TIDMDWHT
RNS Number : 2844N
Dewhurst PLC
09 June 2010
Dewhurst plc
Interim Results for the 6 months ended 31 March 2010
Directors' Interim Report
FIRST HALF
Group turnover was less than 1% down at GBP17.8 million compared to GBP17.9
million last year but profit before tax rose 3% to GBP2.18 million (2009:
GBP2.13 million). Earnings per share increased 3% to 17.94p (2009: 17.48p).
Sales performance varied considerably across the Group. Lift Division sales
were higher, but this was principally due to currency gains in overseas markets.
The Transport division provided growth in the UK assisted by a first half
contribution from Cortest acquired during last year. Keypad sales fell on lower
volumes and lower prices. However the Group demonstrated some resilience in the
face of difficult market conditions.
The picture is really a mirror image of last year's first half. This year
Europe and North America have generally been weaker, whilst Australia and the
Far East have bounced back from last year's depressed levels.
OUTLOOK
In the UK we have already seen some nervousness from local authorities and other
public sector bodies about their budgets and as a result a hesitation in placing
orders. We know a squeeze on UK public sector spending is imminent and now
expect that this is likely to have some impact on the Group in the second half
of the financial year. It is unlikely that the private sector will pick up the
slack immediately. Overseas we are less dependent on the public sector and
would expect demand to gradually recover. However this will depend on market
economic conditions and confidence.
As happened last year, we made some modest gains in the first half from
favourable exchange rate movements. Again, as last year, some of these
movements have been partially unwound in the last two months since the half year
end.
We have been looking for some time for new premises for our headquarters and
Hounslow factory. No contracts have been signed, but we have located premises
nearby that we hope will prove suitable. If we go ahead, refurbishment will be
necessary, so this is not likely to have a material effect on this year's
results.
DIVIDENDS
The Directors have declared an interim dividend of 2.12p which amounts to
GBP180,000, compared with 2.02p last year (GBP172,000). The interim dividend is
payable on 31 August 2010 and will be posted on 26 August 2010 to shareholders
appearing in the Register at 3:00 p.m. on 16 July 2010 (ex-dividend on 14 July
2010).
A final 2009 dividend of 4.04p which amounted to GBP344,000, compared with 3.84p
previous year (GBP327,000) was approved at the AGM held on the 28 January 2010
and was paid on 1 March 2010 to members on the register at 8 January 2010.
By Order of the Board
J C SINCLAIR
Finance Director & Secretary
8 June 2010
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 2010, as compared with the
corresponding half-year ended 31 March 2009 and the year ended 30 September
2009, shows the following results:
Consolidated income statement
+-----------------------------+------------+------------+------------+
| | Half | Half | Year |
| | year | year | ended |
| | ended | ended | |
+-----------------------------+------------+------------+------------+
| | 31 March | 31 March | 30 |
| | 2010 | 2009 | September |
| | | | 2009 |
+-----------------------------+------------+------------+------------+
| Continuing operations | GBP(000)'s | GBP(000)'s | GBP(000)'s |
+-----------------------------+------------+------------+------------+
| | | | |
+-----------------------------+------------+------------+------------+
| Revenue | 17,843 | 17,928 | 35,835 |
+-----------------------------+------------+------------+------------+
| | | | |
+-----------------------------+------------+------------+------------+
| Operating costs | (15,637) | (15,793) | (31,324) |
+-----------------------------+------------+------------+------------+
| | | | |
+-----------------------------+------------+------------+------------+
| Operating profit | 2,206 | 2,135 | 4,511 |
+-----------------------------+------------+------------+------------+
| | | | |
+-----------------------------+------------+------------+------------+
| Finance income | 46 | 60 | 87 |
+-----------------------------+------------+------------+------------+
| | | | |
+-----------------------------+------------+------------+------------+
| Finance costs | (70) | (66) | (170) |
+-----------------------------+------------+------------+------------+
| | | | |
+-----------------------------+------------+------------+------------+
| Profit before taxation | 2,182 | 2,129 | 4,428 |
+-----------------------------+------------+------------+------------+
| Tax on profits | Est. | Est. | (1,157) |
| | (655) | (641) | |
+-----------------------------+------------+------------+------------+
| | | | |
+-----------------------------+------------+------------+------------+
| Profit for the period | 1,527 | 1,488 | 3,271 |
+-----------------------------+------------+------------+------------+
| | | | |
+-----------------------------+------------+------------+------------+
| Basic and diluted earnings | 17.94p | 17.48p | 38.43p |
| per share | | | |
+-----------------------------+------------+------------+------------+
| Dividends per share | 2.12p | 2.02p | 6.06p |
+-----------------------------+------------+------------+------------+
| | | | |
| | | | |
+-----------------------------+------------+------------+------------+
Consolidated statement of recognised income and expense
+-----------------------------+------------+------------+------------+
| | Half | Half | Year |
| | year | year | ended |
| | ended | ended | |
+-----------------------------+------------+------------+------------+
| | 31 March | 31 March | 30 |
| Net income/(expense) | 2010 | 2009 | September |
| recognised | | | 2009 |
+-----------------------------+------------+------------+------------+
| directly in equity: | GBP(000)'s | GBP(000)'s | GBP(000)'s |
