Final Results

RNS Number : 2056F

Slingsby(H.C.)Plc

21 April 2011

 



H C SLINGSBY PLC (the "Company")

Unaudited Preliminary Announcement for the year ended 31 December 2010

Statement by the Chairman

The improved trading conditions notified in our half yearly report continued into the second half of the year, with increased sales volumes resulting in turnover for the full year of £16.7m (2009: £15.8m). This increase combined with the cost reduction actions taken during 2009, has resulted in an operating profit of £1.3m (2009: £1.3m, including a net exceptional income of £0.6m, of which £0.7m was a pension fund curtailment gain).  Profit before taxation was £1.1m (2009: £1.0m). Our net cash position strengthened during the year to £3.4m at 31 December 2010 (2009: £2.8m).

The Company continues to invest in information technology systems, focussing on the supply chain, links with customers and web trading. During the year, sales through the Slingsby website grew significantly and now represent a core business channel. Sales through our printed catalogue still remain very important but, to reflect changing buying habits, a decision was made to produce a single catalogue in 2010 and thereafter, rather than the twice-yearly publication as in previous years.

Trading during the first quarter of 2011 was in line with the Board's expectations and going forwards, through our diverse customer base and wide product selection, we believe that the Company is well positioned to withstand further pressure on public sector spending.  Although we continue to adopt a cautious view on the economic environment, the Company remains satisfactorily placed to exploit opportunities as they arise.

On behalf of the Board I wish to thank our loyal staff once again who have continued to serve the company well in difficult circumstances.

Your Board is pleased to recommend a final dividend of 35.0p (2009: 30.0p). The total dividend is therefore 40.0p (2009: 34.0p). The record date will be 3 June 2011 and the payment date 1 July 2011.

J R Waterhouse

Non-Executive Chairman

21 April 2011

Registered Office

Otley Road

Baildon, Shipley

West Yorkshire BD17 7LW

For further information, please contact:

H C Slingsby PLC	Tel:  [phone]
Dominic Slingsby, Managing Director Ray Hudson, Financial Director
Evolution Securities Limited	Tel:  [phone]
Joanne Lake Casper Kaars

H C SLINGSBY PLC

Unaudited Consolidated Income Statement for the year ended 31 December 2010

	Note	Year ended  31/12/10  £'000	Year ended  31/12/09  £'000
Turnover		16,652	15,833
		-----------	-----------
Operating profit before exceptional items		1,259	707
Exceptional items	2	-	592
Operating profit		1,259	1,299
Finance income		38	42
Finance expense		(215)	(334)
		-----------	-----------
Profit before taxation		1,082	1,007
Taxation		(365)	(192)
		-----------	-----------
Profit for the year attributable to equity shareholders		717	815
		-----------	-----------
Basic and diluted earnings per share		71.7p	81.5p
		-----------	-----------

The results set out above derive entirely from continuing operations.

Unaudited Statement of Consolidated Recognised Income and Expense for the year ended 31 December 2010

		Year ended  31/12/10  £'000	Year ended  31/12/09  £'000
Actuarial loss on pension scheme		(394)	(1,355)
Movement in deferred tax relating to retirement benefit obligation		42	379
Exchange adjustment		(9)	(20)
		-----------	-----------
Net expense recognised directly in equity		(361)	(996)
Profit for the year		717	815
		-----------	-----------
Total recognised income/(expense) for the year attributable to equity shareholders		356	(181)
		-----------	-----------

Unaudited Group Balance Sheet as at 31 December 2010

		31/12/10  £'000	31/12/09  £'000
Assets
Non-current assets
Property, plant and equipment		6,642	6,792
Intangible asset		202	180
Deferred tax assets		824	861
		-----------	-----------
		7,668	7,833
		-----------	-----------
Current assets
Inventories		1,785	1,387
Trade and other receivables		3,233	2,671
Derivative financial asset		-	1
Cash and cash equivalents		3,420	2,775
		-----------	-----------
		8,438	6,834
		-----------	-----------
Liabilities
Current liabilities
Trade and other payables		(2,960)	(2,030)
Derivative financial liability		(8)	-
Current tax liabilities		(308)	(72)
			-----------
		(3,276)	(2,102)
		-----------	-----------
Net current assets		5,162	4,732
		-----------	-----------
Non-current liabilities
Retirement benefit obligation		(6,661)	(6,412)
		-----------	-----------
Net assets		6,169	6,153
		-----------	-----------
Capital and reserves
Called up share capital		250	250
Retained earnings		5,890	5,865
Translation reserve		29	38
		-----------	-----------
Total equity		6,169	6,153
		-----------	-----------

