HC Slingsby PLC on Tuesday reported a fall in annual profit, as costs increased.

HC Slingsby is a Shipley, England-based industrial and commercial equipment distributor.

Pretax profit in 2023 fell to £357,000 from £485,000 a year earlier.

Revenue climbed to £22.6 million from £21.6 million.

In the year, distribution costs increased to £5.1 million from £4.4 million, whilst cost of sales climbed to £14.5 million from £14.1 million.

HC Slingsby said that in the first quarter of 2024 sales in fell by 5% annually. It swung to a pretax loss of £140,000 from a profit of £120,000.

Looking ahead, the company 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.’

Shares in HC Slingsby were flat at 250.00 pence each in London on Tuesday afternoon.

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