We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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% | 300.00 | 250.00 | 350.00 | 300.00 | 300.00 | 300.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
General Indl Mach & Eq, Nec | 22.64M | 233k | 0.2219 | 13.52 | 3.15M |
TIDMSLNG
RNS Number : 2445J
Slingsby(H.C.)Plc
20 August 2021
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.
20 August 2021
H C Slingsby plc
("Slingsby" or "the Company")
Report for the half year ended 30 June 2021
Statement by the Chairman
Trading
In my trading update of 9 June 2021, I reported that Group sales in the four months to 30 April 2021 were 6% higher than prior year but that gross margin was lower, meaning that unaudited profit before tax was GBP0.1m compared to GBP0.2m in the prior year. We were cautious regarding the outlook due to continued uncertainty caused by the coronavirus pandemic. Whilst the Group's sales grew in 2020 due to demand for virus related products, the same level of order intake that was experienced in 2020 had not recurred in 2021. In addition, the Group has experienced significant cost price increases across its product range as well as higher shipping costs and delays which impacted on gross margin.
Group sales in the six months to 30 June 2021 were 5% lower than in the same period in 2020. This fall in sales together with a continuation in the trend regarding gross margin, led to an unaudited profit before tax of GBP0.1m in 2021 compared to an unaudited profit before tax of GBP0.4m in the same period in 2020.
The market remains competitive and it remains unclear what impact the pandemic will have on demand going forward. The downward trend in gross margin is likely to persist for the remainder of the year and there is also heightened potential for credit related issues should customers become insolvent.
Balance sheet
The Group had net assets of GBP1.96m at 30 June 2021 compared to net assets of GBP1.21m at 31 December 2020. This improvement is due to a decrease in the liability relating to the defined benefit pension scheme of GBP0.7m (after associated deferred tax). The retirement benefit obligation decreased during the six months to 30 June 2021 due to an increase in the discount rate used by the scheme actuary. This has the impact of decreasing scheme liabilities, which outweighed a decrease in the value of scheme assets. The Company made deficit reduction contributions totalling GBP199,000 in the six months to 30 June 2021, in line with the agreement with the scheme's Trustee.
Cashflow
The Group had net cash of GBP0.8m at 30 June 2021 (net debt of GBP0.4m at 30 June 2020) compared to GBP0.3m at 31 December 2020. 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
Due to the uncertain outlook, the Board has decided not to declare an interim dividend. It is the Board's intention to re-commence dividend payments to shareholders as soon as it is prudent to do so.
People
We would like to thank our employees for their hard work and flexibility which has enabled the Group to continue its operations during a challenging 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 / George Payne 020 3328 5656
Unaudited Condensed Consolidated Income Statement for the half year ended 30 June 2021
Half year Half year Year ended ended ended 30/06/21 30/06/20 31/12/20 (Unaudited) (Unaudited) (Audited) Note GBP'000 GBP'000 GBP'000 Revenue 9,950 10,455 21,806 --------- --------- --------- Operating profit 156 505 1,263 Finance costs (61) (81) (154) -------- -------- -------- Profit before taxation 95 424 1,109 Taxation 2 (26) (38) (163) -------- -------- -------- Profit for the period attributable to 69 386 946 equity shareholders -------- -------- -------- Basic and diluted weighted average earnings per share 6.6p 38.6p 92.3p -------- -------- --------
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 2021
Half year Half year Year ended ended ended 30/06/21 30/06/20 31/12/20 (Unaudited) (Unaudited) (Audited) GBP'000 GBP'000 GBP'000 Profit for the period 69 386 946 Items that will not be reclassified to profit or loss Remeasurements of post-employment benefit obligations 842 (883) (1,784) Movement in deferred tax relating to retirement benefit obligation (160) 150 339 -------- -------- -------- Other comprehensive income/(expense) 682 (733) (1,445) -------- -------- -------- Total comprehensive income/(expense) recognised for the period attributable to equity shareholders 751 (347) (499) -------- -------- --------
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 2021
30/06/21 30/06/20 31/12/20 (Unaudited) (Unaudited) (Audited) GBP'000 GBP'000 GBP'000 Assets Non-current assets Property, plant and equipment 4,962 5,089 5,084 Intangible assets 453 650 518 Goodwill 700 700 700 Deferred tax asset 1,367 1,239 1,553 --------- --------- -------- 7,482 7,678 7,855 --------- --------- -------- Current assets Inventories 2,164 2,456 2,224 Trade and other receivables 2,658 3,046 2,632 Cash and cash equivalents 2,076 1,696 1,781 Derivative financial asset 2 7 - --------- --------- --------- 6,900 7,205 6,637 --------- --------- --------- Liabilities Current liabilities Trade and other payables (3,172) (3,534) (2,948) Bank borrowings (1,275) (2,126) (1,506) Derivative financial obligations - - (7) Lease obligations (34) (32) (34) Current tax liabilities (150) - - --------- --------- --------- (4,631) (5,692) (4,495) --------- --------- --------- Net current assets 2,269 1,513 2,142 --------- --------- --------- Non-current liabilities Retirement benefit obligation (7,194) (7,359) (8,175) Lease obligations (15) (50) (32) Deferred tax liabilities (583) (458) (582)
--------- --------- --------- Net assets 1,959 1,324 1,208 --------- --------- --------- Capital and reserves Share capital 262 250 262 Share premium 24 - 24 Retained earnings 1,673 1,074 922 --------- --------- --------- Total equity 1,959 1,324 1,208 --------- --------- ---------
The above unaudited consolidated balance sheet should be read in conjunction with the accompanying notes .
