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29 Jul 2025 07:00
The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended. With the publication of this announcement, this information is now considered to be in the public domain.
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29 July 2025
H C Slingsby plc
("Slingsby", "the Company" or the "Group")
Unaudited report for the half year ended 30 June 2025
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Statement by the Chairman
Trading
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Sales in the six months to 30 June 2025 fell by 3% compared to the same period in the prior year. This lower level of sales, at a slightly lower gross margin, was offset by lower overhead costs, such that the unaudited operating profit before tax and exceptional item was ÂŁ0.11m compared to ÂŁ0.08m in the six months ended 30 June 2024.
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An exceptional item in the six months to 30 June 2025 was ÂŁ42,000 of costs relating to the Formal Sale Process under the Takeover Code, which was commenced in February 2025 and concluded on 1 April 2025. In 2024, there was an exceptional item relating to the retirement of Dominic Slingsby. The exceptional item together with interest costs of ÂŁ0.16m, which mostly relate to the Company's defined benefit pension scheme, resulted in an unaudited loss before tax of ÂŁ0.09m in the six months to 30 June 2025 compared to an unaudited loss before tax of ÂŁ0.25m in the comparable period in 2024.
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The market continues to be highly competitive, and the Group remains cautious regarding the outlook for the remainder of the financial year. This is particularly the case given the increase in corporate costs resulting from the increases in the National Minimum Wage, Employers' National Insurance and from changes to business rates. The impact that these factors may have on demand going forward is difficult to forecast. There also continues to be the potential for credit related issues should customers become insolvent.
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Balance sheet
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The Group had net assets of ÂŁ4.0m at 30 June 2025 (ÂŁ3.98m at 30 June 2024) compared to net assets of ÂŁ3.92m at 31 December 2024. The improvement in net assets from 30 June 2024 is due to a decrease in the pension scheme deficit despite the net losses incurred. The Company made deficit reduction contributions totalling ÂŁ175,000 in the six months to 30 June 2025 in line with the agreement with the pension scheme's Trustee.Â
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Cashflow
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The Group had net debt of ÂŁ0.3m at 30 June 2025 (ÂŁ0.1m at 30 June 2024) compared to ÂŁ0.6m at 31 December 2024. The Group continues to operate within its existing banking facilities and the Directors continue to believe that the Group has additional funding options available should the need arise.
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Dividend
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Due to the net loss incurred and the uncertain outlook, the Board has decided not to declare an interim dividend.
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People
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We would like to thank our employees for their hard work during continued challenging times.
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Andrew Kitchingman
Non-Executive Chairman
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For further information please contact:
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H C Slingsby plc
Andrew Kitchingman Non-Executive Chairman 01274 535 030
Morgan Morris, Group Chief Executive
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Allenby Capital Limited (Nominated Advisor and Broker)
Alex Brearley/Ashur Joseph (Corporate Finance) 020 3328 5656
Amrit Nahal (Sales and Corporate Broking)
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Unaudited Condensed Consolidated Income Statement for the half year ended 30 June 2025
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Half year | Half year | Year | ||
ended | ended | ended | ||
30/06/25 (Unaudited) | 30/06/24 (Unaudited) | 31/12/24 (Audited) | ||
Note | ÂŁ'000 | ÂŁ'000 | ÂŁ'000 Â | |
Revenue | 10,480 | 10,766Â | 20,773Â | |
--------- | --------- | --------- | ||
Operating profit/(loss) before exceptional items | 114 | 78Â | (123) Â | |
Exceptional item | 3 | (42) | (200) | (378) |
-------- | -------- | -------- | ||
Operating profit/(loss) | 72 | (122) | (501) | |
Finance income | - | 8 | 10 | |
Finance costs | (160) | (138) | (278) | |
-------- | -------- | -------- | ||
Loss before taxation | (88) | (252) | (769) | |
Taxation | 2 | (5) | 1 | 168 |
-------- | -------- | -------- | ||
Loss for the period attributable to equity shareholders | (93) -------- | (251) -------- | (601) -------- | |
Basic and diluted weighted average earnings per share | Â (8.4p) | Â (24.0p) | Â (56.8p) | |
-------- | -------- | -------- | ||
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The results set out above derive entirely from continuing operations.
