RNS Number:9254X
Dewhurst PLC
07 June 2007
Dewhurst plc
Directors' Interim Report
FIRST HALF
Turnover at the Group was slightly down at #14.9 million compared to #15.0
million last year. Profit before tax dropped 16% to #1.52 million (#1.80
million). Earnings per share also dropped 12% to 10.2p (11.7p).
Lift and Keypad sales were both down. The fall in lift products was primarily
as a result of reduced sales of remote monitoring equipment. The reduction in
keypad revenue was largely caused by a further fall in prices. This is a
continuing theme, with competition from low wage economies likely to maintain
the pressure on prices for the foreseeable future.
Sales of traffic products increased with a full 6 month contribution from last
year's acquisition of Traffic Management Products (TMP). During the period we
won and delivered our first major passive safety lighting column order. We also
introduced new variants of our Flecta reboundable bollard, which have been well
received by customers.
SHARE REPURCHASE
On the 11th December 2006 the company purchased 36,000 of its own Ordinary 10p
shares for #69,120. At the time of purchase these shares amounted to 0.37% of
the called up share capital of the company and have been cancelled. On the 5th
March 2007 the company purchased a further 12,500 of its own Ordinary 10p
shares for #23,875. At the time of purchase these shares amounted to 0.13% of
the called up share capital of the company and have also been cancelled.
Details of shares purchased pursuant to the authority have been notified to the
London Stock Exchange and to the Registrar of Companies.
OUTLOOK
We continue to take action to mitigate falling prices. We have increased
overseas sourcing and reduced overheads; we will need to do more of the same to
further reduce our cost base. However we must keep investing in new products,
which are the lifeblood for our future. We are continuing the drive to improve
value for customers, while at the same time improving service. These actions
put pressure on our profits in the short term, but secure more business for the
future.
DIVIDENDS
The Directors have declared an interim dividend of 1.80p which amounts to
#176k, compared with 1.71p last year (#168k). The interim dividend is payable
on 28th August 2007 and warrants will be posted on 23rd August 2007 to
shareholders appearing in the Register at 3:00 p.m. on 13th July 2007.
A final 2006 dividend of 3.42p which amounted to #336k, compared with 3.26p
previous year (#321k) was approved at the AGM held on the 31st January 2007
and was paid on 5 March 2007 to members on the register at 12th January 2007.
By Order of the Board
J C SINCLAIR
Finance Director & Secretary
6 June 2007
Dewhurst plc
The unaudited consolidated income statement, statement of recognised income and
expense, balance sheet and cash flow statement of Dewhurst plc and its
subsidiaries for the half-year ended 31st March 2007, as compared with the
corresponding half-year ended 31st March 2006 and the year ended 30th September
2006, shows the following results:
Consolidated income statement
Half year Half year Year
ended ended ended
31st March 31st March 30th September
2007 2006 2006
Continuing operations #(000)'s #(000)'s #(000)'s
----------------------- ---------- ---------- -----------
Revenue 14,942 14,950 29,766
Operating costs (13,375) (13,185) (26,438)
Operating profit 1,567 1,765 3,328
Finance income 86 88 165
Finance costs (136) (50) (99)
----------------------- ---------- ---------- -----------
Profit before
taxation 1,517 1,803 3,394
Tax on profits Est.(514) Est. (654) (1,081)
----------------------- ---------- ---------- -----------
Profit for the period 1,003 1,149 2,313
----------------------- ---------- ---------- -----------
Basic and diluted
earnings per share 10.21p 11.66p 23.48p
Dividends per share 1.80p 1.71p 5.13p
Consolidated statement of recognised income and expense
Half year Half year Year
ended ended ended
Net income/(expense) recognised 31st March 31st March 30th September
2007 2006 2006
directly in equity: #(000)'s #(000)'s #(000)'s
----------------------- ---------- ---------- -----------
Actuarial
gains/(losses) on
the defined
benefit pension scheme Est. 622 Est. 897 1,637
Exchange differences
on translation
of foreign operations (351) (66) (346)
Tax on items taken
directly to equity (82) (249) (387)
----------------------- ---------- ---------- -----------
Net income / (expense)
recognised directly in
equity in the period 189 582 904
Profit for the
financial period 1,003 1,149 2,313
----------------------- ---------- ---------- -----------
Total recognised
income and expense
for the period 1,192 1,731 3,217
----------------------- ---------- ---------- -----------
Dewhurst plc
Consolidated balance sheet
Half year Half year Year
ended ended ended
31st March 31st March 30th September
