Final Results

Slingsby(H.C.)Plc 28 April 2006 H C SLINGSBY PLC Unaudited preliminary announcement for the year to 31 December 2005 Statement by the Chairman At the end of one of the most eventful years in the company's history, it is gratifying to report that the group has achieved a 6% increase in operating profit before exceptional item despite additional costs incurred as a result of the business move to new premises in Baildon, the newly implemented business system, and a higher marketing spend. The strategic projects I have previously referred to, both came to fruition in the final quarter of the year. The launch of our new business system alongside the catalogue management software took place in early October and our warehousing and manufacturing facilities were relocated to the Baildon site at the latter end of the year. Initial teething difficulties on both projects have had a slight impact on our performance in 2005 and also into this year. Whilst our current order levels are marginally behind last year, I am confident that our longer term goal of improving customer service levels through our strategic projects will prove to be a sound course of action. The disposal of our Preston Street site took place towards the end of December for £3.0m and this contributed the majority of our profit on sale of assets of £2.3m, which boosted our pre-tax profit figure to £3.6m (2004: £1.4m). A short term lease back of the Preston Street offices has been arranged whilst the refurbishment of the new offices takes place. The move of the office personnel is anticipated to take place prior to the end of June this year. The commitment and effort of all members of staff during this extremely demanding period is deserving of the highest praise and their continuing support is vital to the future success of the business. In my interim announcement, I made reference to the effects of adopting the Financial Reporting Standards, 17 and 21 on the financial statements. With reference to FRS 17 'Retirement Benefits', the impact on the company's balance sheet is clearly apparent with the pension fund liability rising to £2.9m (2004: £2.1m). The board has taken counsel from its professional advisors on the necessary courses of action for the retirement benefits scheme and will be implementing the appropriate measures in the near future. We welcome Mr. John Waterhouse to the board as our non-executive director. He brings a wealth of relevant experience having being managing director of several industrial services companies. Bearing in mind the considerable expenditure on the strategic projects, your board has carefully considered the effects of this on the company's financial resources and is still pleased to recommend an increased final dividend of 38.0p per share (2004: 35.0p). The total dividend for the year is therefore 45.0p per share (2004: 42.0p). The record date will be 2 June 2006 and the payment date for the final dividend will be 4 July 2006. J F Slingsby Chairman 28 April 2006 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 16 May 2006 and will be available to members of the public at the registered office of the Company from that date. The information for the year ended 31 December 2004 is an extract from the statutory accounts to that date as restated for the adoption of FRS 17 and FRS 21, 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 2005, 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 15 June 2006. Unaudited Consolidated Profit and Loss Account for the year ended 31 December 2005 2004 2005 Restated £'000 £'000 Turnover - continuing operations 19,886 19,108 --------- --------- _____________________________________________________________________________________________________________ Operating profit - before exceptional item 1,468 1,383 Exceptional item (128) - _____________________________________________________________________________________________________________ Operating Profit 1,340 1,383 Profit on disposal of fixed assets 2,287 - --------- --------- Profit on ordinary activities before interest and taxation 3,627 1,383 Bank interest receivable 96 169 Interest Payable (50) - Other finance costs (57) (100) --------- --------- Profit on ordinary activities before taxation 3,616 1,452 Taxation (449) (438) --------- --------- Profit attributable to shareholders 3,167 1,014 Dividends (420) (350) --------- --------- Retained Profit 2,747 664 --------- --------- Basic and diluted earnings per share 316.7p 101.4p --------- --------- Proposed