve 912 1,108 1,099
Retained earnings 1,503 1,560 1,788
--------------------------------- ----- ----------- -----------
Total equity 13,555 14,558 13,858
--------------------------------- ----- ----------------- ----------- -----------
Consolidated Statement of
Changes in Equity
for the six
months
ended 30 June
2021
Share Cash
Own based flow
Share Share Capital share payment hedge Translation Revaluation Retained Total
Note capital premium Reserve reserve reserve reserve reserve reserve Earnings Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
---------------- ------ --------- -------- -------- -------- -------- -------- ------------ ------------ --------- --------
As at 01/01/2020 6,944 2,984 6,475 (495) 295 287 (4,062) 1,166 3,926 17,520
Comprehensive income/(loss) for the period
--------------------------------------------------------------------------------------------------------------------------------------
Profit for the period
after taxation - - - - - - - - (2,366) (2,366)
Other comprehensive income/(loss):
Unrealised exchange
gain/(loss) on
translation
of foreign
subsidiaries - - - - - - (96) (58) - (154)
Fair value losses
on foreign currency
cash flow hedges - - - - - (481) - - - (481)
------------------------ --------- -------- -------- -------- -------- -------- ------------ ------------ --------- --------
Total other
comprehensive
income/(loss) - - - - - (481) (96) (58) - (635)
Total comprehensive
income/(loss) for
the period - - - - - (481) (96) (58) (2,366) (3,001)
Share-based payment
expense - - - - 39 - - - - 39
------------------------ --------- -------- -------- -------- -------- -------- ------------ ------------ --------- --------
As at 30 June 2020 6,944 2,984 6,475 (495) 334 (194) (4,158) 1,108 1,560 14,558
Comprehensive income/(loss) for the period:
--------------------------------------------------------------------------------------------------------------------------------------
Loss for the period
after taxation - - - - - - - - (60) (60)
Other
comprehensive
income/(loss):
Gain on the revaluation
of buildings - - - - - - - 508 - 508
Unrealised exchange
gain/(loss) on
translation
of foreign
subsidiaries - - - - - - (764) (517) - (1,281)
Fair value losses
on foreign currency
cash flow hedges - - - - - 487 - - - 487
------------------------ --------- -------- -------- -------- -------- -------- ------------ ------------ --------- --------
Total other
comprehensive
income/(loss) - - - - - 487 (764) (9) - (286)
------------------------ --------- -------- -------- -------- -------- -------- ------------ ------------ --------- --------
Total comprehensive
(loss) for the year - - - - - 487 (764) (9) (60) (346)
Share-based payment
expense - - - - 1 - - - - 1
Purchase of own shares (355) (355)
LTIP lapsed to reserves (288) 288 -
------------------------ --------- -------- -------- -------- -------- -------- ------------ ------------ --------- --------
As at 31 December
2020 6,944 2,984 6,475 (850) 47 293 (4,922) 1,099 1,788 13,858
Comprehensive income/(loss) for the period:
--------------------------------------------------------------------------------------------------------------------------------------
Profit for the period
after taxation - - - - - - - - 201 201
Other
comprehensive
income/(loss):
Gain on the revaluation
of buildings - - - - - - - 185 - 185
Unrealised exchange
gain/(loss) on
translation
of foreign
subsidiaries - - - - - - (254) (372) - (626)
Fair value losses
on foreign currency
cash flow hedges - - - - - (84) - - - (84)
------------------------ --------- -------- -------- -------- -------- -------- ------------ ------------ --------- --------
Total other
comprehensive
(loss) - - - - - (84) (254) (187) - (525)
------------------------ --------- -------- -------- -------- -------- -------- ------------ ------------ --------- --------
Total comprehensive
(loss) for the period - - - - - (84) (254) (187) 201 (324)
Share-based payment
expense - - - - 12 - - - - 12
ESOP Scheme closure - - - 495 - - - - (486) 9
As at 30 June 2021 6,944 2,984 6,475 (355) 59 209 (5,176) 912 1,503 13,555
------------------------ --------- -------- -------- -------- -------- -------- ------------ ------------ --------- --------
Six Six
months months Year
Statement of cashflows ended ended ended
for the period ended
30 June 2021 30/06/2021 30/06/2020 31/12/2020
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
--------------------------------- ----- ----------- ----------- -----------
Cash flows from operating
activities
--------------------------------- ----- ----------- ----------- -----------
Cash generated from
/ (used in) operations 5 978 (558) 549
Tax (paid) (83) (154) 16
Interest (paid) (256) (238) (489)
------------------------------------- ----- ----------- ----------- -----------
Net cash generated from /
(used in) operating activities 639 (950) 76
Cash flows from investing
activities
--------------------------------- ----- ----------- ----------- -----------
Purchases of property,
plant and equipment (828) (141) (252)
Purchases of intangible
assets (12) - (12)
Proceeds from sale
of plant 44
------------------------------------- ----- ----------- ----------- -----------
Net cash (used) in
investing activities (796) (141) (264)
Cash flows from financing
activities
--------------------------------- ----- ----------- ----------- -----------
Proceeds from borrowings - 1,750 3,334
Repayment of bank
loans (481) (1,170) (1,951)
Repayment of obligations
under finance leases (21) (65) (71)
Purchase of own ordinary
shares - - (355)
------------------------------------- ----- ----------- ----------- -----------
Net cash (used) / generated
in financing activities (502) 515 957
(Decrease) / Increase
in cash and cash equivalents (659) (576) 769
Cash and cash equivalents
at beginning of year (5,077) (6,131) (6,131)
------------------------------------- ----- ----------- ----------- -----------
Exchange gains/(losses)
on cash and cash equivalents 41 106 285
---------------------------------- ----- ----------- -----------
Cash and cash equivalents
at end of period (5,695) (6,601) (5,077)
------------------------------------- ----- ----------- ----------- -----------
Note 1 - Basis of preparation
The financial information set out in the interim statements for the six
months ended 30 June 2021 and the comparative figures are unaudited and
do not constitute statutory accounts as defined in section 434 of the Companies
Act 2006. As permitted, this interim report has been prepared in accordance
with UK AIM listing rules and not in accordance with IAS 34 Interim Financial
Reporting, therefore it is not fully in compliance with International Financial
Reporting Standards (IFRS).
