Final Results

Slingsby(H.C.)Plc
23 April 2004


H C SLINGSBY PLC

Preliminary announcement for the year to 31 December 2003

Statement by the Chairman


I am delighted to report that as a result of an exceptional second half of year
performance, your company has achieved a record pre-tax profit figure of £1.23
million, an increase on last year of 10.8%.

As I stated in the interim announcement, we had a slow start to the year and an
arduous second quarter, but this was offset by the second half performance which
I feel more than outperformed the recovering UK economy.

The extensive new product development initiated in the early part of 2003 along
with an increase in the number of mailings and the development of our e-commerce
solution, has allowed us to significantly enrich the brand value, enabling us to
take maximum advantage of the more favourable market conditions in the third and
fourth quarters.

During the year, we embarked on two significant projects which we consider to be
of great importance in terms of taking the business forward.  Firstly, the board
instigated a full review of our logistics function in conjunction with external
advisors and is currently considering the optimal route forward with the
ultimate aim of improving customer service levels.  A business system review is
also being carried out by a project team consisting of key members of staff and
external consultants.  We anticipate that the new provider will be selected by
the end of June 2004 and the new system implemented by mid 2005.

We have recently commenced trading in the Republic of Ireland through our wholly
owned subsidiary, Slingsby Mail Order Limited, and have embarked on direct mail
order campaigns backed by local support staff.

In my opinion the continued recovery of both business and consumer confidence
has given a more optimistic feel to the economy in general and this is reflected
in the encouraging level of orders we have received in the year to date.  The
continuing improvement in our performance reflects the commitment and efforts of
all members of staff and my sincere thanks goes to them.

Your Board is pleased to recommend a final dividend of 30.0p per share (2002:
25.0p per share).  The total dividend for the year is therefore 35.0p per share
(2002: 30.0p per share).  The record date will be 4 June 2004 and the payment
date for the final dividend 1 July 2004.

J F Slingsby
Chairman
23 April 2004

Registered Office
Preston Street
Bradford
West Yorkshire
BD7 1JF



The following extracts are not full financial statements for the Company.  Full
financial statements will be issued to the shareholders on 28 May 2004 and will
be available to members of the public at the registered office of the Company
from that date.  The announcement has been agreed with the Company's auditors
for release.

The information for the year ended 31 December 2002 is an extract from the
statutory accounts to that date which have been delivered to the Registrar of
Companies.  Those accounts included an audit report which was unqualified and
which did not contain a statement under Section 237(2) or (3) of the Companies
Act 1985.  The statutory accounts for the year ended 31 December 2003, upon
which the auditors have still to report, will be delivered to the Registrar
following the Company's Annual General Meeting.

The Annual General Meeting will be held on 17 June 2004.




Profit and Loss Account for the year ended 31 December 2003
                                                                                     Unaudited         Audited
                                                                                          2003            2002
                                                                                         £'000           £'000

Turnover - Continuing Operations                                                        17,579          17,333
                                                                                      --------       ---------
Operating profit - Continuing Operations                                                 1,118             994
Interest receivable                                                                        109             113
                                                                                        ______          ______
Profit on ordinary activities before taxation                                            1,227           1,107
Taxation                                                                                 (376)           (319)
                                                                                        ______          ______
Profit attributable to shareholders                                                        851             788
                                                                                     ---------       ---------
Dividends:
Interim Paid                                                                                50              50
Proposed Final                                                                             300             250
                                                                                        ______          ______
Earnings per share                                                                       85.1p           78.8p
                                                                                    ----------      ----------


Basic earnings per share is based upon earnings of £851,000 (2002: £788,000) and
on 1,000,000 (2002: 1,000,000) ordinary shares in issue during the year.  There
is no difference between basic earnings per share and diluted earnings per share
for both years stated.





