Interim Results

Slingsby(H.C.)Plc 24 September 2004 H C SLINGSBY PLC 24 September 2004 Immediate Release R G Hudson H C Slingsby plc Report for the half year ended 30 June 2004 Statement by the Chairman I am delighted to report that we have enjoyed a most encouraging first half performance with turnover increasing by just under Â£1m (11%) and pre-tax profits rising to Â£761k. In contrast to the first half of last year where we endured a particularly arduous second quarter, orders have remained at similar levels to those reached in the final quarter of 2003. The two strategic projects we have embarked upon continue to progress. We are working closely with our selected provider towards our ultimate aim of implementing a new business system by the middle of 2005, and we are evaluating a number of options to enable us to improve our lead times and take greater control of our supply chain. Our wholly owned subsidiary, Slingsby Mail Order Limited, commenced trading in March of this year in the Republic of Ireland and has made a promising start, with our initial marketing programme replicating the integrated and targeted communications of our domestic campaigns. The extensive new product development initiated during the latter part of last year and the expansion of specific strategic market sectors has also been a factor in gaining new business and the improvement in overall profitability. Your board is pleased to recommend an interim dividend of 7.0p (2003: 5.0p). This will be paid on 4 January 2005 to shareholders registered on 3 December 2004. J F Slingsby Chairman 24 September 2004 Registered Office Preston Street, Bradford, West Yorkshire BD7 1JF H C Slingsby plc Consolidated Profit and Loss Account for the half year ended 30 June 2004 Half year Half year Year ended ended 30/06/04 ended 30/06/03 31/12/03 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Turnover 9,435 8,493 17,579 Operating Profit 688 479 1,118 Interest receivable 73 54 109 Profit on ordinary operations before taxation 761 533 1,227 Taxation (250) (163) (376) Profit attributable to shareholders 511 370 851 Dividends (70) (50) (350) Retained profit 441 320 501 Basic and diluted earnings per share 51.1p 37.0p 85.1p Proposed interim dividend per share 7.0p 5.0p The results set out above derive entirely from continuing operations. H C Slingsby plc Consolidated Balance Sheet as at 30 June 2004 Half year Half year Year ended ended 30/06/04 ended 30/06/03 31/12/03 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Fixed Assets Tangible assets 1,638 1,801 1,684 Investments 300 300 300 1,938 2,101 1,984 Current assets Stock 1,592 1,500 1,526 Debtors 3,391 2,753 3,246 Cash at bank and in hand 4,958 3,614 4,286 9,941 7,867 9,058 Creditors: Amounts failing due within one year. (4,897) (3,625) (4,493) Net current assets 5,044 4,242 4,565 Total assets less current liabilities 6,982 6,343 6,549 Provisions for liabilities and charges Deferred taxation (84) (67) (92) Net assets 6,898 6,276 6,457 Capital and reserves Called up share capital 250 250 250 Profit and Loss account 6,648 6,026 6,207 Equity shareholders' funds 6,898 6,276 6,457 H C Slingsby plc Consolidated Cash Flow Statement for the half year ended 30 June 2004 Half year Half year Year ended ended 30/06/04 ended 30/06/03 31/12/03 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Note Net cash inflow from operating activities 1 749 42 1,261 Returns on investments and servicing of finance Interest Received 68 54 109 Taxation UK Corporation tax paid 0 0 (317) Capital expenditure and financial investment Purchase of tangible fixed assets (116) (213) (248) Sales of tangible fixed assets 21 26 26 Net cash outflow from capital expenditure and financial investment (95) (187) (222) Equity dividends paid (50) (50) (300) Net cash inflow/(outflow) before use of liquid resources 672 (141) 531 Management of liquid resources Decrease/(increase) in short term deposits with banks 100 200 (500) Increase in cash in the period 2 772 59 31 H C Slingsby plc Notes to the Report for the half year ended 30 June 2004 1. Reconciliation of operating profit to net cash inflow from operating activities Half year Half year Year ended ended 30/06/04 ended 30/06/03 31/12/03 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Operating profit 688 479 1,118 Depreciation 158 164 335 Profit on sale of tangible fixed assets (4) (1) (1) (Increase) in stocks (66) (174) (200) (Increase) in trade debtors (68) (66) (382) (Increase)/ decrease in prepayments (83) 68 (133) Increase/(decrease) in trade creditors 44 (340) 287 Increase in other taxation and social security 11 21 108 Increase/(decrease) in other creditors and 69 (109) 129 accruals Net cash inflow from operating activities 749 42 1,261 2. Reconciliation to net cash Half year Half year Year ended ended 30/06/04 ended 30/06/03 31/12/03 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Changes during the year Net cash at 1 January 4,286 3,755 3,755 Increase in net cash 772 59 31 Movement in short term deposits (100) (200) 500 Net Cash 4,958 3,614 4,286 3. The financial information contained in this interim statement does not constitute statutory account within the meaning of section 240 of the Companies Act 1985. The interim financial statements, which are unaudited, have been prepared on the basis of the accounting policies set out in the 2003 Annual Report and Accounts. 4. The comparative figures for the year ended 31 December 2003 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 2003 accounts have been delivered to the Registrar of Companies. This information is provided by RNS The company news service from the London Stock Exchange

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