Interim Results - Turnover Marginally Down

SLINGSBY (HC) PLC 15 October 1999 Report for the half year to 30 June 1999 Statement by the Chairman The lack of confidence in our marketplace is reflected in our somewhat disappointing results for the first six months of the year, with turnover marginally down on the same period last year and profits before tax significantly lower than last year's record figure. The decrease in business confidence, which I mentioned in my recent statements, has adversely affected our order levels, which are currently still behind last year's figures. We are of the opinion that this is mainly due to a general downturn within our market sectors. We feel that it is too early to assess the full extent of the impact of our targeted mailing campaigns, although they have had the positive effect of increasing the level of contact made with our existing and potential customers. In addition to the mailing campaigns, we are to introduce a Call Centre at our Head Office in Bradford to enhance our direct communication with our customers. Whilst our investment in a formalised marketing strategy has obviously increased our overhead costs, this investment is part of a medium to long term strategy which aims to improve our market share. The Directors have declared an Interim Dividend of 3.0p (1998: 4.0p) per ordinary share. This will be paid on 4 January 2000 to shareholders registered on 3 December 1999. The unaudited results for the half year ended 30 June 1999 and 30 June 1998 are set out on the attached. The results for the year to 31 December 1998 are an abridged version of the full accounts that received an unqualified audit report and have been filed with the Registrar of Companies. This interim release has been prepared in accordance with the accounting policies adopted for and set out in the accounts for the year ending 31 December 1998. This report, which is to be sent to all shareholders, was approved by the Board of Directors on 15 October 1999 and is available for inspection at the Company's registered office. J F Slingsby Chairman 15 October 1999 Registered Office Preston Street, Bradford, West Yorkshire BD7 1JF H C Slingsby plc Profit and loss account for the six months ended 30 June 1999 Unaudited Unaudited Audited Half Year Half Year Year to to to 30/6/99 30/6/98 31/12/98 £'000 £'000 £'000 Turnover - continuing operations 7,911 8,100 15,856 ----- ----- ----- Operating profit 298 455 820 Interest receivable 42 49 99 ----- ----- -- Profit on ordinary operations before taxation 340 504 919 Taxation (102) (156) (252) ----- ----- ----- Profit attributable to shareholders 238 348 667 ----- ----- ----- Dividends 30 40 240 ----- ----- ----- Earnings per share 23.8p 34.8p 66.7p ----- ----- ----- The company does not have any recognised gains or losses than those recorded above within the profit and loss account, and therefore no separate statement of total recognised gains and losses has been presented. H C Slingsby plc Balance Sheet as at 30 June 1999 Unaudited Unaudited Audited Half Year Half Year Year to to to 30/6/99 30/6/98 31/12/98 £'000 £'000 £'000 Fixed assets 1,661 1,313 1,749 Investments 300 - 300 Current assets Stock 1,442 1,535 1,343 Debtors 2,489 2,935 2,624 Cash at bank and in hand 1,863 1,843 1,517 Creditors: Amounts falling due within one year (3,190) (3,403) (3,165) ----- ----- ----- Net current assets 2,604 2,910 2,319 ----- ----- ----- Total assets less current liabilities 4,565 4,223 4,368 Provisions for liabilities and charges Deferred taxation (32) (16) (42) ----- ----- ----- Net assets 4,533 4,207 4,326 ====== ====== ====== Capital and reserves Called up share capital 250 250 250 Profit and loss account 4,283 3,957 4,076 ====== ====== ====== Equity shareholders' funds 4,533 4,207 4,326 ====== ====== ====== H C Slingsby plc Cash Flow Statement for the half year ended 30 June 1999 Unaudited Unaudited Half Year to Audited Half Year 30/6/98 Year to to 30/6/99 31/12/98 £'000 £'000 £'000 Operating activities Net cash inflow from operating activities 429 740 1,466 Returns on investments and servicing of finance Interest received 43 49 97 Taxation UK Corporation tax paid (10) (7) (187) Capital expenditure and financial investment Purchase of tangible fixed assets (109) (146) (727) Purchase of investment - - (300) Sales of tangible fixed assets 33 16 127 ----- ----- ----- Net cash outflow from capital expenditure and (76) (130) (900) financial investment Equity dividends paid (40) (30) (180) ----- ------ ----- Net cash inflow before financing 346 622 296 Management of liquid resources Increase in short-term deposits with banks - - (250) ----- ------ ----- Increase in cash in the period 346 622 46 ====== ====== ====== H C Slingsby plc Cash Flow Statement Notes for the half year ended 30 June 1999 1. Reconciliation of operating profit to net cash inflow from operating activities Unaudited Unaudited Audited Half Year Half Year Year to to to 30/6/99 30/6/98 31/12/98 £'000 £'000 £'000 Net cash inflow from operating activities Operating profit 298 455 820 Depreciation charges 175 169 342 Profit on sale of tangible fixed assets (13) (5) (78) (Increase)/decrease in stocks (99) (30) 163 Decrease/(increase) in debtors 135 (234) 80 (Decrease)/increase in creditors (67) 385 139 ----- ------ ----- Net cash inflow from operating activities 429 740 1,466 ====== ====== ====== 2. Analysis of changes in net cash At Cash Flows At 30/6/99 1/1/99 £'000 £'000 £'000 Cash at bank and in hand 1,517 346 1,863 ===== ===== =====

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