18th May 2020 12:05
(Alliance News) - HC Slingsby PLC on Monday reported a swing to profit for 2019 but noted a "large" decline in demand in its first quarter due to the Covid-19 pandemic.
Shares in the industrial equipment supplier were trading 3.9% higher at 67.50 pence each on Monday morning in London.
HC Slingsby posted pretax profit of GBP2.9 million for 2019, swinging from a loss of GBP633,000 reported for 2018. Revenue for the year was GBP19.6 million, down 1% from GBP19.8 million.
The company attributed the slightly lower revenue to lower sales of seasonal products - in both winter and summer - due to "milder weather".
Subsidiary, ESE Direct Ltd generated sales of GBP6.4 million, down from GBP6.5 million in 2018.
No dividend was declared, unchanged from the year prior.
Separately, HC Slingsby said that sales in the first quarter of 2020 fell by 4% due to the coronavirus pandemic. It added it has seen a large fall in demand from customers in certain sectors and a rise in orders on a limited number of products from a smaller number of customers.
"The market remains competitive and we are cautious regarding the outlook. This is particularly the case due to significant uncertainty created by the coronavirus. I would like to thank our staff across the group for their efforts in 2019 and particularly since the outbreak. Across the group, we are proud of our position as a key supplier to the NHS and related sectors and have worked hard to ensure that we have remained open for business," said Interim Executive Chair Dominic Slingsby.
By Ife Taiwo; [email protected]
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