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HC Slingsby PLC on Monday reported a swing to a full-year loss as revenue declined and costs rose, while recent trading remains under pressure due to economic uncertainty. The Baildon, England-based industrial equipment supplier said it posted a pretax loss of £769,000 in 2024, swinging from a profit of £357,000 the year prior. Revenue fell 8% to £20.8 million from £22.6 million. Gross margin declined to 35% from 36% due to cost increases and a change in sales mix. Operating loss before exceptional items was £123,000, compared to a profit of £630,000 in 2023. Exceptional costs totalled £378,000, comprising a £199,000 payment for the loss of office for former director Dominic Slingsby and a £179,000 bonus payment to Chief Executive Officer Morgan Morris. Slingsby said it was unable to declare a dividend due to restrictions agreed with the trustee of its defined benefit pension scheme, unchanged from the prior year. Recent trading was subdued, with group sales in the first two months of 2025 down 7% year-on-year. Pretax profit in the period was £1,000, compared to £51,000 a year before. Net debt narrowed to £260,000 as at February 28 from £553,000 at year-end. The board said it remains cautious on the outlook, citing the risk of recession in the UK and inflationary pressures which could reduce demand for its products. Chair Andrew Kitchingman said: ‘The market remains competitive. There remains uncertainty in the economy&These pressures could result in a fall in demand for the group’s products.’ Shares in HC Slingsby were down 33% at 200.00 pence each in London on Monday afternoon. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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