Blog
Pittards (AIM:PTD) - only the best for our fighting boys
Posted 18/11/10
The £12m market cap AIM quoted provider of specialist leathers has announced a cracking ‘seven figure’ contract win which will see the UK armed forces issued with some of the most technically advanced leather gloves available – good to see our fighting boys get the best!
Pittards has secured a deal to supply the leather to Otto Kessler glove makers based in Pecs Hungary, in support of a four year MoD military contract. The contract follows the launch of a new camouflage leather developed at Pittards’ major research department in Yeovil, Somerset.
The leather to be used is based on the MOD’s recently completed new Multi-Terrain Pattern camouflage design and will also include a host of technical advances which will be of specific benefit to the UK armed forces and especially available for personnel deployed in Afghanistan.
The new military leather will have resistance to water, perspiration and oil, plus long life and robustness. Importantly the long-lasting supple flexibility will also ensure the gloves give an absolute perfect fit to ensure ease of handling equipment and weapons.
Pittards is a key supplier of high quality leather to Titleist Footjoy (golf gloves and shoes) and supplies some truly beautiful product.
The new MoD contract is expected to commence towards the end of calendar 2010 or early in 2011.
Following the announcement the house broker has left their estimates unchanged (Year ending December 2010, earnings per share of 0.3p, December 2011 eps 0.4p).
Pittards, a business established in 1826, looks like an interesting recovery story that’s worth following at the current lowly price.
This entry was posted 1 year, 6 months ago.
