HC Slingsby reports slower sales while profit rises on reduced costs

HC Slingsby PLC on Friday said recent sales were lower than the previous year, though overhead costs were also down.

The Baildon, England-based industrial equipment supplier said sales were 2% lower in the four months to the end of April compared to the prior year.

It said lower overhead costs have resulted in 31% growth in operating profit before exceptional items to £170,000 from £130,000.

Pretax profit for the four-month period was £21,000, after an exceptional cost related to its sale process of £42,000 and £103,000 of interest for the defined benefit pension scheme.

The company said it ‘remains cautious’ regarding the outlook for the rest of the year as the market ‘remains competitive’.

‘This is particularly the case given the increase in corporate costs resulting from the increases in the national minimum wage, employers’ national insurance and from changes to business rates. The impact that these factors will have on demand going forward is difficult to forecast,’ HC Slingsby added.

The company said it had net debt of £330,000 at the end of April compared to net cash of £630,000 a year ago.

Shares in HC Slingsby were untraded at 200.00 pence in London on Friday afternoon.

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