Slingsby(H.C.)Plc Trading Update (4356Q)
June 19 2020 - 2:00AM
UK Regulatory
TIDMSLNG
RNS Number : 4356Q
Slingsby(H.C.)Plc
19 June 2020
19 June 2020
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 five months ended 31 May 2020 in
advance of the Annual General Meeting which is to be held at 10.00
a.m. today.
In the Chairman's Statement accompanying the Annual Report and
Accounts for the year ended 31 December 2019, it was reported that
whilst Group sales were 4 per cent. lower in the three months to 31
March 2020 compared with the corresponding period in 2019, improved
Group gross profit margin and lower overheads had led to operating
profit being ahead of the same period in the prior year.
Group sales in the five months to 31 May 2020 were 3 per cent.
lower when compared to the same period in the prior year. The
trends in Group gross profit margin and overheads experienced in
the first quarter of 2020 have continued in the second quarter and,
as a result, operating profit in the five months to the end of May
2020 has remained higher when compared with the same period to May
2019.
The market remains competitive and the Group remains cautious
regarding the outlook. This is particularly the case due to the
significant uncertainty caused by Coronavirus. Orders are
concentrated on a limited product range and it is unclear as to the
impact that the virus will have on demand going forward. There is
also heightened potential for credit related issues should
companies become insolvent. Furthermore, demand could be impacted
as we approach the end of the Brexit transition period.
The Board
The position as regards the composition of the Board remains as
previously reported.
Cash Position
The Group had net debt of GBP0.95 million as at 31 May 2020
compared to GBP1.3 million as at 31 May 2019 and GBP1.1 million as
at 31 December 2019. The Group is operating within its existing
banking facilities and considers that it has additional funding
options available should the need arise. The Group continues to
make payments to the defined benefit pension scheme in accordance
with the agreement reached with the scheme's trustee in December
2019 and is utilising appropriate Government schemes to assist with
cashflow.
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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