Slingsby(H.C.)Plc Trading Update (7166C)
June 30 2016 - 1:00AM
UK Regulatory
TIDMSLNG
RNS Number : 7166C
Slingsby(H.C.)Plc
30 June 2016
30 June 2016
H C SLINGSBY PLC
("Slingsby", "the Group" or the "Company")
Trading Update
HC Slingsby PLC, one of the market leaders in the distribution
of industrial and commercial equipment today issues the following
trading update in respect of the five months ended 31 May 2016 in
advance of the Annual General Meeting being held at 10.00am
today.
In the Chairman's Statement accompanying our annual results for
the year ended 31 December 2015, it was reported that Group sales
were 3.3% down in the four months to 30 April 2016 on the
corresponding period in 2015 but that there were signs that the
rate of decline was slowing. As at 31 May 2016, the decline against
the prior year had slowed to 1%.
However, the competitive nature of the market has meant that
margins have come under pressure and therefore the Group's
operating performance (before exceptional costs) in the five months
to 31 May 2016 is behind the same period last year.
In 2015, the Group incurred non-recurring professional fees and
other costs relating to the acquisition of ESE Direct Limited. The
reduced level of exceptional costs in 2016 means that as at 31 May
2016 the Group's pre-tax loss is lower than that incurred in the
prior year.
However, sales in June 2016 are likely to fall short of those
achieved in June 2015 and remain fragile. As such the June 2016
performance is likely to be behind that achieved in the prior year
and so the improved pre-tax position at 31 May 2016 could be
eroded.
Management remains focussed on realisation of synergies across
the Group and initiatives to improve its sales performance and
commercial proposition in order to drive an improved H2 result.
The directors have also commenced the process for the
appointment of at least one new non-executive director with the aim
of complimenting the existing skill set of the board. It is
expected that an appointment will be made by 30 September 2016.
Cash Position
The Group had net debt of GBP1.75m at 31 May 2016 compared to
net debt of GBP1.5m at 31 May 2015. The Group continues to operate
within its existing banking facilities and considers that it has
additional funding options available should the need arise.
For further information, please contact:
H C Slingsby plc Tel: 01274 535 030
John Waterhouse, Interim
Executive Chairman
Morgan Morris, Financial
Director
Allenby Capital Limited Tel: 020 3328 5656
David Worlidge / James Thomas
/ Richard Short
This information is provided by RNS
The company news service from the London Stock Exchange
END
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