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Pittards’ potential currency boost

Ethiopian FX devaluation makes micro-cap’s leathers more competitive

Luxury leather goods producer Pittards (PTD:AIM) sees the Ethiopian government’s 15% currency devaluation as a positive development ‘in overall terms’, making its low-cost operations in the country more competitive.

Making leather at a tannery in Edjersa plus gloves, clothing and accessories at factories in Addis Ababa, Pittards concedes the sharp currency drop will require roughly £1m of balance sheet write-downs at the year end.

Half year results flagged positive trading momentum returning to the business. (JC)

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19 Oct 2017

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