The financial information for the full preceding year is extracted from
the statutory accounts for the financial year ended 31 December 2020. Those
accounts, upon which the auditor issued an unqualified opinion, have been
delivered to the Registrar of Companies. The auditor's report did not contain
a statement under section 498(2) or (3) of the Companies Act 2006.
These financial statements have been prepared using the same accounting
policies and methods of computation as the most recent statutory accounts
for the
financial year ended 31 December 2020.
These financial statements are presented in sterling, being the functional
currency of the primary economic environment in which the Group operates.
Pittards plc is a public limited company incorporated and domiciled under
the Companies Act 2006 in England. It is quoted on the Alternative Investment
Market ("AIM"). The directors approved and authorised the
The directors approved and authorised the interim statement for issue on
29 September 2021.
Note 2 - Earnings per
share
Basic earnings per share is calculated by dividing the profit attributable
to equity holders of the Company by the weighted average number of ordinary
shares in issue during the year excluding the shares held in treasury.
Six Six
a) Basic earnings per months months Year
share ended ended ended
30/06/21 30/06/20 31/12/20
Earnings per share Unaudited Unaudited Audited
---------------------------- ------------------- ----------------- --------------
Basic 1.55p (17.06p) (17.67p)
Weighted average number
of ordinary shares
in issue '000 12,954 13,870 13,733
Six Six
b) Diluted earnings months months Year
per share ended ended ended
30/06/21 30/06/20 31/12/20
Earnings per share Unaudited Unaudited Audited
---------------------------- ------------------- ----------------- --------------
Diluted 1.55p (17.06p) (17.67p)
Weighted average number
of ordinary shares
in issue '000 12,954 14,001 13,789
Six Six
months months Year
Note 3 - Taxation ended ended ended
30/06/21 30/06/20 31/12/20
Unaudited Unaudited Audited
-------------------------------- ---------- ---------- ---------
Analysis of the charge
in the period
The charge based on the profit
for the period comprises:
Foreign tax on profit
for the period 63 114 79
Foreign tax related
to prior years - - 65
-------------------------------------- ---------- ---------- ---------
Total current tax 63 114 144
Six Six
months months Year
Note 4 Deferred taxation ended ended ended
30/06/21 30/06/20 31/12/20
Unaudited Unaudited Audited
---------------------------- ---------- ---------- ---------
Deferred tax asset 100 100 100
Deferred tax (liabilities) (758) (709) (804)
---------------------------------- ---------- ---------- ---------
Deferred tax (liabilities)
- net (658) (609) (704)
---------------------------------- ---------- ---------- ---------
Six Six
Note 5 - Cash Generated months months Year
/ (Used) in operations ended ended ended
30/06/2021 30/06/2020 31/12/2020
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
------------------------------------------ ----------- ----------- -----------
Profit / (Loss) before
taxation 264 (2,252) (2,282)
Adjustments for:
Depreciation of property,
plant and equipment 234 337 616
Amortisation of intangibles 15 38 51
Bank and other interest
charges 256 262 489
Share based payment
expense 12 39 40
Other non-cash items
in Income Statement (135) 319 1,302
------------------------------------------------ ----------- ----------- -----------
Operating cash flows before
movement in working capital 646 (1,257) 216
Movements in working capital (excluding
exchange differences on consolidation):
(Increase) / Decrease
in inventories (91) 240 513
(Increase) / Reduction
in receivables (378) 784 501
Increase / (Reduction)
in payables 801 (325) (681)
------------------------------------------------ ----------- -----------
Cash generated / (used)
in operations 978 (558) 549
------------------------------------------------ ----------- ----------- -----------
Note 6 - Availability of interim report
The interim report will be available at the Group's website, at
www.pittards.com , in accordance with AIM rule 20.
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) No 596/2014) ("MAR") prior to its release as part
of this announcement and is disclosed in accordance with the
Company's obligations under Article 17 of MAR.
For further information, please contact:
Pittards plc www.pittards.com
Stephen Yapp, Chairman
Reg Hankey, CEO
Richard Briere, CFO +44 (0) 1935 474 321
----------------------
WH Ireland Limited www.whirelandcb.com
----------------------
Mike Coe, Sarah Mather +44 (0) 117 945 3470
----------------------
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