TIDMDWHT
RNS Number : 3415Y
Dewhurst PLC
05 December 2017
Dewhurst plc
("Dewhurst" or the "Group")
Preliminary Results for the year ended 30 September 2017
Chairman's Statement
Results
I am delighted to report record results for the Group for the
year to 30 September 2017. Group sales for the year increased 12.2%
to GBP52.9 million (2016: GBP47.2 million) assisted by positive
currency movements during the period. Operating profit before
amortisation of acquired intangibles was GBP6.2 million (2016:
GBP5.5 million) and profit before tax was GBP6.0 million (2016:
GBP5.1 million) up 17.3%. The results demonstrate the benefit of
the geographical spread of our businesses and markets.
In local currencies the lift business in the UK was broadly
flat; North America fell back after strong growth last year, but
there was good growth in Australia. In addition, the lift business
in Australia benefitted from 8 months' contribution from our
recently acquired business, P&R Liftcars. The Group's
Transportation business grew slightly during the year and Keypads
had a strong year, although the demand peaked in the first half and
fell back to slightly lower than normal levels for the second half.
Whilst the pound fluctuated during the year, on average it was
considerably weaker this year compared to the average last year.
Overall, the currency movements have resulted in a gain on
translation on reported sales of GBP3.3 million and on profit
before tax of GBP0.4 million compared to the rates prevailing last
year.
Our teams around the world have worked hard to generate and
support additional sales in what continues to be a challenging
environment and I thank them for their hard work and dedication
during the year.
With the improved profit and in accordance with our strategy of
delivering a progressive dividend, the Board is proposing a 0.5
pence increase in the final dividend to 8.5 pence which represents
a total 1 pence increase for the year as a whole.
Operations and People
We opened our Middle East office as planned early in 2017 and
that has allowed us to develop stronger relationships with
customers in the area. We are working on a number of interesting
projects with varying time horizons.
We were very happy to welcome Roy Peat and his team at P&R
Liftcars to the Group in early 2017. They are a high quality
provider of car interiors and associated products in New South
Wales and complement our other businesses in Sydney. P&R have
recently been migrated to our Group computer system and the
business is currently performing in line with management
expectations.
After several years of fluctuating performance at ERM in
California, we have rationalised that business and are focussing
our efforts on the product markets we know best, which are the lift
fixtures. ERM is now a smaller but more manageable business and
despite the challenges, we still feel there are positive
opportunities for growth in this market.
We have continued our programme of upgrading our factory
equipment and are also continuing to invest heavily in software to
improve the quality and efficiency of our service. We are aiming to
better capture our engineering knowledge so that it can be shared
with all staff interfacing with our customers. Customers are
struggling to maintain the depth of skills in their organisations
and are increasingly reliant on suppliers such as ourselves to
provide that skilled input.
Products
We have introduced a comprehensive range of street furniture
bollards this year, which are gradually building momentum in the
market.
For the lift market, we have introduced a mid-sized pushbutton
this year, which fits between our standard and our jumbo ranges.
This meets particular code requirements in some of our overseas
markets, but has also generated considerable interest in markets
where it is not a specified requirement due to its enhanced styling
and greater usability.
Outlook
As mentioned above, the weaker pound is benefitting our reported
figures. Against this, UK demand is more fragile at the moment and
projects are subject to delay and deferral. Both these effects are
at least partly caused by the uncertainty regarding the path
leading to and beyond Brexit. So any progress, or lack of it, in
the Brexit negotiations could materially affect our future
results.
Overseas, demand in the lift market is more buoyant with North
America, Australia and the Far East generally reasonably positive.
However, the weaker demand for keypads in the second half has
flowed through into the new financial year. With contrasting
significant positive and negative factors it is difficult to
predict where the balance will lie. However the spread of our
business gives us resilience and the strength of our balance sheet
allows us to continue to invest to improve our performance and
effectiveness.
Richard Dewhurst
Chairman
Strategic Report
Business Review
The Group's principal activity in 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 on page 2.
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 on page 11. The key non-financial
performance indicators relevant to the Group are quality measures
and on-time deliveries to our customers.
Operating Highlights
After a strong first half of the year, the second half proved a
little more challenging. Taking the year as a whole, Australia and
Asia provided good growth, as did Hungary. The UK was broadly flat
and in North America we saw a decline in sales. Overall though it
was a very solid Group performance and it is always pleasing to be
able to report record results.
