20th Aug 2019 10:03
(Alliance News) - HC Slingsby PLC said Tuesday it sank to an interim loss despite revenue rising, after margins suffered and overheads increased amid variable orders and an uncertain economic backdrop.
For the six months ended June, the industrial equipment supplier sank to a GBP53,000 pretax loss from a GBP76,000 profit a year prior. This was despite revenue rising 2.1% to GBP9.9 million from GBP9.7 million the year before.
Slingsby did not propose an interim dividend, in line with the year prior.
"In my trading update of 12 June, I reported that group sales in the five months to the end of May were 3.5% higher than prior year but that adverse movements in gross margin and overheads meant that operating profit was lower than the comparable period in 2018," Slingsby Interim Executive Chair Dominic Slingsby said.
"Variability in order intake experienced since the decision to extend the Brexit date, the unwinding of customers' plans for this event and the economic uncertainty created, led us to be cautious regarding the short-term outlook," Dominic Slingsby added.
"We remain cautious regarding the outlook due to the continued variability in order intake, economic uncertainty and the competitive nature of the marketplace."
Shares in Slingsby were untraded at 70.21 pence in London on Tuesday.
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