Interim Results

Slingsby(H.C.)Plc
27 September 2002



H C Slingsby plc

Report for the half year ended 30 June 2002

Statement by the Chairman


I am pleased to report that despite the anticipated slow start to the year which
has contributed to the 6.9% decrease in turnover, we have achieved a pre-tax
profit figure of £622,000 (2001 £640,000).

We have continued to improve our marketing techniques during the year.  Enhanced
customer profiling and segmentation has enabled us to reduce the average cost of
customer recruitment as a result of improved targeting.  Account management and
structured customer loyalty initiatives have improved customer retention and
optimised value from our core business.  The launch of our brand new internet
site and fully interactive e-catalogue facility during the year has also enabled
us to continue to develop brand value offering secure, fast and direct access to
our entire product range in a convenient and easy to use on line format.

Following the difficult first quarter, our order levels have remained consistent
and are now approaching last year's cumulative figure.

The Directors have declared an Interim Dividend of 5.0p (2001: 5.0p) per
ordinary share.  This will be paid on 3 January 2003 to shareholders registered
on 29 November 2002.

This report, which is to be sent to all shareholders, was approved by the Board
of Directors on 27 September 2002 and is available for inspection at the
Company's registered office.


J F Slingsby
Chairman


27 September 2002


Registered Office
Preston Street, Bradford, West Yorkshire BD7 1JF


H C Slingsby plc

Profit and Loss Account for the half year ended 30 June 2002


                                                                  Half Year        Half Year    Year ended 
                                                              ended 30/6/02    ended 30/6/01      31/12/01 
                                                                  Unaudited        Unaudited       Audited 
                                                                      £'000            £'000         £'000 
                                                          Note                    (Restated)    (Restated) 
                                                                                                           
                                                                                                           
            Turnover                                                 8,882            9,538        18,023  
                                                                                                           
            Operating profit                                           566              575         1,013  
                                                                                                           
            Interest receivable                                         56               65           122  
                                                                                                           
            Profit on ordinary operations before taxation              622              640         1,135  
                                                                                                           
            Taxation                                      5           (181)            (193)         (345) 
                                                                                                           
            Profit attributable to shareholders                        441              447           790  
                                                                                                           
            Dividends                                                  (50)             (50)         (300) 
                                                                                                           
            Retained profit                                            391              397           490  
                                                                                                           
            Earnings per share                                        44.1p           44.7p         79.0p  
                                                                                                           
            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
2002

                                                                  Half Year           Half Year        Year ended
                                                              ended 30/6/02       ended 30/6/01          31/12/01
                                                                  Unaudited           Unaudited           Audited
                                                                      £'000               £'000             £'000
                                                          Note                       (Restated)        (Restated)

Retained profit for the financial period                                391                 397               490
Prior year adjustment                                      5           (50)                   -                 -       
                                                                                                       
Total gains recognised since last annual
report                                                                  341                 397               490
                                                                    


H C Slingsby plc

Balance Sheet as at 30 June 2002
                                                                     30/6/02       30/6/01      31/12/01 
                                                                   Unaudited     Unaudited       Audited 
                                                                       £'000         £'000         £'000 
                                                           Note                 (Restated)    (Restated) 
                                                                                                         
                Fixed assets                                                                             
                                                                                                         
                Tangible assets                                       1,802         1,811         1,762  
                                                                                                         
                Investments                                             300           300           300  
                                                                                                         
                                                                      2,102         2,111         2,062  
                Current assets                                                                           
                                                                                                         
                Stock                                                 1,430         1,611         1,409  
                                                                                                         
                Debtors                                               3,046         3,159         2,871  
                                                                                                         
                Cash at bank and in hand                              3,566         2,789         3,398  
                                                                                                         
                                                                      8,042         7,559         7,678  
                                                                                                         
                Creditors: Amounts falling due within one year       (4,231)       (4,221)       (4,210) 
                                                                                                         
                Net current assets                                    3,811         3,338         3,468  
                                                                                                         
                Total assets less current liabilities                 5,913         5,449         5,530  
                                                                                                         
                Provisions for liabilities and charges                                                   
                                                                                                         
                Deferred taxation                          5            (54)          (74)          (62) 
                                                                                                         
                Net assets                                            5,859         5,375         5,468  
                                                                                                         
