Slingsby expects to miss expectations for results

The group, which sells products ranging from shelves to ladders, insisted its wide product selection and strong balance sheet gives it confidence it can survive.

The group, which is based in Baildon, near Bradford, West Yorkshire, said that the factors underpinning its cautious view of the economic environment back in April continue to prevail.

Managing director Dominic Slingsby said a marked slowdown in activity levels meant that trading conditions during late April and May were very challenging, with June showing no signs of improvement.

“Given the lack of visibility over any recovery in demand, the directors now expect that trading for the full year will be below the board’s previous expectations,” said Mr Slingsby.

“In light of Slingsby’s diverse customer base, wide product selection and strong balance sheet, the board does, however, remain confident of the company’s ability to withstand these difficult conditions as well as its long-term prospects.”

The company’s interim results for the six months ending June 30 will be released in September.

Slingsby’s clients range from small businesses to major corporates as well as the NHS.

In April, Slingsby said its wide customer base should leave it well-placed to cope with the public sector spending squeeze.

Slingsby makes and distributes 35,000 workplace products through its catalogue and website.

In the year ended December 31 2010, Slingsby achieved turnover of £16.7m, compared with £15.8m the year before.

Profit before tax was £1.1m, a slight increase on the £1m recorded the year before.

John Waterhouse, the company’s non-executive chairman, said in April: “The company continues to invest in information technology systems, focusing on the supply chain, links with customers and web trading.”

He added that during the year, sales through the Slingsby website grew significantly and now represent a core business channel.

“Sales through our printed catalogue still remain very important but, to reflect changing buying habits, a decision was made to produce a single catalogue in 2010 and thereafter, rather than the twice-yearly publication as in previous years.”

Last December, the firm said it had been inundated with orders for snow and ice-related equipment after it invested heavily in snow shovels, salt spreaders, grit bins and ice melt, a powder which melts ice on pathways and roads. The cold weather caused chaos around the country.

The group’s origins go back to 1893, when Harry Crowther Slingsby obtained his first orders for trucks.