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HC Slingsby shares slide after swing to interim loss
20th Aug 2019 10:15
(Sharecast News) - HC Slingsby shares tumbled on Tuesday as it swung to an interim loss as adverse movements in gross margin and overheads offset an increase in revenue.
The industrial supplies company recorded a loss before tax of £52,000 for the six month period ended 30 June, which was down from a profit of £76,000 for the same period last year, though revenue crept 2.0% higher to £9.9m.
This increase in sales was offset by adverse movements in gross margin and overheads, while finance costs relating to the company's defined benefit pension scheme came in at £122,000, up from £108,000.
The AIM traded company said it remained cautious in its outlook due to the continued variability in order intake since the decision to extend the Brexit deadline, as well as economic uncertainty and the competitive nature of the marketplace.
HC Slingsby shares were down 17.40% at 70.21p at 1017 BST.
The industrial supplies company recorded a loss before tax of £52,000 for the six month period ended 30 June, which was down from a profit of £76,000 for the same period last year, though revenue crept 2.0% higher to £9.9m.
This increase in sales was offset by adverse movements in gross margin and overheads, while finance costs relating to the company's defined benefit pension scheme came in at £122,000, up from £108,000.
The AIM traded company said it remained cautious in its outlook due to the continued variability in order intake since the decision to extend the Brexit deadline, as well as economic uncertainty and the competitive nature of the marketplace.
HC Slingsby shares were down 17.40% at 70.21p at 1017 BST.