10th May 2019 12:20
LONDON (Alliance News) - HC Slingsby PLC on Friday said it saw a continued sales growth in the first quarter of its current financial year following a rise in revenue in 2018.
The industrial equipment supplier said pretax loss narrowed in the year to GBP633,000 from GBP995,000 reported a year earlier, as revenue rose by 3.0% to GBP19.8 million from GBP19.2 million.
The company's subsidiary, ESE Direct Ltd, generated sales of GBP6.5 million, down from GBP6.8 million the year before, due to large orders delivered in early 2017 not recurring in 2018. Web sales were also lower than expected.
Despite this, profitability was maintained due to a reduction in overheads and an improvement in the margin.
Looking ahead, the company said its sales grew by 5% in the first quarter of 2019. However, a reduction in Slingsby's margin and an increase in its overheads has led to operating profit for the period being lower than in the prior year.
"Our sales performance to date in 2019 continues to provide grounds for optimism and the investments made during 2018 can be built upon to further enhance efficiency," said Interim Executive Chair Dominic Slingsby.
The stock was untraded on Friday, last closing at 85.00 pence a share.
Related Shares:
Slingsby H.c