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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Slingsby (h.c.) Plc | LSE:SLNG | London | Ordinary Share | GB0008138009 | ORD 25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 250.00 | 200.00 | 300.00 | 250.00 | 250.00 | 250.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| General Indl Mach & Eq, Nec | 21.56M | 380k | 0.3619 | 6.91 | 2.63M |
From Apr 2019 to Apr 2024
TIDMSLNG
RNS Number : 1093G
Slingsby(H.C.)Plc
24 May 2017
H C SLINGSBY PLC
("Slingsby" or the "Company" or the "Group")
Audited Results for the year ended 31 December 2016
Statement by the Chairman
Board Changes
As reported in my 2016 half year statement, at the Annual General Meeting on 30 June 2016, John Waterhouse was not re-elected by shareholders as a director of the Company. As a result, I was appointed as Interim Executive Chairman and we continue to look to appoint a Non-Executive Chairman. We also continue to search for a new non-executive director which is proving to be more protracted than anticipated due to the ongoing uncertainty regarding the pension fund commitments.
Results
In that half year statement I reported an operating loss (before exceptional items) of GBP0.16m on sales of GBP9.3m. The full year operating loss (before exceptional items) was GBP0.26m (2015: loss of GBP10,000) on sales of GBP18m (2015: GBP17.1m). Together with exceptional restructuring costs, the full year pre-tax loss was GBP0.7m (2015: GBP0.6m).
The results for the year ended 31 December 2016 contain the full year benefit of the ESE Direct Limited ("ESE") acquisition which contributed GBP6.5m of sales (2015: GBP4.8m) and GBP0.2m (2015: GBP0.1m) operating profit. ESE remains cash generative.
Group earnings before interest, depreciation and amortisation ("EBITDA") in the year ended 31 December 2016 was GBP0.27m (2015: GBP0.52m) before exceptional items. Net debt at 31 December 2016 is GBP1.7m (2015: GBP1.5m).
Dividend
In view of the loss in 2016 and the uncertainty around the pension fund commitments, the Board is unable to recommend a final dividend for the year (2015:GBPnil).
Pension Scheme
The Company has an obligation to fund its defined benefit pension scheme and contributions to this scheme totalled GBP270,000 in 2016. This, together with scheme running costs of GBP160,000, represented a major commitment for the Company to meet. Following the vote to leave the European Union, the pension scheme deficit has increased as at 31 December 2016 to GBP9.6m (2015: GBP8.0m). Mainly as a result of this increase (a net GBP1.3m after deferred tax movement), as well as the losses incurred during the year, group net assets have declined by GBP1.9m at 31 December 2016 to GBP0.4m (2015: GBP2.3m).
In our half year statement I advised that, with agreement of the pension scheme Trustee, we had from 1 July 2016 suspended deficit reduction contributions (whilst still paying the agreed costs of the scheme) until a longer term solution was found. Discussions are ongoing and so whilst during this time the Company is not paying deficit reduction contributions, there is uncertainty as to the quantum and timing of future payments to the scheme.
Recent Trading
During 2016, we began to refocus our sales and marketing efforts towards customer acquisition. We simplified and improved the presentation of our later 2016 mailings and 2017 catalogue. In addition, we have reduced overheads and achieved synergies with ESE by combining activities across the Group.
I am pleased to report that these actions have resulted in sales for the first four months of the current financial year being 7% ahead of the comparable period last year. Whilst some of this sales improvement is due to several large orders received in 2016 but delivered in 2017, order intake in 2017 remains ahead of prior year.
Whilst encouraged by this improved trading in the early part of 2017, we remain cautious regarding future trading given the volatility which we have experienced in the recent past.
Finally, I would like to thank our staff across the Group for their efforts made in 2016 and 2017. Our performance to date in 2017 gives grounds for optimism but we must maintain our focus to build on what has been achieved.
