StockMarketWire.com - Leather supplier Pittards reported a rise in full-year profit, underpinned by improved margins.

Pre-tax profit for the year through December increased to £0.6m, up from £0.4m on-year, even as sales slipped 21% to £22.3m.

Gross margin expanded to 30.9%, up from 25.1%.

'We have come a long way this year; achieving expectations despite weaker global demand and, in entering the strategically important interiors and large shoe markets, changing the shape of our business,' chairman Stephen Yapp said.

'Looking forward, the board has actively been considering the payment of dividends and commencement of a share buyback program,' he added.

'This will be revisited once the current global uncertainties connected to Covid-19 are resolved sufficiently.'


At 9:29am: [LON:PTD] Pittards PLC share price was 0p at 46.5p



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