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The above unaudited condensed consolidated income statement should be read in conjunction with the accompanying notes.
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Unaudited Consolidated Statement of Comprehensive Income and Expense for the half year ended 30 June 2025
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Half year | Half year | Year | Â | |||
ended | ended | ended | Â | |||
30/06/25 (Unaudited) | 30/06/24 (Unaudited) | 31/12/24 (Audited) | Â | |||
 | £'000 | £'000 | £'000 |  | ||
 | ||||||
Loss for the period | (93) | (251) | (601) | Â | ||
 | -------- | -------- | -------- |  | ||
Items that will not be reclassified to profit or loss | Â | Â | Â | Â | ||
Remeasurements of post-employment benefit obligations | 228 | (19) Â | 153 Â | Â | ||
Movement in deferred tax relating to retirement benefit obligation | Â (57) | Â 5 | Â (39) | Â | ||
 | -------- | -------- | -------- |  | ||
Other comprehensive income/(expense) | 171 | (14) | 114 | Â | ||
 | ||||||
-------- | -------- | -------- | Â | |||
Total comprehensive income/(expense) recognised for the period attributable to equity shareholders | Â 78 | Â (265) | Â (487) | Â | ||
-------- | -------- | -------- | Â | |||
 | ||||||
 | ||||||
The above unaudited consolidated statement of comprehensive income and expense should be read in conjunction with the accompanying notes.
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Unaudited Consolidated Balance Sheet as at 30 June 2025
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30/06/25 (Unaudited) | 30/06/24 (Unaudited) | 31/12/24 (Audited) | ||
ÂŁ'000 | ÂŁ'000 | ÂŁ'000 | ||
Assets | ||||
Non-current assets | ||||
Property, plant and equipment | 5,153 | 5,441 | 5,270 | |
Intangible assets | 288 | 243 | 323 | |
Goodwill | 700 | 700 | 700 | |
Deferred tax asset | 834 | 780 | 896 | |
--------- | --------- | -------- | ||
6,975Â | 7,164Â | 7,189 | ||
--------- | --------- | -------- | ||
Current assets | ||||
Inventories | 2,548 | 2,565 | 2,672 | |
Trade and other receivables | 2,943 | 3,179 | 2,936 | |
Cash and cash equivalents Derivative financial asset | 2,570 - | 2,449 3 | 2,366 19 | |
--------- | --------- | --------- | ||
8,061Â | 8,196Â | 7,993 | ||
 | --------- | --------- | ---------  | |
Liabilities | ||||
Current liabilities | ||||
Trade and other payables Invoice financing Overdraft | (2,534) (526) (2,354) | (2,866) (176) (2,350) | (2,477) (755) (2,164) | |
Lease obligations | (21) | (21) | (22) | |
Derivative Financial Liability | (17) | - | - | |
Current tax liabilities | - | (91) | - | |
--------- | --------- | --------- | ||
 | (5,452) | (5,504) | (5,418) | |
 | --------- | --------- | --------- | |
Net current assets | 2,609 | 2,692Â | 2,575Â | |
 | --------- | --------- | --------- | |
Non-current liabilities | ||||
Retirement benefit obligation Lease obligations | (5,528) (61) | (5,793) (82) | (5,777) (70) | |
 | ||||
--------- | --------- | --------- | ||
Net assets | 3,995Â | 3,981Â | 3,917Â | |
 | --------- | --------- | ---------  | |
Capital and reserves | ||||
Share capital | 276 | 262Â | 276Â | |
Share premium | 168 | 24 | 168 | |
Retained earnings | 3,551 | 3,695Â | 3,473Â | |
--------- | --------- | --------- | ||
Total equity | 3,995Â | 3,981Â | 3,917 | |
--------- | --------- | --------- | ||
 | ||||
 | ||||
 |
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The above unaudited consolidated balance sheet should be read in conjunction with the accompanying notes.
