TIDMPTD

RNS Number : 5236A

Pittards PLC

26 September 2022

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

Pittards plc

("Pittards", the "Group" or the "Company" )

Interim results for the six months ended 30 June 2022

("First Half" or "H1 2022")

Positive trading momentum maintained

Continued growth in revenue and profitability, stable order book

Interim Dividend declared

Pittards plc, the specialist producer of technically advanced leather and luxury leather goods for retailers, manufacturers and distributors, today announces its interim results for the six month ended 30 June 2022.

Commenting on the results, Chairman, Stephen Yapp, said:

"I am pleased to report a solid performance in the First Half with profitability and EBITDA consistent with the achievement of market expectations for the year as a whole. This has been achieved against the backdrop of a turbulent global trading environment including inflation, increasing energy costs and supply chain reliability challenges. The whole team has responded with vigour and flexibility, and I thank them for their efforts."

"The Directors are pleased to declare an interim dividend of 0.5p per share, which we plan to pay in January 2023."

Highlights: Financial

   --    Group revenues up 7% to GBP10.37m (H1 2021: GBP9.66m) 
   --    Gross margin of 30% (H1 2021: 28%) 
   --    EBITDA of GBP0.83m positive (H1 2021: GBP0.75m) an 11% improvement 
   --    Profit before taxation up 31% to GBP0.34m (H1 2021: GBP0.26m) 
   --    Net debt of GBP11.18 (H1 2021: GBP10:04m) 
   --    Earnings per share (basic) up 63% to 2.54 pence (H1 2021: 1.55 pence) 
   --    Interim dividend declared of 0.5 pence per share (H1 2021: 0.5 pence per share) 

Highlights: Operational

   --    Continued strengthening of the management team 
   --    Sales order book continues to be steady 
   --    Acquisition of Hill and Friends adds another luxury brand to portfolio 
   --    A diversified portfolio of products and markets enabling future growth opportunities 
   --    Ethiopian business steadily recovering post COVID-19 

Commenting on the outlook for the Full Year, Reg Hankey, Chief Executive said:

"The Group is continuing to make good progress implementing its strategy. The global inflationary climate and complexity of supply chains, together with the current energy crisis, is making the trading environment more challenging. The close management of cash remains a priority under these circumstances."

"We continue to see more opportunities than risk in the current climate and are cautiously optimistic looking forward. Our investment in staff and the strengthening of our management form a solid foundation for sustained growth and the delivery of strategic opportunities. Whilst the global economic and geo-political environment remains challenging, I am proud of our staff's dedication and commitment which reflects our heritage of 200 years ."

For further information, please contact:

 
  Pittards plc                     www.pittards.com 
  Stephen Yapp, Chairman 
   Reg Hankey, CEO 
   Alan Burgess, Group Finance 
   Director                        +44 (0) 1935 474 321 
                                 -------------------------- 
  WH Ireland Limited               www.whirelandcb.com 
                                 -------------------------- 
  Mike Coe, Sarah Mather           +44 (0)20 7220 1666 
                                 -------------------------- 
  Walbrook PR                      pittards@walbrookpr.com 
                                 -------------------------- 
                                   +44 (0)20 7933 8780/ +44 
  Paul Vann, Joe Walker             (0)7768 807631 
                                 -------------------------- 
 

Chief Executive Officer's report

Overview

We have delivered against our key objectives in H1 2022, with solid financial results and clear strategic progress made.

The Group performed well in the First Half, with sales revenue of GBP10.4m, an increase of 7% compared to H1 2021 and a 4% rise compared to H2 2021. PBT at GBP0.34m also improved over H1 2021 (GBP0.26m) and (H2 2021: -GBP0.16m).

This performance has been delivered against a backdrop of macroeconomic trading conditions that are very complex, particularly the unreliability of supply of materials into our businesses, together with increasing costs, requiring us to adjust processes and plans continuously.

Our agile and responsive team approach is well adapted to adjust to these challenging conditions, and we are nurturing many new opportunities, building upon our strategy which is serving us well.

90% of our sales revenue was from export markets and 80% of this revenue was denominated in $USD. The continued strengthening of the $USD will be beneficial to our business in the medium term, but as reported in our full year 2021 accounts we have a hedging policy in place which protects the downside of currency appreciations but also delays the benefits of sterling weakness.

