Final Results

Slingsby(H.C.)Plc
22 April 2005


H C SLINGSBY PLC


Unaudited preliminary announcement for the year to 31 December 2004


Statement by the Chairman


It gives me great pleasure to report that the encouraging first half performance
that I mentioned in the interim results announcement was maintained for the
whole of the year. We have achieved another record pre-tax profit figure of
£1.6m, an increase on last year of 32% on a turnover of £19.1m, which was an
increase of 8.6% on the previous year.

Throughout the year we have enjoyed a consistently improved order intake level,
which is particularly pleasing given that there have been challenging external
forces such as several interest rate rises and sharp increases in steel and oil
prices.

Our improved turnover has been driven by our focused marketing strategy with
improved targeting of our campaigns and further development of our customer
loyalty scheme. We continue to position ourselves as a value added single source
provider and have continued to enhance the breadth of our product portfolio. The
increased activity has been supported through operational reorganisation within
our customer service centre and the development of our marketing team.

We have also been satisfied with the progress of our wholly owned subsidiary,
Slingsby Mail Order Limited in the Republic of Ireland which commenced trading
in March 2004.

Considerable progress has been made during the year on both of our ongoing
strategic projects, which I mentioned in the company's interim results
announcement. We have selected a new business system provider and we are working
closely with them towards an implementation of the system in the third quarter
of 2005. Running alongside this implementation we are to integrate a best of
breed product information management and catalogue design solution. The chosen
solutions will provide full multi-channel sales support across our catalogue
with particular focus on increased customer relationship management and
marketing support along with the facility to produce catalogues / mailers with
far greater efficiency. We believe this solution will crucially be flexible
enough to evolve with our business over time.

With respect to the logistics project, we have signed a conditional agreement
for the purchase of a new site which will incorporate the head office
administrative function and provide the necessary warehousing facility to enable
us to gain greater control of our supply chain and most importantly improve
customer service levels.

We welcome to the board Mr. Lee Wright who joined us in 2000 and now takes on
the role of Marketing Director, having made a significant contribution to the
business as Head of Marketing. We wish him every success for the future.

Your board has given careful consideration to the appropriateness of having your
company's shares listed on the Official List of the UK Listing Authority. The
board has concluded that the Alternative Investment Market of London Stock
Exchange plc (AIM) is more appropriate for a company of our size. We therefore
intend to move the trading of your company's shares to AIM without further
delay.

The successful implementation of the two strategic projects we are embarking
upon this year is the responsibility of all our members of staff. It is their
approach that has enabled the group to have such a successful 2004 and will
ensure further progress in the coming years. I thank them for their efforts in
2004 and their continuing commitment.

The nature of our activities has gradually changed over the past 20 years. We
are no longer predominantly a manufacturing business and have now evolved into a
marketing led distribution business that has a small niche manufacturing
capability.

In line with our evolving business direction the company has taken the decision
to rationalise its manufacturing and warehousing organisations, to create a
single workshop and distribution facility.

Whilst being mindful of such factors as the impending general election and the
current state of the economic cycle, your group is well positioned at the
present time with the order intake being ahead of the comparative figure last
year, but I feel it necessary to sound a cautionary note in respect of the
strategic projects impacting on the group's overhead costs. The major part of
the additional costs is the expenditure on the new business system, which is
more pronounced as we had fully written off the previous system some years ago.
Other increased charges such as the effect of compliance with Financial
Reporting Standard 17 on the retirement benefit scheme costs, additional
marketing spend and the rationalisation costs in respect of the manufacturing
division also have to be borne in mind. Whilst these costs will be felt this
year, I am confident that our overall long term strategy will ensure that the
group's prospects continue to be positive.

Your board is pleased to recommend a final dividend of 35.0p per share (2003:
30.0p per share). The total dividend for the year is therefore 42.0p per share
(2003 35.0p per share). The record date will be 3 June 2005 and the payment date
for the final dividend is 1 July 2005.


J F Slingsby
Chairman
22 April 2005


Registered Office
Preston Street
Bradford
West Yorkshire. BD7 1JF


The following financial information does not constitute statutory accounts
within the meaning of section 240 of the Companies Act 1985.  Full financial
statements will be issued to the shareholders on 17 May 2004 and will be
available to members of the public at the registered office of the Company from
that date and are also available on the company's web site, www.slingsby.com.

The information for the year ended 31 December 2003 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 2004, 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 16 June 2005.