Unaudited Consolidated Statement of Changes in Shareholders' Equity
Share Share premium Retained Total equity Capital GBP'000 earnings GBP'000 GBP'000 GBP'000 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 --------- --------- --------- --------- At 1 January 2021 262 24 922 1,208 Total comprehensive income recognised for the period - - 751 751 --------- --------- --------- --------- At 30 June 2021 262 24 1,673 1,959 --------- --------- --------- ---------
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 2021
Half year Half year Year ended ended ended 30/06/21 30/06/20 31/12/20 (Unaudited) (Unaudited) (Audited) Note GBP'000 GBP'000 GBP'000 Cash flows from operating activities Cash generated from operations 3 590 787 1,594 UK corporation tax paid - - (41) Interest received/(paid) 1 (12) (13) --------- --------- --------- Cash generated from operating activities 591 775 1,540 --------- --------- --------- Cash flows from investing activities Purchase of property, plant and equipment (44) (30) (108) Purchase of intangible assets (3) (12) (18) Proceeds from sales of property, plant and equipment - - 6 --------- --------- --------- Net cash outflow from investing activities (47) (42) (120) --------- --------- --------- Cash flows from financing activities Capital element of lease payments (18) (18) (36) Proceeds from share issue - - 36 Proceeds from/(repayment of) borrowing - 510 (1,034) (Decrease)/Increase in overdraft (231) (807) 117 --------- --------- --------- Net cash used in financing activities (249) (315) (917) --------- --------- --------- Net increase in cash and cash equivalents 295 418 503 Opening cash and cash equivalents 1,781 1,278 1,278 --------- --------- --------- Closing cash and cash equivalents 2,076 1,696 1,781 --------- --------- ---------
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 2021
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 2020 Annual Report and Accounts. The comparative figures for the year ended 31 December 2020 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. They did not contain any statement under Section 498 of the Companies Act 2006. The 2020 accounts have been delivered to the Registrar of Companies. The Company has chosen not to adopt IAS 34 'Interim Financial Statements'. 2. Taxation Half year Half year Year ended ended ended 30/06/21 30/06/20 31/12/20 (Unaudited) (Unaudited) (Audited) GBP'000 GBP'000 GBP'000 Current tax - 24 150 Deferred tax 26 14 13 --------- --------- --------- 26 38 163 --------- --------- --------- The effective tax rate is 27%. 3. Cash generated from operations Half year Half year Year ended ended ended 30/06/21 30/06/20 31/12/20 (Unaudited) (Unaudited) (Audited) GBP'000 GBP'000 GBP'000 Profit before tax 95 424 1,109 Net finance costs 61 81 154 Depreciation and amortisation 234 210 430 Defined benefit pension scheme contributions paid (199) (150) (304) Profit on sale of property, plant and equipment - - (6) Decrease/(Increase) in inventories 60 (322) (90) Decrease in trade and other receivables (27) (652) (231) Increase in trade and other payables 366 1,196 532 --------- --------- --------- Cash generated from operating activities 590 787 1,594 --------- --------- ---------
4. Availability of Interim Report
The Interim Report will be available on the Company's website www.slingsby.com.
, 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.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IR SFAESUEFSEEA
(END) Dow Jones Newswires
August 20, 2021 02:00 ET (06:00 GMT)
1 Year Slingsby (h.c.) Chart |
1 Month Slingsby (h.c.) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions