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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 : 5842N
Slingsby(H.C.)Plc
10 August 2017
H C Slingsby plc ("Slingsby" or "the Company")
Report for the half year ended 30 June 2017
Statement by the Chairman
Trading
In my trading update of 28 June 2017, I reported that Group sales were higher than prior year, overheads were reduced and so performance was improved in the five months to 31 May 2017.
This improved performance continued for the remainder of the period under review and I am pleased to report a profit before tax of GBP0.1m in the six months to 30 June 2017. This represents a significant turnaround from the loss before tax of GBP0.4m in the comparable period last year and is largely due to increasing sales by 7% to GBP9.9m (GBP9.3m:2016) and reducing overhead costs. The increase in sales arose primarily within the Slingsby business as a result of changes made to the Slingsby marketing strategy and materials since the management changes of 2016 and from improved sales of Slingsby products sold through our subsidiary ESE Direct Limited. Some of the overhead savings that were achieved were the result of synergies realised within the Group.
Whilst delighted to report a return to profitability in the first half of the year, we remain cautious regarding the outlook due to anticipated lower levels of activity over the summer months and the volatility experienced in the recent past.
Balance sheet
Group net assets have increased to GBP0.7m at 30 June 2017 from GBP0.4m at 31 December 2016. This is mostly due to a reduction in the liability relating to the defined benefit pension scheme from GBP9.6m to GBP9.4m despite the Company having not paid any deficit reduction contributions in the period. Scheme liabilities increased during the six months to 30 June 2017 but were more than offset by the performance of the scheme's assets.
We remain in discussion with the trustees of the Company Pension Scheme regarding a long term solution to the pension scheme deficit and continue to pay the running costs previously agreed with the trustees. Until these discussions regarding the defined benefit pension scheme are concluded, the quantum and timing of future deficit reduction payments in this regard are uncertain.
Cashflow
The Group had net debt of GBP1.65m at 30 June 2017 (GBP1.96m at 30 June 2016) which represents a small improvement from the position at 31 December 2016 of GBP1.7m. The Group continues to operate within its existing banking facilities and the Directors continue to believe that the Group has additional funding options available should the need arise.
Dividend
The Board has decided not to declare an interim dividend.
People
The improved trading performance is the result of the hard work by all our employees across the Group and I would like to thank them for their help in turning the Group back to profitability. There is still a great deal to do to secure our recovery and we must ensure we do not lose focus.
Dominic Slingsby
Interim Executive Chairman and Operations Director 9 August 2017
For further information please contact:
H C Slingsby plc
Dominic Slingsby, Interim Executive Chairman 01274 535 030
Morgan Morris, Finance Director
Allenby Capital Limited
David Worlidge/Richard Short 020 3328 5656
Unaudited Condensed Consolidated Income Statement for the half year ended 30 June 2017
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Half year Half year Year
ended ended ended
30/06/17 30/06/16 31/12/16
(Unaudited) (Unaudited) (Audited)
Note GBP'000 GBP'000 GBP'000
Revenue 9,936 9,276 18,044
--------- --------- ---------
Operating profit/(loss)
before exceptional items 291 (162) (261)
Exceptional items 2 - (85) (102)
--------- --------- ---------
Operating profit/(loss) 291 (247) (363)
Finance costs (168) (177) (369)
-------- -------- --------
Profit/(loss) before taxation 123 (424) (732)
Taxation 3 (6) (23) 76
-------- -------- --------
Profit/(loss) for the period 117 (447) (656)
attributable to equity shareholders -------- -------- --------
Basic and diluted profit/(loss)
per share 11.7p (44.7p) (65.6p)
-------- -------- --------
The results set out above derive entirely from continuing operations.
The above unaudited condensed consolidated income statement should be read in conjunction with the accompanying notes.
Unaudited Consolidated Statement of Comprehensive Income and Expense for the half year ended 30 June 2017
Half year Half year Year
ended ended ended
30/06/17 30/06/16 31/12/16
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Profit/(loss) for the period 117 (447) (656)
Items that will not be reclassified
to profit or loss
Remeasurements of post-employment
benefit obligations 326 (566) (1,555)
Movement in deferred tax relating
to retirement
benefit obligation (152) 102 280
Items that may be subsequently
reclassified to profit
or loss
Exchange adjustment 5 25 31
-------- -------- --------
Other comprehensive income/(expense) 179 (439) (1,244)
-------- -------- --------
Total comprehensive income/(expense)
recognised for the period attributable
to equity shareholders 296 (886) (1,900)
-------- -------- --------
The above unaudited consolidated statement of comprehensive income and expense should be read in conjunction with the accompanying notes.