The current inflationary climate is predominantly driven by energy and shipping costs effecting businesses globally and as such we have been able to hold or increase selling prices generally. Some local inflation is directly related to the weakness of the pound which will have some affect upon us until the increased revenue from sales comes through post hedging.

Our inventory value has increased during the First Half as replacement costs of materials have been higher than older stock. However, overall, our older stocks and the overall volume of stock has reduced.

Net debt has increased marginally but is mitigated by inventory, capital expenditure, and movement in receivables and trade payables.

Our businesses in Ethiopia remain fully open and our shoe and glove production continues to develop. The effects of COVID19 have eased although local economic challenges have resulted in limited access to hard currency. We have been able to adjust our business model in order to mitigate this. Our investment in Ethiopia is helping to counter the global pressures on energy costs, as most of Ethiopia's power generation is from hydroelectric green power.

Our consumer product range in the UK continues to develop with growing third-party opportunities, as well as for our own brands. We have delivered further organic growth and announced the acquisition of Hill and Friends, a luxury consumer brand to add to our growing portfolio of brands. This will support us in our planned development.

Sustainability underpins everything we do and is embedded in all aspects of our decision making.

We have been able to continue recruiting, retaining, and developing our staff base in support of our strategic plan.

Our sales order book has remained strong across both our core and new market sectors.

 
                                                        Key performance indicators 2 022 
                                                                                          ---------  --------- 
                                                            First half 2022 v           First half 2022 v 
                                                             Second half 2021            First half 2021 
                                                        ------------------------  ---------------------------- 
                                                         2022     2021             2022      2021 
                                                           H1      H2     Change     H1       H1        Change 
 
                                                         GBPm     GBPm             GBPm       GBPm 
--------------------------------------------            ------  -------  -------  ------  ---------  --------- 
 
 Revenue                                                 10.37    9.96     0.41    10.37     9.66        0.71 
 
 Gross profit                                            3.09     2.76     0.33    3.09      2.69        0.40 
 
 Gross margin                                             30%     28%       2%      30%      28%          2% 
------------------------------------------------------  ------  -------  -------  ------  ---------  --------- 
 
 Profit / (Loss) before tax                              0.34     0.16     0.18    0.34      0.26        0.08 
 
 EBITDA                                                  0.83     0.66     0.17    0.83      0.75        0.08 
 
 Net assets                                              12.58   13.80    (1.23)   12.58    13.56       (0.98) 
 
 Inventory                                               16.06   15.32     0.74    16.06    14.97        1.09 
 
 Net debt                                                11.18   10.69    (0.49)   11.18    10.04       (1.14) 
------------------------------------------------------  ------  -------  -------  ------  ---------  --------- 
 
 Net debt adjusted for treasury shares held              10.58   10.29     0.29    10.58      9.54      (1.04) 
 Gearing 
 
        *    Group                                        89%     78%     (11%)     89%       74%       (15%) 
 
        *    UK                                           55%     59%       4%      55%       49%        (6%) 
 
 Staff numbers                                           1,095   1,108     (13)    1,095     1,125       (30) 
 
 Basic earnings per share (in pence)                     2.54     2.12     0.42    2.54       1.55       0.99 
 
 Net Asset per share (in pence)                          97.12   101.92   (4.80)   97.12     104.64     (7.52) 
                                                        ------  -------  -------  ------  ---------  --------- 
 

Dividend

The Directors are declaring an interim dividend of 0.5 pence pe ordinary share in the capital of the Company, to be paid on 12 January 2023 to shareholders on the register at the close of business on Friday 16 December 2022. The shares will go ex-dividend on Thursday 15 December 2022.

Outlook

The Group continues to make good progress with its strategy. The global inflationary climate and complexity of supply chains, together with the current energy crisis, is making the trading environment more challenging. The close management of cash remains a priority under these circumstances.

We continue to see more opportunities than risk in the current climate and are cautiously optimistic looking forward. Our investment in staff and the strengthening of our management will form a solid foundation for sustained growth and the delivery of strategic opportunities.

Group Finance Director's report

Overview

Pittards performed very well in the First Half, with like for like growth of 7% compared to H1 2021 and revenue increased by 4% compared with H2 2021, approaching pre-COVID-19 levels. The financial strength of the Group reflects the benefits of the actions we took during the pandemic and a positive customer reaction to the Group's products and strategy.

