Pittards, a renowned producer of leather and luxury goods, has announced positive trading results for the first half of the year. This comes as a great achievement for the company, considering the challenging global trading environment characterized by inflation, rising energy costs, and supply chain disruptions. Despite these obstacles, Pittards has displayed impressive growth in both revenue and profitability. Furthermore, its subsidiary luxury brand, Hill & Friends, has performed exceptionally well, meeting market expectations.

Financially, Pittards has experienced a 7% increase in group revenues, reaching £10.37 million compared to £9.66 million in the same period last year. The company has also witnessed an improvement in gross margin, rising from 28% to 30%. EBITDA has seen an 11% rise, amounting to £0.83 million, while pre-tax profit has jumped by an impressive 31% to £0.34 million. However, it should be noted that net debt has also increased from £10.04 million to £11.18 million over the past year.

In addition to these financial milestones, Pittards has achieved significant progress in other areas as well. The company has strengthened its management team, ensuring a solid groundwork for future growth. Moreover, the sales order book remains stable, reflecting a consistent demand for Pittards’ products. The recent acquisition of Hill & Friends has also enriched the company’s portfolio, offering a diverse range of luxury brands and increasing its market presence. Notably, Pittards’ Ethiopian business is gradually recovering from the adverse effects of the COVID-19 pandemic.

CEO Reg Hankey expresses cautious optimism for the company’s future prospects. Pittards is actively implementing its strategic plan and believes that the current business climate presents more opportunities than risks. Despite the ongoing challenges, the company is confident in its ability to navigate the market and maintain its growth trajectory.

Overall, Pittards’ remarkable progress during the first half of the year exemplifies its resilience and adaptability. With a talented team, a wide range of high-quality products, and a focus on strategic growth, the company appears well-prepared to thrive in the dynamic luxury goods market.