Pittards, the British leather and leathergoods manufacturer, which owns the brand Daines & Hathaway, posted sales of £15.2 million (€17.6m-$21.3m) in 2020, down from £22.3 million (€25.8m-$31.2m) in 2019 due to the impact of the Covid-19 pandemic. But in the second half, revenues stood at £8.6 million (€9.9m-$12.0m), up about 30 percent compared to the first half.
The company added that Ebitda performance was positive during the second half and that it finished the year with a reduced break-even point thanks to the alignment of its cost base with the current market conditions.
Net debt at the end of the year was £10.1 million (€11.7m-$14.7m), against £11.3 million (€13.1m-$15.8m) on June 30, and inventory levels were the lowest level for six years, falling to £15.0 million (€17.3m-$21.0m) at the end of 2020 from £17.3 million (€20.0m-$24.2m) a year earlier.
Pittards indicated that customer orders began to rise towards the end of the year, and that it started 2021 with an order book stronger than the beginning of the previous two years and sees “more opportunity than risk” ahead.