Despite pressures from a declining U.S. dollar and economic turmoil as a result of the war in Iraq, Pittards plc announced an increase of more than 8% in turnover, or net sales, for the year ended 31 December 2003. Turnover increased to £85.4 million ($139.6 mm) in 2003 from £78.9 million ($118.7 mm)in 2002.
The volume of finished leather sold for the year also increased by 12.5%.
But the weakness of the dollar and additional pension costs to the company in 2003 eroded Pittards pre-tax profits.
Pre-tax profits fell to £1.0 million ($1.6 mm) from £2.0 million ($3.0 mm). However, operating profit before pension costs fell only slightly year on year from £3.7 million ($5.6 mm) in 2002 to £3.6 million ($5.9 mm)in 2003.
Robert Tomkinson, Chairman of Pittards, re-affirmed the company's commitment to maintaining its global leadership in technical leathers by “continuing to invest in product and market development, in more efficient and productive plant (manufacturing) and in value-added systems (for our customers).”
*Average FX rates for 2002: £1=$1.504; 2003: £1=1.635
