Final Results

27 Apr 2007 10:00

Slingsby(H.C.)Plc27 April 2007 H C SLINGSBY PLC (the "Company") Unaudited Preliminary announcement for the year ended 31 December 2006 Statement by the Chairman I wish to open my statement by expressing thanks for the dedicated service of mypredecessor, J F (Jimmie) Slingsby, who sadly passed away in March after servingthe company with distinction for over 53 years. Your Board intends to build onthe strong foundations his leadership created within the business. I am pleased to report that the Company achieved a better second half of theyear, with pre-tax profits for the full year of £1.1m (2005: £3.6m), up from£361,000 at the half year-end. 2005 saw a profit on sale of assets of £2.3m,which boosted the pre-tax profit figure and the dividend. The 2006 profit ondisposal of fixed assets of £144,000 relates mainly to the sale of the Glasgowbranch. The review of overhead expenditure and rationalisation plan implemented lastyear has been key to our improved performance in the second half of the year. Wehave improved profitability as a result of both the measures taken and theoperating efficiencies arising from relocation to our new site. After some initial difficulties, our new IT system is now also operatingeffectively and we look forward to continued improvement of service levelsacross our business. During the year, we also successfully completed an updateof our brand image and core values. We now have far greater consistency andclarity across our communications, providing a robust platform for addingfurther value. On behalf of the Board, I wish to place on record our thanks and appreciation toall our employees for their dedication and teamwork throughout the year and inparticular ensuring that the move to our new site went smoothly. The 2007 year has started satisfactorily but there remains considerableuncertainty in the market and trading is inconsistent. Your Board remainscautious but is pleased to recommend a final dividend of 35.0p per share (2006:38.0p). The total dividend for the year is therefore 40.0p per share (2005:45.0p). The record date will be 1 June 2007 and the payment date for the finaldividend will be 4 July 2007. J R Waterhouse Non-Executive Chairman 27 April 2007 Registered Office Otley Road Baildon, Shipley West Yorkshire BD17 7LW The following extracts are not full financial statements for the Company, asdefined by section 240 of the Companies Act 1985. Full financial statementswill be issued to the shareholders on 23 May 2007 and will be available tomembers of the public at the registered office of the Company from that date.The statutory accounts for the year ended 31 December 2006, upon which theauditors have still to report, will be delivered to the Registrar following theCompany's Annual General Meeting. The information for the year ended 31 December 2005 is an extract from thestatutory accounts to that date, which have been delivered to the Registrar ofCompanies. Those accounts included an audit report which was unqualified andwhich did not contain a statement under Section 237(2) or (3) of the CompaniesAct 1985. The Annual General Meeting will be held on 21 June 2007. H C Slingsby plc Unaudited Consolidated Profit and Loss Account for the year ended 31 December 2006 2006 2005 £'000 £'000 Turnover - continuing operations 19,044 19,886 --------- --------- _______________________________________________________________________________ Operating profit - before exceptional item 1,085 1,468 Exceptional item (42) (128) _______________________________________________________________________________ Operating profit 1,043 1,340 Profit on disposal of fixed assets 144 2,287 --------- --------- Profit on ordinary activities before interest and taxation 1,187 3,627 Bank interest receivable 89 96 Interest payable (89) (50) Other finance costs (67) (57) --------- ---------Profit on ordinary activities before taxation 1,120 3,616Taxation (363) (449) --------- ---------Profit attributable to shareholders 757 3,167 Dividends (450) (420) --------- ---------Retained profit 307 2,747 --------- ---------Basic and diluted earnings per share 75.7p 316.7p --------- ---------Proposed