Interim Results

Slingsby(H.C.)Plc 29 September 2006 H C SLINGSBY PLC 29 September 2006 Immediate Release R G Hudson H C Slingsby plc Report for the half year ended 30 June 2006 Statement by the Chairman Further to the trading statement made at the end of May, I duly confirm that the effects of the implementation of our new business system and the premises move have had a significant impact on the group's turnover and pre-tax profit figures which are disappointingly down on last year. However, we have successfully completed the office part of the business move and are now operating on one site, which is helping to gradually improve our operating efficiencies. The current order book has shown improvement from the reduction on the previous year experienced at the end of May, but trading conditions remain tough in an ever increasingly competitive market sector. A review of overhead expenditure has been carried out by the board and a rationalisation plan has been implemented. I do however believe that the prospects and potential of the business remain positive in the medium to long term. Your board is pleased to recommend an interim dividend of 5.0p (2005: 7.0p). This will be paid on 4 January 2007 to shareholders on the Register at the close of business on 1 December 2006. J F Slingsby Chairman 29 September 2006 Registered Office Otley Road, Baildon, Shipley BD17 7LW H C Slingsby plc Consolidated Profit and Loss Account for the half year ended 30 June 2006 Half year Half year Year ended ended 30/06/06 ended 30/06/05 31/12/05 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Turnover 9,694 10,221 19,886 --------- --------- --------- Operating profit before exceptional item 393 838 1,468 Exceptional item - (128) (128) --------- -------- --------- Operating profit 393 710 1,340 (Loss)/profit on disposal of fixed assets (3) 2 2,287 -------- -------- -------- Profit on ordinary activities before interest and taxation 390 712 3,627 Interest receivable 53 83 96 Interest payable (48) - (50) Other finance expense (34) (29) (57) -------- -------- -------- Profit on ordinary activities before taxation 361 766 3,616 Taxation (100) (174) (449) -------- -------- -------- Profit attributable to shareholders 261 592 3,167 Dividends (450) (420) (420) -------- -------- -------- Sustained (loss)/retained profit (189) 172 2,747 -------- -------- -------- Basic and diluted earnings per share 26.1p 59.2p 316.7p -------- -------- -------- Proposed interim dividend per share 5.0p 7.0p -------- -------- The results set out above derive entirely from continuing operations. H C Slingsby plc Statement of Group Total Recognised Gains and Losses for the half year ended 30 June 2006 Half year Half year Year ended ended 30/06/06 ended 30/06/05 31/12/05 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Profit for the financial period 261 592 3,167 Actuarial gain/(loss) on pension scheme 425 (311) (1,198) Movement in deferred tax relating to pension asset (128) - 359 Exchange adjustment (3) 12 4 -------- -------- -------- Total gains recognised for the period 555 293 2,332 -------- -------- -------- H C Slingsby plc Group Balance Sheet as at 30 June 2006 30/06/06 30/06/05 31/12/05 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Fixed Assets Tangible assets 7,849 5,979 6,538 --------- --------- -------- 7,849 5,979 6,538 --------- --------- -------- Current assets Stock 1,609 1,554 1,623 Debtors 3,550 3,932 4,105 Cash at bank and in hand 2,555 721 4,056 --------- --------- --------- 7,714 6,207 9,784 Creditors: Amounts falling due within one year (4,935) (4,665) (5,485) --------- --------- --------- Net current assets 2,779 1,542 4,299 --------- --------- --------- Total assets less current liabilities 10,628 7,521 10,837 Creditors: Amounts falling due after more than one year (433) - (613) Provisions for liabilities and charges Deferred taxation (294) (101) (174) --------- --------- --------- Net assets excluding pension liability 9,901 7,420 10,050 Pension liability (2,625) (2,295) (2,879) --------- --------- --------- Net assets including pension liability 7,276 5,125 7,171 --------- --------- --------- Capital and reserves Called up share capital 250 250 250 Profit and loss account 7,026 4,875 6,921 --------- --------- --------- Equity shareholders' funds 7,276 5,125 7,171 --------- --------- --------- H C Slingsby plc Consolidated Cash Flow Statement for the half year ended 30 June 2006 Half year Half year Year ended ended 30/06/06 ended 30/06/05 31/12/05 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Note Net cash inflow/(outflow) from operating activities 1 457 (451) 995 Returns on investments and servicing of finance Bank interest received 53 94 106 Interest element of financial lease payments (79) - (18) --------- --------- --------- Net cash (outflow)/inflow from returns on investments and servicing of finance (26) 94 88 --------- --------- --------- Taxation UK corporation tax paid (323) - (450) Capital expenditure and financial investment Purchase of tangible fixed assets (1,312) (4,470) (5,046) Sales of tangible fixed assets 2 22 3,380 - 300 300 Sale of investment --------- --------- --------- Net cash outflow from capital expenditure and financial investment (1,310) (4,148) (1,366) Equity dividends paid (70) (70) (420) --------- --------- --------- Net cash outflow before management of liquid resources and financing (1,272) (4,575) (1,153) Management of liquid resources Decrease in short term deposits with banks 1,459 4,900 1,900 Financing: Capital element of finance lease payments (226) - (76) --------- --------- --------- (Decrease)/increase in cash in the period 2 (39) 325 671 --------- --------- --------- H C Slingsby plc Notes to the Report for the half year ended 30 June 2006 1. Reconciliation of operating profit to net cash inflow from operating activities Half year Half year Year ended ended 30/06/06 ended 30/06/05 31/12/05 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Operating profit 393 710 1,340 Depreciation 330 149 394 Difference between pension charge and contributions 27 (9) (109) Decrease in stocks 14 71 2 Decrease/(increase) in trade debtors 315 (340) (808) Decrease/(increase) in prepayments 237 (432) (151) (Decrease)/increase in trade creditors (302) (247) 197 Increase/(decrease) in other taxation and social security 66 (234) (128) (Decrease)/increase in other creditors and accruals (623) (119) 258 --------- --------- --------- Net cash inflow/(outflow) from operating activities 457 (451) 995 --------- --------- --------- 2. Reconciliation to net cash Half year Half year Year ended ended 30/06/06 ended 30/06/05 31/12/05 Unaudited Unaudited Audited Â£'000 Â£'000 Â£'000 Changes during the year Net cash at 1 January 4,056 5,281 5,281 (Decrease)/increase in net cash (39) 325 671 Movement in short term deposits (1,459) (4,900) (1,900) Exchange adjustment (3) 15 4 --------- --------- --------- Net cash 2,555 721 4,056 --------- --------- --------- H C Slingsby plc Notes to the Report for the half year ended 30 June 2006 cont. 3. The financial information contained in this unaudited 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 2005 Annual Report and Accounts. 4. The comparative figures for the year ended 31 December 2005 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 2005 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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