Half Yearly Report
June 04 2009 - 2:00AM
UK Regulatory
TIDMDWHT
RNS Number : 3321T
Dewhurst PLC
04 June 2009
Dewhurst plc
Directors' Interim Report
FIRST HALF
Turnover at the Group was up 8% to GBP17.9 million compared to GBP16.6 million
last year and profit before tax rose 17% to GBP2.13 million (2008: GBP1.81
million). Earnings per share increased 30% to 17.48p (2008: 13.44p). The
earnings per share performance is enhanced by the effect of the share buy backs
that took place in the first half of 2008.
We again achieved sales growth in all three product divisions: lift, transport
and keypad. As was the case last year, transport showed the strongest growth,
with our bollard product range continuing to generate increases in sales. The
sales and profit figures for the period were helped by the fact that about one
third of sales are made in foreign currencies and these have increased in value
when reported in pounds.
Sales revenue held up reasonably well in the UK and North America in the first
half though Australia was weaker than normal. However orders received in the UK
have been declining and orders on hand at the end of the first half were at a
significantly lower level than at the start of the year.
OUTLOOK
We have benefited up to now from the fact that demand for our lift products
tends to come towards the end of construction projects. We have made sales this
period to projects that were committed before the current climate of uncertainty
prevailed. The corollary of this is that we may not see a recovery in demand
until some time after the general economic recovery is well under way. Having
said that, there are still opportunities for sales to the public sector and to
lift refurbishment markets.
We also made profits in the first half from favourable exchange rate movements.
The pound has already moved back to some extent against the US Dollar, so it is
likely the first half gains may be at least partially reversed. Together with
cost pressures this is likely to impact on margins in the second half.
It remains very difficult to predict the pattern of demand in our markets, but
overall we do not expect to reach last year's record levels. The strength of the
company's balance sheet remains an important stabiliser in the current
environment.
DIVIDENDS
The Directors have declared an interim dividend of 2.02p which amounts to
GBP172k, compared with 1.92p last year (GBP163k). The interim dividend is
payable on 25 August 2009 and will be posted on 20 August 2009 to shareholders
appearing in the Register at 3:00 p.m. on 10 July 2009 (ex-dividend on 8 July
2009).
A final 2008 dividend of 3.84p which amounted to GBP327k, compared with 3.60p
previous year (GBP331k) was approved at the AGM held on the 29 January 2009 and
was paid on 2 March 2009 to members on the register at 9 January 2009.
By Order of the Board
J C SINCLAIR
Finance Director & Secretary
3 June 2009
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 2009, as compared with the
corresponding half-year ended 31 March 2008 and the year ended 30 September
2008, shows the following results:
Consolidated income statement
+-----------------------------------+--------------+--------------+--------------+
| | Half year | Half year | Year |
| | ended | ended | ended |
+-----------------------------------+--------------+--------------+--------------+
| | 31 March | 31 March | 30 September |
| | 2009 | 2008 | 2008 |
+-----------------------------------+--------------+--------------+--------------+
| Continuing operations | GBP(000)'s | GBP(000)'s | GBP(000)'s |
+-----------------------------------+--------------+--------------+--------------+
| | | | |
+-----------------------------------+--------------+--------------+--------------+
| Revenue | 17,928 | 16,619 | 36,326 |
+-----------------------------------+--------------+--------------+--------------+
| | | | |
+-----------------------------------+--------------+--------------+--------------+
| Operating costs | (15,793) | (14,907) | (31,974) |
+-----------------------------------+--------------+--------------+--------------+
| | | | |
+-----------------------------------+--------------+--------------+--------------+
