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Pin to quick picksSlingsby H.c Regulatory News (SLNG)

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Half Yearly Report

23 Sep 2011 07:00

RNS Number : 7632O
Slingsby(H.C.)Plc
23 September 2011
 



23 September 2011

 

 

H C Slingsby plc ("the Company")

 

Report for the half year ended 30 June 2011

 

Statement by the Chairman

 

As previously notified, activity levels slowed markedly from late April onwards and the trading environment has become very challenging. This has been reflected in our results for the first half, with turnover of £7,792,000 (2010: £8,414,000) and a pre-tax profit of £276,000 (2010: £604,000).

 

Activity levels have continued to be depressed since the period end and your Board can see no signs of any immediate upturn. In this light we maintain our focus on controlling costs. We do, however, continue to invest in information technology. We are looking to further enhance our website and to fully integrate it with improved business systems. Together with the continuing strength of the Company's balance sheet, your Board remains confident that the Company will be well placed as and when the economy starts to recover.

 

We recommend an interim dividend of 4.0p (2010: 5.0p). This will be paid on 4 January 2012 to shareholders on the Register at the close of business on 2 December 2011.

 

 

 

 

 

J R Waterhouse

Non-Executive Chairman

 

 

23 September 2011

 

Registered Office

Otley Road, Baildon, Shipley BD17 7LW

 

 

For further information please contact:

 

H C Slingsby plc

Dominic Slingsby, Managing Director

01274 535 030

Ray Hudson, Financial Director

 

Evolution Securities Limited

Joanne Lake/Peter Steel

0113 243 1619

 

 

 

 

Unaudited Condensed Consolidated Income Statement for the half year ended 30 June 2011

 

Half year

Half year

Year

ended

ended

ended

30/06/11

30/06/10

31/12/10

Note

£'000

£'000

£'000

 

Turnover

7,792 

8,414 

16,652 

---------

---------

---------

Operating profit

383 

 

697 

1,259 

Finance income

19 

15 

38 

Finance expense

(126)

(108)

(215)

--------

--------

--------

Profit before taxation

276 

604 

1,082 

Taxation

2

(21)

(179)

(365)

--------

--------

--------

Profit for the period attributable to equity shareholders

255 

--------

425 

--------

717 

--------

Basic and diluted earnings per share

25.5p

42.5p

71.7p

--------

--------

--------

Proposed interim/final dividend per share

4.0p

5.0p

35.0p

--------

--------

--------

 

The results set out above derive entirely from continuing operations.

 

The above unaudited condensed consolidated income statement should be read in conjunction with the accompanying notes.

 

 

 

 

Unaudited Consolidated Statement of Comprehensive Income and Expense for the half year ended 30 June 2011

 

Half year

Half year

Year

ended

ended

Ended

30/06/11

30/06/10

31/12/10

£'000

£'000

£'000

 

Actuarial loss on pension scheme

(167)

(444)

(394)

Movement in deferred tax relating to pension liability

(23)

125 

42

Exchange adjustment

14 

(21)

(9)

--------

--------

--------

Net expense recognised directly in equity

(176)

(340)

(361)

Profit for the period

255 

425 

717 

--------

--------

--------

Total income recognised for the period attributable to equity shareholders

79 

85 

356 

 

 

 

--------

--------

--------

 

 

The above unaudited consolidated statement of comprehensive income and expense should be read in conjunction with the accompanying notes.

 

 

 

 

Unaudited Consolidated Balance Sheet as at 30 June 2011

 

30/06/11

30/06/10

31/12/10

£'000

£'000

£'000

Assets

Non-current assets

Property, plant and equipment

6,654 

6,676 

6,642 

Intangible asset

152 

215 

202 

Deferred tax asset

852 

975 

824 

---------

---------

--------

7,658 

7,866 

7,668 

---------

---------

--------

Current assets

Inventories

2,087 

1,494 

1,785 

Trade and other receivables

2,475 

2,687 

3,233 

Cash and cash equivalents

 

3,575 

 

3,457 

3,420 

---------

---------

---------

8,137 

7,638 

8,438 

---------

---------

---------

 

Liabilities

Current liabilities

Trade and other payables

Derivative financial liability

(2,793)

(2,492)

(2,960)

(8)

Current tax liabilities

(380)

(330)

(308)

---------

---------

---------

(3,173)

(2,822)

(3,276)

---------

---------

---------

Net current assets

4,964 

4,816 

5,162 

---------

---------

---------

Non-current liabilities

Retirement benefit obligation

(6,774)

(6,784)

(6,661)

---------

---------

---------

Net assets

5,848 

5,898 

6,169 

---------

---------

---------

 

Capital and reserves

Called up share capital

250 

250 

250 

Retained earnings

5,555 

5,631 

5,890 

Translation reserve

43 

17 

29 

---------

---------

---------

Total equity

5,848 

5,898 

6,169 

---------

---------

---------

 

The above unaudited consolidated balance sheet should be read in conjunction with the accompanying notes.

