TIDMDWHT
RNS Number : 5350Y
Dewhurst PLC
02 December 2014
Dewhurst PLC
("Dewhurst" or the "Group")
Preliminary Results for the year ended 30 September 2014
Chairman's Statement
Results
I am delighted to report that we have bounced back from last
year's disappointing results to achieve our second best figures for
sales and profits and a record for earnings per share. Sales were
up 7% to GBP46.6 million (2013: GBP43.7 million), operating profit
before amortisation of acquired intangibles was GBP5.5 million
(2013: GBP4.1 million before goodwill write down) and profit before
tax was GBP4.8 million (2013: GBP2.2 million) up 117%. All current
and prior year profit figures have been reduced this year by up to
GBP0.4 million due to a change in the standard for reporting
pension costs.
The growth in sales was predominantly in the UK with all three
UK companies recording double digit sales increases. We also
benefited from a good first full year of sales from last year's
acquisition of Dual Engraving in Perth, Western Australia. All but
one of the overseas operations registered sales growth in local
currency, but the strengthening pound somewhat reduced the positive
impact of the local performance.
It has been a demanding year with periodic peaks in sales that
have challenged our production capabilities to the full. However,
the sales and operations teams have risen to the challenge and have
largely managed customers' requirements. Our employees have shown
dedication and skill in achieving our objectives and I would like
to thank them for their efforts this year.
We are again proposing a substantial increase in the dividend,
to move towards our target of a maximum 4 times cover on average.
This year's proposal is an increase of 1p, giving a full year
dividend of 9.00p (2013: 8.00p) which is 12.5% up on last year.
Operations and People
We have not been looking for acquisition opportunities this
year. Instead our focus has been on trying to improve the
effectiveness of the operations within the Group. As part of those
efforts we have been developing our range of metrics and working to
ensure there is a clearer link between our business strategies and
our employees' individual objectives and contributions. We have
also tried to improve our communication of these issues using a
variety of different means.
Two new general managers have taken up their positions during
the year: Dan Robinson took over at TMP in April and Mike Canzoneri
started at ERM in September. We welcome them to the Group and wish
them success in their roles with us.
I am pleased to report that, after a lull in recent years, we
have taken on several apprentices and trainees in the last
year.
Product Investment
We have launched a new version of our solar powered traffic
bollard and an enhanced security ATM keypad during the year. We
have also been putting considerable investment into products that
will be launched in the near future. A lot of work is going on
behind the scenes to develop and test these new products. In recent
years we have increased our investment in quality measurement tools
and testing facilities to improve the reliability of products at
launch.
Outlook
Currently demand remains stable, but news on the economy is
variable and volatile. From our perspective, Australia seems more
buoyant than last year and there are some reasonable projects
scheduled for the coming year. The signs in the UK and North
America are also reasonably positive, whilst elsewhere the picture
is less certain. However, the UK may struggle to maintain its
positive momentum if the Eurozone returns to recession and there is
also the political uncertainty of the coming general election.
We will continue to aim to generate improvements from within our
operations, but the persistent strength of the pound is likely to
reduce the benefit of overseas sales.
Richard Dewhurst
Chairman
Strategic Report
Business Review
The company and Group principal activity in the course of the
year continued to be the manufacture of electrical components and
control equipment for industrial and commercial capital goods. The
Group maintained its position as a specialist supplier of equipment
to lift, transport and keypad sectors. A business review of the
Group's operations is dealt with below in operating highlights and
in the Chairman's Statement.
Principal Risks and Uncertainties
The board is informed at every meeting of the principal risks
and uncertainties across the Group which could have a material
impact on the Group's long and short term performance and action
plans to mitigate these risks. The Group's risk assessment process
is designed to identify, manage and mitigate business risks.
Business and operational risks are referred to in the business
review. Financial risks, being currency and credit risk are covered
within the financial review.
Key Performance Indicators
The directors believe that the key financial performance
indicators relevant to the Group are earnings per share, adjusted
operating profit, profit before tax and return on equity which are
stated in the five year review. The key non-financial performance
indicators relevant to the Group are quality measures and on-time
deliveries to our customers.
Operating Highlights
This year was a pleasing improvement on the previous year. Sales
at the majority of Group Companies have grown which has generated
an increase in Group profit figures.
In line with the Chairman, I would like to thank our staff
across all Group Companies for their hard work and for the progress
we have made together.
UNITED KINGDOM
Dewhurst UK Manufacturing
It was encouraging that after a difficult period last year,
sales recovered strongly in 2014, particularly for our lift
products. The improvement was evenly spread across domestic and
overseas sales.
