Final Results
25 April 2003 - 5:51PM
UK Regulatory
RNS Number:4061K
Slingsby(H.C.)Plc
25 April 2003
H C SLINGSBY PLC
Preliminary announcement for the year to 31 December 2002
Statement by the Chairman
It is satisfying to report that despite a 3.8% drop in turnover we have achieved
a pre-tax profit figure of #1.1million which is very similar to last year's
performance. This result has been achieved in overall terms by improvements in
our operating efficiency, tighter cost control and the effort and enthusiasm of
the staff at all levels.
In August 2002, the Company achieved certification to ISO9001: 2000 following a
period of investment in education and quality awareness of personnel.
Continuing along this theme, we are examining our commercial activities across
the business and are about to embark on a number of significant projects
including site and facilities re-organisation and lean engineering development
programmes.
Throughout the year, our marketing strategy has continued to evolve. Superior
segmentation of our customer base and more accurate targeting of campaigns have
resulted in an improved return on investment and greater value from key
accounts. Our internet site has been completely re-designed to reflect our more
contemporary brand positioning and now supports our fully integrated e-commerce
facility. Extensive new product development was also a feature of the year and
our latest Spring/Summer 2003 catalogue incorporates nine thousand new additions
including many new categories of product.
The reduction in consumer confidence, and the general economic uncertainty on a
global level in advance of the troubles in the Gulf, brought about a marked
decline in commercial consumption as the year progressed, hampering our top line
sales performance. Furthermore, since the commencement of military action in
Iraq and as the nervousness of the economy continues, our order levels continue
to be affected and we now find ourselves slightly behind last year's cumulative
figure at the same point.
Your Board is pleased to recommend a final dividend of 25.0p per share (2001:
25.0p per share). The total dividend for the year is therefore 30.0p per share
(2001: 30.0p per share). The record date will be 30 May 2003 and the payment
date for the final dividend 1 July 2003.
J F Slingsby
Chairman
25 April 2003
Registered Office
Preston Street
Bradford
West Yorkshire
BD7 1JF
The following extracts are not full financial statements for the Company. Full
financial statements will be issued to the shareholders on 23 May 2003 and will
be available to members of the public at the registered office of the Company
from that date. The announcement has been agreed with the Company's auditors
for release.
The information for the year ended 31 December 2001 is an extract from the
statutory accounts to that date which have been delivered to the Registrar of
Companies. Those accounts included an audit report which was unqualified and
which did not contain a statement under Section 237(2) or (3) of the Companies
Act 1985. The statutory accounts for the year ended 31 December 2002, upon
which the auditors have still to report, will be delivered to the Registrar
following the Company's Annual General Meeting.
The Annual General Meeting will be held on 19 June 2003.
Profit and Loss Account for the year ended 31 December 2002
Unaudited Audited
2002 2001
#'000 #'000
(Restated)
Turnover - continuing operations 17,333 18,023
===== =====
Operating profit - Continuing Operations 994 1,014
Interest receivable 113 121
______ ______
Profit on ordinary activities before taxation 1,107 1,135
Taxation (319) (345)
______ ______
Profit attributable to shareholders 788 790
===== =====
Dividends :
Interim Paid 50 50
Proposed Final 250 250
______ ______
Earnings per share 78.8p 79.0p
===== =====
Earnings per share
Basic earnings per share is based upon earnings of #788,000 (2001: #790,000) and
on 1,000,000 (2001: 1,000,000) ordinary shares in issue during the year. There
is no difference between basic earnings per share and diluted earnings per share
for both years stated.
Statement of total recognised gains and losses for the year ended 31 December
2002
Unaudited Audited
2002 2001
#'000 #'000
(Restated)
Note
Retained profit for the year 488 490
Prior year adjustment 5 (50) -
______ ______
Total gains recognised since last annual report 490
438
===== =====
Balance Sheet as at 31 December 2002
Unaudited Audited
2002 2001
#'000 #'000
(Restated)
Fixed assets:
Tangible assets 1,799 1,762
Investments 300 300
______ ______
2,099 2,062
______ ______
Current assets:
Stock 1,326 1,409
Debtors 2,731 2,871
Cash at bank and in hand 3,755 3,398
______ ______
7,812 7,678
Creditors: Amounts falling due within one year (3,877) (4,210)
______ ______
Net current assets 3,935 3,468
______ ______
Total assets less current liabilities 6,034 5,530
Provisions for liabilities and charges:
Deferred taxation (78) (62)
______ ______
Net assets 5,956 5,468
===== =====
Capital and reserves:
Called up share capital 250 250
Profit and loss account 5,706 5,218
______ ______
Equity shareholders' funds 5,956 5,468
===== =====
Cash Flow Statement for the year ended 31 December 2002
Unaudited Audited
2002 2001
#'000 #'000
Operating activities:
Net cash inflow from operating activities (Note 1) 1,533 1,286
Returns on investments and servicing of finance:
Interest received 113 121
Taxation:
UK Corporation tax paid (354) (324)
Capital expenditure and financial investment:
Purchase of tangible fixed assets (414) (354)
Sales of tangible fixed assets 108
62
______ ______
Net cash outflow from capital expenditure
and financial investment (306) (292)
Equity dividends paid (300) (300)
______ ______
Net cash inflow before use of liquid resources 686 491
Management of liquid resources:
Increase in short term deposits with banks (300) (1,200)
______ ______
Increase / (decrease) in cash in the period 386 (709)
===== =====
Cash Flow Statement Notes for the year ended 31 December 2002
1. Reconciliation of operating profit to net cash inflow from operating
activities
Unaudited Audited
2002 2001
#'000 #'000
Net cash inflow from operating activities:
Operating Profit 994 1,014
Depreciation charges 301 303
Profit on sale of tangible fixed assets (18)
(6)
Decrease in stocks 83 66
Decrease in trade debtors 248 284
(Increase) / decrease in prepayments (118) 125
Increase / (decrease) in trade creditors 337
(443)
(Decrease) in other taxation and social security (38)
(12)
(Decrease) in other creditors and accruals (256) (45)
______ ______
Net cash inflow from operating activities 1,533 1,286
===== =====
2. Reconciliation to net cash
Unaudited Audited
2002 2001
#'000 #'000
Changes during the year
Cash at bank in hand at 1 January 3,069 2,578
Increase / (decrease) in net cash 386 (709)
Movement in short-term deposits 300 1,200
______ ______
Cash at bank and in hand at 31 December 3,755 3,069
===== =====
3. The financial statements, which are unaudited, have been prepared on the
basis of the accounting policies set out in the 2001 Annual Report and Accounts
except for the adoption of FRS 19 "Deferred Tax", the effects of which are
described in note 5.
4. The comparative figures for the year ended 31 December 2001 do not
constitute full financial statements and have been abridged from the full
accounts for the year ended on that date, on which the auditors gave an
unqualified report, as restated for the impact of FRS 19. The 2001 accounts
have been delivered to the Registrar of Companies.
5. Financial Reporting Standard 19 "Deferred Tax" has been adopted for the
first time in the financial statements and full provision for deferred tax has
been made. In previous periods the Company's accounting policy was not to
provide for deferred tax unless there was a reasonable probability that a
liability would arise in the foreseeable future. The change in policy has been
accounted for by means of a prior year adjustment of #45,000 as at 1 January
2001. The effect of the change in accounting policy has been to increase the
tax charge for the year ended 31 December 2001 by #5,000 and the results have
been restated accordingly. The cumulative adjustment to prior year reserves at
1 January 2002 is #50,000.
This information is provided by RNS
The company news service from the London Stock Exchange
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