18th Sep 2015 07:56
LONDON (Alliance News) - Industrial and commercial equipment distributor HC Slingsby posted a slightly wider pretax loss for the first half of 2015 on Friday due to it booking higher one-off costs related to the acquisition of ESE Direct in Norwich and said it would scrap its dividend amid tough trading conditions.
Slingsby's pretax loss was GBP408,000 for the six months to the end of June, compared to GBP381,000 a year earlier, while revenue was up to GBP7.7 million from GBP6.4 million. The loss was widened by costs related to Slingsby buying ESE Direct in March.
The rise in revenue was driven by ESE Direct, as sales for Slingsby in the first five months were down 3% amid volatile market conditions. On a combined basis, sales were down 2% year-on-year.
Given its tough trading environment, the company said it will not pay an interim dividend but will review this in light of the outcome for the full year. It paid an interim dividend of 2.0 pence per share in 2014.
Shares in Slingsby were down 11% on Friday morning to 300.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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