Pittards PLC
05 May 2004
Pittards plc
Statement to be made at the AGM
5 May 2004
Before embarking upon the formal business of this annual meeting, I would like
to give shareholders an update on how we are performing in the current year. In
my statement in the accounts for last year I indicated that the difficult
trading conditions and the weakness of the dollar had continued into the early
part of 2004, and that some of our customers have been destocking in response to
lower demand. In response, we introduced a four week period of short time
working in our Shoe & Leathergoods Division in February, and announced a number
of redundancies throughout the Group.
The result has been that all three of our operating divisions traded at a loss
in the first quarter. However, orders and forecasts from a number of our key
customers indicate that they will require increased volumes from us in the
second quarter and beyond. In April we traded profitably and the prospects for
the rest of the second quarter and for the balance of the year are brighter.
Although profits for the second quarter may be insufficient to cover the losses
incurred in the first, we expect to report a small profit for the year as a
whole.
RC Tomkinson
Chairman
5 May 2004
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