| Operating profit | 2,135 | 1,712 | 4,352 |
+-----------------------------------+--------------+--------------+--------------+
| | | | |
+-----------------------------------+--------------+--------------+--------------+
| Finance income | 60 | 132 | 329 |
+-----------------------------------+--------------+--------------+--------------+
| | | | |
+-----------------------------------+--------------+--------------+--------------+
| Finance costs | (66) | (31) | (2) |
+-----------------------------------+--------------+--------------+--------------+
| | | | |
+-----------------------------------+--------------+--------------+--------------+
| Profit before taxation | 2,129 | 1,813 | 4,679 |
+-----------------------------------+--------------+--------------+--------------+
| Tax on profits | Est. (641) | Est. (580) | (1,238) |
+-----------------------------------+--------------+--------------+--------------+
| | | | |
+-----------------------------------+--------------+--------------+--------------+
| Profit for the period | 1,488 | 1,233 | 3,441 |
+-----------------------------------+--------------+--------------+--------------+
| | | | |
+-----------------------------------+--------------+--------------+--------------+
| Basic and diluted earnings per | 17.48p | 13.44p | 38.92p |
| share | | | |
+-----------------------------------+--------------+--------------+--------------+
| Dividends per share | 2.02p | 1.92p | 5.76p |
+-----------------------------------+--------------+--------------+--------------+
| | | | |
+-----------------------------------+--------------+--------------+--------------+
Consolidated statement of recognised income and expense
+-----------------------------------+--------------+--------------+--------------+
| | Half year | Half year | Year |
| | ended | ended | ended |
+-----------------------------------+--------------+--------------+--------------+
| Net income/(expense) recognised | 31 March | 31 March | 30 September |
| | 2009 | 2008 | 2008 |
+-----------------------------------+--------------+--------------+--------------+
| directly in equity: | GBP(000)'s | GBP(000)'s | GBP(000)'s |
+-----------------------------------+--------------+--------------+--------------+
| | | | |
+-----------------------------------+--------------+--------------+--------------+
| Actuarial gains/(losses) on the | Est. (1,389) | Est. (1,437) | (440) |
| defined | | | |
| benefit pension scheme | | | |
+-----------------------------------+--------------+--------------+--------------+
| | | | |
+-----------------------------------+--------------+--------------+--------------+
| Exchange differences on | 284 | (276) | 433 |
| translation | | | |
| of foreign operations | | | |
+-----------------------------------+--------------+--------------+--------------+
| | | | |
+-----------------------------------+--------------+--------------+--------------+
| Tax on items taken directly to | 327 | 514 | (68) |
| equity | | | |
+-----------------------------------+--------------+--------------+--------------+
| | | | |
+-----------------------------------+--------------+--------------+--------------+
| Net income / (expense) recognised | (778) | (1,199) | (75) |
| directly in equity in the period | | | |
+-----------------------------------+--------------+--------------+--------------+
| Profit for the financial period | 1,488 | 1,233 | 3,441 |
+-----------------------------------+--------------+--------------+--------------+
| | | | |
+-----------------------------------+--------------+--------------+--------------+
| Total recognised income and | 710 | 34 | 3,366 |
| expense | | | |
| for the period | | | |
+-----------------------------------+--------------+--------------+--------------+
Dewhurst plc
Consolidated balance sheet
+-----------------------------------+-------------+-------------+--------------+
| | Half year | Half year | Year |
| | ended | ended | ended |
+-----------------------------------+-------------+-------------+--------------+
| | 31 March | 31 March | 30 September |
| | 2009 | 2008 | 2008 |
+-----------------------------------+-------------+-------------+--------------+
| | GBP(000)'s | GBP(000)'s | GBP(000)'s |
