Last checked at 21 Apr 2011 07:00
H C SLINGSBY PLC (the "Company")
Unaudited Preliminary Announcement for the year ended 31 December 2010
Statement by the Chairman
The improved trading conditions notified in our half yearly report continued into the second half of the year, with increased sales volumes resulting in turnover for the full year of £16.7m (2009: £15.8m). This increase combined with the cost reduction actions taken during 2009, has resulted in an operating profit of £1.3m (2009: £1.3m, including a net exceptional income of £0.6m, of which £0.7m was a pension fund curtailment gain). Profit before taxation was £1.1m (2009: £1.0m). Our net cash position strengthened during the year to £3.4m at 31 December 2010 (2009: £2.8m).
The Company continues to invest in information technology systems, focussing on the supply chain, links with customers and web trading. During the year, sales through the Slingsby website grew significantly and now represent a core business channel. Sales through our printed catalogue still remain very important but, to reflect changing buying habits, a decision was made to produce a single catalogue in 2010 and thereafter, rather than the twice-yearly publication as in previous years.
Trading during the first quarter of 2011 was in line with the Board's expectations and going forwards, through our diverse customer base and wide product selection, we believe that the Company is well positioned to withstand further pressure on public sector spending. Although we continue to adopt a cautious view on the economic environment, the Company remains satisfactorily placed to exploit opportunities as they arise.
On behalf of the Board I wish to thank our loyal staff once again who have continued to serve the company well in difficult circumstances.
Your Board is pleased to recommend a final dividend of 35.0p (2009: 30.0p). The total dividend is therefore 40.0p (2009: 34.0p). The record date will be 3 June 2011 and the payment date 1 July 2011.
J R Waterhouse
Non-Executive Chairman
21 April 2011
Registered Office
Otley Road
Baildon, Shipley
West Yorkshire BD17 7LW
For further information, please contact:
H C Slingsby PLC | Tel: 01274 535 030 |
Dominic Slingsby, Managing Director Ray Hudson, Financial Director
| |
Evolution Securities Limited | Tel: 0113 243 1619 |
Joanne Lake Casper Kaars |
H C SLINGSBY PLC
Unaudited Consolidated Income Statement for the year ended 31 December 2010
Note | Year ended 31/12/10 £'000
| Year ended 31/12/09 £'000
| |
Turnover | 16,652 | 15,833 | |
-----------
| -----------
| ||
Operating profit before exceptional items | 1,259 | 707 | |
Exceptional items | 2 | - | 592 |
Operating profit | 1,259 | 1,299 | |
Finance income | 38 | 42 | |
Finance expense | (215) | (334) | |
----------- | ----------- | ||
Profit before taxation | 1,082 | 1,007
| |
Taxation | (365) | (192) | |
----------- | ----------- | ||
Profit for the year attributable to equity shareholders
| 717 | 815
| |
----------- | ----------- | ||
Basic and diluted earnings per share | 71.7p | 81.5p | |
----------- | ----------- |
The results set out above derive entirely from continuing operations.
Unaudited Statement of Consolidated Recognised Income and Expense for the year ended 31 December 2010
Year ended 31/12/10 £'000
| Year ended 31/12/09 £'000
| ||
Actuarial loss on pension scheme | (394) | (1,355) | |
Movement in deferred tax relating to retirement benefit obligation | 42 | 379
| |
Exchange adjustment | (9) | (20) | |
----------- | ----------- | ||
Net expense recognised directly in equity | (361) | (996) | |
Profit for the year | 717 | 815 | |
----------- | ----------- | ||
Total recognised income/(expense) for the year attributable to equity shareholders | 356 | (181) | |
----------- | ----------- |
Unaudited Group Balance Sheet as at 31 December 2010
31/12/10 £'000
| 31/12/09 £'000 | ||
Assets | |||
Non-current assets | |||
Property, plant and equipment | 6,642 | 6,792 | |
Intangible asset | 202 | 180 | |
Deferred tax assets | 824 | 861 | |
----------- | ----------- | ||
7,668 | 7,833 | ||
----------- | ----------- | ||
Current assets | |||
Inventories | 1,785 | 1,387 | |
Trade and other receivables | 3,233 | 2,671 | |
Derivative financial asset | - | 1 | |
Cash and cash equivalents | 3,420 | 2,775 | |
----------- | ----------- | ||
8,438 | 6,834 | ||
----------- | ----------- | ||
Liabilities | |||
Current liabilities | |||
Trade and other payables | (2,960) | (2,030) | |
Derivative financial liability | (8) | - | |
Current tax liabilities | (308) | (72) | |
----------- | |||
(3,276) | (2,102) | ||
----------- | ----------- | ||
Net current assets | 5,162 | 4,732 | |
----------- | ----------- | ||
Non-current liabilities | |||
Retirement benefit obligation | (6,661) | (6,412) | |
----------- | ----------- | ||
Net assets | 6,169 | 6,153 | |
----------- | ----------- | ||
Capital and reserves | |||
Called up share capital | 250 | 250 | |
Retained earnings | 5,890 | 5,865 | |