Unaudited Consolidated Cash Flow Statement for the year ended 31 December 2010

		Year ended  31/12/10	Year ended  31/12/09
	Note
Cash flows from operating activities
Cash generated from operations	3	1,344	793
Interest received		28	50
Interest paid on finance leases		-	-
UK corporation tax paid		(49)	(237)
		-----------	-----------
Cash generated from operating activities		1,323	606
		-----------	-----------
Cash flows from investing activities
Purchase of property, plant and equipment		(394)	(352)
Proceeds from sales of property, plant and equipment		65	14
		-----------	-----------
Net cash used in investing activities		(329)	(338)
Cash flows from financing activities
Equity dividends paid		(340)	(500)
		-----------	-----------
Net cash used in financing activities		(340)	(500)
		-----------	-----------
Net increase/(decrease) in cash and cash equivalents		654	(232)
Opening cash and cash equivalents		2,775	3,029
Exchange differences		(9)	(22)
		-----------	-----------
Closing cash and cash equivalents		3,420	2,775
		-----------	-----------

Statement of Changes in Shareholders' Equity

	Share  capital  £'000	Retained  earnings  £'000	Translation  reserve  £'000	Total  equity  £'000
Group
1 January 2009	250	6,526	58	6,834
Total recognised expense for the year	-	(161)	(20)	(181)
Dividends paid	-	(500)	-	(500)
	-----------	-----------	-----------	-----------
1 January 2010	250	5,865	38	6,153
Total recognised income for the year	-	365	(9)	356
Dividends paid	-	(340)	-	(340)
	-----------	-----------	-----------	-----------
31 December 2010	250	5,890	29	6,169
	-----------	-----------	-----------	-----------

The translation reserve comprises foreign exchange differences arising from the translation of the financial statements of foreign operations.

Notes to the Unaudited Preliminary Announcement for the year ended 31 December 2010

1.	The unaudited preliminary results have been prepared in accordance with International Financial Reporting Standards ("IFRS") and IFRIC interpretations as adopted by the EU and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS.  The preliminary announcement does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The financial information included in this preliminary announcement does not include all the disclosures required by IFRS or the Companies Act 2006 and accordingly it does not itself comply with IFRS or the Companies Act 2006. This announcement has been agreed with the Company's auditors for release. The financial statements for the year ended 31 December 2010, upon which the auditors have still to report, will be issued to shareholders on 18 May 2011 and will be available to members of the public at the registered office of the company from that date. The statutory accounts for the year ended 31 December 2010 will be delivered to the Registrar following the company's Annual General Meeting. The Annual General Meeting will be held at 10 am on 16 June 2011 at the Marriot Hollins Hall Hotel, Hollins Hill, Baildon, Shipley, BD17 7QW.
2.	Exceptional items
			Year	Year
			Ended	Ended
			31/12/10	31/12/09
			£'000	£'000
	Pension curtailment gain		-	739
	Redundancy costs		-	(147)
			----------	----------
			-	592
			----------	----------
3.	Reconciliation of operating profit to net cash inflow from operating activities
		Year			Year
		Ended			Ended
		31/12/10			31/12/09
		£'000			£'000
	Operating profit	1,259			1,299
	Depreciation and amortisation	455			448
	Profit on sale of property, plant and equipment	(18)			-
	Difference between pension charge and contributions	(360)			(964)
	(Increase)/decrease in inventories	(399)			345
	(Increase)/decrease in trade and other receivables	(546)			371
	Increase/(decrease) in trade and other payables	953			(706)
		----------			----------
	Net cash inflow from operating activities	1,344			793
		----------			----------
4.	Dividends
	The interim and final dividends for the 2009 financial year of 4.0p and 30.0p, totalling £340,000 were paid and deducted from reserves in the year. The dividends for the 2008 financial year totalling £500,000 were paid and deducted from reserves in 2009.

 

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