Pittard own a production chain, “vertically integrated”, for a total of 1600 employees, including a tannery and a manufacture of gloves and clothing. Pittards confirmed that “2016 results will be below expectations.” The turnover last year has stopped at an altitude of 30.5 million pounds, 11% less than that laid off in 2015. Substantial feedback on pre-tax profits plummeted in 12 months from 700,000 to 200,000 pounds. The situation is partially due to the socio-political situation in Ethiopia with the uprising of the Oromo, led to serious unrest, which has left at least 300 dead and resulted in the imposition of the state of emergency. This riots, which interrupted and complicated production development of its local branches, in particular, the tannery located in East Shewa zone (pictured) are still not resolved. Pittards in 2016 changed its president, appointing Stephen Yapp instead of Stephen Boyd, and, for 2017, expects “improvements, experiencing an increase in demand.
Pittard’s forecasts confirm not a rosy performance for 2016. Sales were down 11% while revenues collapse because of violent social unrest in Ethiopia