In the UK we have focused on building our sales of complete
fixtures. Rather than just selling loose components, we are aiming
to sell complete signalisation systems. With these we are able to
add value in terms of additional components and complete some work
in the factory, such as panel wiring, that would normally be
carried out on site.
The market interest in our UniBlade product range has led us to
significantly extend the number of variants to suit different
markets and installations. As this type of product is normally
specified at an early stage in the design process, it takes some
time for orders to come to fruition. However it is pleasing to see
our new UniBlade already installed in such prestigious buildings as
122 Leadenhall Street (the "Cheesegrater") and the new Queens
Terminal (T2) at Heathrow Airport.
We have continued to work on improving processes throughout the
year, with particular focus on waste. We have extensive moulding
facilities at Feltham and we were aware that an unacceptable
proportion of the moulding material we purchase was ending up as
waste. We implemented a project to significantly reduce this and
through improved planning, changes to tooling and product
rationalisation we have been able to reduce this waste.
We believe the improvements we have seen on the sales side will
be sustained and we have now increased our investment in young
people with the addition of two apprentices. We have recruited one
into our Design Team and the other in our Customer Support and
Programming Team. With the apprentices we have previously taken on
in manufacturing and accounts we now have a group of four. Although
this is not a large number, it is an appropriate rate of growth for
our business at this time.
Thames Valley Controls
Thames Valley Controls enjoyed a very busy year. After many
years of reduced Local Authority spending, it seems that purse
strings have been loosened for lifts in the last two years. TVC
have benefitted from this, both with their controller products and
lift monitoring systems. Our online monitoring system, CMS
Anywhere, has proven to be just what the market needs. Lift
operations can be simply checked, either on the move or from the
office. This is essential for today's housing and facilities
managers who are required to deliver weekly and monthly KPIs to
residents on lift performance. As the demands on these managers
become more and more onerous, we believe the opportunities for our
monitoring products will grow. During the year we also released a
new Remote Indicator Display (RID), which enables facilities
managers to display a message on a remote screen simply by sending
it a SMS text message. This means residents can be easily informed
about building repairs or maintenance works.
On controller development, a great deal of time and effort has
gone in to perfecting our Ethos 2 controller to ensure market
leading functionality.
Once again we have been able to start the year with a strong
order book that should continue through the coming year.
TMP
We successfully completed our search for a new Managing Director
at TMP when Dan Robinson joined in April. He has since carried out
a strategic business review that has tailored the business to
better meet medium term needs.
Regulatory requirements in the UK, with regard to road signage,
have gone through some significant changes in the past twelve
months. TMP were required to make some design changes to its core
product to ensure the new codes were met. This resulted in the
launch of a new solar powered bollard, Evo-S, with new front and
wider side profiles, as well as increased light output. Evo-S is
fully compliant with the latest code requirements and carries an
all-important CE mark. Since its launch mid-way through the year,
it has been very well received and has enjoyed good sales.
A key element of reboundable, reflective bollards is the base:
the component which allows the bollard to flex and then return to
its original position. Historically we have used a spring mechanism
that was developed and supplied by a third party. As price
competition has grown and since this is such an important element
of the bollard, we made the decision to develop our own base. Over
the last two years we have carried out extensive design work and
testing on our own base design. From 2015, the bollard products we
manufacture and supply will all use the new TMP base which offers
improved impact performance at lower cost.
It does seem as though spending on road infrastructure will
gradually increase over the coming years, so we believe there are
still significant opportunities to grow the business at TMP. We
have added additional design resource to facilitate the flow of new
products.
EUROPE
Dewhurst Hungary
In this business we are always under pressure on margins and
this year was no exception. Sales grew marginally and we were able
to implement some overhead reductions, which allowed us to improve
on last year's performance.
During the year Dewhurst Hungary worked with colleagues in the
UK to develop a new design of keypad for one of our key customers.
The new keypad meets the latest Payment Card Industry's Security
Standards, which are extremely stringent. The upgraded product was
developed on tight timescales but was delivered to market
absolutely in line with our customers' requirements.
The test laboratory in Hungary is now fully commissioned and we
are carrying out on-going life tests of all keypad products that we
manufacture in Hungary.
We continue to focus strongly on quality to ensure that the
number of rejects, measured in parts rejected per million remains
below our customers' target. To meet such a stringent target
requires a great deal of hard work and attention to detail and the
team in Hungary have worked well to achieve these targets. It is
our intention to apply elements of this best practice in quality
more widely across Group Companies.