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Unaudited Consolidated Statement of Changes in Shareholders' Equity
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Share Capital ÂŁ'000 | Share premium ÂŁ'000 | Retained earnings ÂŁ'000 | Total equity ÂŁ'000 | |
 |  |  |  | |
At 1 January 2024 | 262Â | 24 | 3,960 | 4,246 |
Total comprehensive expense recognised for the period | Â -Â | Â - | Â (265) | Â (265) |
 | --------- | --------- | --------- | --------- |
At 30 June 2024 | 262Â | 24 | 3,695Â | 3,981Â |
--------- | --------- | --------- | --------- | |
At 1 January 2025 | 276 | 168 | 3,473 | 3,917 |
Total comprehensive income recognised for the period | - | - | 78 Â | 78 |
--------- | --------- | --------- | --------- | |
At 30 June 2025 | 276 | 168 | 3,551 | 3,995 |
--------- | --------- | --------- | --------- |
The above unaudited consolidated statement of changes in shareholders' equity should be read in conjunction with the accompanying notes.
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Unaudited Consolidated Statement of Cash Flows for the half year ended 30 June 2025
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Half year | Half year | Year | Â | ||
ended | ended | ended | Â | ||
30/06/25 (Unaudited) | 30/06/24 (Unaudited) | 31/12/24 (Audited) | Â | ||
Note | ÂŁ'000 Â | ÂŁ'000 Â | ÂŁ'000 Â | Â | |
Cash flows from operating activities | Â | ||||
Cash (used in)/generated from operations | 4 | 348 | (63) | (475) | Â |
UK corporation tax paid | - | - | (83) | Â | |
Interest paid | (4) | - | (2) | Â | |
--------- | --------- | --------- | Â | ||
Cash generated from/(used in) operating activities | 344 | (63) | (560) | Â | |
--------- | --------- | --------- | Â | ||
Cash flows from investing activities | Â | ||||
Interest received | - | 8 | 10 | Â | |
Purchase of property, plant and equipment | (77) | (255) | (262) | Â | |
Purchase of intangible assets | (21) | (17) | 77 | Â | |
Proceeds from sales of property, plant and equipment | 10 | 58 | (155) | Â | |
--------- | --------- | --------- | Â | ||
Net cash outflow from investing activities | (88) | (206) | (330) | Â | |
--------- | --------- | --------- | Â | ||
Cash flows from financing activities | Â | ||||
Proceeds from share issue Capital element of lease payments | - (13) | - (13) | 158 (26) | Â | |
Increase in invoice financing | (229) | 755 | Â | ||
Increase/(decrease) in overdraft | 190 | 282 | (80) | Â | |
--------- | --------- | --------- | Â | ||
Net cash (used in)/generated from financing activities | (52) | 269 | 807 | Â | |
--------- | --------- | --------- Â | Â | ||
Net increase in cash and cash equivalents | 204 | - | (83) | Â | |
 |  | ||||
Opening cash and cash equivalents | 2,366 | 2,249 | 2,249 | Â | |
 | |||||
--------- | --------- | --------- | Â | ||
Closing cash and cash equivalents | 2,570 | 2,449 | 2,366 | Â | |
--------- | --------- | --------- | Â | ||
 | |||||
Notes to the Interim Report for the half year ended 30 June 2025
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1. | Interim Financial Information  | |||||||||||||||||||||||||||||||||||||||||||||||