D. S. Slingsby
Interim Executive Chairman
24 May 2017
For further information, please contact:
H C Slingsby PLC Tel: 01274 535 030 Dominic Slingsby, Interim Executive Chairman Morgan Morris, Group Financial Director Allenby Capital Limited Tel: 020 3328 5656 David Worlidge/Richard Short
Consolidated Income Statement for the year ended 31 December 2016
Hot Features
Premium
Note 2016 2015
(Audited) (Audited)
GBP'000 GBP'000
Revenue 18,044 17,061
---------- ----------
----------------------------------- ----- ----------- ---------------
Operating loss before exceptional
items (261) (10)
Exceptional items 2 (102) (281)
----------------------------------- ----- ----------- ---------------
Operating loss (363) (291)
Finance income - 1
Finance costs (369) (342)
---------- ----------
Loss before taxation (732) (632)
Taxation 76 194
---------- ----------
Loss for the year attributable
to owners of the parent (656) (438)
---------- ----------
Basic and diluted loss per
share 4 (65.6p) (43.8p)
---------- ----------
Audited Consolidated Statement of Comprehensive Income and Expense for the year ended 31 December 2016
2016 2015
(Audited) (Audited)
GBP'000 GBP'000
Loss for the year (656) (438)
Items that will not be classified
to profit or loss:
Re-measurements of post-employment
benefit obligation (1,555) 242
Movement in deferred tax
relating to retirement benefit
obligation 280 (213)
Items that may be subsequently
reclassified to profit or
loss:
Exchange adjustment 31 (13)
---------- ----------
Other comprehensive expense/income (1,244) 16
---------- ----------
Total comprehensive expense for
the year attributable
to equity shareholders (1,900) (422)
-------- ----------
Audited Consolidated Balance Sheet as at 31 December 2016
Note 2016 2015
(Audited) (Audited)
GBP'000 GBP'000
Assets
Non-current assets
Property, plant and equipment 5,838 6,102
Intangible assets 1,108 1,279
Goodwill 2,409 2,409
Deferred tax asset 1,733 1,446
-------- ----------
11,088 11,236
-------- ----------
Current assets
Inventories 1,811 1,778
Trade and other receivables 2,525 2,340
Cash and cash equivalents 632 192
Derivative financial asset - 11
-------- ----------
4,968 4,321
-------- ----------
Liabilities
Current liabilities
Trade and other payables (5,517) (4,653)
Derivative financial liability (13) -
Finance lease obligations (44) (44)
--------- ---------
(5,574) (4,697)
-------- ----------
Net current liabilities (606) (376)
-------- ----------
Non-current liabilities
Finance lease obligations (37) (66)
Retirement benefit obligation 3 (9,626) (8,033)
Deferred tax liabilities (416) (458)
-------- ----------
Net assets 403 2,303
-------- ----------
Capital and reserves
Share capital 250 250
Retained earnings 131 2,062
Translation reserve 22 (9)
-------- ----------
Total equity 403 2,303
-------- ----------
Audited Consolidated Cash Flow Statement for the year ended 31 December 2016
2016 2015
(Audited) (Audited)
GBP'000 GBP'000
Note
Cash flows from operating
activities
Cash generated (used in)/from
operations 5 (84) 171
Interest payable (61) (38)
UK corporation tax received 23 93
-------- --------
Cash generated (used in)/from
operating activities (122) 226
Cash flows from investing
activities
Interest received - 1
Purchase of property, plant
and equipment (98) (198)
Acquisition of subsidiary
(net of cash acquired) (30) (3,585)
Purchase of intangible assets 51 112
Proceeds from sales of property,
plant and equipment (40) (26)
-------- --------
Net cash used in investing
activities (117) (3,696)
Cash flows from financing
activities
Equity dividends paid 6 - (60)
Capital element of finance
lease payments (57) (20)
New finance leases 27 130
Proceeds from borrowing 50 1,202
-------- --------
Net cash generated from financing
activities 20 1,252
-------- --------
Net decrease in cash and
cash equivalents (219) (2,218)
Opening cash and cash equivalents (291) 1,940
Exchange differences 31 (13)
-------- --------
Closing cash and cash equivalents (479) (291)
-------- --------
Audited Consolidated Statement of Changes in Shareholders' Equity
Share Retained Translation Total
capital earnings reserve equity
GBP'000 GBP'000 GBP'000 GBP'000
1 January 2015 250 2,531 4 2,785
Loss for the year - (438) - (438)
Other comprehensive
income / (expense) for
the year - 29 (13) 16
---------- ---------- ---------- ----------
Total comprehensive
expense for the year - (409) (13) (422)
Dividends paid - (60) - (60)
---------- ---------- ---------- ----------
1 January 2016 250 2,062 (9) 2,303
Loss for the year - (656) - (656)
Other comprehensive
(expense)/income for
the year - (1,275) 31 (1,244)
Total comprehensive --------- -------- ----------
expense for the year ---------- (1,931) 31 (1,900)
Dividends paid - - - -
---------- ---------- ---------- ----------
31 December 2016 250 131 22 403
---------- ---------- ---------- ----------
The translation reserve comprises foreign exchange differences arising from the translation of the financial statements of foreign operations.