Balance Sheet as at 31 December 2003
                                                                                     Unaudited         Audited
                                                                                          2003            2002
                                                                                         £'000           £'000
Fixed Assets:
Tangible assets                                                                          1,684           1,799
Investments                                                                                300             300
                                                                                        ______          ______
                                                                                         1,984           2,099
                                                                                        ______          ______
Current Assets:
Stock                                                                                    1,526           1,326
Debtors                                                                                  3,246           2,731
Cash at bank and in hand                                                                 4,286           3,755
                                                                                        ______          ______
                                                                                         9,058           7,812
Creditors:  Amounts falling due within one year                                        (4,493)         (3,877)
                                                                                        ______          ______
Net current assets                                                                       4,565           3,935
                                                                                        ______          ______
Total assets less current liabilities                                                    6,549           6,034
Provisions for liabilities and charges:
Deferred taxation                                                                         (92)            (78)
                                                                                        ______          ______
Net assets                                                                               6,457           5,956
                                                                                     ---------      ----------
Capital and reserves:
Called up share capital                                                                    250             250
Profit and loss account                                                                  6,207           5,706
                                                                                        ______          ______
Equity shareholders' funds                                                               6,457           5,956
                                                                                    ----------      ----------





Cash Flow Statement for the year ended 31 December 2003
                                                                                     Unaudited         Audited
                                                                                          2003            2002
                                                                                         £'000           £'000
Operating activities:
Net cash inflow from operating activities (Note 1)                                       1,261           1,533

Returns on investments and servicing of finance:
Interest received                                                                          109             113
Taxation:
UK Corporation tax paid                                                                  (317)           (354)
Capital expenditure and financial investment:
Purchase of tangible fixed assets                                                        (248)           (414)
Sales of tangible fixed assets                                                              26             108
                                                                                        ______          ______
Net cash outflow from capital expenditure and financial investment

                                                                                         (222)           (306)

Equity dividends paid                                                                    (300)           (300)
                                                                                        ______          ______
Net cash inflow before use of liquid resources                                             531             686
Management of liquid resources:
Increase in short term deposits with banks                                               (500)           (300)
                                                                                        ______          ______
Increase in cash in the period                                                              31             386
                                                                                     ---------      ----------





Cash Flow Statement Notes for the Year ended 31 December 2003


1.  Reconciliation of operating profit to net cash flow from operating 
activities

                                                                                     Unaudited         Audited
                                                                                          2003            2002
                                                                                         £'000           £'000
Net cash inflow from operating activities:
Operating Profit                                                                         1,118             994
Depreciation charges                                                                       335             301
Profit on sale of tangible fixed assets                                                    (1)            (18)
(Increase)/decrease in stocks                                                            (200)              83
(Increase)/decrease in trade debtors                                                     (382)             248
(Increase) in prepayments                                                                (133)           (118)
Increase in trade creditors                                                                287             337
Increase/(decrease) in other taxation and social security                                  108            (38)
Increase/(decrease) in other creditors and accruals                                        129           (256)
                                                                                        ______          ______
Net cash inflow from operating activities                                                1,261           1,533
                                                                                     ---------      ----------

2.  Reconciliation to net cash

                                                                                    Year ended      Year ended
                                                                                      31/12/03        31/12/02
                                                                                     Unaudited         Audited
                                                                                         £'000           £'000
Changes during the year
Net cash at 1 January                                                                    3,755           3,069
Increase in net cash                                                                        31             386
Movement in short term deposits                                                            500             300
                                                                                        ______          ______
Net cash                                                                                 4,286           3,755
                                                                                        ______          ______

Represented by:
Liquid resources                                                                         4,000           3,500
Cash in hand and at bank                                                                   301             256
                                                                                        ______          ______
                                                                                         4,301           3,756
Overdraft                                                                                 (15)             (1)
                                                                                        ______          ______
Net cash                                                                                 4,286           3,755
                                                                                        ______          ______


3.  The financial statements, which are unaudited, have been prepared on the
basis of the accounting policies set out in the 2002 Annual Report and Accounts.




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