RNS Number : 0149W
Dewhurst PLC
05 June 2008
Dewhurst plc
Directors' Interim Report
FIRST HALF
Turnover at the Group was up 11% to �16.6 million compared to �14.9 million last year and profit before tax rose 20% to �1.81 million
(2007: �1.52 million). Earnings per share increased 32% to 13.44p (2007: 10.21p) reflecting the effect of the share buy backs.
Sales grew in all three product divisions: lift, transport and keypad. Transport, which is the smallest division, showed the strongest
growth. Our innovative street bollard product range has stimulated widespread interest among UK local authorities. Our overseas lift
division sales have been boosted this year by the introduction of new safety related products.
Operationally it has been a busy first half across the Group. The keypad business has largely completed its move to the new facility in
Hungary, where we now have 38 employees. The business of Switching Components, purchased in November, has been successfully incorporated
into our operations at Hounslow. We also introduced assembly of bollard products at Hounslow in the first quarter.
SHARE REPURCHASES
On 1 October 2007 the company purchased 600,000 of its own 'A' non-voting ordinary 10p shares for �1,020,000. At the time of purchase
these shares amounted to 6.12% of the called up share capital of the company and have been cancelled. On 20 March 2008 the company purchased
213,000 of its own Ordinary 10p shares for �447,300. At the time of purchase these shares amounted to 2.31% of the called up share capital
of the company and have been cancelled. On 25 March 2008 the company purchased a further 479,000 of its own 'A' non-voting ordinary 10p
shares for �866,990. At the time of purchase these shares amounted to 5.33% 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
There are some signs of the uncertain economic climate filtering through to our markets in the UK and USA, but elsewhere demand is
currently holding up. Cost pressures on the Group are building and keeping margins tight. We continue to focus on cost control to mitigate
the impact of these pressures.
DIVIDENDS
The Directors have declared an interim dividend of 1.92p which amounts to �163k, compared with 1.80p last year (�176k). The interim
dividend is payable on 26 August 2008 and will be posted on 21 August 2008 to shareholders appearing in the Register at 3:00 p.m. on 11 July
2008 (ex-dividend on 9 July 2008).
A final 2007 dividend of 3.60p which amounted to �331k, compared with 3.42p previous year (�336k) was approved at the AGM held on the 31
January 2008 and was paid on 3 March 2008 to members on the register at 11 January 2008.
By Order of the Board
J C SINCLAIR
Finance Director & Secretary
4 June 2008
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 31 March 2008, as compared with the corresponding half-year ended 31 March 2007
and the year ended 30 September 2007, shows the following results:
Consolidated income statement
Half year ended Half year Year
ended ended
31 March 2008 31 March 2007 30 September 2007
Continuing operations �(000)'s �(000)'s �(000)'s
Revenue 16,619 14,942 31,394
Operating costs (14,907) (13,375) (27,811)
Operating profit 1,712 1,567 3,583
Finance income 132 86 272
Finance costs (31) (136) (2)
Profit before taxation 1,813 1,517 3,853
Tax on profits Est. (580) Est. (514) (1,216)
Profit for the period 1,233 1,003 2,637
Basic and diluted earnings per 13.44p 10.21p 26.87p
share
Dividends per share 1.92p 1.80p 5.40p
Consolidated statement of recognised income and expense
Half year ended Half year Year
ended ended
31 March 2008 31 March 2007 30 September 2007
Net income/(expense)
recognised
directly in equity: �(000)'s �(000)'s �(000)'s
Actuarial gains/(losses) on
the defined Est. (1,437) Est. 622 1,550
benefit pension scheme
Exchange differences on
translation (276) (351) 424
of foreign operations
Tax on items taken directly to 514 (82) (592)
equity
Net income / (expense) (1,199) 189 1,382
recognised
directly in equity in the
period
Profit for the financial 1,233 1,003 2,637
period
Total recognised income and
expense 34 1,192 4,019
for the period
Dewhurst plc
Consolidated balance sheet
Half year Half year Year
ended ended ended
31 March 31 March 30 September 2007
2008 2007
�(000)'s �(000)'s �(000)'s
Non-current assets
Goodwill 5,534 5,250 5,318
Other intangibles 112 89 112
Property, plant and equipment 3,184 2,721 2,695
Deferred tax asset 1,586 1,525 1,081
10,416 9,585 9,206
Current assets
Inventories 3,579 2,875 2,778
Trade and other receivables 6,258 6,016 6,977
Cash and cash equivalents 4,073 5,617 6,659
13,910 14,508 16,414
Total assets 24,326 24,093 25,620
Current liabilities
Trade and other payables 3,957 3,782 3,878
Current tax liabilities 399 387 519
Short term provisions 160 150 100
4,516 4,319 4,497
Non-current liabilities
Retirement benefit obligation 5,095 5,085 3,777
5,095 5,085 3,777
Total liabilities 9,611 9,404 8,274
Net assets 14,715 14,689 17,346
Equity
Share capital 851 980 980
Share premium account 157 157 157
Capital redemption reserve 286 157 157
Translation reserve 319 (31) 512
Retained earnings 13,102 13,426 15,540
Total equity 14,715 14,689 17,346
The results for the 2007 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 2007 Financial Statements and its accounting policies, but
where necessary comparative information has been reclassified or expanded from the 2007 Interim Financial Statements to take into account
any presentational changes made in the 2007 Financial Statements or in these Interim Financial Statements.
Dewhurst plc
Consolidated cash flow statement
Half year ended Half year Year
ended ended
31 March 2008 31 March 2007 30 September 2007
�(000)'s �(000)'s �(000)'s
Cash flows from operating
activities
Operating profit 1,712 1,567 3,583
Depreciation and amortisation 167 162 473
Additional costs to pension (130) (125) (344)
scheme
Exchange adjustments (474) (198) 196
(Profit)/loss on disposal of
property, plant and equipment (14) (9) (2)
1,261 1,397 3,906
(Increase)/decrease in (801) 162 259
inventories
(Increase)/decrease in trade 719 (352) (1,313)
and other receivables
Increase/(decrease) in trade 79 340 436
and other payables
Increase/(decrease) in 60 - (50)
provisions
Cash generated from operations 1,318 1,547 3,238
Interest paid - (1) (2)
Income tax paid (700) (519) (1,015)
Net cash from operating 618 1,027 2,221
activities
Cash flows from investing
activities
Proceeds from sale of 14 9 21
property, plant and equipment
Purchase of property, plant (576) (121) (236)
and equipment
Purchase of intangible non (160) - -
current assets
Development costs capitalised - (20) (114)
Interest received 132 86 246
Net cash used in investing (590) (46) (83)
activities
Cash flows from financing
activities
Dividends paid (331) (336) (512)
Repurchase of shares (2,334) (93) (93)
Net cash used in financing (2,665) (429) (605)
activities
Net increase/(decrease) in
cash and cash equivalents (2,637) 552 1,533
Cash and cash equivalents at
beginning of period 6,659 5,077 5,077
Exchange adjustments on cash
and cash equivalents 51 (12) 49
Cash and cash equivalents at
end of period 4,073 5,617 6,659
ENDS
Contacts:
Dewhurst plc
Jared Sinclair Tel: 020 8607 7331
Seymour Pierce Limited
20 Old Bailey
London EC4M 7EN
John Depasquale / Parimal Kumar Tel: 020 7107 8000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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