LONDON (ShareCast) - (ShareCast News) - Industrial and commercial equipment distributor HC Slingsby was holding its annual general meeting on Wednesday, with interim executive chairman and operations director Dominic Slingsby claiming the company had maintained its recent, buoyant levels of trading.
The AIM-traded firm had reported in its final results for the 2016 year that group sales were 7% higher in the four months to 30 April 2017 on the corresponding period in 2016.

"I reported that some of this gain was due to several large orders received in 2016 but delivered in 2017," Slingsby said.

"Sales for the five months to 31 May 2017, were 6% higher than the prior year with Group sales for May 2017, 2% higher than in May 2016."

The group had since maintained a similar level of gross margin compared to prior year, Slingsby claimed, and had decreased overheads.

"Accordingly, performance in the five months to 31 May 2017 is ahead of prior year.

"We remain encouraged by the improved trading but also cautious regarding the outlook due to the volatility experienced in the recent past."

The group had net debt of £1.8m at 31 May compared to £1.75m at 31 May 2016.

"The group continues to operate within its existing banking facilities and considers that it has additional funding options available should the need arise.

"Uncertainty remains regarding the quantum and timing of future payments to the defined benefit pension scheme."

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