Pittards, the British leather and leathergoods manufacturer, which owns the brand Daines & Hathaway, posted a positive Ebitda of £0.3 million (€0.35m-$0.41m) in the second half of 2020, albeit down from £0.9 million (€1.0m-$1.2m) a year earlier. For the whole of 2020, the company posted a negative Ebitda of £1.1 million (€1.3m-$1.5m) against a positive €2.0 million (€2.3m-$2.7m) in 2019.
In 2020, revenues fell to £15.2 million (€17.6m-$20.9m) from £22.3 million (€25.9m-$30.6m) the previous year, with second-half sales dropping to £8.6 million (€10.0m-$11.8m) from £10.2 million (€11.8m-$14.0m) a year earlier. The pre-tax loss totalled £2.3 million (€2.7m-$3.2m) in the full year, compared with a £0.6 million profit (€0.7m-$0.8m) in 2019, but in second half the company was at breakeven, against a £0.4 million pre-tax profit (€0.46m-$0.55m) the year earlier.
Net debt adjusted for treasury shares held stood at £9.7 million (€11.3m-$13.3m) at the end of 2020, up slightly from £9.6 million (€11.1m-$13.2m) a year earlier. In November, the company undertook a share buyback purchasing 0.9 million shares.
The chairman, Stephen Yapp, said “it remains too early to judge how strong the recovery will be, but on balance, we see more reason to be positive that we can make further progress to build on the momentum of the second half of last year, starting the year with stronger demand from customers.”
Pittards noted that its board is confident in the business strategy and each member increased his investment in the company by buying shares during the year. The board’s collective holding doubled during the year to reach 6.4 percent at the end of 2020.