Interim Results
June 09 2005 - 3:00AM
UK Regulatory
RNS Number:3355N
Dewhurst PLC
09 June 2005
Dewhurst plc
Directors' Interim Report
FIRST HALF
Turnover at the Group increased by 6% to #15.1 million. Profit before tax rose
4% to #1.45 million (#1.40 million). Earnings per share rose to 9.57p (9.01p),
an increase of 6%.
The Keypad Division had a strong start to the year with the demand for retrofit
EPP encrypting pinpads continuing for the first few months. However, as
expected, this demand has now fallen back from its peak to normal levels. This
factor, together with price erosion over the period, meant it was necessary to
implement a reduction in staffing at the main Hounslow factory by a little over
10% during March.
The Lift Division achieved another improvement compared to the prior year helped
by the introduction of the new Ethos lift controller and continuing demand for
lift equipment to meet the disabled access codes.
There have been considerable rises in base material costs during the period that
we have been unable to pass on to our customers. We have been able to contain
most of the increases through improved component sourcing and greater efficiency
with our Lean manufacturing programme, so overall margins have only fallen
slightly.
ACQUISTION
We are pleased to report that we have exchanged contracts for the acquisition of
the business and assets of the partnership trading as Lift Material in Australia
for a maximum consideration of #875,000 in cash. Lift Material distributes a
wide range of lift products to the industry throughout Australia, including
Dewhurst pushbuttons. The final price is dependent on stock values and profits
for the year to June 30, 2005. Sales and profits before taxes for the year to
June 30, 2004 were #1.3 million and #290,000 respectively at current exchange
rates. The net assets of the business at June 30, 2004 were #290,000.
AIM
We are currently investigating whether it would be appropriate to transfer the
Group's listing to AIM. There should be considerable potential benefits to
shareholders in lower capital gains tax and inheritance tax under current
legislation. There do not appear to be any significant disadvantages. No firm
decision has yet been taken, but we are aiming to reach a conclusion in the next
six months.
OUTLOOK
In addition to the fall in keypad demand from the high level in the early part
of the year, we have had to implement price reductions that will impact the
second half. However, our new keypad products have been well received and should
gradually build sales in the longer term. There are indications that the
worldwide economy is slowing and customers in the UK are becoming more cautious.
The Monitoring Division, which depends on major contracts, is finding that these
contracts are being deferred or scaled down. In addition, margin pressures are
likely to intensify as demand falls. As a result we expect the second half to be
a challenging period for the Group.
DIVIDENDS
The Directors have declared an interim dividend of 1.63p, compared with 1.55p
last year. The interim dividend is payable on 30th August 2005 and warrants will
be posted on 25th August 2005 to shareholders appearing in the Register at 3:00
p.m. on 15th July 2005.
By Order of the Board
M N GREEN
Secretary
9th June 2005
Dewhurst plc
The unaudited consolidated profit and loss account, balance sheet and cash flow
statement of Dewhurst plc and its subsidiaries for the half-year ended 31st
March 2005, as compared with the corresponding half-year ended 31st March 2004
and the year ended 30th September 2004, shows the following results:
Consolidated profit and loss account
Half year ended Half year ended Year ended
31st March 2005 31st March 2004 30th September 2004
#(000)'s #(000)'s #(000)'s
----------------------- ---------- ---------- -----------
Turnover 15,134 14,343 29,265
Operating costs (13,778) (12,986) (26,039)
----------------------- ---------- ---------- -----------
Operating profit 1,356 1,357 3,226
Net interest 97 44 107
----------------------- ---------- ---------- -----------
Profit on ordinary
activities before
tax 1,453 1,401 3,333
Taxation Est. (510) Est. (513) (1,142)
----------------------- ---------- ---------- -----------
Profit for the
financial period 943 888 2,191
Dividends (161) (153) (458)
----------------------- ---------- ---------- -----------
Retained profit for
the period 782 735 1,733
----------------------- ---------- ---------- -----------
Basic earnings per share 9.57p 9.01p 22.24p
Diluted earnings per share 9.57p 9.01p 22.24p
Dividends per share 1.63p 1.55p 4.65p
All disclosures relate only to continuing operations
Dewhurst plc
Consolidated balance sheet
Half year Half year Year
ended ended ended
31st March 31st March 30th September
2005 2004 2004
#(000)'s #(000)'s #(000)'s
------------------------ --------- ---------- -----------
Fixed assets
Intangible 767 936 812
Tangible
- Land and buildings 1,535 1,541 1,535
- Plant and machinery 1,420 1,686 1,509
------------------------ --------- ---------- -----------
2,955 3,227 3,044
------------------------ --------- ---------- -----------
3,722 4,163 3,856
Current assets
Stocks 4,067 3,683 4,153
Debtors 5,083 5,493 5,067
Short-term deposits 3,270 2,015 2,982
Cash 2,053 1,272 2,465
------------------------ --------- ---------- -----------
14,473 12,463 14,667
Creditors: amounts falling due
within one year (3,717) (4,052) (5,066)
------------------------ --------- ---------- -----------
Net current assets 10,756 8,411 9,601
------------------------ --------- ---------- -----------
Total assets less current
liabilities 14,478 12,574 13,457
Creditors: amounts falling due
after one year - - (1)
Provisions for liabilities and
charges (210) (250) (210)
------------------------ --------- ---------- -----------
Net assets 14,268 12,324 13,246
------------------------ --------- ---------- -----------
Capital and reserves
Called up share capital 985 985 985
Share premium account 157 157 157
Revaluation reserve 423 423 423
Capital redemption reserve 152 152 152
Profit and loss account 12,551 10,607 11,529
------------------------ --------- ---------- -----------
Equity shareholders' funds 14,268 12,324 13,246
------------------------ --------- ---------- -----------
The results for the 2004 year set out above are abridged. Full accounts for that
year, on which the auditors of the company made an unqualified report, have been
delivered to the Registrar of Companies.
Dewhurst plc
Consolidated cash flow statement
Half year ended Half year ended Year ended
31st March 31st March 30th September
2005 2004 2004
#(000)'s #(000)'s #(000)'s
----------------------- ---------- ----------- ----------
Net cash inflow from
operating activities 939 1,108 3,865
Returns on investment and
servicing of finance:
Interest and
dividends received 97 44 108
Interest element
from finance lease
rental payments - - (1)
----------------------- ---------- ----------- ----------
Net cash
inflow/(outflow)
from returns on
investment and
servicing of finance 97 44 107
Taxation:
UK taxation (502) (416) (724)
Overseas taxation (252) (185) (282)
----------------------- ---------- ----------- ----------
Net cash outflow
from taxation (754) (601) (1006)
Capital expenditure and financial
investment:
Purchase of fixed
assets (112) (531) (768)
Sale of tangible
fixed assets 10 37 176
----------------------- ---------- ----------- ----------
Net cash outflow
from capital
expenditure &
financial investment (102) (494) (592)
Equity dividends
paid (305) (288) (440)
----------------------- ---------- ----------- ----------
Net cash
inflow/(outflow)
before use of liquid
resources and
financing (125) (231) 1,934
Management of liquid resources
(Placed)/withdrawn
from short-term
deposit (288) (791) (1,758)
----------------------- ---------- ----------- ----------
(288) (791) (1,758)
Financing
Capital element of
finance lease rental
payments - (7) (11)
----------------------- ---------- ----------- ----------
- (7) (11)
Increase/(decrease)
in cash in period (413) (1,029) 165
----------------------- ---------- ----------- ----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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