Slingsby(H.C.)Plc Trading Update (7741R)
June 19 2018 - 1:00AM
UK Regulatory
TIDMSLNG
RNS Number : 7741R
Slingsby(H.C.)Plc
19 June 2018
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR"). With the publication of this announcement,
this information is now considered to be in the public domain.
19 June 2018
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, issues the following
trading update in respect of the five months ended 31 May 2018 in
advance of the Annual General Meeting being held later today at
10.00 a.m.
In the Chairman's Statement accompanying our annual results for
the year ended 31 December 2017, it was reported that Group sales
were 6% lower in the three months to 31 March 2018 on the
corresponding period in 2017. The Group did face strong
comparatives in 2017 due to several large orders delivered in that
period.
Group sales in the five months to 31 May 2018 are 1% lower than
in the prior year following stronger than prior year sales
performances in April and May 2018.
Although the Group has slightly improved the level of gross
margin in the five months period to 31 May 2018, overheads have
increased slightly and as a result profit before tax in the five
months to 31 May 2018 is marginally below the comparable last year.
However, disappointing levels of order intake across the Group so
far during June 2018 lead the Directors to remain cautious
regarding the outlook for the results for the six months to 30 June
2018.
The position as regards the composition of the Board and
situation with the defined benefit pension scheme remains as
previously reported.
Cash Position
The Group had net debt of GBP1.4 million at 31 May 2018 compared
to GBP1.8 million at 31 May 2017. The Group continues to operate
within its existing banking facilities and considers that it has
additional funding options available should the need arise.
Uncertainty remains regarding the quantum and timing of future
payments to the defined benefit pension scheme.
For further information, please contact:
H C Slingsby plc Tel: 01274 535 030
Dominic Slingsby, Interim Executive Chairman
and Operations Director
Morgan Morris, Group Chief Executive
Allenby Capital Limited
Tel: 020 3328 5656
David Worlidge / Nicholas Chambers
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END
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