TIDMDWHT
RNS Number : 2267F
Dewhurst PLC
13 June 2012
Dewhurst plc
Interim Results for the 6 months ended 31 March 2012
Directors' Interim Report
FIRST HALF
Group turnover was up 34% at GBP26.0 million compared to GBP19.4
million last year and profit before tax increased 45% to GBP2.9
million (2011: GBP2.0 million). The first half profit includes a
net gain of GBP0.4 million from the sale of property offset by
goodwill impairments detailed below. Operating profit before these
exceptional items improved 25% to GBP2.6 million (2011: GBP2.1
million). Earnings per share increased 47% to 24.2p (2011:
16.4p).
Sales improvements were broadly based with increases in all
three major product groups and growth both in the UK and overseas.
Part of the increase in sales in the keypad division is as a result
of the change in product content previewed in last year's annual
report.
During the first half we moved the headquarters and factory to
our new home in Feltham. We also sold our old premises at Inverness
Road, Hounslow. There was a gain of GBP3.9m on the sale of the old
premises, which the Directors believe qualifies for Capital Gains
Tax roll-over relief. These results have been prepared on that
basis.
Although we have seen a recovery in the performance of TMP, our
traffic products company, this is insufficient to support the
goodwill on acquisition and it has been written down substantially.
We have taken action to improve the performance of our US
acquisition, ERM, but that business is still not generating
sufficient profit to support its goodwill on acquisition, so that
has also been written off. Despite the write downs we remain
committed to these businesses and consider they can make an
important contribution to the group in the future.
OUTLOOK
Currently sales remain healthy, but market confidence is
fragile. The economic news in the press is remorselessly gloomy, so
we feel this must impact on our demand at some point. Contacts in
the UK industry point to a dearth of new projects commencing and
this will feed through to us in time. Overseas demand seems
steadier, though subject to the same concerns regarding
fragility.
The sale of the premises has put our cash position back on a
sound footing. Whilst we are committed by the agreed funding plan
to direct some of this cash towards the pension fund over the next
few years, we are well placed to continue our investment in new
products and take advantage of any other growth opportunities that
arise.
DIVIDENDS
The Directors have declared an interim dividend of 2.34p which
amounts to GBP199,000, compared with 2.23p last year (GBP190,000).
The interim dividend is payable on 28 August 2012 and will be
posted on 23 August 2012 to shareholders appearing in the Register
at 3:00 p.m. on 13 July 2012 (ex-dividend date being 11 July
2012).
A final 2011 dividend of 4.46p which amounted to GBP380,000,
compared with 4.24p previous year (GBP361,000) was approved at the
AGM held on 26 January 2012 and was paid on 14 February 2012 to
members on the register at 13 January 2012.
By Order of the Board
J C SINCLAIR
Finance Director & Secretary
12 June 2012
Consolidated income statement Half year Half year Year
ended ended ended
31 March 31 March 30 September
2012 2011 2011
Continuing operations GBP(000)'s GBP(000)'s GBP(000)'s
Revenue 25,997 19,409 41,487
Operating costs (22,981) (17,359) (37,063)
---------------------------------- ----------- ----------- -------------
Operating profit before goodwill
write down and
gain on disposal of property 2,568 2,050 4,880
Goodwill write down (3,498) - (456)
Gain on disposal of property 3,946 - -
Operating profit 3,016 2,050 4,424
Share of loss from associates - (21) (29)
Finance income 32 37 62
Finance costs (152) (63) (137)
---------------------------------- ----------- ----------- -------------
Profit before taxation 2,896 2,003 4,320
Tax on profits Est. (840) Est. (605) (1,428)
---------------------------------- ----------- ----------- -------------
Profit for the period 2,056 1,398 2,892
---------------------------------- ----------- ----------- -------------
Attributable to:
Equity shareholders of the
Company 2,077 1,411 2,924
Non-controlling interests (21) (13) (32)
---------------------------------- ----------- ----------- -------------
2,056 1,398 2,892
---------------------------------- ----------- ----------- -------------
Basic and diluted earnings
per share 24.16p 16.43p 33.98p
Dividends per share 2.34p 2.23p 6.69p
Consolidated statement of Half year Half year Year
recognised income and expense ended ended ended
31 March 31 March 30 September
Net income/(expense) recognised 2012 2011 2011
directly in equity: GBP(000)'s GBP(000)'s GBP(000)'s
------------------------------------- ----------- ----------- -------------
Actuarial gains/(losses)
on the defined
benefit pension scheme Est. 768 Est. 583 (2,423)
Exchange differences on translation
of foreign operations 104 558 (41)
Tax on items taken directly
to equity (227) (319) 640
------------------------------------- ----------- ----------- -------------
Net income / (expense) recognised
directly in equity in the
period 645 822 (1,824)
Profit for the financial
period 2,056 1,398 2,892
------------------------------------- ----------- ----------- -------------
Total recognised income and
expense
for the period 2,701 2,220 1,068
------------------------------------- ----------- ----------- -------------