+-----------------------------------+-------------+-------------+--------------+
| Non-current assets | | | |
+-----------------------------------+-------------+-------------+--------------+
| Goodwill | 5,604 | 5,534 | 5,554 |
+-----------------------------------+-------------+-------------+--------------+
| Other intangibles | 43 | 112 | 43 |
+-----------------------------------+-------------+-------------+--------------+
| Property, plant and equipment | 4,258 | 3,184 | 4,219 |
+-----------------------------------+-------------+-------------+--------------+
| Deferred tax asset | 1,372 | 1,586 | 877 |
+-----------------------------------+-------------+-------------+--------------+
| | 11,277 | 10,416 | 10,693 |
+-----------------------------------+-------------+-------------+--------------+
| Current assets | | | |
+-----------------------------------+-------------+-------------+--------------+
| Inventories | 3,999 | 3,579 | 4,122 |
+-----------------------------------+-------------+-------------+--------------+
| Trade and other receivables | 5,832 | 6,258 | 7,154 |
+-----------------------------------+-------------+-------------+--------------+
| Cash and cash equivalents | 6,797 | 4,073 | 5,120 |
+-----------------------------------+-------------+-------------+--------------+
| | 16,628 | 13,910 | 16,396 |
+-----------------------------------+-------------+-------------+--------------+
| Total assets | 27,905 | 24,326 | 27,089 |
+-----------------------------------+-------------+-------------+--------------+
| | | | |
+-----------------------------------+-------------+-------------+--------------+
| | | | |
+-----------------------------------+-------------+-------------+--------------+
| Current liabilities | | | |
+-----------------------------------+-------------+-------------+--------------+
| Trade and other payables | 3,953 | 3,957 | 4,664 |
+-----------------------------------+-------------+-------------+--------------+
| Current tax liabilities | 475 | 399 | 492 |
+-----------------------------------+-------------+-------------+--------------+
| Short term provisions | 461 | 160 | 350 |
+-----------------------------------+-------------+-------------+--------------+
| | 4,889 | 4,516 | 5,506 |
+-----------------------------------+-------------+-------------+--------------+
| Non-current liabilities | | | |
+-----------------------------------+-------------+-------------+--------------+
| Retirement benefit obligation | 4,750 | 5,095 | 3,700 |
+-----------------------------------+-------------+-------------+--------------+
| Total liabilities | 9,639 | 9,611 | 9,206 |
+-----------------------------------+-------------+-------------+--------------+
| | | | |
+-----------------------------------+-------------+-------------+--------------+
| Net assets | 18,266 | 14,715 | 17,883 |
+-----------------------------------+-------------+-------------+--------------+
| | | | |
+-----------------------------------+-------------+-------------+--------------+
| Equity | | | |
+-----------------------------------+-------------+-------------+--------------+
| Share capital | 851 | 851 | 851 |
+-----------------------------------+-------------+-------------+--------------+
| Share premium account | 157 | 157 | 157 |
+-----------------------------------+-------------+-------------+--------------+
| Capital redemption reserve | 286 | 286 | 286 |
+-----------------------------------+-------------+-------------+--------------+
| Translation reserve | 948 | 319 | 832 |
+-----------------------------------+-------------+-------------+--------------+
| Retained earnings | 16,024 | 13,102 | 15,757 |
+-----------------------------------+-------------+-------------+--------------+
| | | | |
+-----------------------------------+-------------+-------------+--------------+
| Total equity | 18,266 | 14,715 | 17,883 |
+-----------------------------------+-------------+-------------+--------------+
These half-year condensed financial statements are unaudited and do not
constitute statutory accounts within the meaning of Section 240 of the Companies
Act 1985. The results for the 2008 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