Our careful planning and agile supply chains have enabled us to mitigate some of the difficulties in global logistics, utilising the vertical integration within the Group.

Profitability

Profit before tax in the First Half was GBP0.34m, improving on the GBP0.16m achieved in H2 2021. This was due to increases in volume combined with tight cost control. Gross margin increased to 30% (H1 2021: 28%), with EBITDA increased to GBP0.83m (H1 2021: GBP0.75m) an improvement of 11%.

Financial support and banking facilities

We have not sought any additional lending throughout the First Half and banking facilities remained sufficient to support planned growth.

Cost control and productivity

Headcount has stabilised at 1,095 as of 30 June 2022 (H1 2021: 1,125).

Assets and currency

At the end of the First Half, net assets stood at GBP12.58m (H2 2021: GBP13.80m). The reduction is predominantly due to the fair value of our hedging strategy, as of 30 June 2022, as a result of the weakening pound. Net debt increased by GBP0.49m to GBP11.18m (H2 2021: GBP10.69m). Our forward currency hedging strategy continues to the end of FY 2023 on a reducing percentage cover basis.

Energy costs

Escalating energy costs remain a challenge although we have some hedging in place which will help to mitigate energy cost increases.

Working capital

Inventory levels increased to GBP16.06m (H2 2021: GBP15.32m). Despite a value increase in inventory, we have seen an overall reduction in the total amount of inventory held. Due to higher input costs, we estimate that inventory will continue to increase in value per sq ft.

Net working capital remains steady at GBP14.75m (H2 2021: GBP14.79m), although this is affected by the recognition, at the half year, of USD forward hedging contracts. As a result of the progressive weakness of sterling, the fair value loss on future contracts is H1 2022: negative GBP0.934m (H2 2021: negative GBP0.381m). In the fulness of time the extra revenue generated from the conversion of $USD sales will offset this.

Gearing

Group gearing was 89% (H2 2021: 78%), with UK gearing within covenant levels at 55% (H2 2021: 59%).

 
                                                               Six months                Six months 
                      Consolidated Income Statement                 ended                     ended      Year ended 
 for the six months ended 30 June 2022                         30/06/2022                30/06/2021      31/12/2021 
                                                                Unaudited                 Unaudited         Audited 
 
                                               Note               GBP'000                   GBP'000         GBP'000 
-------------------  --------   ----  -------------      ----------------  ------  ----------------   ------------- 
 
 Revenue                                                           10,370                     9,659          19,655 
 Cost of sales                                                    (7,280)                   (6,965)        (14,198) 
-------------------  --------   ----  ----  -------      ----------------  ------  ----------------   ------------- 
 Gross profit                                                       3,090                     2,694           5,457 
 
 Distribution costs                                                 (910)                     (804)         (1,631) 
 Currency gains / 
  (losses)                                                          (108)                       195             266 
 Administrative 
  expenses                                                        (1,452)                   (1,582)         (3,176) 
-------------------  --------   ----  ----  -------      ----------------  ------  ----------------   ------------- 
 Profit / (Loss) before 
  operations and finance 
  costs                                                               620                       503             916 
 
 Finance costs                                                      (283)                     (239)           (459) 
-------------------  --------   ----  ----  -------      ----------------  ------  ----------------   ------------- 
 
 Profit / (Loss) 
  before taxation                                                     337                       264             457 
 
 Taxation                                         3                   (9)                      (63)           (182) 
-------------------  --------   ----  ----  -------      ----------------  ------  ----------------   ------------- 
 Profit / (Loss) 
  after taxation                                                      328                       201             275 
-------------------  --------   ----  ----  -------      ----------------  ------  ----------------   ------------- 
 
 Earnings per share                               2 
-------------------  --------   ----  ----  -------      ----------------  ------  ----------------   ------------- 
 Basic                                                              2.54p                     1.55p           2.12p 
 Diluted                                                            2.54p                     1.55p           2.12p 
 
                           Consolidated Statement of Comprehensive Income 
 for the six months ended 30 June 2022 
                                                         Six months ended          Six months ended    Year ended 
                                                               30/06/2022                30/06/2021    31/12/2021 
                                                                Unaudited                 Unaudited       Audited 
                                                                  GBP'000                   GBP'000       GBP'000 
------------------  ----  -----  ----  ---  -------  --------------------      --------------------   ----------- 
 