Unaudited Consolidated Balance Sheet as at 30 June 2017
30/06/17 30/06/16 31/12/16
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Property, plant and equipment 5,753 5,986 5,838
1,195
Intangible assets 1,003 2,409 1,108
Goodwill 2,409 2,409
Deferred tax asset 1,604 1,527 1,733
--------- --------- --------
10,769 11,117 11,088
--------- --------- --------
Current assets
Inventories 1,830 1,819 1,811
Trade and other receivables 2,618 2,717 2,525
Cash and cash equivalents 1,012 456 632
Current tax asset 21 - -
Derivative financial asset 3 24 -
--------- --------- ---------
5,484 5,016 4,968
--------- --------- ---------
Liabilities
Current liabilities
Trade and other payables (2,938) (3,230) (3,154)
Bank borrowings (2,662) (2,415) (2,363)
Finance lease obligations (44) (44) (44)
Derivative financial instruments - - (13)
Other loan - (40) -
--------- --------- ---------
(5,644) (5,729) (5,574)
--------- --------- ---------
Net current liabilities (160) (713) (606)
--------- --------- ---------
Non-current liabilities
Retirement benefit obligation (9,430) (8,483) (9,626)
Finance lease obligations (15) (45) (37)
Deferred tax liabilities (465) (459) (416)
--------- --------- ---------
Net assets 699 1,417 403
--------- --------- ---------
Capital and reserves
Share capital 250 250 250
Retained earnings 422 1,151 131
Translation reserve 27 16 22
--------- --------- ---------
Total equity 699 1,417 403
--------- --------- ---------
The above unaudited consolidated balance sheet should be read in conjunction with the accompanying notes.
Unaudited Consolidated Statement of Changes in Shareholders' Equity
Share Retained Translation Total
Capital earnings reserve equity
GBP'000 GBP'000 GBP'000 GBP'000
At 1 January 2016 250 2,062 (9) 2,303
Total comprehensive expense
recognised for the period - (911) 25 (886)
--------- --------- --------- ---------
At 30 June 2016 250 1,151 16 1,417
--------- --------- --------- ---------
At 1 January 2017 250 131 22 403
Total comprehensive income
recognised for the period - 291 5 296
--------- --------- --------- ---------
At 30 June 2017 250 422 27 699
--------- --------- --------- ---------
The above unaudited consolidated statement of changes in shareholders' equity should be read in conjunction with the accompanying notes.
Unaudited Consolidated Statement of Cash Flows for the half year ended 30 June 2017
Half Half year Year
year
ended ended ended
30/06/17 30/06/16 31/12/16
(Unaudited) (Unaudited) (Audited)
Note GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Cash generated from/(used
in) operations 4 184 (390) (84)
UK corporation tax received 4 - 23
Interest paid (39) (21) (61)
--------- --------- ---------
Cash generated from/(used
in) operating activities 149 (411) (122)
--------- --------- ---------
Cash flows from investing
activities
Purchase of property, plant
and equipment (33) (35) (98)
Purchase of intangible assets (20) (32) (40)
Proceeds from sales of property,
plant and equipment 2 - 51
Payment in respect of ESE acquisition - (30) (30)
--------- --------- ---------
Net cash outflow from investing
activities (51) (97) (117)
--------- --------- ---------
Cash flows from financing
activities
Capital element of finance
lease repayments (22) (22) (57)
New finance leases - - 27
Proceeds from borrowing 65 121 50
--------- --------- ---------
Net cash generated from
financing activities 43 99 20
--------- --------- ---------
Net increase/(decrease) in
cash and cash equivalents 141 (409) (219)
Opening cash and cash equivalents (479) (291) (291)
Exchange differences 5 25 31
--------- --------- ---------
Closing cash and cash equivalents (333) (675) (479)
--------- --------- ---------
The above unaudited consolidated statement of cash flows should be read in conjunction with the accompanying notes.
Notes to the Interim Report for the half year ended 30 June 2017
1. Interim Financial Information
The unaudited condensed consolidated interim
financial information does not constitute statutory
accounts within the meaning of Section 434 of
the Companies Act 2006. The interim financial
statements, which are unaudited and have not
been reviewed by the Company's auditors, have
been prepared in accordance with the policies
set out in the 2016 Annual Report and Accounts.
The comparative figures for the year ended 31
December 2016 do not constitute full financial
statements and have been abridged from the full
accounts for the year ended on that date, on
which the auditors gave an unqualified report,
which did not contain an emphasis of matter paragraph
and did not contain any statement under Section
498 of the Companies Act 2006. The 2016 accounts
have been delivered to the Registrar of Companies.
The Company has chosen not to adopt IAS 34 'Interim
Financial Statements'.
2. Exceptional items Half year Half year Year
ended ended ended
30/06/17 30/06/16 31/12/16
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Redundancy and compensation
costs - 85 102
---------- --------- ---------
- 85 102
---------- --------- ---------
The restructuring costs include salaries in lieu
of notice, redundancy pay, holiday pay, social
security costs and related legal expenditure.
3. Taxation Half year Half year Year
ended ended ended
30/06/17 30/06/16 31/12/16
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Current tax (21) - (27)
Deferred tax 27 23 (49)
--------- --------- ---------
6 23 (76)
--------- --------- ---------
The effective tax rate is nil.
4. Cash generated from/(used in) operations
Half year Half year Year
ended ended ended
30/06/17 30/06/16 31/12/16
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Profit/(loss) before tax 123 (424) (732)
Net finance costs 168 177 369
Depreciation and amortisation 243 268 527
Profit on sale of property,
plant and equipment (2) - (5)
Pension deficit contributions - (270) (270)
(Increase)/Decrease in
inventories (19) (42) (33)
(Increase)/Decrease in
trade and other receivables (101) (390) (169)
(Decrease)/Increase in
trade and other payables (228) 291 229
--------- --------- ---------
Cash generated from/(used
in) operating activities 184 (390) (84)
--------- --------- ---------
5. Availability of Interim Report
The Interim Report will be available on the Company's website www.slingsby.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SSUFMUFWSELA
(END) Dow Jones Newswires
August 10, 2017 02:00 ET (06:00 GMT)
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