Slingsby(H.C.)Plc Trading Update (2403B)
09 Junio 2021 - 01:00AM
UK Regulatory
TIDMSLNG
RNS Number : 2403B
Slingsby(H.C.)Plc
09 June 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.
9 June 2021
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 2021 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 2020, it was reported that
Group sales were 8 per cent. higher in the three months to 31 March
2021 compared with the corresponding period in 2020. This
improvement in sales offset the impact of a fall in Group gross
profit margin and had led to an unaudited profit before tax in line
with that achieved in the same period in the prior year of
GBP0.1m.
Group sales in the four months to 30 April 2021 were 6 per cent.
higher when compared to the same period in the prior year. The
trend in Group gross profit margin experienced in the first quarter
of 2021 has continued in the second quarter and, as a result,
unaudited profit before tax in the four months to the end of April
2021 has remained at GBP0.1m. Unaudited profit before tax in the
four months to 30 April 2020 was GBP0.2m.
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. Whilst the Group's
sales grew in 2020 due to demand for Coronavirus related products,
the Group has not experienced the same level of orders in April and
May 2021 that it did during 2020. 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 customers
become insolvent.
The Group continues to experience significant cost increases
across its product range as well as higher shipping costs and
delays. These increases impacted on gross margin in the first four
months of 2021 and the Directors consider the impact on gross
margins is likely to persist for the remainder of the year.
Cash Position
The Group had unaudited net cash of GBP0.9 million as at 30
April 2021 compared to GBP1.2 million net debt as at 30 April 2020
and GBP0.3 million net cash as at 31 December 2020. The Group's
banking facilities remain in place and 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.
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 / George Payne
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END
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