 Profit / (Loss) for the period after 
  taxation                                                            328                       201           275 
 
 Other 
 comprehensive 
 (expense)/income 
 Revaluation of land and buildings                                      -                       185           453 
 Revaluation of land and 
  buildings - unrealised 
  exchange (loss)                                                     135                     (372)         (517) 
-------------------------------  ----  ---  -------  --------------------      --------------------   ----------- 
                                                                      135                     (187)          (64) 
 
 Unrealised exchange (loss) on 
  translation of overseas 
  subsidiaries                                                       (26)                     (254)         (551) 
 Fair value (losses) on foreign 
  currency cash flow hedges                                         (934)                      (84)         (381) 
-------------------------------  ----  ---  -------  --------------------      --------------------   ----------- 
                                                                    (960)                     (338)         (932) 
 
 Other comprehensive (loss)                                         (825)                     (525)         (996) 
 
 Total comprehensive (loss) for the period                          (497)                     (324)         (721) 
------------------------------------------  -------  --------------------      --------------------   ----------- 
 
 
 
 
                                           Six months            Six months 
                                              ended                 ended          Year ended 
 Consolidated balance sheet as             30/06/2022            30/06/2021        31/12/2021 
 at 30 June 2021                            Unaudited             Unaudited          Audited 
 
                                  Note       GBP'000               GBP'000           GBP'000 
-----------------  ----   ----  ------  ----------------      ----------------  ---------------- 
 
 Assets 
 Non-current 
 assets 
 Property, plant, 
  and equipment                               9,792                 9,796             9,700 
 Intangible 
  assets                                       55                    72                63 
 Deferred tax 
  asset                              4         100                   100               100 
-----------------  ----   ----   -----  ----------------      ----------------  ---------------- 
 Total 
  non-current 
  assets                                      9,947                 9,968             9,863 
 
 Current assets 
 Inventories                                 16,060                14,966            15,316 
 Trade and other 
  receivables                                 3,379                 3,111             3,304 
 Cash and cash 
  equivalents                                  71                    161               51 
-----------------  ----   ----   -----  ----------------      ----------------  ---------------- 
 Total current 
  assets                                     19,510                18,238            18,671 
 
 Total assets                                29,457                28,206            28,534 
 
 Liabilities 
 Current 
 liabilities 
 Trade and other 
  payables                                    4,688                 3,690             3,830 
 Interest bearing 
  loans, 
  borrowings, and 
  overdrafts                                  8,573                 7,489             7,783 
-----------------  ----   ----   -----  ----------------      ----------------  ---------------- 
 Total current 
  liabilities                                13,261                11,179            11,613 
 
 Non-current 
 liabilities 
 Deferred tax 
  liability                          4         939                   758               900 
 Interest bearing 
  loans, 
  borrowings, and 
  overdrafts                                  2,682                 2,714             2,955 
-----------------  ----   ----   -----  ----------------      ----------------  ---------------- 
 Total 
  non-current 
  liabilities                                 3,621                 3,472             3,855 
 
 Total 
  liabilities                                16,882                14,651            15,468 
 
 Net assets                                  12,575                13,555            13,066 
-----------------  ----   ----   -----  ----------------      ----------------  ---------------- 
 
 Equity 
 Share capital                                6,944                 6,944             6,944 
 Share premium                                2,984                 2,984             2,984 
 Capital reserve                              6,475                 6,475             6,475 
 Own Share 
  Reserve                                     (379)                 (355)             (375) 
 Share based 
  payment reserve                              62                    59                56 
 Cash flow hedge 
  reserve                                    (1,022)                 209              (88) 
 Translation 
  reserve                                    (5,499)               (5,176)           (5,473) 
 Revaluation 
  reserve                                     1,170                  912              1,035 
 Retained 
  earnings                                    1,840                 1,503             1,508 
-----------------  ----   ----   -----                        ----------------  ---------------- 
 Total equity                                12,575                13,555            13,066 
-----------------  ----   ----   -----  ----------------      ----------------  ---------------- 
 
 
 
 
 