In line with the Chairman, I would like to thank all our staff
in all our Group Companies for their hard work and the important
contribution they have made to achieve these results.
UNITED KINGDOM
Dewhurst UK
We had a reasonable year at Dewhurst UK but were unable to
continue the growth that we achieved in 2016.
All regions, with the exception of Europe showed slightly lower
demand and we were also affected by a lull in production for
projects in the Middle East. We are however confident that this
lull is only temporary and expect continued growth in the coming
years. Indeed, the new financial year has started more positively
with a number of delayed projects starting to move into
production.
Deliveries of products for UK infrastructure projects have
continued and it will be exciting to see our products in use on the
new Elizabeth Line when it opens next year.
We have worked to continually improve our manufacturing
processes through the year and one key project has been to improve
the flexibility of our pushbutton pressel tooling. We can now mould
all our ranges on our two pressel tools, rather than just selective
ranges. This has sharply reduced the number of tool changes that we
need to carry out, reducing waste in terms of both time and
material.
Thames Valley Controls ("TVC")
It was another challenging year for TVC but the decline in sales
has been arrested with the company showing a small but important
increase in sales.
During the year we have gradually improved our production
processes for the Ethos 2 controller. This will allow us to
increase our capacity for this product line. We are investing in a
new computer aided panel layout and wiring system that will
streamline our engineering processes and will also allow for
automated transfer of information from engineering into production.
Furthermore, we recently completed the design and manufacture of
four test simulators that will dramatically reduce the test time
for an Ethos 2 panel.
The new features that are required to meet the EN81-20 standard
have proved quite onerous but these have now been fully
incorporated into the design and function of our Ethos 2 product
line.
We have in the year won and installed some major monitoring
projects for both local Councils and Housing Associations. Our new
Non Invasive Monitoring ("NIM") system has been particularly
successful. The NIM interface allows us to provide full lift
monitoring in closed-protocol lift control systems. It provides all
the benefits of full lift monitoring and breakdown indication to
our customers irrespective of their make of lift. Through our
online dashboard our customers can get instant breakdown advice,
KPI reports for tenants as well as better management of
repairs.
Traffic Management Products ("TMP")
After the significant growth in 2016, sales at TMP grew once
again this year although the increase was more measured. The first
half of the year was especially strong but demand tailed off during
the summer months.
Over the past 18 months we have launched a significant number of
new products and the challenge for the coming year is to ensure
that these new products gain good traction in the market.
We have also targeted additional export sales this year and in
particular, have been successful in growing our Far East sales.
As with our other companies, we continue to focus on process
improvements and at TMP that has led us to reassess our supply
chain. The result of this investigation is that we have decided to
take control of our key supply chain processes such as moulding and
lamination of our bollards and to integrate them into the business
over the coming 24 months.
EUROPE & THE MIDDLE EAST
Dewhurst Hungary
Sales strengthened quite well at Dewhurst Hungary, with an 8%
improvement over the previous year. However that growth was
predominantly in the first half of the year and sales in the second
half were disappointing. There is currently a fairly significant
reduction in demand for ATM's and this does impact us. There is a
growing trend for contactless payments and associated with that
there will inevitably be a reduced dependency on cash. We are
uncertain if the current reduction in the demand for ATM's is a
result of these issues.
We have been busy with a new design of our stainless steel
keypad which removes the key skirt that we have historically used.
This will make for a cleaner design and also allow us to reduce the
cost of our product range.
Quality continues to be a key focus in Hungary and we have once
again managed to fall inside the PPM figure that our key customer
has set us.
Dewhurst Middle East
In the second half of the year we welcomed Yasin Merchant to our
team and he has taken on the role of Business Development Manager
at Dewhurst Middle East.
Having an operating company based in the Middle East (in Dubai),
will allow us to properly engage in that market. Although it is
early days we have already won a number of new projects and the
outlook for the coming year is encouraging.
The company will predominantly source their products through
Dewhurst UK and focus on fulfilling demand in the region for lift
signalisation products. There is also an opportunity longer term to
broaden the range of lift products marketed through Dewhurst Middle
East.
NORTH AMERICA
Dupar Controls
Sales fell back at Dupar following some years of good growth.
However, despite the 6% fall in sales, we were able to improve our
margins and closely control our overheads, which led to a year of
record profits in Canada.
Our Operations Manager from Dewhurst Hungary transferred over to
Canada and he has been tasked with boosting the capacity at Dupar.