NORTH AMERICA
Dupar Controls
The North American economy continued to be reasonably buoyant
and Dupar Controls took advantage of this, growing sales again this
year.
Dupar sales are predominantly in Canada but the business has a
Chicago sales office to cover the mid-western United States. After
a few lean years, this office has grown sales strongly over the
last twelve months and we will be targeting to continue to extend
our customer base in this area over the coming years.
The increased sales at Dupar have intensified pressure on our
production facilities in Ontario. In order to boost capacity we
have invested in a further CNC engraving machine and also added a
second evening shift. This allowed us to meet the additional demand
and ensure that lead times were not unduly extended.
Elevator Research & Manufacturing (ERM)
At the start of the year we changed the management structure in
North America to foster harmonisation of standards between Dupar
and ERM. We promoted George Foleanu, the General Manager of Dupar
Controls, to Vice President of North American Operations.
Our aim is to provide a more consistent offering from Dupar and
ERM, so whether a customer purchases a set of fixtures from either
company, they will get the same experience, in terms of service,
drawings, product design and quality. To achieve this ambition we
needed one person with the correct level of experience and
expertise based in North America to be responsible for both Dupar
Controls and ERM. George is the ideal person for this role.
We have also had a change of General Manager at ERM and we
welcome Mike Canzoneri to the team.
Like Dupar, ERM benefitted from the improved economic situation
in the U.S. and sales rose. Through the second half of the year, we
saw some return for the additional investment we have put in to ERM
on the production side. The percentage of deliveries shipped on
time improved significantly and the backlog was eradicated. The
challenge now is to ensure this higher level of service is
continued through next year.
AUSTRALIA & ASIA
Australian Lift Components (ALC)
This was a challenging year for ALC. Merging two companies is
always difficult and it took longer for us to iron out all the
issues as we merged JAS into ALC. These distractions coupled with a
reduction in sales in the first half of the year led to a
disappointing performance. It was however a year of two halves,
with their performance dramatically improving in the second half of
the year. The team at ALC have now set the business up positively
for the coming year.
Lift Material
Lift Material grew sales throughout the year. The EHC product
line, which we believed would be one of our core lines, performed
very strongly. We benefitted not only from good sales of handrails
but also encouraging sales of a wide range of escalator spare
parts.
We have invested in additional training of our staff this year
on the wide range of products we distribute. Customers often have
the opportunity to buy products direct from the manufacturer but
they choose to buy from us at Lift Material because of the local
technical and installation support that we can offer them.
Dual Engraving
Dual's business in Western Australia continued to be busy
throughout the year and we had a number of major projects in Perth
where we supplied custom lift interiors.
The plan for Perth includes further development of the city
centre, so there is certainly opportunity to grow the business over
the medium term. To that end we are investing more resource into
administration and manufacturing. This will ensure that we are able
to boost our capacity to meet the available demand.
Dewhurst Hong Kong
Dewhurst Hong Kong has been operational for approximately four
years and has built up an excellent reputation for its products and
services over this time.
The market in Hong Kong remains quite buoyant. We predominantly
sell into the local housing and infrastructure sectors. There is
currently a great deal of infrastructure investment in Hong Kong,
particularly for the railways, with a number of extensions to the
Mass Transit Rail System and the new high-speed rail link to
China.
Having previously only sold Dewhurst products, this year
Dewhurst Hong Kong took on the distribution of Avire safety edges
for lifts. Initial sales have been very encouraging.
Approved and signed on behalf of the board
David Dewhurst
Group Managing Director
1 December 2014
Financial Review
Trading results
Dewhurst sales figures were the second highest we have reported
and much improved on last year. We achieved stronger sales across
all sectors but the main growth areas were the UK lift and
transport sectors. Whilst the UK still faced very tough competition
both sectors saw Local Authorities return to spending, particularly
for products that help them achieve improvements in their key
performance indicators. Overall revenue increased by 6.7% from
GBP43.7 million to GBP46.6 million.
Having restructured parts of the business last year and looked
hard at overheads we were well placed to control these costs and
benefit as revenue returned. As a result operating profit before
goodwill write down and acquired intangible amortisation increased
by 34.1% from GBP4.1 million to GBP5.5 million and in percentage
terms increased from 9.3% to 11.7% of revenue.