 
 Consolidated Statement of Changes in 
 Equity 
 for the six months ended 30 June 2022 
                                                                  Share     Cash 
                                                         Own      based     flow 
                     Share       Share       Capital    share    payment    hedge    Translation   Revaluation   Retained    Total 
                    capital     premium      Reserve   reserve   reserve   reserve     reserve       reserve     Earnings   Equity 
                    GBP'000        GBP'000   GBP'000   GBP'000   GBP'000   GBP'000       GBP'000       GBP'000    GBP'000   GBP'000 
----------------   --------  -------------  --------  --------  --------  --------  ------------  ------------  ---------  -------- 
 
 As at 1 January 
  2021               6,944       2,984        6,475     (850)      47        293       (4,922)        1,099       1,788     13,858 
 Comprehensive income/(loss) for the year: 
----------------------------------------------------------------------------------------------------------------------------------- 
 Profit for the 
  period after 
  taxation             -           -            -         -         -         -           -             -          201        201 
 Other comprehensive income/(loss): 
 Unrealised 
  exchange 
  gain/(loss) on 
  translation of 
  foreign 
  subsidiaries         -           -            -         -         -         -         (254)         (372)         -        (626) 
 Fair value 
  losses on 
  foreign 
  currency cash 
  flow hedges          -           -            -         -         -       (84)          -             -           -        (84) 
-----------------  --------  -------------  --------  --------  --------  --------  ------------  ------------  ---------  -------- 
 Total other 
  comprehensive 
  income/(loss)        -           -            -         -         -       (84)        (254)         (372)        201       (324) 
-----------------  --------  -------------  --------  --------  --------  --------  ------------  ------------  ---------  -------- 
 Total 
  comprehensive 
  income/(loss) 
  for the year         -           -            -         -         -       (84)        (254)         (372)        201       (324) 
-----------------  --------  -------------  --------  --------  --------  --------  ------------  ------------  ---------  -------- 
 ESOP scheme 
  closed               -           -            -        495        -         -           -             -         (486)        9 
-----------------  --------  -------------  --------  --------  --------  --------  ------------  ------------  ---------  -------- 
 As at 30 June 
  2021               6,944       2,984        6,475     (355)      59        209       (5,176)         727        1,503     13,358 
 
 Comprehensive income/(loss) for the year: 
----------------------------------------------------------------------------------------------------------------------------------- 
 Other 
 comprehensive 
 income/(loss): 
 Gain on the 
  revaluation of 
  buildings            -           -            -         -         -         -           -            453          74        527 
 Unrealised 
  exchange 
  gain/(loss) on 
  translation of 
  foreign 
  subsidiaries         -           -            -         -         -         -         (297)         (145)         -        (442) 
 Fair value 
  losses on 
  foreign 
  currency cash 
  flow hedges          -           -            -         -         -       (297)         -             -           -        (297) 
-----------------  --------  -------------  --------  --------  --------  --------  ------------  ------------  ---------  -------- 
 Total other 
  comprehensive 
  income/(loss)        -           -            -         -         -       (297)       (297)          308          74       (212) 
-----------------  --------  -------------  --------  --------  --------  --------  ------------  ------------  ---------  -------- 
 Total 
  comprehensive 
  (loss) for the 
  year                 -           -            -         -         -       (297)       (297)          308          74       (212) 
 Purchase of own 
  shares               -           -            -       (20)        -         -           -             -          (4)       (24) 
 Share-based 
  payment expense      -           -            -         -         9         -           -             -           -          9 
 Dividends paid        -           -            -         -         -         -           -             -          (65)      (65) 
 As at 31 
  December 2021      6,944       2,984        6,475     (375)      56       (88)       (5,473)        1,035       1,508     13,066 
 