Attributable to:
Equity shareholders of the
Company 2,721 2,242 1,071
Non-controlling interests (20) (22) (3)
------------------------------------- ----------- ----------- -------------
2,701 2,220 1,068
------------------------------------- ----------- ----------- -------------
Consolidated balance sheet Half year Half year Year
ended ended ended
31 March 31 March 30 September
2012 2011 2011
GBP(000)'s GBP(000)'s GBP(000)'s
Non-current assets
Goodwill 3,980 7,814 7,357
Other intangibles 122 184 158
Property, plant and equipment 9,808 8,812 9,581
Deferred tax asset 1,408 1,097 1,779
15,318 17,907 18,875
Current assets
Inventories 4,505 4,046 4,269
Trade and other receivables 10,032 8,704 8,394
Current tax assets - - 203
Cash and cash equivalents 9,982 3,098 5,009
------------------------------- ----------- ----------- -------------
24,519 15,848 17,875
------------------------------- ----------- ----------- -------------
Total assets 39,837 33,755 36,750
------------------------------- ----------- ----------- -------------
Current liabilities
Trade and other payables 6,970 3,420 5,222
Current tax liabilities 237 41 -
Short term provisions 596 421 475
------------------------------- ----------- ----------- -------------
7,803 3,882 5,697
------------------------------- ----------- ----------- -------------
Non-current liabilities
Retirement benefit obligation 7,979 6,927 9,299
Total liabilities 15,782 10,809 14,996
Net assets 24,055 22,946 21,754
------------------------------- ----------- ----------- -------------
Equity
Share capital 851 851 851
Share premium account 157 157 157
Capital redemption reserve 286 286 286
Translation reserve 2,137 2,468 2,059
Retained earnings 20,495 18,994 18,252
------------------------------- ----------- ----------- -------------
Total attributable to equity
shareholders of the Company 23,926 22,756 21,605
------------------------------- ----------- ----------- -------------
Non-controlling interests 129 190 149
------------------------------- ----------- ----------- -------------
Total equity 24,055 22,946 21,754
------------------------------- ----------- ----------- -------------
Consolidated cash flow statement Half year Half year Year
ended ended ended
31 March 31 March 30 September
2012 2011 2011
GBP(000)'s GBP(000)'s GBP(000)'s
Cash flows from operating
activities
Operating profit 3,016 2,050 4,424
Goodwill write down 3,498 - 456
Depreciation and amortisation 300 303 812
Additional income to pension
scheme (640) (579) (1,313)
Exchange adjustments (7) 166 (208)
(Profit)/loss on disposal
of
property, plant and equipment (3,946) - (4)
------------------------------------ ----------- ----------- -------------
2,221 1,940 4,167
(Increase)/decrease in inventories (236) 424 202
(Increase)/decrease in trade
and other receivables (1,638) (1,005) (674)
Increase/(decrease) in trade
and other payables 1,748 (1,190) 191
Increase/(decrease) in provisions 121 72 126
Cash generated from operations 2,216 241 4,012
Interest paid (2) - (16)
Income tax paid (418) (470) (1,095)
------------------------------------ ----------- ----------- -------------
Net cash from operating activities 1,796 (229) 2,901
Cash flows from investing
activities
Proceeds from sale of associate - 667 -
undertaking
Acquisition of subsidiary
undertakings - (1,955) (869)
Acquisition of business and
assets - (919) (907)
Proceeds from sale of property,
plant and equipment 4,538 8 7
Purchase of property, plant
and equipment (1,061) (3,870) (5,124)
Development costs capitalised - - (129)
Interest received 32 37 61
------------------------------------ ----------- ----------- -------------
Net cash used in investing
activities 3,509 (6,032) (6,961)
Cash flows from financing
activities
Dividends paid (380) (361) (551)
Net cash used in financing
activities (380) (361) (551)
Net increase/(decrease) in
cash and cash equivalents 4,925 (6,622) (4,611)
Cash and cash equivalents
at beginning of period 5,009 9,593 9,593
------------------------------------ ----------- ----------- -------------
Exchange adjustments on cash
and cash equivalents 48 127 27
------------------------------------ ----------- ----------- -------------
Cash and cash equivalents
at end of period 9,982 3,098 5,009
------------------------------------ ----------- ----------- -------------
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 2011 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 2011 Financial Statements and its accounting
policies, but where necessary comparative information has been
reclassified or expanded from the 2011 Interim Financial Statements
to take into account any presentational changes made in the 2011
Financial Statements or in these Interim Financial Statements.
For further information, please contact:
Dewhurst Plc Tel: +44 (0)20 8744
8251
-------------------------------- --------------------
Richard Dewhurst / Jared
Sinclair
-------------------------------- --------------------
Seymour Pierce Limited Tel: +44 (0)20 7107
8000
-------------------------------- --------------------
Freddy Crossley / David
Foreman (Corporate Finance)
-------------------------------- --------------------
Paul Jewell (Corporate Broking)
-------------------------------- --------------------
This information is provided by RNS
The company news service from the London Stock Exchange
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