Strong cash position
Cash flow was once again very good with GBP3.9 million of cash
being generated from operations. Despite pension contributions of
GBP1.4 million, increased dividends as well as a small share
repurchase the strong trading performance meant the group ended the
year with cash and short-term deposits at GBP12.9 million, up
GBP2.4 million from GBP10.5 million in 2013. This is aligned with
the Group's philosophy of maintaining a strong cash position
together with minimal borrowing.
We started and finished the year with no borrowing or bank
overdraft facility.
Pension scheme deficit
This year has seen the scheme deficit increase by GBP1.7 million
from GBP10.5 million to GBP12.2 million. The scheme was closed to
future accrual in 2010 and the company has since paid in GBP1.4
million annually to reduce the deficit. As previously reported the
movement in the liability discount rate, which is used to calculate
the net present value of future liabilities and is traditionally
based upon 15 year AA bond yields, tends to have the biggest impact
on the scheme deficit and this year is no different. With a move
back down from 4.3% to 3.8% this one assumption change had
approximately a GBP3.6 million negative impact on the scheme
position.
The Group will continue to pay a fixed sum of GBP1.4 million
annually to reduce the defined benefit pension scheme deficit and
all recommendations made by the scheme's actuary to eliminate the
scheme deficit within an agreed timeframe have been fully
implemented.
Pension scheme reporting change
In addition this year, the rule relating to the calculation of
net costs on the pension scheme that are reported through the
consolidated income statement finance cost section has changed. No
longer are companies required to report the expected return on
pension scheme assets based upon the long-term rate of return
expected for equities, bonds, etc. but instead are required to use
the same rate of return for all assets as defined by the liability
discount rate. This change has no impact on the balance sheet
deficit but increases the finance costs reported through the
consolidated income statement by GBP0.4 million as well as
decreases the actuarial gains / (losses) on the defined benefit
pension scheme reported through the consolidated statement of
recognised income and expense. We have also been required by IAS 19
(revised) to adjust the comparatives for earlier years and the
increase in finance costs is as follows - 2013: GBP0.4 million,
2012: GBP0.1 million, 2011: GBP0.3 million and 2010: GBP0.2
million.
Amortisation of acquired intangibles
The A$1.6 million acquired intangibles arising from Dual
Engraving in 2013 relate to the customer list and key relationships
present at date of acquisition; these are being written off over
their deemed useful economic life of 3 years. The amortisation will
continue until February 2016 when the assets will be fully written
off.
Treasury policy
The Group seeks to reduce or eliminate financial risk to ensure
sufficient liquidity is available to meet foreseeable needs and to
invest cash assets safely and profitably. The policies and
procedures operated are regularly reviewed and approved by the
board. By varying the duration of its fixed and floating cash
deposits, the Group maximises the return on interest earned.
With over half of profit before tax earned and held in foreign
currencies, the Group continues to hedge internally where possible
and to consider the need to use derivatives in the form of foreign
exchange contracts to manage its currency risk. As discussed last
year, to reduce the impact of currency risk the Group successfully
switched Dewhurst (Hungary) Kft's local reporting currency from
Hungarian Forints to Pounds Sterling from 1 October 2013 to match
its functional currency. Whilst Dewhurst (Hungary) Kft still
operates in US Dollars as well as Pounds Sterling, this change has
seen a marked reduction in the impact of foreign currency
fluctuation in 2014.
Dividends
Dividends are accounted for when paid or approved by
shareholders, and not when proposed, therefore the proposed final
dividend for 2014 has not been accrued at the balance sheet date.
The total dividend for 2014 of 9.00p per share is 13% up on 2013
and is covered 5.2 times by earnings. Total equity improved from
GBP21.9 million to GBP22.4 million.