 Comprehensive income/(loss) for the year: 
----------------------------------------------------------------------------------------------------------------------------------- 
 Profit for the 
  period after 
  taxation             -           -            -         -         -         -           -             -          328        328 
 Other 
 comprehensive 
 income/(loss): 
 Gain on the 
 revaluation of 
 buildings             -           -            -         -         -         -           -             -           -          - 
 Unrealised 
  exchange 
  gain/(loss) on 
  translation of 
  foreign 
  subsidiaries         -           -            -         -         -         -         (26)           135          -         109 
 Fair value 
  losses on 
  foreign 
  currency cash 
  flow hedges          -           -            -         -         -       (934)         -             -           -        (934) 
-----------------  --------  -------------  --------  --------  --------  --------  ------------  ------------  ---------  -------- 
 Total other 
  comprehensive 
  (loss)               -           -            -         -         -       (934)       (26)           135          -        (825) 
-----------------  --------  -------------  --------  --------  --------  --------  ------------  ------------  ---------  -------- 
 Total 
  comprehensive 
  (loss) for the 
  period               -           -            -         -         -       (934)       (26)           135         328       (497) 
 Share-based 
  payment expense      -           -            -         -         6         -           -             -           -          6 
 As at 30 June 
  2022               6,944       2,984        6,475     (375)      62      (1,022)     (5,499)        1,170       1,836     12,575 
-----------------  --------  -------------  --------  --------  --------  --------  ------------  ------------  ---------  -------- 
 
 
 Statement of cashflows for the period ended 
                                30 June 2022   Six months ended    Six months ended         Year ended 
                                                     30/06/2022          30/06/2021         31/12/2021 
                                                      Unaudited           Unaudited            Audited 
                                       Note             GBP'000             GBP'000            GBP'000 
 
 Cash flows from 
 operating activities 
 Cash generated from / (used in) 
  operations                              5               (204)          978                181 
 Tax (paid)                                                   -          (83)               (83) 
 Interest (paid)                                          (283)         (256)              (447) 
 Net cash generated from / (used in) 
  operating activities                              (487)                639              (349) 
 
 Cash flows from 
 investing activities 
 Purchases of property, 
  plant, and equipment                              (128)               (828)             (372) 
 Purchases of intangible 
  assets                                             (1)                (12)              (11) 
 Proceeds from sale of 
  plant                                               -                  44               42 
-------------------------  ----  ---  -----   -----------------  ------------------      ----------- 
 Net cash (used) in 
  investing activities                              (129)               (796)             (341) 
 
 Cash flows from 
 financing activities 
 Proceeds from borrowings                             -                   -               - 
 Repayment of bank loans                            (200)               (481)             (733) 
 Repayment of obligations 
  under finance leases                                -                 (21)              (21) 
 Payment of equity 
  dividends                                           -                   -               (65) 
 Purchase of own ordinary 
  shares                                              -                   -               (20) 
                                      -----                      ------------------      ----------- 
 Net cash (used) / generated in 
  financing activities                              (200)               (502)             (839) 
-------------------------------  ---  -----   -----------------  ------------------      ----------- 
 (Decrease) / Increase in cash 
  and cash equivalents                              (816)               (659)             (1,529) 
 
 Cash and cash 
  equivalents at 
  beginning of year                                (6,060)             (5,077)            (5,077) 
 Exchange gains/(losses) on 
  cash and cash equivalents                          (41)                41               238 
-------------------------------  ---  -----                      ------------------      ----------- 
 Cash and cash 
  equivalents at end of 
  year                                             (6,917)             (5,695)            (6,368) 
-------------------------  ----  ---  -----   -----------------  ------------------      ----------- 
 
 
 
 
    Note 1 - Basis of 
          preparation 
 
 The financial information set out in the interim statements for the six 
 months ended 30 June 
 2022 and the comparative figures are unaudited and do not constitute 
 statutory accounts as 
 defined in section 434 of the Companies Act 2006. As permitted, this interim 
 report has been 
 prepared in accordance with UK AIM listing rules and not in accordance with 
 IAS 34 Interim 
 Financial Reporting, therefore it is not fully in compliance with 
 International Financial 
 Reporting Standards (IFRS). 
 
 
 
 The financial information for the full preceding year is extracted from the 
 statutory accounts 
 for the financial year ended 31 December 2021. Those accounts, upon which 
 the auditor issued 
 an unqualified opinion, have been delivered to the Registrar of Companies. 
 The auditor's report 
 did not contain a statement under section 498(2) or (3) of the Companies Act 
 2006. 
 These financial statements have been prepared using the same accounting 
 policies and methods 
 of computation as the most recent statutory accounts for the financial year 
 ended 31 December 
 2021. 
 
