TIDMDWHT
RNS Number : 8103G
Dewhurst PLC
12 June 2013
Dewhurst plc - Interim Results for the 6 months ended 31 March
2013
Directors' Interim Report
FIRST HALF
It has been a difficult six months for the Group after the
record performance last year. Group turnover was down 17% at
GBP21.6 million (2012: GBP26.0 million) and profit before tax fell
41% to GBP1.7 million (2012: GBP2.9 million). Operating profit
before exceptional items dropped 32% to GBP1.8 million (2012:
GBP2.6 million). Earnings per share fell 41% to 14.4p (2012:
24.2p). However the Group balance sheet remains strong and we have
paid GBP1.8 million for our 70% acquisition of Dual Engraving yet
still have net cash of GBP8.1 million.
The biggest drop in sales was in the Keypad division, which was
expected. The most significant reason for the decrease is as a
result of a major customer's change in product content. Essentially
a significant component that was previously added to both our costs
and revenues has been removed from our remit. Lift division sales
have fallen principally in the UK and Europe, where confidence
seems most fragile. However sales have been weak in almost all
areas other than North America. The Transport division has also
seen a significant fall in sales with cutbacks in local authority
and central government spending really starting to bite this year.
We are looking at the structure of our Transport businesses to more
closely align them to current levels of demand.
OUTLOOK
Sales are currently at a disappointing level and there is no
sign of short term improvement. Nevertheless confidence is
improving in some markets albeit slowly and fitfully. Customers
suggest that there are projects coming, but their timing is
uncertain and we do not expect them to impact this financial year.
We have introduced some new products for the lift market which have
been well received by customers, but it will take time for these
products to filter through the project chain to orders.
Dual Engraving, our acquisition in Perth, Western Australia (WA)
is currently performing within management expectations. Although
there is talk of the Australian economy facing a more difficult
period, there are a good number of committed projects in WA that
should help the company prosper in the short to medium term.
However, the amortisation of intangible assets capitalised on the
acquisition of Dual Engraving will impact on its immediate
contribution to the Group's profit.
DIVIDENDS
The Directors have declared an interim dividend of 2.34p which
amounts to GBP199,000; this is the same as last year. The interim
dividend is payable on 27 August 2013 and will be posted on 22
August 2013 to shareholders appearing in the Register at 3:00 p.m.
on 12 July 2013 (ex-dividend date being 10 July 2013).
A final 2012 dividend of 9.68p which amounted to GBP834,000,
compared with 4.46p previous year (GBP380,000) was approved at the
AGM held on 5 February 2013 and was paid on 21 February 2013 to
members on the register at 18 January 2013.
By Order of the Board
J C SINCLAIR
Finance Director & Secretary
11 June 2013
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 2013, as compared with the corresponding half-year
ended 31 March 2012 and the year ended 30 September 2012, shows the
following results:
Consolidated income statement Half year Half year Year
ended ended ended
31 March 31 March 30 September
2013 2012 2012
Continuing operations GBP000's GBP000's GBP000's
Revenue 21,592 25,997 51,555
Operating costs (19,841) (22,981) (45,895)
---------------------------------- ----------- ----------- -------------
Operating profit before goodwill
write down and
gain on disposal of property 1,751 2,568 5,605
Goodwill write down - (3,498) (3,889)
Gain on disposal of property - 3,946 3,944
Operating profit 1,751 3,016 5,660
Finance income 62 32 124
Finance costs (92) (152) (342)
---------------------------------- ----------- ----------- -------------
Profit before taxation 1,721 2,896 5,442
Tax on profits Est. (499) Est. (840) (1,688)
---------------------------------- ----------- ----------- -------------
Profit for the period 1,222 2,056 3,754
---------------------------------- ----------- ----------- -------------
Attributable to:
Equity shareholders of the
Company 1,233 2,077 3,786
Non-controlling interests (11) (21) (32)
---------------------------------- ----------- ----------- -------------
1,222 2,056 3,754
---------------------------------- ----------- ----------- -------------
Basic and diluted earnings
per share 14.36p 24.16p 44.48p
Dividends per share 2.34p 2.34p 12.02p
Consolidated statement of recognised Half year Half year Year
income and expense ended ended ended
31 March 31 March 30 September
Net income/(expense) recognised 2013 2012 2012
directly in equity: GBP000's GBP000's GBP000's
-------------------------------------- ------------- ----------- -------------
Actuarial gains/(losses) on
the defined
benefit pension scheme Est. 1,615 Est. 768 (3,619)
Exchange differences on translation
of foreign operations 458 104 49
Tax on items taken directly
to equity (673) (227) 821
-------------------------------------- ------------- ----------- -------------
Net income / (expense) recognised
directly in equity in the period 1,400 645 (2,749)
Profit for the financial period 1,222 2,056 3,754
-------------------------------------- ------------- ----------- -------------
Total recognised income and
expense
for the period 2,622 2,701 1,005