final dividend per share 35.0p 38.0p --------- --------- Earnings per share Basic earnings per share is based upon earnings of £757,000 (2005: £3,167,000)and on 1,000,000 (2005: 1,000,000) ordinary shares in issue during the year.There are no potentially dilutive shares in issue. H C Slingsby plc Unaudited Statement of Group Total Recognised Gains and Losses for the Year Ended 31 December 2006 2006 2005 £'000 £'000 Profit for the financial year 757 3,167Actuarial gain/(loss) on pension scheme 283 (1,198)Movement in deferred tax relating to pension asset (85) 359Exchange adjustment 9 4 --------- ---------Total gains recognised for the year 964 2,332 --------- --------- H C Slingsby plc Unaudited Group Balance Sheet as at 31 December 2006 2006 2005 £'000 £'000Fixed assets:Tangible assets 7,555 6,538 --------- --------- 7,555 6,538 --------- ---------Current assets: Stock 1,583 1,623Debtors 3,387 4,105Cash at bank and in hand 1,868 4,056 --------- --------- 6,838 9,784Creditors: Amounts falling due within one year (3,570) (5,485) --------- ---------Net current assets 3,268 4,299 --------- ---------Total assets less current liabilities 10,823 10,837 Creditors: Amounts falling due after more than one year (251) (613) Provisions for liabilities and charges:Deferred taxation (202) (174) --------- --------- Net assets excluding pension liability 10,370 10,050 Pension fund liability (2,685) (2,879) --------- ---------Net assets including pension liability 7,685 7,171 --------- ---------Capital and reserves:Called up share capital 250 250Profit and loss account 7,435 6,921 --------- --------- Equity shareholders' funds 7,685 7,171 --------- --------- H C Slingsby plc Unaudited Consolidated Cash Flow Statement for the year ended 31 December 2006 2006 2005 £'000 £'000Operating activities:Net cash inflow from operating activities (Note 1) 671 995Returns on investments and servicing of finance: Bank interest received 90 106Bank interest payable (121) (18) --------- ---------Net cash (outflow)/inflow from returns on investments and servicing of finance (31) 88 --------- ---------Taxation: UK Corporation tax paid (323) (450)Capital expenditure and financial investment: Purchase of tangible fixed assets (1,881) (5,046)Sales of tangible fixed assets 197 3,380Sale of investment - 300 --------- ---------Net cash outflow from capital expenditureand financial investment (1,684) (1,366) Equity dividends paid (450) (420) --------- ---------Net cash outflow before use of liquid resources and financing (1,817) (1,153) Management of liquid resources: Decrease in short term deposits with banks 1,730 1,900 FinancingCapital element of finance lease payments (380) (76) --------- ---------(Decrease)/increase in cash in the year (467) 671 --------- --------- H C Slingsby plc Unaudited Consolidated Cash Flow Statement Notes for the year ended 31 December 2006 1. Reconciliation of Operating Profit to Net Cash Inflow from Operating Activities 2006 2005 £'000 £'000 Net cash inflow from operating activities:Operating profit 1,043 1,340Depreciation charges 677 394Difference between pension charge and contributions (61) (109)Decrease in stocks 40 2Decrease/(increase) in trade debtors 661 (808)Decrease/(increase) in prepayments 60 (151)(Decrease)/increase in trade creditors (1,360) 197Increase/(decrease) in other taxation and social security 52 (128)(Decrease)/increase in other creditors and accruals (441) 258 --------- ---------Net cash inflow from operating activities 671 995 --------- --------- 2. Reconciliation to Net Cash 2006 2005 £'000 £'000Changes during the yearNet cash at 1 January 4,056 5,281(Decrease)/increase in net cash (467) 671 Movement in short term deposits (1,730) (1,900) Exchange adjustment 9 4 --------- ---------Net cash 1,868 4,056 --------- --------- Represented by: Liquid resources 1,270 3,000Cash in hand and at bank 598 1,056 --------- ---------Net Cash 1,868 4,056 --------- --------- 3. The financial statements, which are unaudited, have been prepared on the basis of the accounting policies set out in the 2005 Annual Report and Accounts. This information is provided by RNS The company news service from the London Stock Exchange