Interim Results
June 13 2002 - 3:00AM
UK Regulatory
RNS Number:1727X
Dewhurst PLC
13 June 2002
Dewhurst plc
Directors' Interim Report
FIRST HALF
Turnover at the Group increased by 5% to £11.9 million. Operating profit before
exceptional costs was £933,000 (£811,000) a rise of 15%. Profit before tax rose
to £907,000 (£678,000) after exceptional items of £Nil (£134,000). Earnings per
share rose to 5.75p (4.30p) with the higher profit and the repurchase of 327,800
'A' non-voting Ordinary shares in January.
The Lift Division performed strongly in the first half in the UK and at overseas
subsidiaries. The only weaker area was exports from the UK. ALC in Australia had
a particularly encouraging first half after a disappointing period last year. A
major long-term contract has helped their performance this year. TVC was the
strongest performer in the UK with both controller and monitoring products in
demand.
Rail sales remain at a low level and keypad sales dipped after a strong
performance last year.
OUTLOOK
UK demand for lift products is expected to moderate over the coming months, but
overseas demand should remain reasonably buoyant. Keypad demand is expected to
strengthen with a new range of keypads for Automatic Teller Machines coming
fully on stream.
DIVIDENDS
The Directors have declared an interim dividend of 1.39p, compared with 1.32p
last year. The interim dividend is payable on 2nd September 2002 and warrants
will be posted on 29th August 2002 to shareholders appearing in the Register at
3:00 p.m. on 19th July 2002.
By Order of the Board
M N GREEN
Secretary
13th June 2002
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 2002, as compared with the corresponding half year ended 31st March 2001
and the year ended 30th September 2001, shows the following results:
Consolidated profit and loss account
Half year ended Half year ended Year
ended
31st March 2002 31st March 2001 30th September 2001
£(000)'s £(000)'s £(000)'s
Turnover 11,884 11,304 22,903
Operating costs (10,951) (10,627) (21,529)
Operating profit before exceptional items 933 811 1,834
Exceptional items - (134) (460)
Operating profit 933 677 1,374
Net interest (26) 1 (15)
__________ ___________ ____________
Profit on ordinary activities before tax 907 678 1,359
Taxation Est. (328) Est. (242) (505)
__________ ___________ ____________
Profit for the financial period 579 436 854
Dividends (137) (134) (403)
__________ ___________ ____________
Retained profit for the period 442 302 451
__________ ___________ ____________
Basic earnings per share 5.75p 4.30p 8.41p
Diluted earnings per share 5.75p 4.26p 8.36p
Dividends per share 1.39p 1.32p 3.96p
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 2001
2002 2001
£(000)'s £(000)'s £(000)'s
Fixed assets
Intangible 1,123 1,174 1,079
Tangible
- Land and buildings 1,358 1,385 1,361
- Plant and machinery 1,594 1,576 1,541
_________ ________ ________
2,952 2,961 2,902
_________ ________ ________
4,075 4,135 3,981
Current assets
Stocks 4,514 4,048 4,369
Debtors 5,347 4,710 4,441
Investments 308 - 175
Cash 423 1,357 1,624
_________ ________ ________
10,592 10,115 10,609
Creditors: amounts falling due within one year (3,981) (3,894) (4,362)
________ _______ _______
Net current assets 6,611 6,221 6,247
________ _______ _______
Total assets less current liabilities 10,686 10,356 10,228
Creditors: amounts falling due after one year (375) (631) (480)
Provisions for liabilities and charges (155) (145) (155)
________ _______ _______
Net assets 10,156 9,580 9,593
________ _______ _______
Capital and reserves
Called up share capital 985 1,015 1,018
Share premium account 157 127 157
Revaluation reserve 423 423 423
Capital redemption reserve 152 114 119
Profit and loss account 8,439 7,901 7,876
________ _______ _______
Equity shareholders' funds 10,156 9,580 9,593
_________ ________ ________
The results for the 2001 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 2002 31st March 2001 30th September 2001
£(000)'s £(000)'s £(000)'s
Net cash inflow from operating activities 64 542 1,842
Returns on investment and servicing of finance:
Interest and dividends received 12 32 57
Interest paid (36) (30) (65)
Interest element from finance lease rental (2) (1) (7)
payments
________ _______ _______
Net cash inflow from returns on investment and (26) 1 (15)
servicing of finance
Taxation:
UK taxation (122) (238) (574)
Overseas taxation (111) (62) (125)
________ _______ _______
Net cash outflow from taxation (233) (300) (699)
Capital expenditure and financial investment:
Purchase of fixed assets (311) (112) (357)
Sale of tangible fixed assets 11 12 23
________ _______ _______
Net cash outflow from capital expenditure & (300) (100) (334)
financial investment
Equity dividends paid (268) (254) (388)
_______ _______ _______
Net cash outflow before use of liquid resources (763) (111) 406
and financing
Management of liquid resources
(Purchase)/sale of short-term deposits (133) (203) (175)
Sale of investments - - 27
________ ________ ________
(133) (203) (149)
Financing
Bank loan - - -
Bank loan repayments (85) (76) (154)
Capital element of finance lease rental payments (7) (23) (47)
Issue of share capital - - 38
Repurchase of shares (213) (140) (178)
________ ________ ________
(305) (239) (340)
(Decrease)/increase in cash in period (1,201) (553) (83)
________ ________ ________
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