Interim Results

Slingsby(H.C.)Plc 30 September 2005 H C SLINGSBY PLC Report for the half year ended 30 June 2005 Statement by the Chairman It is satisfying for me to report that the group has produced a first half pre-tax profit of Â£766,000 which exceeds last years record interim figure of Â£680,000 (as restated). This is particularly pleasing given that we have managed to absorb additional expenditure in terms of rationalisation costs for the manufacturing division, increased pension scheme charge and a higher marketing spend. However, we have yet to feel the effect of the additional costs in terms of the business move and also the new business system when it is commissioned in the latter part of the year. This is the first accounting period in which we have adopted the International Financial Reporting Standards (17 and 21). The adoption of FRS17 'Retirement Benefits' and FRS 21 'Events After The Balance Sheet Date' and the effect on the financial statements are stated in note 5 of this report. FRS17 requires the group to account for pension costs under a different basis to the previous SSAP 24 methodology and in particular results in the recognition of the FRS17 pension deficit of Â£2,295,000 at 30 June 2005 within the balance sheet. The impact of adopting FRS17 has previously been disclosed in the Notes to the Accounts of the Annual Report. In line with the majority of UK companies, the board are reviewing the pension element of our remuneration policy as a result of the new pension legislation. FRS21 requires the group to recognise dividends in the period that they are declared. Therefore, the dividends of Â£350,000 that were declared at the Annual General Meeting on 16 June 2005 have been charged to the profit and loss account in the period ended 30 June 2005. In addition to adopting the accounting standards in the current year the group is also required to restate comparative financial information to show the effect had the accounting standards been in place at those dates. Consequently, all comparatives in the financial information are stated after the adjustments required by the new accounting standards have been made. The effect of these changes on the net assets at 31 December 2004 has been to reduce them from the Â£7,162,000 reported in the 2004 Report and Accounts to Â£5,189,000, as detailed in note 5. This is a change in accounting rather than a change in the financial position of the business at that date. Our ongoing strategic projects have continued to progress. We have completed the purchase for Â£4.4m, of a new site located in Baildon, which is 4 miles from our current premises. We anticipate that our warehousing facility and what remains of our manufacturing division will be relocated by the end of the year. We envisage that the refurbishment of the office accommodation will be completed by mid 2006 and the head office administrative function will then be relocated. With respect to the disposal of our current site, negotiations are at an advanced stage. The implementation of our new business system is now scheduled for the final quarter of the year. Your board is pleased to recommend an interim dividend of 7.0p (2004: 7.0p). This will be paid on 5 January 2006 to shareholders registered on 2 December 2005. J F Slingsby Chairman 30 September 2005 Registered Office Preston Street, Bradford, West Yorkshire BD7 1JF Consolidated Profit and Loss Account for the half year ended 30 June 2005 Restated Restated Half year Half year Year ended ended ended 30/06/05 30/06/04 31/12/04 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Turnover 10,221 9,435 19,108 --------- -------- --------- Operating profit 712 657 1,383 Interest receivable 83 73 169 Other finance expense (29) (50) (100) -------- -------- -------- Profit on ordinary activities before taxation 766 680 1,452 Taxation (174) (250) (570) -------- -------- -------- Profit attributable to shareholders 592 430 882 Dividends (350) (300) (370) -------- -------- -------- Retained profit 242 130 512 -------- -------- -------- Basic and diluted earnings per share 59.2p 43.0p 88.2p -------- -------- -------- Proposed interim dividend per share 7.0p 7.0p -------- -------- The results set out above derive entirely from continuing operations. Statement of Group Total Recognised Gains and Losses for the half year ended 30 June 2005 Restated Restated Half year Half year Year ended ended ended 30/06/05 30/06/04 31/12/04 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Profit for the financial period 592 430 882 Actuarial loss on pension scheme (325) 219 437 Exchange adjustment 26 - (6) -------- -------- -------- Total gains recognised for the period 293 649 1,313 -------- -------- Prior year adjustment - FRS17 - recognition of FRS17 pension liability (2,077) - Reversal of SSAP24 pension prepayment (246) --------- Total loss recognised since last annual report (2,030) --------- Group Balance Sheet as at 30 June 2005 Restated Restated 30/06/05 30/06/04 31/12/04 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Fixed Assets Tangible assets 5,978 1,638 1,578 Investments - 300 300 --------- --------- -------- 5,978 1,938 1,878 --------- --------- -------- Current assets Stock 1,554 1,592 1,625 Debtors 3,939 3,124 3,305 Cash at bank and in hand 721 4,958 5,281 --------- --------- --------- 6,214 9,674 10,211 Creditors: Amounts failing due within one year. (4,664) (5,127) (4,798) --------- --------- --------- Net current assets 1,550 4,547 5,413 --------- --------- --------- Total assets less current liabilities 7,528 6,485 7,291 Provisions for liabilities and charges Deferred taxation (101) (84) (25) --------- --------- --------- Net assets excluding pension liability 7,427 6,401 7,266 Pension liability (2,295) (2,225) (2,077) --------- --------- --------- Net assets including pension liability 5,132 4,176 5,189 --------- --------- --------- Capital and reserves Called up share capital 250 250 250 Profit and loss account 4,882 3,926 4,939 --------- --------- --------- Equity shareholders' funds 5,132 4,176 5,189 --------- --------- --------- Consolidated Cash Flow Statement for the half year ended 30 June 2005 Half year Half year Year ended ended ended 30/06/05 30/06/04 31/12/04 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Note Net cash (outflow)/inflow from operating 1 (451) 749 1,858 activities Returns on investments and servicing of finance Interest Received 94 68 160 Taxation UK Corporation tax paid - - (349) Capital expenditure and financial investment Purchase of tangible fixed assets (4,470) (116) (394) Sales of tangible fixed assets 22 21 76 300 - - Sale of investment --------- --------- --------- Net cash outflow from capital expenditure and financial investment (4,148) (95) (318) Equity dividends paid (70) (50) (350) --------- --------- --------- Net cash (outflow)/inflow before use of liquid resources (4,575) 672 1,001 Management of liquid resources (Increase)/decrease in short term deposits with banks 4,900 100 (900) --------- --------- --------- (Decrease)/increase in cash in the period 2 325 772 101 --------- --------- --------- Notes to the Report for the half year ended 30 June 2005 1. Reconciliation of operating profit to net cash inflow from operating activities Restated Restated Half year Half year Year ended ended ended 30/06/05 30/06/04 31/12/04 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Operating profit 712 657 1,383 Depreciation 149 158 314 Profit on sale of tangible fixed assets (2) (4) (27) Decrease/(increase) in stocks 71 (66) (99) (Increase) in trade debtors (340) (68) (167) (Increase) in prepayments (441) (52) (28) (Decrease)/increase in trade creditors (247) 44 285 (Decrease)/increase in other taxation and social security (234) 11 (9) (Decrease)/increase in other creditors and accruals (119) 69 206 --------- --------- --------- Net cash (outflow)/inflow from operating activities (451) 749 1,858 --------- --------- --------- 2. Reconciliation to net cash Half year Half year Year ended ended ended 30/06/05 30/06/04 31/12/04 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Changes during the year Net cash at 1 January 5,281 4,286 4,286 Increase in net cash 325 772 101 Movement in short term deposits (4,900) (100) 900 Exchange adjustment 15 - (6) --------- --------- --------- Net Cash 721 4,958 5,281 --------- --------- --------- 3. The financial information contained in this interim statement does not constitute statutory accounts 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 2004 Annual Report and Accounts except for the adoption of FRS17 and FRS21. 4. The comparative figures for the year ended 31 December 2004 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, and which are adjusted for new accounting policies adopted in the period. The 2004 accounts have been delivered to the Registrar of Companies. 5. Reconciliation of movement in Group equity shareholders' funds The group has adopted FRS 17 'Retirement Benefits' and FRS 21 'Events After the Balance Sheet Date'. The adoption of these standards represent a change in accounting policy and the comparative figures have, therefore, been restated by way of a prior year adjustment. The FRS 17 prior year adjustment comprises a debit to equity shareholders' funds at 1 January 2005 of Â£246,000 in respect of the SSAP 24 pension provision and an adjustment to provide for the net FRS 17 pension liability of Â£2,077,000 as recognised in the statement of total recognised gains and losses in accordance with FRS 17. In addition, the profit and loss account for the year ended 31 December 2004 and for the half year ended 30 June 2004 previously included a SSAP 24 pension charge of Â£274,000 and Â£140,000 respectively. In accordance with the requirements of FRS 17 the profit and loss accounts for these periods have been restated to reverse the SSAP 24 pension charge and to charge the FRS 17 current service cost and net return on pension scheme assets totalling Â£442,000 for the year ended 2004 and Â£221,000 for the half ended 30 June 2004. The FRS 21 prior year adjustment comprises a credit to equity shareholders' funds at 1 January 2005 of Â£350,000 in respect of the proposed dividend previously charged in the year ended 31 December 2004. In accordance with FRS 21, dividends are now recognised in the period that they are approved and the profit and loss account for the year ended 2004 has therefore been restated. The group equity shareholders' funds reported in the Annual Report 2004 amounting to Â£7,162,000 at 31 December 2004 have been adjusted to Â£5,189,000 as detailed in note below in accordance with UK accounting standards dealing the treatment of prior year adjustments. Â£'000 Group equity shareholders' funds as previously reported in the Annual Report 2004 7,162 FRS21 dividend adjustment 350 Recognition of FRS17 pension deficit (2,077) Reversal of SSAP24 pension provision (246) --------- Group equity shareholders' funds as restated at 31 December 2004 5,189 --------- This information is provided by RNS The company news service from the London Stock Exchange

Companies

Slingsby H.C (SLNG)

Friday, 10th January 2025

COMPANIES COVERED:

SBRY CKN APH

Alliance Pharma jumps as takeover news announced and Clarkson advances on modest profit upgrade but Sainsbury continues slide as costs rise and non-food sales slow.

Full Archive

UK 100

Latest directors dealings

1 day ago FRP Advisory Group
1 day ago Marks Electrical Group
1 day ago CLS Holdings
1 day ago QinetiQ Group
1 day ago Spectris

All directors dealings today