2022 sales and earnings at UK MRO reseller Slingsby were up year on year, largely thanks to it passing on price increases to customers.
In the 12 months to 31 December 2022, the company generated revenue of £21.6 million, 9% higher than in 2021. Interim Executive Chairman Dominic Slingsby said this was mainly due to higher selling prices across its range of products. These boosted gross margins and helped EBITDA increase by around 20% versus 2021 to £1.1 million.
The top line has continued to improve at the start of 2023, the reseller revealed, with revenue in the first quarter up by 5%. However, profitability has been squeezed by increased overheads costs, which could impact gross margin and profits for the full year.
Effective 30 March, Slingsby acquired certain assets of Stakrak, a supplier of industrial storage solutions, for a purchase price of £110,000. This was funded out of existing cash resources.
The Yorkshire-based business in now hoping to attract new members to its board. It has been operating under certain restrictions – including a lack of insurance cover for directors – related to its pension scheme deficit. These have now been lifted and the objective is to appoint a non-Executive Chairman as well as other directors.