Workplace equipment firm falls into the red

Workplace equipment provider Slingsby today revealed it has fallen into the red and it remains ‘cautious’ about the coming year.

The market remains competitive, and the Board is cautious regarding the outlook.  There remains uncertainty in the economy due to the risk of a recession in the UK and inflationary pressures in employment and other costs. These pressures could result in a fall in demand for the group’s products.

The news comes days after the Baildon-based firm, which put itself up for sale in February, said it had failed to find a buyer.

In the 12 months to December 31, the company, which can trace its history back to 1893, said sales fell 8% to £20.8m while losses before tax were £0.77m compared to a profit of £0.36m last year. The full year operating loss before exceptional items was £0.12m.

Chairman Andrew Kitchingman said exceptional costs included a £0.2m payment for the loss of office to Dominic Slingsby following his retirement from the board in March 202, and a bonus of £0.18m to CEO Morgan Morris.

Group sales in the two months to end of February fell 7% on the same period the previous year despite lower overhead costs

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 recession in the UK and inflationary pressures in employment and other costs. These pressures could result in a fall in demand for the group’s products.”

Kitchingman added that the group will continues to invest in its digital market presence and a new e-commerce platform for the Slingsby business launched last October.  A new website for ESE Direct Limited (“ESE”) is scheduled to go live at the end of Q2 2025.  He said the board believes that deploying e-commerce initiatives with its customers will produce efficiencies as well as growth opportunities, adding that Slingsby remains on the lookout for appropriate acquisitions.