Interim Results

Slingsby(H.C.)Plc 26 September 2003 H C Slingsby plc Report for the half year ended 30 June 2003 Statement by the Chairman Although it is disappointing to report a decrease of Â£89,000 (14.3%) in our pre-tax profit figure compared to the same period in 2002, I feel that, given the context of our market place, it is a creditable performance. After what can only be described as a slow start to the year, we encountered an arduous second quarter due in the main to the flat state of the economy in general which was a major factor affecting our performance in this period. I am pleased however to be able to report that the third quarter has been encouraging both in terms of the value and number of orders received but I feel that it is too early to say whether this will be sustained. Against this background, we feel that the initiatives we have put in place such as the extension of our product range, coupled with our marketing strategies will leave us well placed to take advantage of any long term market pick-up. Your board is pleased to recommend an interim dividend of 5.0p (2002: 5.0p) per ordinary share. This will be paid on 2 January 2004 to shareholders registered on 5 December 2003. This report, which is sent to all shareholders, was approved by the Board of Directors on 26 September 2003 and is available for inspection at the Company's registered office. J F Slingsby Chairman 26 September 2003 Registered Office Preston Street, Bradford, West Yorkshire BD7 1JF PROFIT AND LOSS ACCOUNT FOR THE HALF YEAR ENDED 30 JUNE 2003 Half year Half year Year ended ended ended 30 June 30 June 31 December 2003 2002 2002 (Unaudited) (Unaudited) (Audited) Note Â£'000 Â£'000 Â£'000 Turnover 8,493 8,882 17,333 -------- -------- -------- Operating profit 479 566 994 -------- -------- -------- Interest receivable 54 56 113 -------- -------- -------- Profit on ordinary operations before taxation 533 622 1,107 Taxation 5 (163) (181) (319) -------- -------- -------- Profit attributable to shareholders 370 441 788 Dividends (50) (50) (300) -------- -------- -------- Retained profit 320 391 488 -------- -------- -------- Earnings per share 37.0p 44.1p 78.8p -------- -------- -------- 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 2003 Half year Half year Year ended ended ended 30 June 30 June 31 December 2003 2002 2002 (Unaudited) (Unaudited) (Audited) Note Â£'000 Â£'000 Â£'000 Retained profit for the financial period 320 391 488 Prior year adjustment 5 - (50) (50) -------- -------- -------- Total gains recognised since last annual report 320 341 438 -------- -------- -------- BALANCE SHEET AS AT 30 JUNE 2003 30 June 30 June 31 December 2003 2002 2002 (Unaudited) (Unaudited) (Audited) Note Â£'000 Â£'000 Â£'000 Fixed assets Tangible assets 1,801 1,802 1,798 Investments 300 300 300 -------- -------- -------- 2,101 2,102 2,098 -------- -------- -------- Current assets Stock 1,500 1,430 1,326 Debtors 2,753 3,046 2,731 Cash at bank and in hand 3,618 3,566 3,756 -------- -------- -------- 7,871 8,042 7,813 Creditors: amounts falling due within one year (3,629) (4,231) (3,877) -------- -------- -------- Net current assets 4,242 3,811 3,936 -------- -------- -------- Total assets less current liabilities 6,343 5,913 6,034 Provisions for liabilities and charges Deferred taxation 5 (67) (54) (78) -------- -------- -------- Net assets 6,276 5,859 5,956 -------- -------- -------- Capital and reserves Called up share capital 250 250 250 Profit and loss account 6,026 5,609 5,706 -------- -------- -------- Equity shareholders' funds 6,276 5,859 5,956 -------- -------- -------- CASH FLOW STATEMENT FOR THE HALF YEAR ENDED 30 JUNE 2003 Half year Half year Year ended ended ended 30 June 30 June 31 December 2003 2002 2002 (Unaudited) (Unaudited) (Audited) Note Â£'000 Â£'000 Â£'000 Net cash inflow from operating activities 1 42 532 1,533 Returns on investments and servicing of finance Interest received 54 56 113 Taxation UK Corporation tax paid - - (354) Capital expenditure and financial investment Purchase of tangible fixed assets (213) (281) (414) Sales of tangible fixed assets 26 69 108 -------- -------- -------- Net cash outflow from capital expenditure and financial investment (187) (212) (306) Equity dividends paid (50) (50) (300) Net cash (outflow)/ inflow before use of liquid resources (141) 326 686 Management of liquid resources Decrease/(increase) in short-term deposits with banks 200 (100) (300) -------- -------- -------- Increase in cash in the period 2 59 226 386 -------- -------- -------- NOTES TO THE REPORT FOR THE HALF YEAR ENDED 30 JUNE 2003 1. Reconciliation of operating profit to net cash inflow from operating activities Half year Half year Year ended ended ended 30 June 30 June 31 December 2003 2002 2002 (Unaudited) (Unaudited) (Audited) Â£'000 Â£'000 Â£'000 Operating profit 479 566 994 Depreciation 164 146 301 Profit on sale of tangible fixed assets (1) (8) (18) (Increase)/decrease in stocks (174) (21) 83 (Increase)/decrease in trade debtors (66) (295) 247 Decrease/(increase) in prepayments 68 164 (117) (Decrease)/increase in trade creditors (340) 179 337 Increase/(decrease) in other taxation and social security 21 (16) (38) (Decrease) in other creditors and accruals (109) (183) (256) -------- -------- -------- Net cash inflow from operating activities 42 532 1,533 -------- -------- -------- 2. Reconciliation to net cash Half year Half year Year ended ended ended 30 June 30 June 31 December 2003 2002 2002 (Unaudited) (Unaudited) (Audited) Â£'000 Â£'000 Â£'000 Changes during the year Net cash at 1 January 3,755 3,069 3,069 Increase in net cash 59 226 386 Movement in short term deposits (200) 100 300 Net cash 3,614 3,395 3,755 -------- -------- -------- Represented by: Liquid resources 3,300 3,300 3,500 Cash in hand and at bank 318 266 256 -------- -------- -------- 3,618 3,566 3,756 Overdraft (4) (171) (1) -------- -------- -------- Net Cash 3,614 3,395 3,755 -------- -------- -------- 3. The interim financial statements, which are unaudited, have been prepared on the basis of the accounting policies set out in the 2002 Annual Report and Accounts. 4. The comparative figures for the year ended 31 December 2002 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. The 2002 accounts have been delivered to the Registrar of Companies. 5. Financial Reporting Standard 19 'Deferred Tax' was adopted for the first time in the interim financial statements for 2001 and full provision for deferred tax was 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 was accounted for by means of a prior year adjustment. The cumulative adjustment to prior year reserves at 1 January 2002 was Â£50,000. END This information is provided by RNS The company news service from the London Stock Exchange

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