 
 These financial statements are presented in sterling, being 
 the functional currency of the 
 primary economic environment in which the Group operates. 
 Pittards plc is a public limited company incorporated and 
 domiciled under the Companies Act 
 2006 in England. It is quoted on the Alternative Investment 
 Market ("AIM"). 
 
    The directors approved and authorised the interim statement 
                                for issue on 23 September 2022. 
 
 Note 2 - Earnings per share 
 
 Basic earnings per share is calculated by dividing the profit attributable 
 to equity holders 
 of the company by the weighted average number of ordinary shares in issue 
 during the year 
 excluding the shares held in treasury. 
 
 a) Basic earnings                 Six months      Six months 
 per share                            ended          ended        Year ended 
                                    30/06/22        30/06/21       31/12/21 
 Earnings per 
 share                              Unaudited      Unaudited        Audited 
 Basic                                2.54p          1.55p           2.12p 
 Weighted average 
  number of 
  ordinary shares 
  in issue (000)                     12,914          12,954         12,946 
 
 
 b) Diluted 
 earnings per                      Six months      Six months 
 share                                ended          ended        Year ended 
                                    30/06/22        30/06/21       31/12/21 
 Earnings per 
 share                              Unaudited      Unaudited        Audited 
 Diluted                              2.54p          1.55p           2.12p 
 Weighted average 
  number of 
  ordinary shares 
  in issue (000)                     12,914          12,954         12,946 
 
 
 
 Note 3 - Taxation                                      Six months ended   Six months ended   Year ended 
                                                            30/06/22           30/06/21        31/12/21 
                                                           Unaudited          Unaudited        Audited 
------------------------------------------------       -----------------  -----------------  ----------- 
 
 Analysis of the charge in the period 
 The charge based on the profit for the period 
 comprises: 
 Foreign tax on profit for the period                          9                  63              10 
 Foreign tax related to prior years                            -                  -              148 
-----------------------------------------------------  -----------------  -----------------  ----------- 
 Total current tax                                             9                  63             158 
 
 Deferred tax 
 Origination and reversal of temporary differences             -                  -               24 
-----------------------------------------------------  -----------------  -----------------  ----------- 
 Total deferred tax                                            -                  -               24 
 
 Income tax charge                                             9                  63             182 
-----------------------------------------------------  -----------------  -----------------  ----------- 
 
 Note 4 Deferred taxation                               Six months ended   Six months ended   Year ended 
                                                            30/06/22           30/06/21        31/12/21 
                                                           Unaudited          Unaudited        Audited 
------------------------------------------------       -----------------  -----------------  ----------- 
 
 Deferred tax asset                                           100                100             100 
 Deferred tax (liabilities)                                  (939)              (758)           (900) 
-----------------------------------------------------  -----------------  -----------------  ----------- 
 Deferred tax (liabilities) - net                            (839)              (658)           (800) 
-----------------------------------------------------  -----------------  -----------------  ----------- 
 
 
 Note 5 - Cash generated / (used) in 
 operations                                           Six months ended   Six months ended    Year ended 
                                                         30/06/2022         30/06/2021       31/12/2021 
                                                         Unaudited          Unaudited         Audited 
                                                          GBP'000            GBP'000          GBP'000 
----------------------------------------------       -----------------  -----------------   ----------- 
 Profit / (Loss) before taxation                            337                264              457 
 Adjustments for: 
 Depreciation of property, plant, and equipment             197                234              475 
 Amortisation of intangibles                                 9                  15              23 
 Bank and other interest charges                            189                256              447 
 Share based payment expense                                 6                  12               9 
 Other non-cash items in Income Statement                  (159)              (135)            (556) 
---------------------------------------------------  -----------------  -----------------  ------------ 
 Operating cash flows before movement in working 
  capital                                                   579                646              855 
 Movements in working capital (excluding exchange 
 differences on consolidation): 
  (Increase) / Decrease in inventories                     (597)               (91)           (1,100) 
  (Increase) / Reduction in receivables                     (75)              (378)            (507) 
 Increase / (Reduction) in payables                        (111)               801              933 
---------------------------------------------------                     ----------------- 
 Cash generated / (used) in operations                     (204)               978              181 
---------------------------------------------------  -----------------  -----------------  ------------ 
 
 

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IR DZGZLVFLGZZM

(END) Dow Jones Newswires

September 26, 2022 02:00 ET (06:00 GMT)

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