Slingsby(H.C.)Plc Trading Update (5347P)
21 June 2022 - 4:00PM
UK Regulatory
TIDMSLNG
RNS Number : 5347P
Slingsby(H.C.)Plc
21 June 2022
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.
21 June 2022
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 2022 in
advance of the Annual General Meeting which is to be held at 10.00
a.m. today.
In the Chairman's Statement accompanying the Annual Report and
Accounts for the year ended 31 December 2021, it was reported that
Group sales were 4 per cent. higher in the three months to 31 March
2022 compared with the corresponding period in 2021. This
improvement in sales offset the impact of a fall in Group gross
profit margin and had led to an unaudited profit before tax of
GBP0.16m compared with GBP0.14m in the same period in the prior
year.
Group sales in the five months to 31 May 2022 were 8 per cent.
higher when compared to the same period in the prior year. The
trend in Group gross profit margin experienced in the first quarter
of 2022 has continued in the second quarter and, as a result,
unaudited profit before tax in the five months to the end of May
2022 is GBP0.17m. Unaudited profit before tax in the five months to
31 May 2021 was GBP0.07m.
The market remains competitive and the Group remains cautious
regarding the outlook. This is particularly the case due to the
significant uncertainty remaining from the aftermath of
Coronavirus, the impact that high inflation may have on the UK
economy and the conflict in the Ukraine. It is unclear as to the
impact that these factors will have on demand going forward.
The Group continues to experience significant cost increases
across its product range as well as higher shipping costs and
delays. These increases impacted on gross margin in the first five
months of 2022 and the Directors consider the impact on gross
margins is likely to persist for the remainder of the year.
Cash Position
The Group had unaudited net cash of GBP0.5 million as at 31 May
2022 compared to GBP0.6 million as at 31 May 2021 and GBP0.3
million as at 31 December 2021. The Group's banking facilities
remain in place and the Group continues to make payments to the
defined benefit pension scheme in accordance with the agreement
reached with the scheme's trustee in December 2019.
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 / George Payne
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END
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