Trading Statement

Pittards PLC
22 December 2003

Trading Update



In my interim statement of 4 September 2003 in which we reported pre-tax profits
for the six months ended 30 June of  £0.8m, I said that global economic activity
continued to look fragile to us.  I commented that, whilst we were quite busy in
each of our three divisions, we were aware that many in our industry were
operating well below capacity and that this was putting great pressure on
volumes and prices.  I also indicated that, for these reasons and because of the
substantial increase in our pension costs, it was unlikely that we would be able
to match in the second half the progress made in the first.  Since the interim
statement, this pressure has continued and has been felt most keenly in the
Glove Leather Division where sales volumes in the fourth quarter have fallen 
below our expectations.  Furthermore, with approximately 40 per cent. of our 
total sales denominated in US dollars, and a further proportion being directly 
or indirectly dollar related, the effect of the recent acceleration in the 
depreciation of that currency is to erode margins generally across the Group.


In the light of these factors since my interim statement, the Board considers
our results in the second half are likely to be substantially below the level we
achieved in the first six months of the year.



RC Tomkinson
Chairman


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