18th Aug 2020 13:44
(Alliance News) -Â HC Slingsby PLC on Tuesday posted a swing to profit for its half-year after a surge in orders in June.
Shares in HC Slingsby were up 80% at 224.40 pence in London on Tuesday.
Revenue for the half-year to June 30 was GBP10.5 million, up from GBP9.9 million a year ago. The firm swung to a pretax profit of GBP424,000 from a loss of GBP52,000.
The industrial and commercial equipment distributor said it received a "high level" of orders in June which, though "challenging" to fulfil, led to a 50% increase in sales for the month.
As a result, sales for the interim period overall were up 5% year-on-year and this, combined with an improved gross margin, led to the swing to profit.
"Orders remain focussed on a limited number of products. The group has managed to largely fulfil demand for these products to enable customers to continue or re-start their operations in accordance with government coronavirus guidance. However, we remain cautious that this increase in demand is short term and economic conditions may deteriorate should our customers suffer from lower levels of activity than they experienced prior to the pandemic when government stimulus measures are withdrawn," the Bradford, England-based firm said.
By Lucy Heming;Â [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Slingsby H.c