To achieve this we are planning to reorganise the plant and we are
also assessing the need to invest in new manufacturing operations
software that will help us better control our planning, scheduling
and execution of jobs as well as improving traceability of parts
around the plant.
Elevator Research & Manufacturing ("ERM")
This proved to be a very difficult year for ERM. Sales fell
sharply and we incurred significant losses.
In the second half of the year it became clear that we would
need to restructure the business by mothballing the door and cab
product lines and focusing solely on the core business of elevator
signalisation. We completed the restructuring in the financial year
and therefore move into the new financial year with a much more
clearly targeted business and significantly lower and more
manageable overheads. We still believe that there are real
opportunities for our products on the West Coast of the USA and are
working to resolve the challenges in the business.
AUSTRALIA & ASIA
Australian Lift Components ("ALC")
The Australian market continues to be quite buoyant and all our
Australian businesses showed solid growth over the previous year.
ALC however achieved the highest level of growth with strong demand
for their lift signalisation products.
ALC opened a new sales office in Brisbane, which has allowed us
to better serve our customers in Queensland.
Lift Material
Sales at Lift Material remained quite consistent throughout the
year and the restructuring of the business into two divisions,
elevators and escalators has worked well. It has allowed us to
focus clearly on those two distinct markets, delivering growth for
both divisions.
P&R Liftcars ("P&R")
We completed the acquisition of P&R Liftcars early in 2017
and we welcome Roy Peat and his colleagues to the Group.
Based in Sydney, P&R is a similar business to Dual
Engraving. They design, manufacture and install custom lift
interiors into lift cars in Sydney and throughout New South Wales.
They also provide doors, entrances and other elements of steelwork
for lifts and escalators.
Lift interiors is a specialist industry and it is crucial that
you are local to your market in order to provide a high level of
service.
There is though quite a high level of synergy between a lift
interior business and a lift signalisation business as customers
often purchase these two elements of the lift car with one
supplier. We will look to leverage this synergy over the coming
years.
Dual Engraving
Despite the Perth economy continuing to be somewhat soft, Dual
grew their sales over the year. There are fewer major projects at
the moment but there is still a steady base load of jobs.
We are continuing to invest in new manufacturing plant to
improve our processes and allow us to increase capacity and have
just taken delivery of a new brake press.
Dewhurst Hong Kong
Sales grew in Hong Kong by 16% to a new record level. This
growth was achieved by the sales of TMP products into the Hong Kong
market. Sales of our lift products fell as the property market
softened. However, demand for lift products has shown signs of
strengthening in the new financial year and we will work hard to
continue to grow our sales outside Hong Kong.
Approved and signed on behalf of the board
David Dewhurst
Group Managing Director
Financial Review
Trading results
Dewhurst Group sales revenue continued its upward trend with
double digit growth and record sales. The Australian market saw the
biggest growth in local terms with all subsidiaries reporting
record sales whilst the UK market was static overall with some
marginal sales gains and losses across the companies. Unfortunately
North America saw a decline in sales and as reported in the
Chairman's Report and Strategic Report and decisive action has been
taken at ERM to restructure the business and a turnaround plan has
been put in place. Overall the real growth in sales this year came
from the acquisition of P&R Liftcars Pty Ltd, which contributed
GBP2.2 million, and the benefit from foreign exchange resulting
from a weakened pound. Roughly two thirds of sales are earned and
held in foreign currencies which are retranslated for Group
reporting, and this increased like for like sales by GBP3.3m or
7.0%. These same two key factors ensured record profits for the
Group, with the addition of P&R Liftcars Pty Ltd and foreign
profit retranslation both contributing GBP0.4 million each.
Overall revenue increased by 12.2% from GBP47.2 million to
GBP52.9 million and adjusted operating profit (before acquired
intangible amortisation) increased by 13.5% from GBP5.5 million to
GBP6.2 million.
The effective corporation tax rate fell 8.5% from 31.0% in 2016
to 22.5% this year. Last year there was a movement in the deferred
tax rates which increased the tax rate by 7.2% and there was no
such movement this year. The lower tax rate results in the overall
profit for the financial year increasing 31.7% from GBP3.5 million
to GBP4.6 million.