There was a reduction in the number of allotted shares during
the year, and these have been fully reported in the directors'
report
Jared Sinclair
Finance Director
1 December 2014
For further details please contact:
Dewhurst Plc Tel: +44 (0) 208 744 8200
Richard Dewhurst, Chairman
Jared Sinclair, Finance Director
Cantor Fitzgerald Europe Ltd (Nominated Adviser) Tel: +44 (0) 207 894 7000
Rick Thompson / David Foreman (Corporate Finance)
Paul Jewell (Corporate Broking)
Consolidated income statement
For the year ended 30 September 2014
-------------------------------------------------------------------------------------------
2014 2013^
Continuing operations GBP(000) GBP(000)
--------- --------- ---------
Revenue 46,616 43,698
Operating costs (41,437) (41,104)
---------------------------------------------------- --------- --------- ---------
Adjusted operating profit* 5,475 4,084
Goodwill write down - (1,266)
Amortisation of acquired intangibles (296) (224)
Operating profit 5,179 2,594
Finance income 85 100
Finance costs (452) (475)
--------------------------------------------------------------- --------- ---------
Profit before taxation 4,812 2,219
Taxation (866) (1,307)
---------------------------------------------------- --------- --------- ---------
Profit for the financial year 3,946 912
---------------------------------------------------- --------- --------- ---------
Attributable to:
Equity shareholders of the
company 3,930 960
Non-controlling interests 16 (48)
--------------------------------------- --------- --------- ---------
3,946 912
---------------------------------------------------- --------- --------- ---------
Basic and diluted earnings per share 46.22p 11.28p
----------------------------------------------------- -------- --------- ---------
* Operating profit before goodwill write down and amortisation
of acquired intangibles
Consolidated statement of recognised income and expense
2014 2013^
GBP(000) GBP(000)
------------------------------------------------- --------- ---------
Net income/(expense) recognised directly in
equity:
Actuarial gains/(losses) on the defined benefit
pension scheme (2,570) 444
Exchange differences on translation of foreign
operations (669) (947)
Tax on items taken directly to equity 648 184
---------------------------------------------------- --------- ---------
Net income/(expense) recognised directly in
equity in the year (2,591) (319)
---------------------------------------------------- --------- ---------
Profit for the financial year 3,946 912
---------------------------------------------------- --------- ---------
Total recognised income and expense for the
year 1,355 593
---------------------------------------------------- --------- ---------
Attributable to:
Equity shareholders of the company 1,379 717
Non-controlling interests (24) (124)
---------------------------------------------------- --------- ---------
1,355 593
---------------------------------------------------- --------- ---------
^ Restated. For more information see pension scheme reporting
change detailed in the Financial Review
Consolidated balance sheet
At 30 September 2014
--------------------------------------------------------
2014 2013
GBP(000) GBP(000)
------------------------------- --------- ---------
Non-current assets
Goodwill 3,129 3,173
Other intangibles 463 836
Property, plant and equipment 8,665 9,240
Deferred tax asset 2,086 1,709
14,343 14,958
Current assets
Inventories 4,501 4,557
Trade and other receivables 9,199 8,556
Current tax assets 26 20
Cash and cash equivalents 12,928 10,506
---------------------------------- --------- ---------
26,654 23,639
------------------------------- --------- ---------
Total assets 40,997 38,597
---------------------------------- --------- ---------
Current liabilities
Trade and other payables 5,398 5,445
Short-term provisions 959 752
---------------------------------- --------- ---------
6,357 6,197
Non-current liabilities
Retirement benefit obligation 12,192 10,530
Total liabilities 18,549 16,727
Net assets 22,448 21,870
---------------------------------- --------- ---------
Equity
Share capital 847 851
Share premium account 157 157
Capital redemption reserve 290 286
Translation reserve 929 1,425
Retained earnings 19,590 18,540
---------------------------------- --------- ---------
Total attributable to
equity shareholders of
the company 21,813 21,259
---------------------------------- --------- ---------
Non-controlling interests 635 611
---------------------------------- --------- ---------
Total equity 22,448 21,870
---------------------------------- --------- ---------
The financial statements were approved by the board of directors
and authorised for issue on 1 December 2014 and were signed on its
behalf by:
Richard Dewhurst Chairman
Jared Sinclair Finance Director
Company Registration Number: 160314
Consolidated cash flow statement
For the year ended 30 September 2014
----------------------------------------------------------------------
2014 2013
GBP(000) GBP(000)
------------------------------------------- ---------- ----------
Cash flows from operating activities
Operating profit 5,179 2,594
Goodwill write down - 1,266
Depreciation and amortisation 1,194 1,198
Additional contributions to pension
scheme (1,360) (1,356)
Exchange adjustments (57) 35
(Profit)/loss on disposal of property,
plant and equipment (21) 75
---------------------------------------------- ---------- ----------
4,935 3,812
(Increase)/decrease in inventories 56 415
(Increase)/decrease in trade and other
receivables (643) (135)
Increase/(decrease) in trade and other
payables (47) (308)
Increase/(decrease) in provisions 207 30
---------------------------------------------- ---------- ----------
Cash generated from operations 4,508 3,814
Interest paid - (1)
Tax paid (605) (869)
---------------------------------------------- ---------- ----------
Net cash from operating activities 3,903 2,944
---------------------------------------------- ---------- ----------
Cash flows from investing activities
Acquisition of business and assets (112) (1,716)
Proceeds from sale of property, plant
and equipment 47 22
Purchase of property, plant and equipment (408) (587)
Development costs capitalised (70) (112)
Interest received 85 100
---------------------------------------------- ---------- ----------
Net cash generated from/(used in)
investing activities (458) (2,293)
---------------------------------------------- ---------- ----------
Cash flows from financing activities
Dividends paid (720) (1,023)
Purchase of own shares (104) -
Net cash used in financing activities (824) (1,023)
---------------------------------------------- ---------- ----------
Net increase/(decrease) in cash and
cash equivalents 2,621 (372)
---------------------------------------------- ---------- ----------
Cash and cash equivalents at beginning
of year 10,506 11,101
Exchange adjustments on cash and cash
equivalents (199) (223)
---------------------------------------------- ---------- ----------
Cash and cash equivalents at end of
year 12,928 10,506
---------------------------------------------- ---------- ----------
Notes
1. AGM, results and dividends
The trading profit for the year, after taxation, amounted to
GBP3.9 million (2013: GBP0.9 million).
