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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 |
TIDMSLNG
RNS Number : 9737W
Slingsby(H.C.)Plc
07 August 2018
H C Slingsby plc ("Slingsby" or "the Company")
Report for the half year ended 30 June 2018
Statement by the Chairman
Trading
In my trading update of 19 June 2018, I reported that Group sales were 1% lower than prior year, overheads were increased and so performance was marginally lower in the five months to 31 May 2018. Lower levels of order intake during June 2018 led us to be cautious on the outlook for the results for the six months to 30 June 2018.
Group sales in the six months to 30 June 2018 were 2% below prior year resulting in a profit before tax of GBP76,000 compared to a prior year profit before tax of GBP123,000. The reduction in sales was mainly due to large orders delivered in the first half of 2017 not recurring in 2018.
We are pleased that the Group has sustained the profitable trading performance from 2017 (prior to the non-cash asset impairment). We do however remain cautious regarding the outlook due to the volatility that we have experienced in the recent past and the competitive nature of the marketplace.
Balance sheet
Group net assets have increased to GBP1.8m at 30 June 2018 from GBP0.4m at 31 December 2017. This is mostly due to a reduction in the liability relating to the defined benefit pension scheme from GBP8.6m to GBP7.2m despite the Company having not paid any deficit reduction contributions in the period. The retirement benefit obligation decreased during the six months to 30 June 2018 as a result of changes in assumptions regarding interest rates and inflation although this was offset by a reduction in the level of pension scheme assets.
We remain in discussion with the trustees of the Company Pension Scheme and the relevant authorities 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 GBP1.24m at 30 June 2018 (GBP1.65m at 30 June 2017) which represents an improvement from the position at 31 December 2017 of GBP1.58m. 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 sustained profitable trading performance is the result of the continued hard work by all our employees across the Group whom I would like to thank.
Dominic Slingsby
Interim Executive Chairman and Operations Director 7 August 2018
For further information please contact:
H C Slingsby plc
Dominic Slingsby, Interim Executive Chairman 01274 535 030
Morgan Morris, Group Chief Executive
Allenby Capital Limited
David Worlidge/Nicholas Chambers 020 3328 5656
Unaudited Condensed Consolidated Income Statement for the half year ended 30 June 2018
Half year Half year Year ended ended ended 30/06/18 30/06/17 31/12/17 (Unaudited) (Unaudited) (Audited) Note GBP'000 GBP'000 GBP'000 Revenue 9,725 9,936 19,240 --------- --------- --------- Operating profit before exceptional items 210 291 557 Exceptional items 2 - - (1,221) --------- --------- --------- Operating profit/(loss) 210 291 (664) Finance costs (134) (168) (331) -------- -------- -------- Profit/(Loss) before taxation 76 123 (995) Taxation 3 8 (6) (62) -------- -------- -------- Profit/(Loss) for the period attributable 84 117 (1,057) to equity shareholders -------- -------- -------- Basic and diluted profit/(loss) per share 8.4p 11.7p (105.7p) -------- -------- --------
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 2018
Half year Half year Year ended ended ended 30/06/18 30/06/17 31/12/17 (Unaudited) (Unaudited) (Audited) GBP'000 GBP'000 GBP'000 Profit/(Loss) for the period 84 117 (1,057) Items that will not be reclassified to profit or loss Remeasurements of post-employment benefit obligations 1,565 326 1,276 Movement in deferred tax relating to retirement benefit obligation (266) (152) (246) Items that may be subsequently reclassified to profit or loss Exchange adjustment - 5 8 -------- -------- -------- Other comprehensive income 1,299 179 1,038 -------- -------- -------- Total comprehensive income/(expense) recognised for the period attributable to equity shareholders 1,383 296 (19) -------- -------- --------
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 2018
