Sales rise at industrial equipment supplier amidst uncertain outlook
HC Slingsby, a distributor of industrial and commercial equipment, says it is cautious about its prospects due to the risks of a UK recession as the firm publishes audited results for the year ended 31 December 2023.
The Baildon-based company reports revenues of £22.6m (2022: £21.6m), pre-tax profits of £357,000 (2022: £485,000) and EBITDA of £1.02m (2022: £1.09m).
Commenting on more recent trading, the business notes group sales in quarter one of 2024 against the same period in 2023 fell by 5%. This led to an unaudited loss before tax in this quarter of £0.14m compared to an unaudited profit before tax of £0.12m in the same period in 2023.
Slingsby chairman, Andrew Kitchingman, said: “The market remains competitive, and the Board is cautious regarding the outlook.
“There remains uncertainty in the economy due to the risk of a prolonged recession in the UK, inflationary pressures – particularly in overhead costs – and the impact on the supply chain from the situation in the Red Sea.
“These pressures could result in a fall in demand for the group’s products.
“The group continues to invest in its digital market presence and a new e-commerce platform for the Slingsby business will launch during 2024. The Group also remains on the lookout for appropriate acquisitions.”