2008 Financial Statements and its accounting policies, but where necessary
comparative information has been reclassified or expanded from the 2008 Interim
Financial Statements to take into account any presentational changes made in the
2008 Financial Statements or in these Interim Financial Statements.
Dewhurst plc
Consolidated cash flow statement
+-----------------------------------+--------------+--------------+--------------+
| | Half year | Half year | Year |
| | ended | ended | ended |
+-----------------------------------+--------------+--------------+--------------+
| | 31 March | 31 March | 30 September |
| | 2009 | 2008 | 2008 |
+-----------------------------------+--------------+--------------+--------------+
| | GBP(000)'s | GBP(000)'s | GBP(000)'s |
+-----------------------------------+--------------+--------------+--------------+
| | | | |
+-----------------------------------+--------------+--------------+--------------+
| Cash flows from operating | | | |
| activities | | | |
+-----------------------------------+--------------+--------------+--------------+
| Operating profit | 2,135 | 1,712 | 4,352 |
+-----------------------------------+--------------+--------------+--------------+
| Depreciation and amortisation | 200 | 167 | 534 |
+-----------------------------------+--------------+--------------+--------------+
| Additional (income)/costs to | (200) | (130) | (423) |
| pension scheme | | | |
+-----------------------------------+--------------+--------------+--------------+
| Exchange adjustments | (338) | (474) | 199 |
+-----------------------------------+--------------+--------------+--------------+
| (Profit)/loss on disposal of | - | (14) | (15) |
| property, plant and equipment | | | |
+-----------------------------------+--------------+--------------+--------------+
| | 1,797 | 1,261 | 4,647 |
+-----------------------------------+--------------+--------------+--------------+
| (Increase)/decrease in | 123 | (801) | (1,294) |
| inventories | | | |
+-----------------------------------+--------------+--------------+--------------+
| (Increase)/decrease in trade and | 1,322 | 719 | (177) |
| other receivables | | | |
+-----------------------------------+--------------+--------------+--------------+
| Increase/(decrease) in trade and | (711) | 79 | 786 |
| other payables | | | |
+-----------------------------------+--------------+--------------+--------------+
| Increase/(decrease) in provisions | 111 | 60 | 250 |
+-----------------------------------+--------------+--------------+--------------+
| Cash generated from operations | 2,642 | 1,318 | 4,212 |
+-----------------------------------+--------------+--------------+--------------+
| Interest paid | - | - | (2) |
+-----------------------------------+--------------+--------------+--------------+
| Income tax paid | (730) | (700) | (1,147) |
+-----------------------------------+--------------+--------------+--------------+
| Net cash from operating | 1,912 | 618 | 3,063 |
| activities | | | |
+-----------------------------------+--------------+--------------+--------------+
| | | | |
+-----------------------------------+--------------+--------------+--------------+
| Cash flows from investing | | | |
| activities | | | |
+-----------------------------------+--------------+--------------+--------------+
| Acquisition of business and | - | (160) | (250) |
| assets | | | |
+-----------------------------------+--------------+--------------+--------------+
| Proceeds from sale of property, | - | 14 | 21 |
| plant and equipment | | | |
+-----------------------------------+--------------+--------------+--------------+
| Purchase of property, plant and | (115) | (576) | (1,890) |
| equipment | | | |
+-----------------------------------+--------------+--------------+--------------+
| Development costs capitalised | - | - | (7) |
+-----------------------------------+--------------+--------------+--------------+
| Interest received | 60 | 132 | 235 |
+-----------------------------------+--------------+--------------+--------------+
| Net cash used in investing | (55) | (590) | (1,891) |
| activities | | | |
+-----------------------------------+--------------+--------------+--------------+
| | | | |
+-----------------------------------+--------------+--------------+--------------+
| Cash flows from financing | | | |
| activities | | | |
+-----------------------------------+--------------+--------------+--------------+
| Dividends paid | (327) | (331) | (495) |
+-----------------------------------+--------------+--------------+--------------+
| Repurchase of shares | - | (2,334) | (2,334) |
+-----------------------------------+--------------+--------------+--------------+
| Net cash used in financing | (327) | (2,665) | (2,829) |
| activities | | | |
+-----------------------------------+--------------+--------------+--------------+
| | | | |
+-----------------------------------+--------------+--------------+--------------+
| Net increase/(decrease) in cash | 1,530 | (2,637) | (1,657) |
| and cash equivalents | | | |
+-----------------------------------+--------------+--------------+--------------+
| | | | |
+-----------------------------------+--------------+--------------+--------------+
| Cash and cash equivalents at | 5,120 | 6,659 | 6,659 |
| beginning of period | | | |
+-----------------------------------+--------------+--------------+--------------+
| Exchange adjustments on cash and | 147 | 51 | 118 |
| cash equivalents | | | |
+-----------------------------------+--------------+--------------+--------------+
| Cash and cash equivalents at end | 6,797 | 4,073 | 5,120 |
| of period | | | |
+-----------------------------------+--------------+--------------+--------------+
ENDS
Contacts:
Dewhurst plc
Jared Sinclair Tel: 020 8607 7364
Seymour Pierce Limited
20 Old Bailey
London EC4M 7EN
John Depasquale Tel: 020 7107 8000
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FJMRTMMBMBTL
Dewhurst (LSE:DWHT)
Historical Stock Chart
From May 2024 to Jun 2024
Dewhurst (LSE:DWHT)
Historical Stock Chart
From Jun 2023 to Jun 2024
