4th Aug 2023 08:40
(Alliance News) - HC Slingsby PLC on Friday reported a narrow revenue rise and profit fall, with inflationary headwinds persisting in its half year.
Revenue in the six months ended June 30 was GBP11.5 million, up 4.% from GBP11.0 million, whilst pretax profit in its first half was GBP197,000, was GBP244,000.
"The market continues to be highly competitive, and it remains unclear what impact the aforementioned factors will have on demand going forward," said Chair Dominic Slingsby.
"Inflationary pressures remain, particularly in regards to overheads and this is considered by the Directors likely to persist for the remainder of the year. In the current economic environment, there is also heightened potential for credit related issues should customers become insolvent."
HC Slingsby had net assets of GBP4.41 million on June 30, down 5.8% from GBP4.68 million the year before.
Net cash was GBP400,000 on June 30, down 20% from GBP500,000 the year before.
"The group continues to operate within its existing banking facilities and the directors continue to believe that the group has additional funding options available should the need arise," said HC Slingsby.
The company did not declare an interim dividend for its half year, due to the "uncertain outlook".
Shares in HC Slingsby were flat at 253.00 pence in London on Friday morning.
By Will Neill, Alliance News reporter
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