7th Aug 2018 11:12
LONDON (Alliance News) - HC Slingsby PLC on Tuesday posted a significant drop in profit for the first half of the year due to large non-recurring orders the year before.
In the six months to June, the equipment distributor recorded a GBP76,000 profit, a 38% drop from GBP123,000 the year before.
Slingsby issued a profit warning back in June, saying that in the five months to May its group sales had fallen 1% from the same period of 2017. This gap widened to 2% in the full six months, resulting from the large number of 2017 orders that did not repeat in 2018. Revenue slipped to GBP9.7 million from GBP9.9 million.
The company will not pay an interim dividend. Its net assets more than doubled, however, reaching GBP1.8 million from GBP699,000.
"We are pleased that the group has sustained the profitable trading performance from 2017. We do however remain cautious regarding the outlook due to the volatility that we have experienced in the recent past and the competitive nature of the marketplace," said Interim Executive Chairman Dominic Slingsby.
Shares in HC Slingsby were untraded at 70.00 pence on Tuesday.
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