8th May 2018 10:45
LONDON (Alliance News) - Shares in H C Slingsby PLC dropped on Tuesday as its loss widened for 2017 despite an increase in revenue due to a one-off impairment of property, plants and equipment.
Shares in the industrial and commercial equipment distributor fell 11% at 80.00 pence on Tuesday.
In addition, H C Slingsby has promoted Finance Director Morgan Morris as chief executive with immediate effect.
Morris has been finance director for three years since 2015, and he will retain those responsibilities as he replaces Dominic Slingsby, who will remain as interim executive chairman and operations director.
H C Slingsby is currently looking to appoint a new chairman in due course.
Pretax loss for 2017 widened to GBP995,000 from GBP732,000 the year before, despite revenue growing to GBP19.2 million from GBP18.0 million in 2016.
The widened loss was due to a tenfold rise in exceptional costs to GBP1.2 million from GBP102,000, due to an impairment of property and equipment, coming from H C Slingsby commissioning a valuation of the freehold property at Baildon in West Yorkshire, which was GBP1.2 million lower than its carrying amount.
Group sales for the three months to the end of March 2018 were down 6.0% below the same period the year before, due to unusually large orders received in 2016, which benefited for first quarter of 2017.
"The market remains competitive and whilst we consider that the group is on a stronger footing due to the changes in marketing strategy, which includes a renewed focus on product development, and from synergies realised, we are cautious regarding the outlook," Dominic Slingsby said.
Related Shares:
Slingsby H.c