Slingsby(H.C.)Plc
29 September 2006
H C SLINGSBY PLC
29 September 2006
Immediate Release
R G Hudson
H C Slingsby plc
Report for the half year ended 30 June 2006
Statement by the Chairman
Further to the trading statement made at the end of May, I duly confirm that the
effects of the implementation of our new business system and the premises move
have had a significant impact on the group's turnover and pre-tax profit figures
which are disappointingly down on last year.
However, we have successfully completed the office part of the business move and
are now operating on one site, which is helping to gradually improve our
operating efficiencies.
The current order book has shown improvement from the reduction on the previous
year experienced at the end of May, but trading conditions remain tough in an
ever increasingly competitive market sector. A review of overhead expenditure
has been carried out by the board and a rationalisation plan has been
implemented. I do however believe that the prospects and potential of the
business remain positive in the medium to long term.
Your board is pleased to recommend an interim dividend of 5.0p (2005: 7.0p).
This will be paid on 4 January 2007 to shareholders on the Register at the close
of business on 1 December 2006.
J F Slingsby
Chairman
29 September 2006
Registered Office
Otley Road, Baildon, Shipley BD17 7LW
H C Slingsby plc
Consolidated Profit and Loss Account for the half year ended 30 June 2006
Half year Half year Year ended
ended 30/06/06 ended 30/06/05 31/12/05
Unaudited Unaudited Audited
£'000 £'000 £'000
Turnover 9,694 10,221 19,886
--------- --------- ---------
Operating profit before exceptional item 393 838 1,468
Exceptional item - (128) (128)
--------- -------- ---------
Operating profit 393 710 1,340
(Loss)/profit on disposal of fixed assets (3) 2 2,287
-------- -------- --------
Profit on ordinary activities before
interest and taxation 390 712 3,627
Interest receivable 53 83 96
Interest payable (48) - (50)
Other finance expense (34) (29) (57)
-------- -------- --------
Profit on ordinary activities before
taxation 361 766 3,616
Taxation (100) (174) (449)
-------- -------- --------
Profit attributable to shareholders 261 592 3,167
Dividends (450) (420) (420)
-------- -------- --------
Sustained (loss)/retained profit (189) 172 2,747
-------- -------- --------
Basic and diluted earnings per share 26.1p 59.2p 316.7p
-------- -------- --------
Proposed interim dividend per share 5.0p 7.0p
-------- --------
The results set out above derive entirely from continuing operations.
H C Slingsby plc
Statement of Group Total Recognised Gains and Losses for the half year ended 30
June 2006
Half year Half year Year ended
ended 30/06/06 ended 30/06/05 31/12/05
Unaudited Unaudited Audited
£'000 £'000 £'000
Profit for the financial period 261 592 3,167
Actuarial gain/(loss) on pension scheme 425 (311) (1,198)
Movement in deferred tax relating to pension
asset (128) - 359
Exchange adjustment (3) 12 4
-------- -------- --------
Total gains recognised for the period 555 293 2,332
-------- -------- --------
H C Slingsby plc
Group Balance Sheet as at 30 June 2006
30/06/06 30/06/05 31/12/05
Unaudited Unaudited Audited
£'000 £'000 £'000
Fixed Assets
Tangible assets 7,849 5,979 6,538
--------- --------- --------
7,849 5,979 6,538
--------- --------- --------
Current assets
Stock 1,609 1,554 1,623
Debtors 3,550 3,932 4,105
Cash at bank and in hand 2,555 721 4,056
--------- --------- ---------
7,714 6,207 9,784
Creditors: Amounts falling due within one
year (4,935) (4,665) (5,485)
--------- --------- ---------
Net current assets 2,779 1,542 4,299
--------- --------- ---------
Total assets less current liabilities 10,628 7,521 10,837
Creditors: Amounts falling due after more
than one year (433) - (613)
Provisions for liabilities and charges
Deferred taxation (294) (101) (174)
--------- --------- ---------
Net assets excluding pension liability 9,901 7,420 10,050
Pension liability (2,625) (2,295) (2,879)
--------- --------- ---------
Net assets including pension liability 7,276 5,125 7,171
--------- --------- ---------
Capital and reserves
Called up share capital 250 250 250
Profit and loss account 7,026 4,875 6,921
--------- --------- ---------
Equity shareholders' funds 7,276 5,125 7,171
--------- --------- ---------
H C Slingsby plc
Consolidated Cash Flow Statement for the half year ended 30 June 2006
Half year Half year Year ended
ended 30/06/06 ended 30/06/05 31/12/05
Unaudited Unaudited Audited
£'000 £'000 £'000
Note
Net cash inflow/(outflow) from
operating activities 1 457 (451) 995
Returns on investments and servicing
of finance
Bank interest received 53 94 106
Interest element of financial lease
payments (79) - (18)
--------- --------- ---------
Net cash (outflow)/inflow from returns
on investments and servicing of
finance (26) 94 88
--------- --------- ---------
Taxation
UK corporation tax paid (323) - (450)
Capital expenditure and financial
investment
Purchase of tangible fixed assets (1,312) (4,470) (5,046)
Sales of tangible fixed assets 2 22 3,380
- 300 300
Sale of investment
--------- --------- ---------
Net cash outflow from capital
expenditure and financial investment (1,310) (4,148) (1,366)
Equity dividends paid (70) (70) (420)
--------- --------- ---------
Net cash outflow before management
of liquid resources and financing (1,272) (4,575) (1,153)
Management of liquid resources
Decrease in short term deposits
with banks 1,459 4,900 1,900
Financing: Capital element of finance
lease payments (226) - (76)
--------- --------- ---------
(Decrease)/increase in cash in the
period 2 (39) 325 671
--------- --------- ---------
H C Slingsby plc
Notes to the Report for the half year ended 30 June 2006
1. Reconciliation of operating profit to net cash inflow from operating
activities
Half year Half year Year ended
ended 30/06/06 ended 30/06/05 31/12/05
Unaudited Unaudited Audited
£'000 £'000 £'000
Operating profit 393 710 1,340
Depreciation 330 149 394
Difference between pension charge and
contributions 27 (9) (109)
Decrease in stocks 14 71 2
Decrease/(increase) in trade debtors 315 (340) (808)
Decrease/(increase) in prepayments 237 (432) (151)
(Decrease)/increase in trade creditors (302) (247) 197
Increase/(decrease) in other taxation and social
security
66 (234) (128)
(Decrease)/increase in other creditors and
accruals (623) (119) 258
--------- --------- ---------
Net cash inflow/(outflow) from
operating activities 457 (451) 995
--------- --------- ---------
2. Reconciliation to net cash
Half year Half year Year ended
ended 30/06/06 ended 30/06/05 31/12/05
Unaudited Unaudited Audited
£'000 £'000 £'000
Changes during the year
Net cash at 1 January 4,056 5,281 5,281
(Decrease)/increase in net cash (39) 325 671
Movement in short term deposits (1,459) (4,900) (1,900)
Exchange adjustment (3) 15 4
--------- --------- ---------
Net cash 2,555 721 4,056
--------- --------- ---------
H C Slingsby plc
Notes to the Report for the half year ended 30 June 2006 cont.
3. The financial information contained in this unaudited interim statement
does not constitute statutory accounts within the meaning of section 240 of the
Companies Act 1985. The interim financial statements, which are unaudited, have
been prepared on the basis of the accounting policies set out in the 2005 Annual
Report and Accounts.
4. The comparative figures for the year ended 31 December 2005 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, and which
are adjusted for new accounting policies adopted in the period. The 2005
accounts have been delivered to the Registrar of Companies.
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