Slingsby(H.C.)Plc Trading Update (8700B)
June 12 2019 - 2:00AM
UK Regulatory
TIDMSLNG
RNS Number : 8700B
Slingsby(H.C.)Plc
12 June 2019
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.
12 June 2019
H C SLINGSBY PLC
("Slingsby", "the Group" or the "Company")
Trading Update
HC Slingsby PLC, one of the market leaders in the distribution
of industrial and commercial equipment, issues the following
trading update in respect of the four months ended 30 April 2019 in
advance of the Annual General Meeting being held later today at
10.00 a.m.
In the Chairman's Statement accompanying the annual results for
the year ended 31 December 2018, it was reported that whilst Group
sales were 5 per cent. higher in the three months to 31 March 2019
compared with the corresponding period in 2018, adverse movements
in Group margin and increased overheads had led to operating profit
being lower than the same period in the prior year.
Group sales in the five months to 31 May 2019 were 3.5 per cent.
higher when compared to the same period in the prior year,
reflecting the lower level of growth seen during April and May
2019. The trends in Group margin and overheads experienced in the
first quarter of 2019 have continued in the second quarter and, as
a result, operating profit in the four months to the end of April
2019 have remained lower when compared with the same period to
April 2018.
The Group has suffered variability in its level of order intake
since the decision to extend the Brexit date, which was an event
the Group and a portion of its customer base had planned for. The
effect on short term demand from the unwinding of these plans,
together with the additional economic uncertainty created by the
Brexit extension, means that we are cautious regarding the outlook
for the results for the six months to 30 June 2019.
The position as regards the composition of the Board and
situation with the defined benefit pension scheme remains as
previously reported.
Cash Position
The Group had net debt of GBP1.3m as at 31 May 2019 compared to
GBP1.4m as at 31 May 2018. The Group continues to operate within
its existing banking facilities and considers that it has
additional funding options available should the need arise.
Uncertainty remains regarding the quantum and timing of future
payments to the defined benefit pension scheme.
For further information, please contact:
H C Slingsby PLC Tel: 01274
535 030
Dominic Slingsby, Interim Executive Chairman
and Operations Director
Morgan Morris, Group Chief Executive
Allenby Capital Limited Tel: 020 3328
5656
David Worlidge / Nicholas Chambers
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END
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