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Pittards H2 profit falls YOY

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Pittards H2 profit falls YOY

Pittards PLC said its normalized net income for the second half came to 2 Great British pence per share, a decrease of 79.5% from 9 pence per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £255,500, a decline of 67.9% from £794,880 in the prior-year period.

Total revenue declined 13.8% on an annual basis to £14.9 million from £17.3 million, and total operating expenses decreased 10.1% year over year to £14.2 million from £15.8 million.

Reported net income declined 96.2% on an annual basis to £31,400, or 0 pence per share, from £828,710, or 9 pence per share.

For the year, the company's normalized net income totaled 5 pence per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 11 pence.

EPS declined 53.9% from 11 pence in the prior year.

Normalized net income was £607,380, a fall of 39.1% from £998,130 in the prior year.

Full-year total revenue fell 12.1% on an annual basis to £30.5 million from £34.7 million, and total operating expenses declined 11.2% year over year to £29.1 million from £32.8 million.

The company said reported net income fell 57.5% on an annual basis to £473,400, or 4 pence per share, in the full year, from £1.1 million, or 12 pence per share.