A final dividend on the Ordinary and 'A' non-voting ordinary
shares of 6.20p per share (2013: 5.66p) for the financial year
ended 30 September 2014 will be proposed at the Annual General
Meeting (AGM) to be held on 3 February 2015. If approved, this
dividend will be paid on 19 February 2015 to members on the
register at 16 January 2015.
An interim dividend of 2.80p per share (2013: 2.34p) was paid on
27 August 2014
2. Earnings per share and dividend per share
2014 2013
Weighted average number of shares No. No.
------------------------------------------ ---------- ----------
For basic and diluted earnings per share 8,504,298 8,511,398
------------------------------------------ ---------- ----------
The calculation of basic and diluted earnings per share is based
on the profit for the financial year of GBP3,930,280 and on
8,504,298 Ordinary 10p and 'A' non-voting ordinary 10p shares,
being the weighted average number of shares in issue throughout the
financial year.
2014 2013
Paid dividends per 10p ordinary share GBP(000) GBP(000)
------------------------------------------ --------- ---------
2013 final paid of 5.66p (2012: 9.68p) (482) (824)
2014 interim paid of 2.80p (2013: 2.34p) (238) (199)
------------------------------------------ --------- ---------
(720) (1,023)
The final proposed dividend is based on 3,309,200 Ordinary 10p
shares and 5,165,698 'A' non-voting ordinary 10p shares, being the
latest number of shares in issue. The directors are proposing a
final dividend of 6.20p (2013: 5.66p) per share, totalling GBP525k
(2013: GBP482k). This dividend has not been accrued at the balance
sheet date.
3. Contingent liability
On 13 December 2013 AIG Specialty Insurance Company filed a
complaint against Dewhurst (Hungary) Kft claiming $US7 million in
respect of a purported product failure of a component supplied to a
third party. Dewhurst (Hungary) Kft believes it has a strong
defence and intends to defend the claim with the utmost vigour.
4. Accounting policies
The accounting policies applied to the 2014 accounts have been
consistent with 2013 in all manner except as required by IAS19
(revised) where the comparative recalculation and reporting of the
expected return on assets on the pension scheme have been adjusted
and restated throughout these financial statements.
5. Basis of preparation
The financial information set out above does not constitute the
company's statutory accounts for the years ended 30 September 2014
or 2013. Statutory accounts for 2013, have been delivered to the
Registrar of Companies. The statutory accounts for 2014 which are
prepared under IFRS as adopted by the EU will be delivered to the
Registrar of Companies following the company's annual general
meeting.
The preliminary statement of results has been reviewed by and
agreed with the Company's auditor, Chantrey Vellacott DFK LLP, who
have indicated that they will be giving an unqualified opinion in
their report on the statutory financial statements for 2014. The
auditor has also reported on the 2013 accounts. Their report was
unqualified, did not include references to any matters to which the
auditor drew attention to by way of emphasis without qualifying the
opinion and did not contain a statement under section 498 of the
Companies Act 2006.
Dewhurst plc has prepared its consolidated and company financial
statements in accordance with International Financial Reporting
Standards (IFRS) as adopted by the European Union (EU) from 1
October 2005. The group and company financial statements have been
prepared in accordance with those parts of the Companies Act 2006
that are applicable to companies adopting IFRS. The company is
registered and incorporated in the United Kingdom; and quoted on
AIM.
It is expected that the audited Report and Accounts for the year
ended 30 September 2014 will be sent to shareholders and will also
be available on the Company's website www.dewhurst.co.uk on 22
December 2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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