Slingsby H.c Regulatory News (SLNG)

24 Jun 2009 07:00



H C SLINGSBY PLC ("the Company")

Trading statement

H C Slingsby plc today announces the following trading update in relation to the current year ending 31 December 2009.

The depressed market conditions seen during 2008, referred to in the Company's last preliminary results announcement, have continued during the first half of the current financial year. The previously notified uncertainty in the Company's markets has persisted throughout this period and is directly attributable to the current recession in the UK. Whilst the Company's interim results for the six months ending 30 June 2009 will be affected by a one-off gain in relation to the closure to future accrual of its defined benefit pension scheme as well as the impact of redundancy costs, underlying trading for the current year to date is substantially below the levels for the same period last year.

The directors have taken firm action during the first few months of 2009 to adjust the Company's cost base in line with the lower levels of current trading and continue to monitor overheads closely. The recession in the UK, however, means that at present, there is little or no visibility on any recovery in demand in the Company's markets and the directors expect trading conditions to remain difficult for the time being.

However, the strength of the Company's balance sheet means that it continues to be well-placed to withstand the impact of the current downturn in trading and remains free of debt. Investment also continues in the Company's IT infrastructure and the website has recently been updated. 

Despite the difficult conditions currently being encountered, the directors remain confident of the Company's long-term prospects. The Company's interim results for the six months ending 30 June 2009 will be released in September 2009. 

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