Dewhurst PLC - Interim Results
June 15 2000 - 3:02AM
UK Regulatory
RNS Number:2901M
Dewhurst PLC
15 June 2000
Directors' Interim Report
FIRST HALF
The first half showed an 8% improvement in sales, of which 5% was organic
growth from continuing operations. Profit before tax was marginally down
after absorbing acquisition costs. Operating profit before acquisition
expenses showed a 5% improvement and earnings per share were also up 5%.
Lift Division sales showed continuing growth. Sales were particularly strong
in export markets despite the high pound, but margins were affected. All Lift
Division subsidiaries registered sales improvements.
Rail sales fell back and keypad sales improved, leaving sales of these
product groups together broadly similar to last year.
Margins fell slightly, with conflicting downward price pressures and upward
cost pressures.
ACQUISITION
In February we completed the acquisition of Australian Lift Components. The
company, based in Sydney, Australia, enables us to strengthen our presence in
the Australasian market and enhance our customer service in the region. It
provides another building block in our strategy of establishing local
companies to configure our standard products to local market and customer
requirements. The goodwill arising on the acquisition has been capitalised
and is being amortised over its useful economic life.
OUTLOOK
The acquisition should assist in building steady progress in group sales, but
we expect margins to remain under considerable pressure. The second half will
see the start of a major refurbishment of our Hounslow factory. The
refurbishment is essential to modernise our facilities and to reorganise the
plant for improved workflow and efficiency. The cost of the refurbishment
will impact principally in the next financial year, though there will be some
effect in this year's second half.
As a result of the above factors, it is not expected that this year's profits
will achieve the record set last year.
DIVIDENDS
The Directors have declared an interim dividend of 1.25p, compared with 1.15p
last year. The interim dividend is payable on 4th September 2000 and warrants
will be posted on 31st August 2000 to shareholders appearing in the Register
at 3:00 p.m. on 21st July 2000.
By Order of the Board
M N GREEN
Secretary
Dewhurst plc
The unaudited balance sheet of Dewhurst plc and its subsidiaries as at 2nd
April 2000 and 3rd October 1999 is detailed opposite. The consolidated profit
and loss account for the 26 weeks to 2nd April 2000, as compared with the
corresponding 26 weeks ended 28th March 1999 and the 53 weeks ended 3rd
October 1999, shows the following results:
Consolidated profit and loss account
26 weeks 26 weeks 53 weeks
ended ended ended
2nd April 28th March 3rd October
2000 1999 1999
#(000)'s #(000)'s #(000)'s
Turnover - continuing operations 10,104 9,560 19,877
- acquisitions 266 - -
---------------------------------
10,370 9,560 19,877
Operating costs (9,568) (8,759) (18,072)
---------------------------------
Operating profit - continuing operations 738 801 1,805
- acquisitions 64 - -
---------------------------------
802 801 1,805
Net interest 21 49 80
---------------------------------
Profit on ordinary activities before tax 823 850 1,885
Taxation (256) Est. (287) Est. (581)
---------------------------------
Profit for the financial period 567 563 1,304
Dividends (129) (119) (356)
---------------------------------
Retained profit for the period 438 444 948
Basic earnings per share 5.50p 5.23p 12.46p
Diluted earnings per share 5.45p 5.19p 12.36p
Dividends per share 1.25p 1.15p 3.45p
Dewhurst plc
Consolidated balance sheet
2nd April 2000 3rd October 1999
#(000)'s #(000)'s
Fixed assets
Tangible
- Land and buildings 1,386 1,375
- Plant and machinery 1,765 1,684
------------------------------
3,151 3,059
Intangible assets 1,376 -
------------------------------
4,527 3,059
Current assets
Stocks 4,112 3,492
Debtors 4,246 3,317
Investments 25 23
Cash 757 1,702
------------------------------
9,140 8,534
Creditors:
amounts falling due within one year (3,399) (2,928)
------------------------------
Net current assets 5,741 5,606
Total assets less current liabilities 10,268 8,665
Creditors:
amounts falling due after one year (1,135) -
Provisions for liabilities and charges (185) (172)
------------------------------
Net assets 8,948 8,493
______________________________
Capital and reserves
Called up share capital 1,032 1,032
Revaluation reserve 423 423
Share premium account 127 127
Capital redemption reserve 97 97
Profit and loss account 7,269 6,814
------------------------------
Equity shareholders' funds 8,948 8,493
______________________________
The results for the 1999 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
END
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