Slingsby sees slowdown in activity

INDUSTRIAL equipment group HC Slingsby said it saw a marked slowdown in activity levels last April and May and trading remained subdued for the rest of the year.
By The Newsroom
Published 21st Apr 2012, 07:00 BST

The Shipley-based group, which sells products ranging from shelves to ladders, said pre-tax profits fell from £1.1m to £400,000 for the year to December 31. Sales fell from £16.7m to £15.2m.

The group said that activity during the first three months of 2012 has stayed subdued.

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Chairman John Waterhouse said: “The year under review was characterised by challenging conditions.

“Activity during the first three months of 2012 has continued at a similar level to the second half of 2011 and therefore we have taken action after the year end to reduce overheads.”

He added that while the board is very cautious about the possibility of any upturn, the group’s positive cash position puts it in a good position to take advantage of opportunities as and when the economic climate improves.

The group had net cash of £2.4m at the end of December.