Member Article

Shipley broker HC Slingsby warns of pretax losses

HC Slingsby, a brokerage firm based in Shipley, West Yorkshire, has reported that as a result of further difficult trading, it is now expected that the company will incur a pre-tax loss “substantially in excess” of its previous expectations.

According to the statement, current trading remains challenging and increasing price pressures continue to suppress order revenues. In the Chairman’s statement accompanying the interim results for the six months ended 30 June 2013, issued on 20 September 2013, the Chairman stated:

“The Company has not experienced any significant upturn in the level of trading in the second half and if this trend continues for the remainder of the year, the Directors believe the Company will incur a pre-tax loss for the year.”

Despite this, the company stated that their balance sheet and cash position remains strong and that despite difficult market conditions the recent implementation a new IT infrastructure will place the Company in a stronger position to leverage our substantial key account base.

According to the statement, order volumes are encouraging and the firm are taking active steps to re-align costs.

This was posted in Bdaily's Members' News section by Clare Burnett .