AGM Statement

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 This information is provided by RNS The company news service from the London Stock Exchange

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Pittards (PTD)
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