Interim Results
June 14 2001 - 7:25AM
UK Regulatory
RNS Number:2515F
Dewhurst PLC
14 June 2001
DEWHURST PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2001
Directors' Interim Report
FIRST HALF
Turnover at the Group increased by 9% to #11.3 million with sales growth at
all companies. Operating profit before exceptional costs was #811,000 (#
802,000) a rise of 1%. Profit before tax fell to #678,000 (#823,000) after
exceptional items of #134,000. These exceptional items were the costs to date
of the refurbishment of the Hounslow factory, which was outlined in last
year's annual report. Earnings per share fell to 4.30p (5.50p) with the lower
profit.
Direct Lift Division exports from the UK fell back sharply in the first half,
as projected. However sales at overseas companies were reasonably buoyant,
helped by the full 6 months' contribution from ALC in Australia. Last year's
first half only had 2 months' contribution from ALC.
Rail sales were down, but this was more than made up for by a significant
increase in keypad sales. These were particularly strong in North America and
were helped by the introduction of a new range of keypads for Automatic Teller
Machines.
Our ability to pass on cost increases is limited. We have partially offset
this adverse affect through productivity improvements and product design.
OUTLOOK
The refurbishment project is now well underway. A significant portion of the
electrical work was carried out in the first half and the bulk of the
remainder is planned for completion this year. Some of the stores
reorganisation has been carried out and the production reorganisation has now
commenced. It is still expected that the total exceptional cost for this
project will be in the range #500,000 to #600,000.
The lower export demand for lift products is expected to continue through the
second half, but demand at overseas subsidiaries and for keypads is forecast
to remain firm.
DIVIDENDS
The Directors have declared an interim dividend of 1.32p, compared with 1.25p
last year. The interim dividend is payable on 3rd September 2001 and warrants
will be posted on 30th August 2001 to shareholders appearing in the Register
at 3:00 p.m. on 20th July 2001.
By Order of the Board
M N GREEN
Secretary
14th June 2001
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 2001, as compared with the corresponding half year ended 2nd April
2000 and the year ended 30th September 2000, shows the following results:
Consolidated profit and loss account
Half year Half year Year
ended ended
ended
31st March 2nd April 30th September
2001 2000
2000
#(000)'s #(000)'s #(000)'s
Turnover 11,304 10,370 21,660
Operating costs (10,493) (9,568) (19,665)
__________ ___________ ____________
Operating profit before 811 802 1,995
exceptional costs
Exceptional costs (134) - -
__________ ___________ ____________
Operating profit 677 802 1,995
Net interest 1 21 10
__________ ___________ ____________
Profit on ordinary activities 678 823 2,005
before tax
Taxation Est. (242) Est. (256) (663)
__________ ___________ ____________
Profit for the financial period 436 567 1,342
Dividends (133) (129) (383)
__________ ___________ ____________
Retained profit for the period 303 438 959
========== =========== ============
Basic earnings per share 4.30p 5.50p 13.01p
Diluted earnings per share 4.26p 5.45p 12.90p
Dividends per share 1.32p 1.25p 3.75p
All disclosures relate only to continuing operations
Consolidated balance sheet
Half year Half
year Year Year
ended ended ended
31st 2nd 30th September
March April
2001 2000 2000
#(000)'s #(000)'s #(000)'s
Fixed assets
Intangible 1,174 1,376 1,327
Tangible
- Land and buildings 1,385 1,386 1,389
- Plant and machinery 1,576 1,765 1,769
__________ ___________ ___________
2,961 3,151 3,158
__________ ___________ ___________
4,135 4,527 4,485
Current assets
Stocks 4,048 4,112 4,151
Debtors 4,710 4,246 4,050
Investments - 25 27
Cash 1,357 757 1,707
__________ ____________ _________
10,115 9,140 9,935
Creditors: amounts falling due (3,894) (3,399) (4,053)
within one year
________ ________ ________
Net current assets 6,221 5,741 5,882
________ ________ ________
Total assets less current 10,356 10,268 10,367
liabilities
Creditors: amounts falling due (631) (1,135) (734)
after one year
Provisions for liabilities and (145) (185) (145)
charges
________ _________ ________
Net assets 9,580 8,948 9,488
======== ========= ========
Capital and reserves
Called up share capital 1,015 1,032 1,032
Share premium account 127 127 127
Revaluation reserve 423 423 423
Capital redemption reserve 114 97 97
Profit and loss account 7,901 7,269 7,809
________ __________ ________
Equity shareholders' funds 9,580 8,948 9,488
======== ========== ========
Consolidated cash flow statement
Half year Half year Year
ended ended Ended
31st March 2nd April 30th
September
2001 2000 2000
#(000)'s #(000)'s #(000)'s
Net cash inflow from operating activities 542 192 1,982
Returns on investment and servicing of
finance:
Interest and dividends received 32 21 57
Interest paid (30) - (46)
Interest element from finance lease rental (1) - (1)
payments
__________ __________ __________
Net cash inflow from returns on investment 1 21 10
and servicing of finance
Taxation:
UK taxation (238) (53) (336)
Overseas taxation (62) (44) (135)
__________ __________ __________
Net cash outflow from taxation (300) (97) (471)
Capital expenditure and financial
investment:
Purchase of fixed assets (112) (170) (403)
Sale of tangible fixed assets 12 20 53
__________ __________ __________
Net cash outflow from capital expenditure & (100) (150) (350)
financial investment
Acquisitions and disposals:
Purchase of subsidiary undertakings - (1,664) (1,664)
__________ __________ __________
Net cash outflow from acquisitions - (1,664) (1,664)
Equity dividends paid (254) (237) (366)
__________ __________ __________
Net cash outflow before use of liquid (111) (1,935) (859)
resources and financing
Management of liquid resources
(Purchase)/sale of short-term deposits (203) 752 752
Financing
Bank loan - 1,000 1,000
Bank loan repayments (76) - (93)
Capital element of finance lease rental (23) (10) (42)
payments
Repurchase of shares (140) - -
__________ __________ __________
(239) 990 865
(Decrease)/increase in cash in period (553) (193) 758
========== ========== ===========
The results for the 2000 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.
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