 

 

 

 

Unaudited Consolidated Statement of Changes in Shareholders' Equity

 

Share Capital

Retained

earnings

Translation

reserve

Total

equity

£'000

£'000

£'000

£'000

At 1 January 2010

250 

5,865 

38 

6,153 

Total income recognised for the period

160 

(21)

85 

Dividends paid

(340)

(340)

---------

---------

---------

---------

At 30 June 2010

250 

5,631 

17 

5,898 

---------

---------

---------

---------

At 1 January 2011

250 

5,890 

29 

6,169 

Total income recognised for the period

65 

14 

79 

Dividends paid

(400)

(400)

---------

---------

---------

---------

At 30 June 2011

250 

5,555 

43 

5,848 

---------

---------

---------

---------

 

 

The above unaudited consolidated statement of changes in shareholders' equity should be read in conjunction with the accompanying notes.

 

Unaudited Consolidated Statement of Cash Flows for the half year ended 30 June 2011

 

Half year

Half year

Year

ended

ended

Ended

30/06/11

30/06/10

31/12/10

Note

£'000

 

£'000

 

£'000

 

Cash flows from operating activities

Cash generated from operations

3

702 

796 

1,344 

Interest received

11

28 

UK corporation tax received/(paid)

91 

(49)

---------

---------

---------

Cash generated from operating activities

713 

896 

1,323 

---------

---------

---------

Cash flows from investing activities

Purchase of property, plant and equipment

(209)

(160)

(394)

Proceeds from sales of property, plant and equipment

37 

65 

---------

---------

---------

Net cash used in investing activities

(172)

(153)

(329)

---------

---------

---------

Cash flows from financing activities

Equity dividends paid

(400)

(40)

(340)

---------

---------

---------

Net cash used in financing activities

(400)

(40)

(340)

---------

---------

---------

 

Net increase in cash and cash equivalents

141 

703 

654 

Opening cash and cash equivalents

3,420 

2,775 

2,775 

Exchange differences

14 

(21)

(9)

---------

---------

---------

Closing cash and cash equivalents

3,575 

3,457 

3,420 

---------

---------

---------

 

The above unaudited consolidated statement of cash flows should be read in conjunction with the accompanying notes.

 

 

 

Notes to the Interim Report for the half year ended 30 June 2011

 

1.

Interim Financial Information

 

The 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 prepared in accordance with the policies set out in the 2010 Annual Report and Accounts. The comparative figures for the year ended 31 December 2010 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, which did not contain an emphasis of matter paragraph and did not contain any statement under Section 498 of the Companies Act 2006. The 2010 accounts have been delivered to the Registrar of Companies. The Company has chosen not to adopt IAS 34 'Interim Financial Statements' in preparing the financial information.

 

2.

Taxation

 

Half year

Half year

Year

ended

ended

Ended

30/06/11

30/06/10

31/12/10

£'000

 

£'000

£'000

Current tax

72 

168 

286 

Deferred tax

(51)

11 

79 

---------

---------

---------

21 

179 

365 

---------

---------

---------

 

The effective tax rate is 19% (2010 half year: 30%, 2010 full year: 34%).

 

3.

Reconciliation of operating profit to net cash inflow from operating activities

 

Half year

Half year

Year

ended

ended

ended

30/06/11

30/06/10

31/12/10

£'000

 

£'000

£'000

Operating profit

383 

697 

1,259 

Depreciation

224 

226 

455 

Profit on sale of property, plant and equipment

(8)

(3)

(19)

Difference between pension charge and contributions

(180)

(180)

(360)

Increase in inventories

(302)

(107)

(398)

Decrease/(Increase) in trade and other receivables

761 

(17)

(546)

(Decrease)/Increase in trade and other payables

(176)

180 

953 

---------

---------

---------

Net cash inflow from operating activities

702 

796 

1,344 

---------

---------

---------

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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