Solid cash position
Cash flow was once again strong with GBP4.4 million of cash
being generated from operations (2016: GBP2.8 million). Despite
pension contributions of GBP1.4 million, spending GBP0.9 million on
the acquisition of P&R Liftcars Pty Ltd, investing GBP1.0
million in key plant and equipment as well as increasing dividends
and a share buy back, the Group still ended the year with cash and
short-term deposits at GBP18.1 million, up GBP1.4 million from
GBP16.7 million in 2016.
The Group started and finished the year with no borrowing or
bank overdraft facility.
Pension scheme deficit
Having reported extensively over the last few years on the
defined benefit pension scheme and a widening deficit, it is
pleasing to be able to report an improvement this year. The pension
scheme assets for the second year running delivered better than
expected returns, this year to the tune of GBP1.7 million. The
liability discount rate which dropped drastically in 2016 has edged
back up in 2017 from 2.5% to 2.6% reducing the liabilities by
GBP1.1 million and the mortality rates have also been realigned by
the actuary in light of more recent findings which resulted in a
further reduction of liabilities by GBP1.1 million. Offsetting
this, inflation assumptions increased slightly adding GBP0.3
million to liabilities. Overall the scheme deficit has reduced
GBP4.6 million from GBP16.4 million in 2016 to GBP11.8 million.
A more detailed analysis of the retirement benefit fund assets
and liabilities movements is reported in note 21 and all
recommendations made by the scheme's actuary to eliminate the
scheme deficit within an agreed timeframe have been fully
implemented.
Capital management and treasury policy
The Group defines capital as total equity plus net debt. The
objective is to maintain a strong and efficient capital base to
support the Group's strategic objectives, provide optimal returns
for shareholders and safeguard the Group's assets and status as a
going concern. The Group is not subject to externally imposed
capital requirements and the Group's philosophy is to have minimal
or no borrowing were possible.
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.
The Group continues to hedge foreign currencies internally where
possible and to consider the need to use derivatives in the form of
foreign exchange contracts to manage its currency risk, as reported
in note 24.
Dividends
Dividends are accounted for when paid or approved by
shareholders, and not when proposed, therefore the proposed final
dividend for 2017 has not been accrued at the balance sheet date.
The total dividend for 2017 of 12.00p per share is 9.1% up on 2016
and is covered 4.6 times by earnings. Details of dividend payments
for the year are set out in Note 1 below. Total equity improved
from GBP24.6 million to GBP31.2 million primarily as a result of a
strong performance in the year as well as the GBP4.6m drop in the
pension deficit referred to above.
Following a share repurchase, there was a reduction in the
number of allotted shares during the year, and these have been
fully reported in the directors' report on page 13.
Jared Sinclair
Finance Director
4 December 2017
Consolidated statement of comprehensive income
For the year ended 30 September 2017
--------------------------------------------------------------------
2017 2016
Continuing GBP(000) GBP(000)
operations
--------- ---------
Revenue 52,890 47,159
Operating costs (46,646) (41,749)
------------------------------------------- --------- ---------
Adjusted operating profit* 6,244 5,502
Amortisation of acquired intangibles - (92)
Operating profit 6,244 5,410
Finance
income 117 126
Finance
costs (395) (451)
-------------------------------------------- --------- ---------
Profit before taxation 5,966 5,085
Taxation (1,345) (1,577)
------------------------------------------- --------- ---------
Profit for the financial year 4,621 3,508
Other comprehensive income:
Actuarial gains/(losses) on the defined
benefit pension scheme 3,672 (5,071)
Deferred tax effect (624) 862
--------------------------------------------- ------ --------
Total that will not be subsequently
reclassified to income statement 3,048 (4,209)
Exchange differences on translation
of foreign operations (104) 2,621
Deferred tax effect 18 (446)
--------------------------------------------- ------ --------
Total that may be subsequently reclassified
to income statement (86) 2,175
--------------------------------------------- ------ --------
Other comprehensive income/(expense)
for the year, net of tax 2,962 (2,034)
--------------------------------------------- ------ --------
Total comprehensive income for the
year 7,583 1,474
--------------------------------------------- ------ --------
Profit for the year attributable
to:
Equity shareholders of the company 4,445 3,453
Non-controlling interests 176 55
--------------------------------------------- ------ --------
4,621 3,508
--------------------------------------------- ------ --------
Total comprehensive income for the
year attributable to:
Equity shareholders of the company 7,428 1,289
Non-controlling interests 155 185
--------------------------------------------- ------ --------
7,583 1,474
--------------------------------------------- ------ --------
Basic and diluted earnings
per share 52.65p 40.75p
----------------------------- ------- -------
* Operating profit before amortisation of acquired
intangibles
Consolidated balance sheet
At 30 September 2017