+-----------------------------+------------+------------+------------+
| | | | |
+-----------------------------+------------+------------+------------+
| Actuarial gains/(losses) on | | | |
| the defined | Est. | Est. | (2,765) |
| benefit pension scheme | (645) | (1,389) | |
+-----------------------------+------------+------------+------------+
| | | | |
+-----------------------------+------------+------------+------------+
| Exchange differences on | | | |
| translation | 636 | 284 | 1,134 |
| of foreign operations | | | |
+-----------------------------+------------+------------+------------+
| | | | |
+-----------------------------+------------+------------+------------+
| Tax on items taken directly | 2 | 327 | 457 |
| to equity | | | |
+-----------------------------+------------+------------+------------+
| | | | |
+-----------------------------+------------+------------+------------+
| Net income / (expense) | (7) | (778) | (1,174) |
| recognised | | | |
| directly in equity in the | | | |
| period | | | |
+-----------------------------+------------+------------+------------+
| Profit for the financial | 1,527 | 1,488 | 3,271 |
| period | | | |
+-----------------------------+------------+------------+------------+
| | | | |
+-----------------------------+------------+------------+------------+
| Total recognised income and | | | |
| expense | 1,520 | 710 | 2,097 |
| for the period | | | |
+-----------------------------+------------+------------+------------+
Consolidated balance sheet
+------------------------------+------------+------------+------------+
| | Half | Half | Year |
| | year | year | ended |
| | ended | ended | |
+------------------------------+------------+------------+------------+
| | 31 March | 31 March | 30 |
| | | | September |
| | 2010 | 2009 | 2009 |
+------------------------------+------------+------------+------------+
| | GBP(000)'s | GBP(000)'s | GBP(000)'s |
+------------------------------+------------+------------+------------+
| Non-current assets | | | |
+------------------------------+------------+------------+------------+
| Goodwill | 6,109 | 5,604 | 5,896 |
+------------------------------+------------+------------+------------+
| Other intangibles | 264 | 43 | 264 |
+------------------------------+------------+------------+------------+
| Property, plant and | 4,852 | 4,258 | 4,519 |
| equipment | | | |
+------------------------------+------------+------------+------------+
| Deferred tax asset | 1,104 | 1,372 | 1,218 |
+------------------------------+------------+------------+------------+
| | 12,329 | 11,277 | 11,897 |
+------------------------------+------------+------------+------------+
| Current assets | | | |
+------------------------------+------------+------------+------------+
| Inventories | 3,720 | 3,999 | 3,983 |
+------------------------------+------------+------------+------------+
| Trade and other receivables | 7,239 | 5,832 | 7,077 |
+------------------------------+------------+------------+------------+
| Current tax assets | - | - | 17 |
+------------------------------+------------+------------+------------+
| Cash and cash equivalents | 8,766 | 6,797 | 7,476 |
+------------------------------+------------+------------+------------+
| | 19,725 | 16,628 | 18,553 |
+------------------------------+------------+------------+------------+
| Total assets | 32,054 | 27,905 | 30,450 |
+------------------------------+------------+------------+------------+
| | | | |
+------------------------------+------------+------------+------------+
| | | | |
+------------------------------+------------+------------+------------+
| Current liabilities | | | |
+------------------------------+------------+------------+------------+
| Trade and other payables | 4,380 | 3,953 | 4,540 |
+------------------------------+------------+------------+------------+
| Current tax liabilities | 246 | 475 | - |
+------------------------------+------------+------------+------------+
| Short term provisions | 275 | 461 | 358 |
+------------------------------+------------+------------+------------+
| | 4,901 | 4,889 | 4,898 |
+------------------------------+------------+------------+------------+
| Non-current liabilities | | | |
+------------------------------+------------+------------+------------+
| Retirement benefit | 6,497 | 4,750 | 6,072 |
| obligation | | | |
+------------------------------+------------+------------+------------+
| Total liabilities | 11,398 | 9,639 | 10,970 |
+------------------------------+------------+------------+------------+
| | | | |
+------------------------------+------------+------------+------------+
| Net assets | 20,656 | 18,266 | 19,480 |
+------------------------------+------------+------------+------------+
| | | | |
+------------------------------+------------+------------+------------+
| Equity | | | |
+------------------------------+------------+------------+------------+
| Share capital | 851 | 851 | 851 |
+------------------------------+------------+------------+------------+
| Share premium account | 157 | 157 | 157 |
+------------------------------+------------+------------+------------+
| Capital redemption reserve | 286 | 286 | 286 |
+------------------------------+------------+------------+------------+
| Translation reserve | 2,252 | 948 | 1,648 |
+------------------------------+------------+------------+------------+
| Retained earnings | 17,110 | 16,024 | 16,538 |
+------------------------------+------------+------------+------------+
| | | | |
+------------------------------+------------+------------+------------+
| Total equity | 20,656 | 18,266 | 19,480 |
+------------------------------+------------+------------+------------+
These half-year condensed financial statements are unaudited and do not
constitute statutory accounts within the meaning of Section 435 of the Companies
Act 2006. The results for the 2009 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
