(Alliance News) - HC Slingsby PLC on Tuesday reported a fall in annual profit, as costs increased.
HC Slingsby is a Shipley, England-based industrial and commercial equipment distributor.
Pretax profit in 2023 fell to GBP357,000 from GBP485,000 a year earlier.
Revenue climbed to GBP22.6 million from GBP21.6 million.
In the year, distribution costs increased to GBP5.1 million from GBP4.4 million, whilst cost of sales climbed to GBP14.5 million from GBP14.1 million.
HC Slingsby said that in the first quarter of 2024 sales in fell by 5% annually. It swung to a pretax loss of GBP140,000 from a profit of GBP120,000.
Looking ahead, the company said: "The market remains competitive, and the board is cautious regarding the outlook. There remains uncertainty in the economy due to the risk of a prolonged recession in the UK, inflationary pressures (particularly in overhead costs) and the impact on the supply chain from the situation in the Red Sea. These pressures could result in a fall in demand for the group's products."
Shares in HC Slingsby were flat at 250.00 pence each in London on Tuesday afternoon.
By Sophie Rose, Alliance News senior reporter
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Slingsby H.c (SLNG)