Notes to the Audited Results for the year ended 31 December 2016
1. The preliminary financial information
does not constitute statutory accounts
within the meaning of Section 434 of
the Companies Act 2006 for the financial
years ended 31 December 2016 and 31 December
2015, but has been derived from those
accounts. These financial statements
have been prepared in accordance with
International Financial Reporting Standards
("IFRS") and IFRSIC interpretations as
adopted by the EU and with those parts
of the Companies Act 2006 applicable
to companies reporting under IFRS. The
financial information included in this
preliminary announcement does not include
all the disclosures required by IFRS
or the Companies Act 2006 and accordingly
it does not itself comply with IFRS or
the Companies Act 2006.
The accounting policies used in the preparation
of this preliminary announcement have
remained unchanged from those set out
in the statutory accounts for the year
ended 31 December 2015. They are also
consistent with those in the full accounts
for the year ended 31 December 2016 which
have yet to be published.
Statutory accounts for 2015 have been
delivered to the Registrar of Companies
and those for the financial year ended
31 December 2016 will be delivered following
the Company's annual general meeting.
The auditors have reported on those accounts
and their opinion was unqualified and
did not contain statements under section
498(2) or (3) of the Companies Act 2006.
2. Exceptional item 2016 2015
(Audited) (Audited)
GBP'000 GBP'000
Redundancy and compensation
costs (102) (88)
Acquisition of ESE - (193)
------------ ------------
(102) (281)
------------ ------------
Costs relating to the acquisition
of ESE relate to legal, accounting
and advisory services together
with bank facility costs.
3. Retirement benefit obligation
2016 2015
Present value of funded obligation (Audited) (Audited)
GBP'000 GBP'000
Fair value of scheme assets 26,792 21,993
Net liability in balance sheet (17,166) (13,960)
------------ ------------
9,626 8,033
------------ ------------
4. Loss per share
Basic loss per share is based upon losses
of GBP656,000 (2015: GBP438,000) and
on 1,000,000 (2015: 1,000,000) ordinary
shares in issue during the year.
There is no difference between basic
loss per share and diluted loss per share
for both years as there are no potentially
dilutive shares in issue.
5. Cash generated from/(used in)
operating activities
2016 2015
(Audited) (Audited)
GBP'000 GBP'000
Loss before tax (732) (632)
Net finance costs 369 341
Depreciation and amortisation 527 530
Profit on sale of property,
plant and equipment (5) (99)
Pension deficit contributions (270) (500)
(Increase)/decrease in inventories (33) 232
(Increase)/decrease in trade
and other receivables (169) 29
Increase in trade and other
payables 229 270
------------ ------------
Cash (used in)/generated from
operating activities (84) 171
------------ ------------
6. Dividends
The interim dividend for 2014 and final
dividends for the 2014 financial year
of 2.0p and 4.0p, totalling GBP60,000
were paid and deducted from reserves
in the year ended 31 December 2015.
7. Availability of Report and Accounts
The financial statements for the year
ended 31 December 2016, will be issued
to shareholders on 26 May 2017 and will
be available to members of the public
at the registered office of the Company
and on the Company's website www.slingsby.com
from that date.
The statutory accounts for the year ended
31 December 2016 will be delivered to
the Registrar following the Company's
Annual General Meeting. The Annual General Meeting will be held at 10.00 am on 28 June 2017 at HC Slingsby plc, Otley Road, Baildon, Shipley, BD17 7LW.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR AIMMTMBBTBRR
(END) Dow Jones Newswires
May 24, 2017 06:30 ET (10:30 GMT)
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