Translation reserve | 29 | 38 | |
----------- | ----------- | ||
Total equity | 6,169 | 6,153 | |
----------- | ----------- |
Unaudited Consolidated Cash Flow Statement for the year ended 31 December 2010
Year ended 31/12/10
| Year ended 31/12/09
| ||
Note | |||
Cash flows from operating activities | |||
Cash generated from operations | 3 | 1,344 | 793 |
Interest received | 28 | 50 | |
Interest paid on finance leases | - | - | |
UK corporation tax paid | (49) | (237) | |
----------- | ----------- | ||
Cash generated from operating activities | 1,323 | 606 | |
----------- | ----------- | ||
Cash flows from investing activities | |||
Purchase of property, plant and equipment | (394) | (352) | |
Proceeds from sales of property, plant and equipment | 65 | 14 | |
----------- | ----------- | ||
Net cash used in investing activities
| (329) | (338)
| |
Cash flows from financing activities | |||
Equity dividends paid | (340) | (500) | |
----------- | ----------- | ||
Net cash used in financing activities | (340) | (500) | |
----------- | ----------- | ||
Net increase/(decrease) in cash and cash equivalents | 654 | (232) | |
Opening cash and cash equivalents | 2,775 | 3,029 | |
Exchange differences | (9) | (22) | |
----------- | ----------- | ||
Closing cash and cash equivalents | 3,420 | 2,775 | |
----------- | ----------- |
Statement of Changes in Shareholders' Equity
Share capital £'000 | Retained earnings £'000 | Translation reserve £'000 | Total equity £'000 | |
Group | ||||
1 January 2009 | 250 | 6,526 | 58 | 6,834 |
Total recognised expense for the year | - | (161) | (20) | (181) |
Dividends paid | - | (500) | - | (500) |
----------- | ----------- | ----------- | ----------- | |
1 January 2010 | 250 | 5,865 | 38 | 6,153 |
Total recognised income for the year | - | 365 | (9) | 356 |
Dividends paid | - | (340) | - | (340) |
----------- | ----------- | ----------- | ----------- | |
31 December 2010 | 250 | 5,890 | 29 | 6,169 |
----------- | ----------- | ----------- | ----------- |
The translation reserve comprises foreign exchange differences arising from the translation of the financial statements of foreign operations.
Notes to the Unaudited Preliminary Announcement for the year ended 31 December 2010
1. | The unaudited preliminary results have been prepared in accordance with International Financial Reporting Standards ("IFRS") and IFRIC interpretations as adopted by the EU and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The preliminary announcement does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The financial information included in this preliminary announcement does not include all the disclosures required by IFRS or the Companies Act 2006 and accordingly it does not itself comply with IFRS or the Companies Act 2006. This announcement has been agreed with the Company's auditors for release.
The financial statements for the year ended 31 December 2010, upon which the auditors have still to report, will be issued to shareholders on 18 May 2011 and will be available to members of the public at the registered office of the company from that date. The statutory accounts for the year ended 31 December 2010 will be delivered to the Registrar following the company's Annual General Meeting.
The Annual General Meeting will be held at 10 am on 16 June 2011 at the Marriot Hollins Hall Hotel, Hollins Hill, Baildon, Shipley, BD17 7QW.
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2. | Exceptional items
| |||||
Year | Year | |||||
Ended | Ended | |||||
31/12/10 | 31/12/09 | |||||
£'000
| £'000
| |||||
Pension curtailment gain | - | 739 | ||||
Redundancy costs | - | (147) | ||||
---------- | ---------- | |||||
- | 592 | |||||
---------- | ---------- | |||||
3. | Reconciliation of operating profit to net cash inflow from operating activities
| |||||
Year | Year |
| ||||
Ended | Ended |
| ||||
31/12/10 | 31/12/09 |
| ||||
£'000
| £'000
|
| ||||
Operating profit | 1,259 | 1,299 |
| |||
Depreciation and amortisation | 455 | 448 |
| |||
Profit on sale of property, plant and equipment | (18) | - |
| |||
Difference between pension charge and contributions | (360) | (964) |
| |||
(Increase)/decrease in inventories | (399) | 345 |
| |||
(Increase)/decrease in trade and other receivables | (546) | 371 |
| |||
Increase/(decrease) in trade and other payables | 953 | (706) |
| |||
---------- | ---------- |
| ||||
Net cash inflow from operating activities | 1,344 | 793 |
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---------- | ---------- |
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4. | Dividends
|
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The interim and final dividends for the 2009 financial year of 4.0p and 30.0p, totalling £340,000 were paid and deducted from reserves in the year. The dividends for the 2008 financial year totalling £500,000 were paid and deducted from reserves in 2009. |
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