Dewhurst PLC AGM Statement (6978N)
February 02 2016 - 2:00AM
UK Regulatory
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RNS Number : 6978N
Dewhurst PLC
02 February 2016
Dewhurst plc (the "Company")
AGM Statement
Dewhurst plc, will hold its Annual General Meeting at 11.00 a.m.
today. The Chairman, Richard Dewhurst, will make the following
statement:
"In the Outlook issued in our 2015 Annual Report in early
December we indicated that demand in the UK was weak but that
overseas demand was stable. That weakness in the UK has continued
and shows no immediate signs of improvement. The strengthening of
the pound against the Euro has certainly damaged our competiveness
and encouraged an increase in imports of packaged lift components
from Europe. The recent falling back of the pound from its peak
levels is welcome.
In addition, demand for our keypad products unexpectedly and
rapidly slowed in the first quarter although it has since
stabilised in January. In those markets where sales remain
reasonable we have been under greater pressure on margins
exacerbated by adverse exchange rate movements. The lead time from
order to invoicing of our products is generally very short, which
also means the visibility of changes in demand is equally short. At
present there is no significant improvement expected in the
immediate future. In the medium term it seems the encouraging
pipeline of prospective projects we have been discussing with
customers are converting to orders more slowly, but these projects
have been delayed rather than cancelled, so there are signs of
future recovery, although timing is uncertain.
With the combination of lower short term demand, margin
pressures and adverse exchange rate movements we currently expect
2016 revenue and profit to be materially below those for last year.
The Group's balance sheet remains robust with net cash (30
September 2015: GBP15.0m), which can comfortably support our
current dividends and working capital requirements."
For further details please contact:
+44 (0) 208 744
Dewhurst PLC 8200
Richard Dewhurst, Chairman
Jared Sinclair, Finance Director
+44 (0) 20 7894
Cantor Fitzgerald Europe 7000
David Foreman, Will Goode (Corporate
Finance)
David Banks, Tessa Sillars (Corporate
Broking)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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