                Capital and reserves                                                                     
                                                                                                         
                Called up share capital                                 250           250           250  
                                                                                                         
                Profit and loss account                               5,609         5,125         5,218  
                                                                                                         
                Equity shareholders' funds                            5,859         5,375         5,468  




H C Slingsby plc

Cash Flow Statement for the half year ended 30 June 2002
                                                                                                            
                                                                        Half Year        Half Year    Year ended 
                                                                    ended 30/6/02    ended 30/6/01      31/12/01 
                                                                        Unaudited        Unaudited       Audited 
                                                                            £'000            £'000         £'000 
                                                               Note                     (Restated)    (Restated) 
                                                                                                                 
       Net cash inflow from operating activities 1                           532              402         1,286  
                                                                                                                 
       Returns on investments and servicing of finance                                                           
       Interest received                                                      56               62           121  
                                                                                                                 
       Taxation                                                                                                  
       UK Corporation tax paid                                                  -               -          (324) 
                                                                                                                 
       Capital expenditure and financial investment                                                              
                                                                                                                 
       Purchase of tangible fixed assets                                    (281)            (256)         (354) 
       Sales of tangible fixed assets                                         69               53            62  
                                                                                                                 
       Net cash outflow from capital expenditure                                                                 
       and financial investment                                             (212)            (203)         (292) 
                                                                                                                 
       Equity dividends paid                                                 (50)             (50)         (300) 
                                                                                                                 
       Net cash inflow before use of liquid resources                        326              211           491  
                                                                                                                 
       Management of liquid resources                                                                            
       Increase in short-term deposits with banks                           (100)               -        (1,200) 
                                                                                                                 
       Increase in cash in the period                          2             226              211          (709) 




H C Slingsby plc

Notes to the Report for the half year ended 30 June 2002

1.   Reconciliation of operating profit to net cash inflow from
     operating activities
                                                                 Half Year           Half Year        Year ended
                                                             ended 30/6/02       ended 30/6/01          31/12/01
                                                                 Unaudited           Unaudited           Audited
                                                                     £'000               £'000             £'000
                                                                                    (Restated)        (Restated)


Operating profit                                                      566                 575             1,014
Depreciation                                                          146                 152               303
Profit on sale of tangible fixed assets                                (8)                 (4)               (5)
(Increase)/decrease in stocks                                         (21)               (135)               66
(Increase)/decrease in trade debtors                                 (295)                 22               284
Decrease in prepayments                                               164                 115               125
Increase/(decrease) in trade creditors                                179                (126)             (444)
(Decrease) in other taxation and social security                      (16)                (15)              (12)
(Decrease) in other creditors and accruals                           (183)               (182)              (45)

Net cash inflow from operating activities                             532                 402             1,286


2.   Reconciliation to net cash
     
                                                                 Half Year           Half Year        Year ended
                                                             ended 30/6/02       ended 30/6/01          31/12/01
                                                                 Unaudited           Unaudited           Audited
                                                                     £'000               £'000             £'000
                                                                                    (Restated)        (Restated)


Changes during the year
Net cash at 1 January                                                3,069              2,578             2,578
Increase in net cash                                                   226                211              (709)
Movement in short term deposits                                        100                  -             1,200

Net cash                                                             3,395              2,789             3,069


3.   The interim financial statements, which are unaudited, have been prepared 
     on the basis of the accounting policies set out in the 2001 Annual Report 
     and  Accounts except for the adoption of FRS 19 'Deferred Tax', the effects 
     of which are described in note 5.

4.   The comparative figures for the year ended 31 December 2001 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, as restated for the impact of FRS 19.  The 2001 
     accounts have been delivered to the Registrar of Companies.

5.   Financial Reporting Standard 19 'Deferred Tax' has been adopted for the 
     first time in the interim financial statements and full provision for
     deferred tax has been 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 has been accounted for by means of a prior year adjustment 
     of £50,000 as at 1 January 2001. The effect of the change in accounting 
     policy has been to increase the tax charge for the 6 months ended 30 June 
     2001 and the year ended 31 December 2001 by £3,000 and £5,000 respectively 
     and the results have been restated accordingly.


                      This information is provided by RNS
            The company news service from the London Stock Exchange