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(Alliance News) - HC Slingsby PLC on Thursday said its quarterly sales increased, but higher overhead costs and inflationary pressures hurt profit.
Ahead of its annual general meeting on Thursday, the Shipley, England-based industrial and commercial equipment distributor said sales for the first three months of 2023 were 5% higher year-on-year.
Pretax profit for the first quarter of 2023 was GBP120,000, down 25% from GBP160,000 a year prior. Increased overhead costs kept a lid on profit, the company explained.
Due to the timing of Easter, group sales only grew slightly by 3% on-year in the four months to April 30, while pretax profit fell by 47% to GBP100,000 from GBP190,000 a year prior due to continuing trends in overhead costs.
Looking ahead, HC Slingsby said it "remains cautious" for the remainder of the year, citing uncertainty from the continuing conflict in Ukraine, a possible UK recession and the unknown long term impacts of Covid-19 and Brexit.
Shares in HC Slingsby were trading flat at 345.00 pence each in London on Thursday midday.
By Sabrina Penty, Alliance News reporter
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