final dividend per share 38.0p 35.0p --------- --------- Earnings per share Basic earnings per share is based upon earnings of £3,167,000 (2004: £1,014,000) and on 1,000,000 (2004: 1,000,000) ordinary shares in issue during the year. There are no potentially dilutive shares in issue. Unaudited Statement of Group Total Recognised Gains and Losses for the Year Ended 31 December 2005 2005 2004 Restated £'000 £'000 Retained profit for the financial year 3,167 1,014 Actuarial (loss)/gain on pension scheme (1,198) 437 Movement in deferred tax relating to pension asset 359 (132) Exchange adjustment 4 (6) --------- --------- Total gains recognised for the year 2,332 1,313 --------- Prior year adjustment - FRS 17 - recognition of FRS 17 pension liability (2,077) - Reversal of SSAP24 pension prepayment (246) Prior year adjustment - FRS 21 420 --------- (1,903) --------- Total loss recognised since last annual report 429 --------- Unaudited Group Balance Sheet as at 31 December 2005 2004 2005 Restated £'000 £'000 Fixed assets: Tangible assets 6,538 1,578 Investments - 300 --------- --------- 6,538 1,878 --------- --------- Current assets: Stock 1,623 1,625 Debtors 4,105 3,305 Cash at bank and in hand 4,056 5,281 --------- --------- 9,784 10,211 Creditors: Amounts falling due within one year (5,485) (4,728) --------- --------- Net current assets 4,299 5,483 --------- --------- Total assets less current liabilities 10,837 7,361 Creditors: Amounts falling due after more than one year (613) - Provisions for liabilities and charges: Deferred taxation (174) (25) --------- --------- Net assets excluding pension liability 10,050 7,336 Pension fund liability (2,879) (2,077) --------- --------- Net assets including pension liability 7,171 5,259 --------- --------- Capital and reserves: Called up share capital 250 250 Profit and loss account 6,921 5,009 --------- --------- Equity shareholders' funds 7,171 5,259 --------- --------- Unaudited Consolidated Cash Flow Statement for the year ended 31 December 2005 2004 2005 Restated £'000 £'000 Operating activities: Net cash inflow from operating activities (Note 1) 1,999 1,858 Returns on investments and servicing of finance: Bank interest received 106 160 Bank interest payable (18) - --------- --------- Net cash inflow from returns on investments and servicing of finance 88 160 --------- --------- Taxation: UK Corporation tax paid (450) (349) Capital expenditure and financial investment: Purchase of tangible fixed assets (6,126) (394) Sales of tangible fixed assets 3,380 76 Sale of investment 300 - --------- --------- Net cash outflow from capital expenditure and financial investment (2,446) (318) Equity dividends paid (420) (350) --------- --------- Net cash (outflow)/inflow before use of liquid resources (1,229) 1,001 Management of liquid resources: Decrease/(increase) in short term deposits with banks 1,900 (900) --------- --------- Increase in cash in the year 671 101 --------- --------- Unaudited Consolidated Cash Flow Statement Notes for the year ended 31 December 2005 1. Reconciliation of Operating Profit to Net Cash Inflow from Operating Activities 2004 2005 Restated £'000 £'000 Net cash inflow from operating activities: Operating Profit 1,340 1,383 Depreciation charges 394 314 Profit on sale of tangible fixed assets - (27) Difference between pension charge and contributions (109) (102) Decrease/(increase) in stocks 2 (99) Increase in trade debtors (808) (167) (Increase)/decrease in prepayments (151) 74 Increase in trade creditors 197 285 Decrease in other taxation and social security (128) (9) Increase in other creditors and accrual 1,262 206 --------- --------- Net cash inflow from operating activities 1,999 1,858 --------- --------- 2. Reconciliation to Net Cash 2005 2004 £'000 Restated £'000 Changes during the year Net cash at 1 January 5,281 4,286 Increase in net cash 671 101 Movement in short term deposits (1,900) 900 Exchange adjustment 4 (6) --------- --------- Net cash 4,056 5,281 --------- --------- Represented by: Liquid resources 3,000 4,900 Cash in hand and at bank 1,056 381 --------- --------- Net Cash 4,056 5,281 --------- --------- 3. The financial statements, which are unaudited, have been prepared on the basis of the accounting policies set out in the 2004 Annual Report and Accounts, with the exception of the adoption of FRS 17 and FRS 21. This information is provided by RNS The company news service from the London Stock Exchange

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