Interim Results
June 10 2004 - 3:00AM
UK Regulatory
RNS Number:6099Z
Dewhurst PLC
10 June 2004
Dewhurst plc
Directors' Interim Report
FIRST HALF
Turnover at the Group increased by 8% to #14.3 million. Profit before tax rose
to #1.4 million (#955,000). Earnings per share rose to 9.01p (6.33p), an
increase of 42%.
The gain in sales was evenly spread between the Lift and Keypad Divisions. At
the Lift Division there were improvements in sales both in the UK and overseas.
For the Keypad Division, the growth was in overseas sales offset by a decline in
the UK, with a major customer transferring more of its manufacturing offshore.
The first half improvement in profit was assisted by the absence of the major
redundancy costs incurred last year. This effect is likely to lead to this year
being more evenly balanced between the first and second half than last year.
OUTLOOK
Worldwide the Lift market is expected to remain reasonable for the second half.
Inflationary clouds on the horizon are not anticipated to have any material
impact for this year at least. The strength in keypad sales is currently
underpinned by the demand for EPP pinpads, which are being retrofitted to
existing bank cash machines to meet new security and encryption requirements.
This demand is expected to continue during the second half and into next year
before tailing off.
DIVIDENDS
The Directors have declared an interim dividend of 1.55p, compared with 1.46p
last year. The interim dividend is payable on 31st August 2004 and warrants will
be posted on 26th August 2004 to shareholders appearing in the Register at 3:00
p.m. on 16th July 2004.
By Order of the Board
M N GREEN
Secretary
10th June 2004
Dewhurst plc
The unaudited consolidated profit and loss account, balance sheet and cash flow
statement of Dewhurst plc and its subsidiaries for the half-year ended 31st
March 2004, as compared with the corresponding half-year ended 31st March 2003
and the year ended 30th September 2003, shows the following results:
Consolidated profit and loss account
Half year ended Half year ended Year
ended
31st March 2004 31st March 2003 30th September
2003
#(000)'s #(000)'s #(000)'s
----------------------- ---------- ---------- -----------
Turnover 14,343 13,290 27,205
Operating costs (12,986) (12,337) (24,764)
----------------------- ---------- ---------- -----------
Operating profit 1,357 953 2,441
Net interest 44 2 24
----------------------- ---------- ---------- -----------
Profit on ordinary
activities before
tax 1,401 955 2,465
Taxation Est. (513) Est. (331) (814)
----------------------- ---------- ---------- -----------
Profit for the
financial period 888 624 1,651
Dividends (153) (144) (431)
----------------------- ---------- ---------- -----------
Retained profit for
the period 735 480 1,220
----------------------- ---------- ---------- -----------
Basic earnings per
share 9.01p 6.33p 16.76p
Diluted earnings per
share 9.01p 6.33p 16.76p
Dividends per share 1.55p 1.46p 4.38p
All disclosures relate only to continuing operations
Dewhurst plc
Consolidated balance sheet
Half year Half year Year
ended ended ended
31st March 31st March 30th September
2004 2003 2003
#(000)'s #(000)'s #(000)'s
------------------------ --------- ---------- -----------
Fixed assets
Intangible 936 1,025 999
Tangible
- Land and buildings 1,541 1,480 1,572
- Plant and machinery 1,686 1,563 1,534
------------------------ --------- ---------- -----------
3,227 3,043 3,106
------------------------ --------- ---------- -----------
4,163 4,068 4,105
Current assets
Stocks 3,683 4,466 4,107
Debtors 5,493 4,724 4,589
Short-term deposits 2,015 213 1,224
Cash 1,272 1,838 2,301
------------------------ --------- ---------- -----------
12,463 11,241 12,221
Creditors: amounts falling due
within one year (4,052) (4,058) (4,355)
------------------------ --------- ---------- -----------
Net current assets 8,411 7,183 7,866
------------------------ --------- ---------- -----------
Total assets less current
liabilities 12,574 11,251 11,971
Creditors: amounts falling due
after one year - (303) (7)
Provisions for liabilities and
charges (250) (109) (250)
------------------------ --------- ---------- -----------
Net assets 12,324 10,839 11,714
------------------------ --------- ---------- -----------
Capital and reserves
Called up share capital 985 985 985
Share premium account 157 157 157
Revaluation reserve 423 423 423
Capital redemption reserve 152 152 152
Profit and loss account 10,607 9,122 9,997
------------------------ --------- ---------- -----------
Equity shareholders' funds 12,324 10,839 11,714
------------------------ --------- ---------- -----------
The results for the 2003 year set out above are abridged. Full accounts for that
year, on which the auditors of the company made an unqualified report, have been
delivered to the Registrar of Companies.
Dewhurst plc
Consolidated cash flow statement
Half year ended Half year ended Year
ended
31st March 2004 31st March 2003 30th September
2003
#(000)'s #(000)'s #(000)'s
----------------------- ---------- ----------- ----------
Net cash inflow from
operating activities 1,108 1,217 4,133
Returns on investment and
servicing of finance:
Interest and
dividends received 44 18 61
Interest paid - (15) (36)
Interest element
from finance lease
rental payments - (1) (1)
----------------------- ---------- ----------- ----------
Net cash
inflow/(outflow)
from returns on
investment and
servicing of finance 44 2 24
Taxation:
UK taxation (416) (120) (442)
Overseas taxation (185) (182) (358)
----------------------- ---------- ----------- ----------
Net cash outflow
from taxation (601) (302) (800)
Capital expenditure and financial
investment:
Purchase of fixed
assets (531) (434) (724)
Sale of tangible
fixed assets 37 101 63
----------------------- ---------- ----------- ----------
Net cash outflow
from capital
expenditure &
financial investment (494) (333) (661)
Equity dividends
paid (288) (274) (418)
----------------------- ---------- ----------- ----------
Net cash
inflow/(outflow)
before use of liquid
resources and
financing (231) 310 2,278
Management of liquid resources
(Placed)/withdrawn
from short-term
deposit (791) 190 (821)
----------------------- ---------- ----------- ----------
(791) 190 (821)
Financing
Bank loan repayments - (45) (546)
Capital element of
finance lease rental
payments (7) (19) (13)
----------------------- ---------- ----------- ----------
(7) (64) (559)
Increase/(decrease)
in cash in period (1,029) 436 898
----------------------- ---------- ----------- ----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR MGGGVRLLGDZM
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