Consolidated Profit and Loss Account for the year ended 31 December 2004
                                                                                     Unaudited           Audited
                                                                                          2004              2003
                                                                                         £'000             £'000

Turnover - continuing operations                                                       19,108            17,579
                                                                                     ---------         ---------
Operating profit - continuing operations                                                1,451             1,118
Bank interest receivable                                                                  169               109
                                                                                     ---------         ---------
Profit on ordinary activities before taxation                                           1,620             1,227
Taxation                                                                                 (489)             (376)
                                                                                     ---------         ---------
Profit attributable to shareholders                                                     1,131               851
                                                                                     ---------         ---------
Dividends :
Interim paid                                                                               70                50
Proposed final                                                                            350               300
                                                                                     ---------         ---------
Earnings per share                                                                      113.1              85.1p

                                                                                     ---------         ---------

Earnings per share


Basic earnings per share is based upon earnings of £1,131,000 (2003: £851,000)
and on 1,000,000 (2003: 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.



Group Balance Sheet as at 31 December 2004

                                                                                     Unaudited           Audited
                                                                                          2004              2003
                                                                                         £'000             £'000

Fixed assets:
Tangible assets                                                                         1,578             1,684
Investments                                                                               300               300
                                                                                     ---------         ---------
                                                                                        1,878             1,984
                                                                                     ---------         ---------
Current assets:

Stock                                                                                   1,625             1,526
Debtors                                                                                 3,657             3,246
Cash at bank and in hand                                                                5,281             4,286
                                                                                     ---------         ---------
                                                                                       10,563             9,058
Creditors:  Amounts falling due within one year                                        (5,148)           (4,493)
                                                                                     ---------         ---------
Net current assets                                                                      5,415             4,565

                                                                                     ---------         ---------
Total assets less current liabilities                                                   7,293             6,549

Provisions for liabilities and charges:
Deferred taxation                                                                        (131)              (92)
                                                                                     ---------         ---------

Net assets                                                                              7,162             6,457

                                                                                     ---------         ---------
Capital and reserves:
Called up share capital                                                                   250               250
Profit and loss account                                                                 6,912             6,207

                                                                                     ---------         ---------

Equity shareholders' funds                                                              7,162             6,457
                                                                                     ---------         ---------


Consolidated Cash Flow Statement for the year ended 31 December 2004
                                                                                      Unaudited           Audited
                                                                                           2004              2003
                                                                                          £'000             £'000

Operating activities:
Net cash inflow from operating activities (Note 1)                                       1,858             1,261
Returns on investments and servicing of finance:

Bank interest received                                                                     160               109
Taxation:

UK Corporation tax paid                                                                   (349)             (317)
Capital expenditure and financial investment:

Purchase of tangible fixed assets                                                         (394)             (248)
Sales of tangible fixed assets                                                              76                26
                                                                                      ---------         ---------
Net cash outflow from capital expenditure

and financial investment                                                                  (318)             (222)

Equity dividends paid                                                                     (350)             (300)

                                                                                      ---------         ---------
Net cash inflow before use of liquid resources                                           1,001               531

Management of liquid resources:

Increase in short term deposits with banks                                                (900)             (500)
                                                                                      ---------         ---------
Increase in cash in the period                                                             101                31
                                                                                      ---------         ---------



Consolidated Cash Flow Statement Notes for the year ended 31 December 2004

     
1.   Reconciliation of Operating Profit to Net Cash Inflow from Operating 
     Activities

                                                                                      Unaudited          Audited
                                                                                           2004             2003
                                                                                          £'000            £'000

Net cash inflow from operating activities:
Operating Profit                                                                         1,451            1,118
Depreciation charges                                                                       314              335
Profit on sale of tangible fixed assets                                                    (27)              (1)
Increase in stocks                                                                         (99)            (200)
Increase in trade debtors                                                                 (167)            (382)
Increase in prepayments                                                                    (96)            (133)
Increase in trade creditors                                                                285              287
(Decrease)/increase in other taxation and social security                                   (9)             108
Increase in other creditors and accrual                                                    206              129
                                                                                      ---------        ---------
Net cash inflow from operating activities                                                1,858            1,261

                                                                                      ---------        ---------

     
2.   Reconciliation to Net Cash

                                                                                   Year ended        Year ended
                                                                                     31/12/04          31/12/03
                                                                                    Unaudited           Audited
                                                                                        £'000             £'000
Changes during the year
Net cash at 1 January                                                                   4,286             3,755
Increase in net cash                                                                      101                31

Movement in short term deposits                                                           900               500

Exchange adjustment                                                                        (6)                -
                                                                                     ---------         ---------

Net cash                                                                                5,281             4,286
                                                                                     ---------         ---------
Represented by:

Liquid resources                                                                        4,900             4,000
Cash in hand and at bank                                                                  381               286
                                                                                     ---------         ---------
Net Cash                                                                                5,281             4,286
                                                                                     ---------         ---------


     
3.   The financial statements, which are unaudited, have been prepared on the
     basis of the accounting policies set out in the 2003 Annual Report and 
     Accounts.


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