30th Jun 2016 08:45
LONDON (Alliance News) - Industrial and commercial equipment distributor HC Slingsby PLC on Thursday said its sales decline slowed in May but margins have taken a hit.
The company said sales in the five months to the end of May were down 1.0% year-on-year, an improvement on the 3.3% decline in sales it saw in the first four months of the year.
Margins, however, have come under pressure amid competitive market conditions, and operating profit for the five months to the end of May was weaker year-on-year, Slingsby said.
The company said June sales are likely to be weaker year-on-year and, therefore, any benefit accrued to its pretax profit performance from lower costs is likely to be eroded, the firm added.
Slingsby shares were untraded on Thursday, having last traded at 150.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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