Interim Results

Slingsby(H.C.)Plc 28 September 2001 H C Slingsby plc Report for the half year to 30 June 2001 Statement by the Chairman Despite the affects of the downturn in some of our market sectors, I am pleased to report that your company has increased pre-tax profits by 4.2% to £ 640,000. We have continued to build on the success of last year by developing our customer base whilst at the same time controlling our overhead expenditure. In particular we have managed to rationalise our marketing expenditure by utilising more creative and targeted communication strategies. After a very encouraging first quarter, our order book has levelled off and I feel it is difficult to predict whether the slowdown in the UK economy will accelerate particularly when taking into account recent events. The Directors have declared an Interim Dividend of 5.0p (2000: 5.0p) per ordinary share. This will be paid on 4 January 2002 to shareholders registered on 30 November 2001. This report, which is to be sent to all shareholders, was approved by the Board of Directors on 28 September 2001 and is available for inspection at the Company's registered office. J F Slingsby Chairman 28 September 2001 Registered Office Preston Street, Bradford, West Yorkshire BD7 1JF H C Slingsby plc Profit and Loss Account for the six months ended 30 June 2001 Unaudited Unaudited Audited Half Year Half Year Year to To 30/6/01 To 30/6/00 31/12/00 £'000 £'000 £'000 Turnover 9538 8963 17755 ----------- ----------- ----------- Operating profit 575 566 994 Interest receivable 65 48 108 ----------- ----------- ----------- Profit on ordinary operations 640 614 1102 before taxation Taxation (190) (184) (327) ----------- ----------- ----------- Profit attributable to 450 430 shareholders 775 Dividends (50) (50) (300) ----------- ----------- ----------- Retained profit 400 380 475 ====== ====== ====== Earnings per share 45.0p 43.0p 77.5p ====== ====== ====== Proposed interim dividend per 5.0p 5.0p share ====== ====== The company has no recognised gains or losses other than those stated in the profit and loss account. The results set out above derive entirely from continuing operations. H C Slingsby plc Balance Sheet as at 30 June 2001 Unaudited Unaudited Audited Half Year Half Year Year to To 30/6/01 To 30/6/00 31/12/00 £'000 £'000 £'000 Fixed assets Tangible assets 1811 1780 1798 Investments 300 300 300 ----------- ----------- ----------- 2111 2080 2098 ----------- ----------- ----------- Current assets Stock 1611 1347 1476 Debtors 3159 3171 3265 Cash at bank and in hand 2789 2323 2578 ----------- ----------- ----------- 7559 6841 7319 Creditors: Amounts falling due within one (4221) (3962) (4358) year ----------- ----------- ----------- Net current assets 3338 2879 2961 ----------- ----------- ----------- Total assets less current liabilities 5449 4959 5059 Provisions for liabilities and charges Deferred taxation (25) (30) (35) ----------- ----------- ----------- Net assets 5424 4929 5024 ====== ====== ====== Capital and reserves Called up share capital 250 250 250 Profit and loss account 5174 4679 4774 ----------- ----------- ----------- Equity shareholders' funds 5424 4929 5024 ====== ====== ====== H C Slingsby plc Cash Flow Statement for the half year ended 30 June 2001 Unaudited Unaudited Audited Half Year Half Year Year to To 30/6/01 To 30/6/00 31/12/00 Note £'000 £'000 £'000 Net cash inflow from operating 1 402 986 1734 activities Returns on investments and servicing of finance Interest received 62 25 108 Taxation UK Corporation tax paid - - (188) Capital expenditure and financial investment Purchase of tangible fixed assets (256) (208) (406) Sales of tangible fixed assets 53 25 45 ----------- ----------- ----------- Net cash outflow from capital expenditure and financial investment (203) (183) (361) Equity dividends paid (50) (30) (240) ----------- ----------- ----------- Net cash inflow before use of liquid 211 798 1053 resources Management of liquid resources Increase in short-term deposits with - (500) (1000) banks ----------- ----------- ----------- Increase in cash in the period 2 211 298 53 ====== ====== ====== H C Slingsby plc Notes to the Report for the half year ended 30 June 2001 1. Reconciliation of operating profit to net cash inflow from operating activities Unaudited Unaudited Audited Half Year Half Year Year to To 30/6/01 To 30/6/00 31/12/00 £'000 £'000 £'000 Operating profit 575 566 994 Depreciation 152 130 267 Profit on sale of tangible fixed assets (4) (9) (8) (Increase)/decrease in stocks (135) 31 (98) Decrease/(increase) in trade debtors 22 (379) (468) Decrease/(increase) in prepayments 115 (126) (149) (Decrease)/increase in trade creditors (126) 353 697 (Decrease)/increase in other taxation and (15) 24 84 social security (Decrease)/increase in other creditors and (182) 396 415 accruals ----------- ----------- ----------- Net cash inflow from operating activities 402 986 1734 ====== ====== ====== 2. Reconciliation to net cash Unaudited Unaudited Audited Half Year Half Year Year to To 30/6/01 To 30/6/00 31/12/00 £'000 £'000 £'000 Changes during the year Cash at bank and in hand at 1 January 2578 1525 1525 Increase in net cash 211 298 53 Movement in short term deposits - 500 1000 ----------- ----------- ----------- Cash at bank and in hand 2789 2323 2578 ====== ====== ====== 3. The interim financial statements have been prepared on the basis of the accounting policies set out in the company's 2000 statutory accounts. The interim financial statements, which have been approved by the directors, are unaudited and do not constitute full financial statements as defined in Section 240 of the Companies Act 1985. 4. The comparative figures for the year ended 31 December 2000 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. The 2000 accounts have been delivered to the Registrar of Companies. END

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