2009 Financial Statements and its accounting policies, but where necessary
comparative information has been reclassified or expanded from the 2009 Interim
Financial Statements to take into account any presentational changes made in the
2009 Financial Statements or in these Interim Financial Statements.
Consolidated cash flow statement
+-----------------------------+------------+------------+------------+
| | Half | Half | Year |
| | year | year | ended |
| | ended | ended | |
+-----------------------------+------------+------------+------------+
| | 31 March | 31 March | 30 |
| | 2010 | 2009 | September |
| | | | 2009 |
+-----------------------------+------------+------------+------------+
| | GBP(000)'s | GBP(000)'s | GBP(000)'s |
+-----------------------------+------------+------------+------------+
| | | | |
+-----------------------------+------------+------------+------------+
| Cash flows from operating | | | |
| activities | | | |
+-----------------------------+------------+------------+------------+
| Operating profit | 2,206 | 2,135 | 4,511 |
+-----------------------------+------------+------------+------------+
| Depreciation and | 285 | 200 | 575 |
| amortisation | | | |
+-----------------------------+------------+------------+------------+
| Additional (income)/costs | (290) | (200) | (562) |
| to pension scheme | | | |
+-----------------------------+------------+------------+------------+
| Exchange adjustments | 20 | (338) | 70 |
+-----------------------------+------------+------------+------------+
| (Profit)/loss on disposal | | | |
| of | - | - | 1 |
| property, plant and | | | |
| equipment | | | |
+-----------------------------+------------+------------+------------+
| | 2,221 | 1,797 | 4,595 |
+-----------------------------+------------+------------+------------+
| (Increase)/decrease in | 263 | 123 | 139 |
| inventories | | | |
+-----------------------------+------------+------------+------------+
| (Increase)/decrease in | (162) | 1,322 | 77 |
| trade and other receivables | | | |
+-----------------------------+------------+------------+------------+
| Increase/(decrease) in | (280) | (711) | (124) |
| trade and other payables | | | |
+-----------------------------+------------+------------+------------+
| Increase/(decrease) in | (83) | 111 | 8 |
| provisions | | | |
+-----------------------------+------------+------------+------------+
| Cash generated from | 1,959 | 2,642 | 4,695 |
| operations | | | |
+-----------------------------+------------+------------+------------+
| Interest paid | - | - | (1) |
+-----------------------------+------------+------------+------------+
| Income tax paid | (359) | (730) | (1,555) |
+-----------------------------+------------+------------+------------+
| Net cash from operating | 1,600 | 1,912 | 3,139 |
| activities | | | |
+-----------------------------+------------+------------+------------+
| | | | |
+-----------------------------+------------+------------+------------+
| Cash flows from investing | | | |
| activities | | | |
+-----------------------------+------------+------------+------------+
| Acquisition of business and | - | - | (260) |
| assets | | | |
+-----------------------------+------------+------------+------------+
| Proceeds from sale of | 1 | - | 4 |
| property, plant and | | | |
| equipment | | | |
+-----------------------------+------------+------------+------------+
| Purchase of property, plant | (270) | (115) | (396) |
| and equipment | | | |
+-----------------------------+------------+------------+------------+
| Development costs | - | - | (50) |
| capitalised | | | |
+-----------------------------+------------+------------+------------+
| Interest received | 46 | 60 | 87 |
+-----------------------------+------------+------------+------------+
| Net cash used in investing | (223) | (55) | (615) |
| activities | | | |
+-----------------------------+------------+------------+------------+
| | | | |
+-----------------------------+------------+------------+------------+
| Cash flows from financing | | | |
| activities | | | |
+-----------------------------+------------+------------+------------+
| Dividends paid | (344) | (327) | (499) |
+-----------------------------+------------+------------+------------+
| Repurchase of shares | - | - | - |
+-----------------------------+------------+------------+------------+
| Net cash used in financing | (344) | (327) | (499) |
| activities | | | |
+-----------------------------+------------+------------+------------+
| | | | |
+-----------------------------+------------+------------+------------+
| Net increase/(decrease) in | | | |
| cash and cash equivalents | 1,033 | 1,530 | 2,025 |
+-----------------------------+------------+------------+------------+
| | | | |
+-----------------------------+------------+------------+------------+
| Cash and cash equivalents | | | |
| at beginning of period | 7,476 | 5,120 | 5,120 |
+-----------------------------+------------+------------+------------+
| Exchange adjustments on | | | |
| cash and cash equivalents | 257 | 147 | 331 |
+-----------------------------+------------+------------+------------+
| Cash and cash equivalents | | | |
| at end of period | 8,766 | 6,797 | 7,476 |
+-----------------------------+------------+------------+------------+
For further information, please contact:
Dewhurst Plc Tel: +44
(0) 208 607 7364
Jared Sinclair
Seymour Pierce Ltd Tel: +44 (0)
207 107 8000
Nicola Marrin /Stewart Dickson
This information is provided by RNS
The company news service from the London Stock Exchange
END
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