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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 : 3756W
Slingsby(H.C.)Plc
18 August 2020
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.
18 August 2020
H C Slingsby plc
("Slingsby" or "the Company")
Report for the half year ended 30 June 2020
Statement by the Chairman
Trading
In my trading update of 19 June 2020, I reported that Group sales in the five months to 31 May 2020 were 3% lower than prior year but that an improved level of gross margin and lower overheads meant that operating profit was higher than the comparable period in 2019. We were cautious regarding the outlook due to the significant uncertainty caused by the Coronavirus and that orders were concentrated on a limited product range.
The Group received a high level of orders during June 2020 and whilst fulfilment of these orders was challenging, the Group reported sales in June 2020 which were 50% higher than in June 2019. As a result, sales for the six months to 30 June 2020 were 5% higher compared with the same period in the prior year. This higher level of sales, combined with improved gross margin, led to an operating profit for the six months to 30 June 2020 of GBP0.5m (2019: GBP0.1m). The Group's profit before tax was GBP0.4m compared to a prior year loss before tax of GBP52,000.
Orders remain focussed on a limited number of products. The Group has managed to largely fulfil demand for these products to enable customers to continue or re-start their operations in accordance with Government Coronavirus guidance. However, we remain cautious that this increase in demand is short term and economic conditions may deteriorate should our customers suffer from lower levels of activity than they experienced prior to the pandemic when Government stimulus measures are withdrawn.
Balance sheet
The Group had net assets of GBP1.32m at 30 June 2020 compared to net assets of GBP1.67m at 31 December 2019. This reduction is due to an increase in the liability relating to the defined benefit pension scheme of GBP0.7m (after associated deferred tax). The retirement benefit obligation increased during the six months to 30 June 2020 due to the fall in the discount rate used by the scheme actuary caused by the continued low interest rate environment. This has the impact of increasing scheme liabilities, which outweighed an increase in the value of scheme assets. The Company made deficit reduction contributions totalling GBP150,000 in the six months to 30 June 2020 in line with the agreement with the scheme's Trustee.
Cashflow
The Group had net debt of GBP0.4m at 30 June 2020 (GBP1.3m at 30 June 2019) compared to GBP1.1m at 31 December 2019. Stock levels at 30 June 2020 were GBP0.3m higher than at 31 December 2019 (GBP0.2m higher than at 30 June 2019) due to the Group's sourcing strategy in response to increased customer demand for products relating to the Coronavirus. 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. The Group continues to utilise appropriate Government schemes to assist with cashflow.
Dividend
Due to the agreement reached with the Trustee of the defined benefit pension scheme, the Board is unable to declare an interim dividend.
People
We would like to thank our employees for their hard work and adaptability which has enabled the Group to maintain its operations and continue to help its customers through this difficult time.
Dominic Slingsby
Interim Executive Chairman and Operations Director
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/James Hornigold 020 3328 5656
Unaudited Condensed Consolidated Income Statement for the half year ended 30 June 2020
Half year Half year Year ended ended ended 30/06/20 30/06/19 31/12/19 (Unaudited) (Unaudited) (Audited) Note GBP'000 GBP'000 GBP'000 Revenue 10,455 9,946 19,568 --------- --------- --------- Operating profit before exceptional items 505 93 446 Exceptional items 2 - - 2,726 --------- --------- --------- Operating profit 505 93 3,172 Finance costs (81) (145) (285) -------- -------- -------- Profit/(Loss) before taxation 424 (52) 2,887 Taxation 3 (38) 21 (552) -------- -------- -------- Profit/(Loss) for the period attributable 386 (31) 2,335 to equity shareholders -------- -------- -------- Basic and diluted profit/(loss) per share 38.6p (3.1p) 233.5p -------- -------- --------
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 2020
Half year Half year Year ended ended ended 30/06/20 30/06/19 31/12/19 (Unaudited) (Unaudited) (Audited) GBP'000 GBP'000 GBP'000 Profit/(Loss) for the period 386 (31) 2,335 Items that will not be reclassified to profit or loss Remeasurements of post-employment benefit obligations (883) (1,979) (1,069) Movement in deferred tax relating to retirement benefit obligation 150 337 103 -------- -------- -------- Other comprehensive expense (733) (1,642) (887) -------- -------- -------- Total comprehensive (expense)/income recognised for the period attributable to equity shareholders (347) (1,673) 1,448 -------- -------- --------
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 2020
