Slingsby H.c Regulatory News (SLNG)

29 Sep 2006 16:00

Slingsby(H.C.)Plc29 September 2006 H C SLINGSBY PLC29 September 2006Immediate ReleaseR G Hudson H C Slingsby plc Report for the half year ended 30 June 2006 Statement by the Chairman Further to the trading statement made at the end of May, I duly confirm that theeffects of the implementation of our new business system and the premises movehave had a significant impact on the group's turnover and pre-tax profit figureswhich are disappointingly down on last year. However, we have successfully completed the office part of the business move andare now operating on one site, which is helping to gradually improve ouroperating efficiencies. The current order book has shown improvement from the reduction on the previousyear experienced at the end of May, but trading conditions remain tough in anever increasingly competitive market sector. A review of overhead expenditurehas been carried out by the board and a rationalisation plan has beenimplemented. I do however believe that the prospects and potential of thebusiness remain positive in the medium to long term. Your board is pleased to recommend an interim dividend of 5.0p (2005: 7.0p).This will be paid on 4 January 2007 to shareholders on the Register at the closeof business on 1 December 2006. J F SlingsbyChairman 29 September 2006 Registered OfficeOtley Road, Baildon, Shipley BD17 7LW H C Slingsby plc Consolidated Profit and Loss Account for the half year ended 30 June 2006 Half year Half year Year ended ended 30/06/06 ended 30/06/05 31/12/05 Unaudited Unaudited Audited £'000 £'000 £'000 Turnover 9,694 10,221 19,886 --------- --------- ---------Operating profit before exceptional item 393 838 1,468 Exceptional item - (128) (128) --------- -------- ---------Operating profit 393 710 1,340 (Loss)/profit on disposal of fixed assets (3) 2 2,287 -------- -------- -------- Profit on ordinary activities beforeinterest and taxation 390 712 3,627 Interest receivable 53 83 96Interest payable (48) - (50)Other finance expense (34) (29) (57) -------- -------- --------Profit on ordinary activities beforetaxation 361 766 3,616 Taxation (100) (174) (449) -------- -------- --------Profit attributable to shareholders 261 592 3,167 Dividends (450) (420) (420) -------- -------- --------Sustained (loss)/retained profit (189) 172 2,747 -------- -------- --------Basic and diluted earnings per share 26.1p 59.2p 316.7p -------- -------- --------Proposed interim dividend per share 5.0p 7.0p -------- -------- The results set out above derive entirely from continuing operations. H C Slingsby plc Statement of Group Total Recognised Gains and Losses for the half year ended 30June 2006 Half year Half year Year ended ended 30/06/06 ended 30/06/05 31/12/05 Unaudited Unaudited Audited £'000 £'000 £'000 Profit for the financial period 261 592 3,167Actuarial gain/(loss) on pension scheme 425 (311) (1,198)Movement in deferred tax relating to pensionasset (128) - 359Exchange adjustment (3) 12 4 -------- -------- --------Total gains recognised for the period 555 293 2,332 -------- -------- -------- H C Slingsby plc Group Balance Sheet as at 30 June 2006 30/06/06 30/06/05 31/12/05 Unaudited Unaudited Audited £'000 £'000 £'000Fixed AssetsTangible assets 7,849 5,979 6,538 --------- --------- -------- 7,849 5,979 6,538 --------- --------- --------Current assets Stock 1,609 1,554 1,623 Debtors 3,550 3,932 4,105 Cash at bank and in hand 2,555 721 4,056 --------- --------- --------- 7,714 6,207 9,784 Creditors: Amounts falling due within oneyear (4,935) (4,665) (5,485) --------- --------- ---------Net current assets 2,779 1,542 4,299 --------- --------- ---------Total assets less current liabilities 10,628 7,521 10,837 Creditors: Amounts falling due after morethan one year (433) - (613) Provisions for liabilities and charges Deferred taxation (294) (101) (174) --------- --------- ---------Net assets excluding pension liability 9,901 7,420 10,050 Pension liability (2,625) (2,295) (2,879) --------- --------- ---------Net assets including pension liability 7,276 5,125 7,171 --------- --------- ---------Capital and reserves Called up share capital 250 250 250 Profit and loss account 7,026 4,875 6,921 --------- --------- ---------Equity shareholders' funds 7,276 5,125 7,171 --------- --------- --------- H C Slingsby plc Consolidated Cash Flow Statement for the half year ended 30 June 2006 Half year Half year Year ended ended 30/06/06 ended 30/06/05 31/12/05 Unaudited Unaudited Audited £'000 £'000 £'000 Note Net cash inflow/(outflow) fromoperating activities 1 457 (451) 995 Returns on investments and servicingof financeBank interest received 53 94 106Interest element of financial leasepayments (79) - (18) --------- --------- ---------Net cash (outflow)/inflow from returnson investments and servicing offinance (26) 94 88 --------- --------- --------- TaxationUK corporation tax paid (323) - (450) Capital expenditure and financialinvestment Purchase of tangible fixed assets (1,312) (4,470) (5,046)Sales of tangible fixed assets 2 22 3,380 - 300 300Sale of investment --------- --------- ---------Net cash outflow from capitalexpenditure and financial investment (1,310) (4,148) (1,366) Equity dividends paid (70) (70) (420) --------- --------- ---------Net cash outflow before managementof liquid resources and financing (1,272) (4,575) (1,153) Management of liquid resourcesDecrease in short term depositswith banks 1,459 4,900 1,900 Financing: Capital element of financelease payments (226) - (76) --------- --------- ---------(Decrease)/increase in cash in theperiod 2 (39) 325 671 --------- --------- --------- H C Slingsby plc Notes to the Report for the half year ended 30 June 2006 1. Reconciliation of operating profit to net cash inflow from operatingactivities Half year Half year Year ended ended 30/06/06 ended 30/06/05 31/12/05 Unaudited Unaudited Audited £'000 £'000 £'000 Operating profit 393 710 1,340Depreciation 330 149 394Difference between pension charge andcontributions 27 (9) (109)Decrease in stocks 14 71 2Decrease/(increase) in trade debtors 315 (340) (808)Decrease/(increase) in prepayments 237 (432) (151)(Decrease)/increase in trade creditors (302) (247) 197Increase/(decrease) in other taxation and socialsecurity 66 (234) (128)(Decrease)/increase in other creditors andaccruals (623) (119) 258 --------- --------- ---------Net cash inflow/(outflow) fromoperating activities 457 (451) 995 --------- --------- --------- 2. Reconciliation to net cash Half year Half year Year ended ended 30/06/06 ended 30/06/05 31/12/05 Unaudited Unaudited Audited £'000 £'000 £'000 Changes during the yearNet cash at 1 January 4,056 5,281 5,281(Decrease)/increase in net cash (39) 325 671Movement in short term deposits (1,459) (4,900) (1,900)Exchange adjustment (3) 15 4 --------- --------- ---------Net cash 2,555 721 4,056 --------- --------- --------- H C Slingsby plc Notes to the Report for the half year ended 30 June 2006 cont. 3. The financial information contained in this unaudited interim statementdoes not constitute statutory accounts within the meaning of section 240 of theCompanies Act 1985. The interim financial statements, which are unaudited, havebeen prepared on the basis of the accounting policies set out in the 2005 AnnualReport and Accounts. 4. The comparative figures for the year ended 31 December 2005 do notconstitute full financial statements and have been abridged from the full accounts for the yearended on that date, on which the auditors gave an unqualified report, and whichare adjusted for new accounting policies adopted in the period. The 2005accounts have been delivered to the Registrar of Companies. This information is provided by RNS The company news service from the London Stock Exchange