The unaudited condensed consolidated interim financial information does not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006. The interim financial statements, which are unaudited and have not been reviewed by the Company's auditors, have been presented and prepared in accordance with the policies set out in the 2024 Annual Report and Accounts. The comparative figures for the year ended 31 December 2024 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. They did not contain any statement under Section 498 of the Companies Act 2006. The 2024 accounts have been delivered to the Registrar of Companies. The Company has chosen not to adopt IAS 34 'Interim Financial Statements'. Â | ||||||||||||||||||||||||||||||||||||||||||||||||
2. | Taxation | Half year | Half year | Year | ||||||||||||||||||||||||||||||||||||||||||||
ended | ended | ended | ||||||||||||||||||||||||||||||||||||||||||||||
30/06/25 (Unaudited) | 30/06/24 (Unaudited) | 31/12/24 (Audited) | ||||||||||||||||||||||||||||||||||||||||||||||
ÂŁ'000 | ÂŁ'000 | ÂŁ'000 | ||||||||||||||||||||||||||||||||||||||||||||||
 |  |  | ||||||||||||||||||||||||||||||||||||||||||||||
Current tax | - | - | (8) | |||||||||||||||||||||||||||||||||||||||||||||
Deferred tax | 5 | (1) | (160) | |||||||||||||||||||||||||||||||||||||||||||||
--------- | --------- | --------- | ||||||||||||||||||||||||||||||||||||||||||||||
5 | (1) | (168) | ||||||||||||||||||||||||||||||||||||||||||||||
--------- | --------- | --------- | ||||||||||||||||||||||||||||||||||||||||||||||
The effective tax rate is 25%. Â | ||||||||||||||||||||||||||||||||||||||||||||||||
3. Â Â Â Â Â Â Â Â Â Â Â 4. |
Cash generated from/(used in) operations | |||||||||||||||||||||||||||||||||||||||||||||||
Half year | Half year | Year | ||||||||||||||||||||||||||||||||||||||||||||||
ended | ended | ended | ||||||||||||||||||||||||||||||||||||||||||||||
30/06/25 (Unaudited) | 30/06/24 (Unaudited) | 31/12/24 (Audited) | ||||||||||||||||||||||||||||||||||||||||||||||
ÂŁ'000 | ÂŁ'000 | ÂŁ'000 | ||||||||||||||||||||||||||||||||||||||||||||||
 |  |  | ||||||||||||||||||||||||||||||||||||||||||||||
Loss before tax | (88) | (252) | (769) | |||||||||||||||||||||||||||||||||||||||||||||
Net finance costs | 160 | 130 | 268 | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortisation | 202 | 209 | 466 | |||||||||||||||||||||||||||||||||||||||||||||
Defined benefit pension scheme contributions paid | (175) | (133) | (165) | |||||||||||||||||||||||||||||||||||||||||||||
Amounts reimbursed from pension scheme | - | - | 52 | |||||||||||||||||||||||||||||||||||||||||||||
Profit on sale of property, plant and equipment | (10) | (29) | (23) | |||||||||||||||||||||||||||||||||||||||||||||
Decrease/(increase) in inventories | 124 | 78 | (29) | |||||||||||||||||||||||||||||||||||||||||||||
(Increase)/decrease in trade and other receivables | (6) | (218) | 25 | |||||||||||||||||||||||||||||||||||||||||||||
Increase/(decrease) in trade and other payables | 105 | 157Â | (279) | |||||||||||||||||||||||||||||||||||||||||||||
Decrease/(increase) in derivative financial instruments | 36 | (5) | (21) | |||||||||||||||||||||||||||||||||||||||||||||
--------- | --------- | --------- | ||||||||||||||||||||||||||||||||||||||||||||||
Cash generated from/(used in) operating activities | 348 | (63) | (475) | |||||||||||||||||||||||||||||||||||||||||||||
--------- | --------- | --------- | ||||||||||||||||||||||||||||||||||||||||||||||
 | ||||||||||||||||||||||||||||||||||||||||||||||||
 |  | |||||||||||||||||||||||||||||||||||||||||||||||
4. Availability of Interim Report
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The Interim Report will be available on the Company's website www.slingsby.com.
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