----------------------------------------------------
2017 2016
GBP(000) GBP(000)
--------------------------- --------- ---------
Non-current assets
Goodwill 4,575 3,444
Other intangibles 98 91
Property, plant
and equipment 9,267 9,240
Deferred tax asset 1,641 2,423
15,581 15,198
Current assets
Inventories 5,566 4,863
Trade and other
receivables 10,011 10,301
Cash and cash equivalents 18,087 16,674
------------------------------ --------- ---------
33,664 31,838
--------------------------- --------- ---------
Total assets 49,245 47,036
------------------------------ --------- ---------
Current liabilities
Trade and other
payables 5,567 5,365
Current tax liabilities 368 164
Short-term provisions 326 554
------------------------------ --------- ---------
6,261 6,083
Non-current liabilities
Retirement benefit
obligation 11,751 16,373
Total liabilities 18,012 22,456
Net assets 31,233 24,580
------------------------------ --------- ---------
Equity
Share capital 842 847
Share premium account 157 157
Capital redemption
reserve 295 290
Translation reserve 1,969 2,034
Retained earnings 26,969 20,663
------------------------------ --------- ---------
Total attributable
to equity shareholders
of the company 30,232 23,991
------------------------------ --------- ---------
Non-controlling
interests 1,001 589
------------------------------ --------- ---------
Total equity 31,233 24,580
------------------------------ --------- ---------
The financial statements were approved by the board of directors
and authorised for issue on 4 December 2017 and were signed on its
behalf by:
Richard Dewhurst Chairman
Jared Sinclair Finance Director
Company Registration Number: 160314
Consolidated statement of changes in equity
For the year ended 30 September 2017
Share Share Capital Translation Retained Non Total
capital premium redemption reserve earnings controlling equity
account reserve interest
GBP(000) GBP(000) GBP(000) GBP(000) GBP(000) GBP(000) GBP(000)
------------------- --------- --------- ----------- ------------ ---------- ------------ ----------
At 30 September
2015 847 157 290 (11) 22,521 534 24,338
Share repurchase - - - - - (86) (86)
Exchange
differences
on
translation of
foreign
operations - - - 2,491 - 130 2,621
Actuarial
gains/(losses)
on defined
benefit
pension scheme - - - - (5,071) - (5,071)
Deferred tax
effect - - - (446) 862 - 416
Dividends paid - - - - (1,102) (44) (1,146)
Profit for the
year - - - - 3,453 55 3,508
At 30 September
2016 847 157 290 2,034 20,663 589 24,580
Shares issued - - - - - 311 311
Share repurchase (5) - 5 - (217) - (217)
Exchange
differences
on
translation of
foreign
operations - - - (83) - (21) (104)
Actuarial
gains/(losses)
on defined
benefit
pension scheme - - - - 3,672 - 3,672
Deferred tax
effect - - - 18 (624) - (606)
Dividends paid - - - - (970) (54) (1,024)
Profit for the
year - - - - 4,445 176 4,621
------------------- --------- --------- ----------- ------------ ---------- ------------ ----------
At 30 September
2017 842 157 295 1,969 26,969 1,001 31,233
------------------- --------- --------- ----------- ------------ ---------- ------------ ----------
Consolidated cash flow statement
For the year ended 30 September 2017
---------------------------------------------------------------
2017 2016
GBP(000) GBP(000)
------------------------------------ ---------- ----------
Cash flows from operating
activities
Operating profit 6,244 5,410
Depreciation and amortisation 975 907
Contributions to pension
scheme, net of administration
fee (1,343) (1,346)
Exchange adjustments (49) 383
(Profit)/loss on disposal
of property, plant and equipment 21 (10)
--------------------------------------- ---------- ----------
5,848 5,344
(Increase)/decrease in inventories (703) (112)
(Increase)/decrease in trade
and other receivables 290 (2,245)
Increase/(decrease) in trade
and other payables 202 863
Increase/(decrease) in provisions (228) 236
--------------------------------------- ---------- ----------
Cash generated from operations 5,409 4,086
Interest paid (2) -
Tax paid (968) (1,302)
--------------------------------------- ---------- ----------
Net cash from operating activities 4,439 2,784
--------------------------------------- ---------- ----------
Cash flows from investing
activities
Acquisition of business and (933) -
assets
Subsidiary share repurchase
- non controlling interest
element - (86)
Proceeds from sale of property,
plant and equipment 52 18
Purchase of property, plant
and equipment (978) (901)
Development costs capitalised (82) (62)
Interest received 117 126
--------------------------------------- ---------- ----------
Net cash generated from/(used
in) investing activities (1,824) (905)
--------------------------------------- ---------- ----------
Cash flows from financing
activities
Dividends paid (1,024) (1,145)
Purchase of own shares (217) -
Net cash used in financing
activities (1,241) (1,145)
--------------------------------------- ---------- ----------
Net increase/(decrease) in
cash and cash equivalents 1,374 734
--------------------------------------- ---------- ----------
Cash and cash equivalents
at beginning of year 16,674 14,958
Exchange adjustments on cash
and cash equivalents 39 982
--------------------------------------- ---------- ----------
Cash and cash equivalents
at end of year 18,087 16,674
--------------------------------------- ---------- ----------
Notes
1. AGM, results and dividends
The trading profit for the year, after taxation, amounted to
GBP4.6 million (2016: GBP3.5 million).