30/06/20 30/06/19 31/12/19 (Unaudited) (Unaudited) (Audited) GBP'000 GBP'000 GBP'000 Assets Non-current assets Property, plant and equipment 5,089 4,588 5,296 Intangible assets 650 720 610 Goodwill 700 1,734 700 Deferred tax asset 1,239 1,775 1,115 --------- --------- -------- 7,678 8,817 7,721 --------- --------- -------- Current assets Inventories 2,456 2,276 2,134 Trade and other receivables 3,046 2,612 2,401 Cash and cash equivalents 1,696 1,397 1,278 Current tax asset - - - Derivative financial asset 7 6 - --------- --------- --------- 7,205 6,291 5,813 --------- --------- --------- Liabilities Current liabilities Trade and other payables (3,534) (2,765) (2,306) Bank borrowings (2,126) (2,698) (2,423) Derivative financial obligations - - (8) Lease obligations (32) (31) (32)
--------- --------- --------- (5,692) (5,494) (4,769) --------- --------- --------- Net current assets 1,513 797 1,044 --------- --------- --------- Non-current liabilities Retirement benefit obligation (7,359) (10,539) (6,558) Lease obligations (50) (82) (66) Deferred tax liabilities (458) (443) (470) --------- --------- --------- Net assets/(liabilities) 1,324 (1,450) 1,671 --------- --------- --------- Capital and reserves Share capital 250 250 250 Retained earnings 1,074 (1,700) 1,421 --------- --------- --------- Total equity 1,324 (1,450) 1,671 --------- --------- ---------
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 Total equity Capital earnings GBP'000 GBP'000 GBP'000 At 1 January 2019 250 (27) 223 Total comprehensive income recognised for the period - (1,673) (1,673) --------- --------- --------- At 30 June 2019 250 (1,700) (1,450) --------- --------- --------- At 1 January 2020 250 1,421 1,671 Total comprehensive expense recognised for the period - (347) (347) --------- --------- --------- At 30 June 2020 250 1,074 1,324 --------- --------- ---------
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 2020
Half year Half year Year ended ended ended 30/06/20 30/06/19 31/12/19 (Unaudited) (Unaudited) (Audited) Note GBP'000 GBP'000 GBP'000 Cash flows from operating activities Cash generated from operations 4 787 32 404 UK corporation tax received - - (57) Interest paid (12) (23) (36) --------- --------- --------- Cash generated from operating activities 775 9 311 --------- --------- --------- Cash flows from investing activities Purchase of property, plant and equipment (30) (158) (212) Purchase of intangible assets (12) - (83) Proceeds from sales of property, plant and equipment - 9 20 --------- --------- --------- Net cash outflow from investing activities (42) (149) (275) --------- --------- --------- Cash flows from financing activities Capital element of operating/finance lease repayments (18) (15) (36) Proceeds from borrowing 510 526 397 Decrease in overdraft (807) (432) (577) --------- --------- --------- Net cash (used in)/generated from financing activities (315) 79 (216) --------- --------- --------- Net increase/(decrease) in cash and cash equivalents 418 (61) (180) Opening cash and cash equivalents 1,278 1,458 1,458 --------- --------- --------- Closing cash and cash equivalents 1,696 1,397 1,278 --------- --------- ---------
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 2020
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 2019 Annual Report and Accounts. The comparative figures for the year ended 31 December 2019 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, but did contain an emphasis of matter paragraph in respect of the Group's ability to continue as a going concern due to the significant uncertainty caused by Coronavirus. They did not contain any statement under Section 498 of the Companies Act 2006. The 2019 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 30/06/20 30/06/19 31/12/19 (Unaudited) (Unaudited) (Audited) GBP'000 GBP'000 GBP'000 Settlement gain 3,069 Goodwill impairment provision - - (1,034) Property impairment reversal - - 691 ---------- --------- --------- - - 2,726 ---------- --------- --------- The settlement gain relates to the reduction in pension scheme liabilities (net of assets transferred) following two executive members transferring out of the scheme with the agreement of the scheme Trustee. The goodwill impairment provision relates to a reduction in the carrying value of ESE Direct Limited. The property impairment reversal reflects the increased value of the Group's freehold property following a recent re-valuation. The property's value was previously impaired by GBP1.22m in 2017. 3. Taxation Half year Half year Year ended ended ended 30/06/20 30/06/19 31/12/19 (Unaudited) (Unaudited) (Audited) GBP'000 GBP'000 GBP'000 Current tax 24 - 41 Deferred tax 14 (21) 511 --------- --------- --------- 38 (21) 552 --------- --------- --------- The effective tax rate is 9%.
4. Cash generated from operations Half year Half year Year ended ended ended 30/06/20 30/06/19 31/12/19 (Unaudited) (Unaudited) (Audited) GBP'000 GBP'000 GBP'000 Profit/(Loss) before tax 424 (52) 2,887 Net finance costs 81 145 285 Depreciation and amortisation 210 205 414 Defined benefit pension scheme contributions paid (150) - (125) Property impairment reversal - - (691) Settlement gain related to defined benefit pension scheme Exceptional impairment provision - - (3,069) Profit on sale of property, plant and equipment - - 1,034 - (4) (8) Increase in inventories (322) (329) (186) (Increase)/Decrease in trade and other receivables (652) (27) 189 Increase/(Decrease) in trade and other payables 1,196 94 (326) --------- --------- --------- Cash generated from operating activities 787 32 404 --------- --------- ---------
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 SFSFMWESSELA
(END) Dow Jones Newswires
August 18, 2020 02:00 ET (06:00 GMT)
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