Pittards to take £1m hit from Ethiopia currency devaluation

Technically-advanced leather producer Pittards noted on Friday that the Ethiopian government has devalued its currency by 15% as of Wednesday.

The AIM-traded company said the devaluation in the currency would have “no adverse effects” on its trading performance, although there would be some adverse balance sheet adjustments arising on the consolidation of the Ethiopian assets at the year end.

It said it currently estimated that those adjustments would amount to approximately £1m.

“In overall terms this is a positive development for Pittards as the devaluation will make its operations in Ethiopia more competitive,” its board said in its statement.