-------------------------------------- ------------- ----------- -------------
Attributable to:
Equity shareholders of the
Company 2,571 2,721 1,004
Non-controlling interests 51 (20) 1
-------------------------------------- ------------- ----------- -------------
2,622 2,701 1,005
-------------------------------------- ------------- ----------- -------------
Dewhurst plc
Consolidated balance sheet Half year Half year Year
ended ended ended
31 March 31 March 30 September
2013 2012 2012
GBP000's GBP000's GBP000's
Non-current assets
Goodwill 4,991 3,980 3,555
Other intangibles 1,166 122 125
Property, plant and equipment 9,924 9,808 9,669
Deferred tax asset 1,303 1,408 2,037
17,384 15,318 15,386
Current assets
Inventories 4,676 4,505 4,852
Trade and other receivables 9,412 10,032 8,421
Cash and cash equivalents 8,112 9,982 11,101
------------------------------- ---------- ---------- -------------
22,200 24,519 24,374
------------------------------- ---------- ---------- -------------
Total assets 39,584 39,837 39,760
------------------------------- ---------- ---------- -------------
Current liabilities
Trade and other payables 4,910 6,970 5,583
Current tax liabilities 146 237 35
Short term provisions 759 596 722
------------------------------- ---------- ---------- -------------
5,815 7,803 6,340
------------------------------- ---------- ---------- -------------
Non-current liabilities
Retirement benefit obligation 9,631 7,979 11,856
Total liabilities 15,446 15,782 18,196
Net assets 24,138 24,055 21,564
------------------------------- ---------- ---------- -------------
Equity
Share capital 851 851 851
Share premium account 157 157 157
Capital redemption reserve 286 286 286
Translation reserve 2,453 2,137 2,097
Retained earnings 19,615 20,495 18,173
------------------------------- ---------- ---------- -------------
Total attributable to equity
shareholders of the Company 23,362 23,926 21,564
------------------------------- ---------- ---------- -------------
Non-controlling interests 776 129 -
------------------------------- ---------- ---------- -------------
Total equity 24,138 24,055 21,564
------------------------------- ---------- ---------- -------------
Dewhurst plc
Consolidated cash flow statement Half year Half year Year
ended ended ended
31 March 31 March 30 September
2013 2012 2012
GBP000's GBP000's GBP000's
Cash flows from operating activities
Operating profit 1,751 3,016 5,660
Goodwill write down - 3,498 3,889
Depreciation and amortisation 446 300 875
Additional income to pension
scheme (662) (640) (1,399)
Exchange adjustments (73) (7) (155)
(Profit)/loss on disposal of
property, plant and equipment (3) (3,946) (3,964)
---------------------------------------- ---------- ---------- -------------
1,459 2,221 4,906
(Increase)/decrease in inventories 176 (236) (583)
(Increase)/decrease in trade
and other receivables (991) (1,638) (27)
Increase/(decrease) in trade
and other payables (672) 1,748 361
Increase/(decrease) in provisions 37 121 247
Cash generated from operations 9 2,216 4,904
Interest paid - (2) (5)
Income tax paid (376) (418) (889)
---------------------------------------- ---------- ---------- -------------
Net cash (used in) / from operating
activities (367) 1,796 4,010
Cash flows from investing activities
Acquisition of subsidiary undertakings (1,803) - (585)
Proceeds from sale of property,
plant and equipment 8 4,538 4,588
Purchase of property, plant
and equipment (321) (1,061) (1,374)
Development costs capitalised - - (104)
Interest received 62 32 124
---------------------------------------- ---------- ---------- -------------
Net cash (used in) / from investing
activities (2,054) 3,509 2,649
Cash flows from financing activities
Dividends paid (824) (380) (579)
Net cash used in financing
activities (824) (380) (579)
Net increase/(decrease) in
cash and cash equivalents (3,245) 4,925 6,080
---------------------------------------- ---------- ---------- -------------
Cash and cash equivalents at
beginning of period 11,101 5,009 5,009
Exchange adjustments on cash
and cash equivalents 256 48 12
---------------------------------------- ---------- ---------- -------------
Cash and cash equivalents at
end of period 8,112 9,982 11,101
---------------------------------------- ---------- ---------- -------------
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 2012 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 2012 Financial Statements and its accounting
policies, but where necessary comparative information has been
reclassified or expanded from the 2012 Interim Financial Statements
to take into account any presentational changes made in the 2012
Financial Statements or in these Interim Financial Statements.
For further information, please contact
Dewhurst Plc
----------------------------------------- --------------------
Richard Dewhurst / Jared Sinclair Tel: +44 (0)20 8744
8251
----------------------------------------- --------------------
Cantor Fitzgerald Europe (Nominated
Adviser)
----------------------------------------- --------------------
David Foreman / Rick Thompson (Corporate Tel: +44 (0)20 7894
Finance) 7000
----------------------------------------- --------------------
Paul Jewell (Corporate Broking)
----------------------------------------- --------------------
.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FBMATMBMBBIJ
Dewhurst (LSE:DWHT)
Historical Stock Chart
From Jul 2024 to Aug 2024
Dewhurst (LSE:DWHT)
Historical Stock Chart
From Aug 2023 to Aug 2024