A final dividend on the Ordinary and 'A' non-voting ordinary
shares of 8.50p per share (2016: 8.00p) for the financial year
ended 30 September 2017 will be proposed at the Annual General
Meeting (AGM) to be held on 8 February 2018. If approved, the
shares will turn ex-div on 18 January 2018 with the dividend will
be paid on 14 February 2018 to members on the register at 19
January 2018.
An interim dividend of 3.50p per share (2016: 3.00p) was paid on
22 August 2017.
2. Earnings per share and dividend per share
2017 2016
Weighted average number of shares No. No.
------------------------------------ ---------- ----------
For basic and diluted earnings per
share 8,442,843 8,474,893
------------------------------------ ---------- ----------
The calculation of basic and diluted earnings per share is based
on the profit for the financial year of GBP4,444,813 and on
8,442,843 Ordinary 10p and 'A' non-voting ordinary 10p shares,
being the weighted average number of shares in issue throughout the
financial year.
2017 2016
Paid dividends per 10p ordinary share GBP(000) GBP(000)
------------------------------------------ --------- ---------
2016 final paid of 8.00p (2015: 10.00p) (678) (848)
2017 interim paid of 3.50p (2016:
3.00p) (295) (254)
Unclaimed dividends returned - more 3 -
than 12 years old
------------------------------------------ --------- ---------
Dividends paid - The Company (970) (1,102)
Dividend to non-controlling interest
- Dual Engraving Pty Ltd & P&R Liftcars
Pty Ltd (54) (44)
------------------------------------------ --------- ---------
Dividends paid - The Group (1,024) (1,146)
The final proposed dividend is based on 3,309,200 Ordinary 10p
shares and 5,115,698 'A' non-voting ordinary 10p shares, being the
latest number of shares in issue. The directors are proposing a
final dividend of 8.50p (2016: 8.00p) per share, totalling GBP716k
(2016: GBP678k). This dividend has not been accrued at the balance
sheet date.
3. Accounting policies
The accounting policies applied to the 2017 accounts have been
consistent with 2016 in all manners.
4. Basis of preparation
The financial information set out above does not constitute the
company's statutory accounts for the years ended 30 September 2017
or 2016. Statutory accounts for 2016 have been delivered to the
Registrar of Companies. The statutory accounts for 2017 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, Moore Stephens LLP, who have
indicated that they will be giving an unqualified opinion in their
report on the statutory financial statements for 2017. The auditor
has also reported on the 2016 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 2017 will be sent to shareholders and will also
be available on the Company's website www.dewhurst.plc.uk on 22
December 2017.
- Ends -
For further details please contact:
Dewhurst Plc Tel: +44 (0) 208 744 8200
Richard Dewhurst, Chairman
Jared Sinclair, Finance Director
Cantor Fitzgerald Europe Tel: +44 (0) 207 894 7000
David Foreman / Will Goode (Corporate Finance)
Alex Pollen (Sales)
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Upon publication of
this announcement, this information is now considered to be in the
public domain.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR USONRBWAURAA
(END) Dow Jones Newswires
December 05, 2017 02:00 ET (07:00 GMT)
Dewhurst (LSE:DWHT)
Historical Stock Chart
From Apr 2024 to May 2024
Dewhurst (LSE:DWHT)
Historical Stock Chart
From May 2023 to May 2024