Source - RNS
RNS Number : 4938T
Pittards PLC
13 October 2017



Pittards plc

("Pittards" or "the Company")


Ethiopian Currency Devaluation


Pittards plc, the specialist producer of technically advanced leather and luxury leather goods for sale to retailers, manufacturers and distributors notes that with effect 11 October 2017 the Ethiopian Government has devalued its currency by 15%.


The devaluation in the currency will have no adverse effects on the Company's trading performance although there will be some adverse balance sheet adjustments arising on the consolidation of the Ethiopian assets at the year end. It is currently estimated that these adjustments will amount to approximately £1 million.   


In overall terms this is a positive development for Pittards plc as the devaluation will make its operations in Ethiopia  more competitive. 




For further information please contact: 


Pittards plc

Stephen Yapp, Chairman


Reg Hankey, CEO

+44 (0) 1935 474 321

Matt O'Rourke, CFO

WH Ireland Limited  

Mike Coe/Ed Allsopp

+44 (0) 117 945 3470




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