Interim Results
26 September 2003 - 4:00PM
UK Regulatory
RNS Number:2025Q
Slingsby(H.C.)Plc
26 September 2003
H C Slingsby plc
Report for the half year ended 30 June 2003
Statement by the Chairman
Although it is disappointing to report a decrease of #89,000 (14.3%) in our
pre-tax profit figure compared to the same period in 2002, I feel that, given
the context of our market place, it is a creditable performance.
After what can only be described as a slow start to the year, we encountered an
arduous second quarter due in the main to the flat state of the economy in
general which was a major factor affecting our performance in this period.
I am pleased however to be able to report that the third quarter has been
encouraging both in terms of the value and number of orders received but I feel
that it is too early to say whether this will be sustained. Against this
background, we feel that the initiatives we have put in place such as the
extension of our product range, coupled with our marketing strategies will leave
us well placed to take advantage of any long term market pick-up.
Your board is pleased to recommend an interim dividend of 5.0p (2002: 5.0p) per
ordinary share. This will be paid on 2 January 2004 to shareholders registered
on 5 December 2003.
This report, which is sent to all shareholders, was approved by the Board of
Directors on 26 September 2003 and is available for inspection at the Company's
registered office.
J F Slingsby
Chairman
26 September 2003
Registered Office
Preston Street, Bradford, West Yorkshire BD7 1JF
PROFIT AND LOSS ACCOUNT FOR THE HALF YEAR ENDED 30 JUNE 2003
Half year Half year Year
ended ended ended
30 June 30 June 31 December
2003 2002 2002
(Unaudited) (Unaudited) (Audited)
Note #'000 #'000 #'000
Turnover 8,493 8,882 17,333
-------- -------- --------
Operating profit 479 566 994
-------- -------- --------
Interest receivable 54 56 113
-------- -------- --------
Profit on ordinary operations before
taxation 533 622 1,107
Taxation 5 (163) (181) (319)
-------- -------- --------
Profit attributable to shareholders 370 441 788
Dividends (50) (50) (300)
-------- -------- --------
Retained profit 320 391 488
-------- -------- --------
Earnings per share 37.0p 44.1p 78.8p
-------- -------- --------
Proposed interim dividend per share 5.0p 5.0p
-------- --------
The results set out above derive entirely from continuing operations.
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE HALF YEAR ENDED 30 JUNE
2003
Half year Half year Year
ended ended ended
30 June 30 June 31 December
2003 2002 2002
(Unaudited) (Unaudited) (Audited)
Note #'000 #'000 #'000
Retained profit for the financial period 320 391 488
Prior year adjustment 5 - (50) (50)
-------- -------- --------
Total gains recognised since last
annual report 320 341 438
-------- -------- --------
BALANCE SHEET AS AT 30 JUNE 2003
30 June 30 June 31 December
2003 2002 2002
(Unaudited) (Unaudited) (Audited)
Note #'000 #'000 #'000
Fixed assets
Tangible assets 1,801 1,802 1,798
Investments 300 300 300
-------- -------- --------
2,101 2,102 2,098
-------- -------- --------
Current assets
Stock 1,500 1,430 1,326
Debtors 2,753 3,046 2,731
Cash at bank and in hand 3,618 3,566 3,756
-------- -------- --------
7,871 8,042 7,813
Creditors: amounts falling due within
one year (3,629) (4,231) (3,877)
-------- -------- --------
Net current assets 4,242 3,811 3,936
-------- -------- --------
Total assets less current liabilities 6,343 5,913 6,034
Provisions for liabilities and charges
Deferred taxation 5 (67) (54) (78)
-------- -------- --------
Net assets 6,276 5,859 5,956
-------- -------- --------
Capital and reserves
Called up share capital 250 250 250
Profit and loss account 6,026 5,609 5,706
-------- -------- --------
Equity shareholders' funds 6,276 5,859 5,956
-------- -------- --------
CASH FLOW STATEMENT FOR THE HALF YEAR ENDED 30 JUNE 2003
Half year Half year Year
ended ended ended
30 June 30 June 31 December
2003 2002 2002
(Unaudited) (Unaudited) (Audited)
Note #'000 #'000 #'000
Net cash inflow from operating
activities 1 42 532 1,533
Returns on investments and servicing of
finance
Interest received 54 56 113
Taxation
UK Corporation tax paid - - (354)
Capital expenditure and financial
investment
Purchase of tangible fixed assets (213) (281) (414)
Sales of tangible fixed assets 26 69 108
-------- -------- --------
Net cash outflow from capital
expenditure and financial investment (187) (212) (306)
Equity dividends paid (50) (50) (300)
Net cash (outflow)/ inflow before use of
liquid resources (141) 326 686
Management of liquid resources
Decrease/(increase) in short-term
deposits with banks 200 (100) (300)
-------- -------- --------
Increase in cash in the period 2 59 226 386
-------- -------- --------
NOTES TO THE REPORT FOR THE HALF YEAR ENDED 30 JUNE 2003
1. Reconciliation of operating profit to net cash inflow from operating
activities
Half year Half year Year
ended ended ended
30 June 30 June 31 December
2003 2002 2002
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Operating profit 479 566 994
Depreciation 164 146 301
Profit on sale of tangible fixed assets (1) (8) (18)
(Increase)/decrease in stocks (174) (21) 83
(Increase)/decrease in trade debtors (66) (295) 247
Decrease/(increase) in prepayments 68 164 (117)
(Decrease)/increase in trade creditors (340) 179 337
Increase/(decrease) in other taxation and
social security 21 (16) (38)
(Decrease) in other creditors and accruals (109) (183) (256)
-------- -------- --------
Net cash inflow from operating
activities 42 532 1,533
-------- -------- --------
2. Reconciliation to net cash
Half year Half year Year
ended ended ended
30 June 30 June 31 December
2003 2002 2002
(Unaudited) (Unaudited) (Audited)
#'000 #'000 #'000
Changes during the year
Net cash at 1 January 3,755 3,069 3,069
Increase in net cash 59 226 386
Movement in short term deposits (200) 100 300
Net cash 3,614 3,395 3,755
-------- -------- --------
Represented by:
Liquid resources 3,300 3,300 3,500
Cash in hand and at bank 318 266 256
-------- -------- --------
3,618 3,566 3,756
Overdraft (4) (171) (1)
-------- -------- --------
Net Cash 3,614 3,395 3,755
-------- -------- --------
3. The interim financial statements, which are unaudited, have been
prepared on the basis of the accounting policies set out in the 2002 Annual
Report and Accounts.
4. The comparative figures for the year ended 31 December 2002 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. The 2002 accounts have been delivered to the Registrar
of Companies.
5. Financial Reporting Standard 19 "Deferred Tax" was adopted for the
first time in the interim financial statements for 2001 and full provision
for deferred tax was 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 was accounted for by means of a prior year adjustment. The
cumulative adjustment to prior year reserves at 1 January 2002 was #50,000.
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