2007 2006 2006
#(000)'s #(000)'s #(000)'s
----------------------------- --------- ---------- -----------
Non-current assets
Goodwill 5,250 5,342 5,192
Other intangibles 89 61 89
Property, plant and equipment 2,721 2,872 2,804
Deferred tax asset 1,525 1,886 1,746
----------------------------- --------- ---------- -----------
9,585 10,161 9,831
Current assets
Inventories 2,875 3,575 3,037
Trade and other receivables 6,016 5,846 5,664
Cash and cash equivalents 5,617 3,867 5,077
----------------------------- --------- ---------- -----------
14,508 13,288 13,778
--------- ---------- -----------
Total assets 24,093 23,449 23,609
----------------------------- --------- ---------- -----------
Current liabilities
Trade and other payables (3,782) (3,748) (3,442)
Current tax liabilities (387) (602) (388)
Short term provisions (150) (200) (150)
----------------------------- --------- ---------- -----------
(4,319) (4,550) (3,980)
----------------------------- --------- ---------- -----------
Non-current liabilities
Retirement benefit obligation (5,085) (6,286) (5,697)
----------------------------- --------- ---------- -----------
(5,085) (6,286) (5,697)
----------------------------- --------- ---------- -----------
Total liabilities (9,404) (10,836) (9,677)
----------------------------- --------- ---------- -----------
Net assets 14,689 12,613 13,932
----------------------------- --------- ---------- -----------
Equity
Share capital 980 985 985
Share premium account 157 157 157
Capital redemption reserve 157 152 152
Translation reserve (31) 336 215
Retained earnings 13,426 10,983 12,423
----------------------------- --------- ---------- -----------
Total equity 14,689 12,613 13,932
----------------------------- --------- ---------- -----------
The results for the 2006 year set out above are abridged. Full accounts for
that year reported under IFRS, on which the auditors of the company made an
unqualified report, have been delivered to the Registrar of Companies.
The presentation of these Interim Financial Statements is consistent with the
2006 Financial Statements and its accounting policies, but where necessary
comparative information has been reclassified or expanded from the 2006 Interim
Financial Statements to take into account any presentational changes made in
the 2006 Financial Statements or in these Interim Financial Statements.
Dewhurst plc
Consolidated cash flow statement
Half year Half year Year
ended ended ended
31st March 31st March 30th September
2007 2006 2006
#(000)'s #(000)'s #(000)'s
----------------------------- ---------- ---------- -----------
Cash flows from operating
activities
Operating profit 1,567 1,765 3,328
Depreciation and
amortisation 162 212 463
Additional costs to
pension scheme (125) 65 131
Exchange adjustments (198) (142) (98)
---------------------------- ---------- ---------- -----------
(Profit)/loss on disposal of
property, plant and equipment (9) 1 (3)
---------------------------- ---------- ---------- -----------
1,397 1,901 3,821
(Increase)/decrease
in inventories 162 587 996
(Increase)/decrease in trade
and other receivables (352) 496 513
Increase/(decrease) in trade
and other payables 340 (263) (366)
Increase/(decrease)
in provisions - - (50)
---------------------------- ---------- ---------- -----------
Cash generated from
operations 1,547 2,721 4,914
Interest paid (1) - -
Income tax paid (519) (557) (1,147)
---------------------------- ---------- ---------- -----------
Net cash from
operating activities 1,027 2,164 3,767
Cash flows from investing
activities
Acquisition of subsidiary
undertakings - (4,322) (4,322)
Proceeds from sale of property,
plant and equipment 9 1 14
Purchase of property,
plant and equipment (121) (137) (320)
Development costs capitalised (20) (30) (109)
Interest received 86 88 165
---------------------------- ---------- ---------- -----------
Net cash used in
investing activities (46) (4,400) (4,572)
Cash flows from financing
activities
Dividends paid (336) (321) (490)
Repurchase of shares (93) - -
---------------------------- ---------- ---------- -----------
Net cash used in
financing activities (429) (321) (490)
---------------------------- ---------- ---------- -----------
Net increase/(decrease)
in cash and cash
equivalents 552 (2,557) (1,295)
---------------------------- ---------- ---------- -----------
Cash and cash equivalents at
beginning of period 5,077 6,438 6,438
---------------------------- ---------- ---------- -----------
Exchange adjustments on
cash and cash equivalents (12) (14) (66)
---------------------------- ---------- ---------- -----------
Cash and cash equivalents
at end of period 5,617 3,867 5,077
---------------------------- ---------- ---------- -----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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