30/06/18 30/06/17 31/12/17 (Unaudited) (Unaudited) (Audited) GBP'000 GBP'000 GBP'000 Assets Non-current assets Property, plant and equipment 4,469 5,753 4,472 Intangible assets 754 1,003 877 Goodwill 2,409 2,409 2,409 Deferred tax asset 1,221 1,604 1,464 --------- --------- -------- 8,853 10,769 9,222 --------- --------- -------- Current assets Inventories 1,803 1,830 1,823 Trade and other receivables 2,906 2,618 2,376 Cash and cash equivalents 1,390 1,012 996 Current tax asset - 21 - Derivative financial asset 26 3 - --------- --------- --------- 6,125 5,484 5,195 --------- --------- --------- Liabilities Current liabilities Trade and other payables (3,006) (2,938) (2,389) Bank borrowings (2,629) (2,662) (2,575) Finance lease obligations (3) (44) (30) Derivative financial instruments - - (7) --------- --------- --------- (5,638) (5,644) (5,001) --------- --------- --------- Net current assets / (liabilities) 487 (160) 194 --------- --------- --------- Non-current liabilities Retirement benefit obligation (7,153) (9,430) (8,610) Finance lease obligations - (15) (7) Deferred tax liabilities (420) (465) (415)
--------- --------- --------- Net assets 1,767 699 384 --------- --------- --------- Capital and reserves Share capital 250 250 250 Retained earnings 1,517 422 134 Translation reserve - 27 - --------- --------- --------- Total equity 1,767 699 384 --------- --------- ---------
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 equity Capital earnings reserve GBP'000 GBP'000 GBP'000 GBP'000 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 --------- --------- --------- --------- At 1 January 2018 250 134 - 384 Total comprehensive income recognised for the period - 1,383 - 1,383 --------- --------- --------- --------- At 30 June 2018 250 1,517 - 1,767 --------- --------- --------- ---------
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 2018
Half year Half year Year ended ended ended 30/06/18 30/06/17 31/12/17 (Unaudited) (Unaudited) (Audited) Note GBP'000 GBP'000 GBP'000 Cash flows from operating activities Cash generated from operations 4 499 184 334 UK corporation tax received - 4 25 Interest paid (26) (39) (70) --------- --------- --------- Cash generated from operating activities 473 149 289 --------- --------- --------- Cash flows from investing activities Purchase of property, plant and equipment (115) (33) (88) Purchase of intangible assets - (20) (20) Proceeds from sales of property, plant and equipment 16 2 9 --------- --------- --------- Net cash outflow from investing activities (99) (51) (99) --------- --------- --------- Cash flows from financing activities Capital element of finance lease repayments (35) (22) (44) Proceeds from borrowing (7) 65 (39) --------- --------- --------- Net cash (used in)/generated from financing activities (42) 43 (83) --------- --------- --------- Net increase in cash and cash equivalents 332 141 107 Opening cash and cash equivalents (366) (479) (479) Exchange differences - 5 5 --------- --------- --------- Closing cash and cash equivalents (34) (333) (367) --------- --------- ---------
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 2018
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 2017 Annual Report and Accounts except that the company has adopted IAS 15 'Revenue from Contracts with Customers'. The comparative figures for the year ended 31 December 2017 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 2017 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 30/06/18 30/06/17 31/12/17 (Unaudited) (Unaudited) (Audited) GBP'000 GBP'000 GBP'000 Asset impairment - - 1,221 ---------- --------- --------- - - 1,221 ---------- --------- --------- The asset impairment relates to the company's freehold property. 3. Taxation Half year Half year Year ended ended ended 30/06/18 30/06/17 31/12/17 (Unaudited) (Unaudited) (Audited) GBP'000 GBP'000 GBP'000 Current tax 10 (21) 40 Deferred tax (18) 27 22 --------- --------- --------- (8) 6 62 --------- --------- --------- The effective tax rate is nil. 4. Cash generated from 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 76 123 (995) Net finance costs 134 168 331 Depreciation and amortisation 230 243 480 Asset impairment - - 1,221 Profit on sale of property, plant and equipment (3) (2) (4) Pension deficit contributions - - - Decrease/(Increase) in inventories 20 (19) (12) (Increase)/Decrease in trade and
other receivables (555) (101) 143 Increase/(Decrease) in trade and other payables 597 (228) (830) --------- --------- --------- Cash generated from operating activities 499 184 334 --------- --------- ---------
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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR SSWFIMFASEDA
(END) Dow Jones Newswires
August 07, 2018 02:00 ET (06:00 GMT)
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