Workplace equipment provider Slingsby today revealed it has fallen into the red and it remains \u2018cautious\u2019 about the coming year.<\/p>\n
The market remains competitive, and the Board is cautious regarding the outlook.\u00a0 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.<\/p>\n
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.<\/p>\n
In the 12 months to December 31, the company, which can trace its history back to 1893, said sales fell 8% to \u00a320.8m while losses before tax were \u00a30.77m compared to a profit of \u00a30.36m last year. The full year operating loss before exceptional items was \u00a30.12m.<\/p>\n
Chairman Andrew Kitchingman said exceptional costs included a \u00a30.2m payment for the loss of office to Dominic Slingsby following his retirement from the board in March 202, and a bonus of \u00a30.18m to CEO Morgan Morris.<\/p>\n
Group sales in the two months to end of February fell 7% on the same period the previous year despite lower overhead costs<\/p>\n
Kitchingman said: \u201cThe market remains competitive, and the board is cautious regarding the outlook.\u00a0 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.\u201d<\/p>\n
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.\u00a0 A new website for ESE Direct Limited (“ESE”) is scheduled to go live at the end of Q2 2025.\u00a0 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.<\/p>\n
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Slingsby remains cautious amid recession fears<\/p>\n","protected":false},"author":271992,"featured_media":2057702,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"coauthors":[137100],"class_list":["post-2137321","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manufacturing","tag-featured-story","tag-yorkshire"],"yoast_head":"\n