Sales boost for listed industrial equipment distributor

Baildon-based industrial equipment supplier, Slingsby, says its sales for the six months to 30 June 2020 were 5% higher compared with the same period in the prior year.

In its half year report published today, the Group adds that it made a pre-tax profit of £0.4m, compared to a prior year loss before tax of £52,000.

And its revenues were £10.5m, (2019: £10m), with net assets of £1.32m at 30 June 2020 compared to net assets of £1.67m at 31 December 2019.

In his report, Dominic Slingsby, the company’s interim executive chairman and operations director, said: “Orders remain focused on a limited number of products. 

“The Group has managed to largely fulfil demand for these products to enable customers to continue or re-start their operations in accordance with Government Coronavirus guidance. 

“However, we remain cautious that this increase in demand is short term and economic conditions may deteriorate should our customers suffer from lower levels of activity than they experienced prior to the pandemic when Government stimulus measures are withdrawn.

“The Group continues to operate within its existing banking facilities and the directors continue to believe that the Group has additional funding options available should the need arise.

“The Group continues to utilise appropriate Government schemes to assist with cashflow.”