TIDMDWHT
RNS Number : 8918U
Dewhurst PLC
08 December 2021
Dewhurst PLC
("Dewhurst" or the "Group")
Preliminary Results for the year ended 30 September 2021
Chairman's Statement
Results
I am delighted that the Group is able to report increased sales
this year and a record adjusted operating profit. Group sales for
the year to 30 September 2021 increased 1% to GBP56.2 million
(2020: GBP55.6 million). Adjusted operating profit before
amortisation of acquired intangibles and a gain on the sale of a
property was up 7% to GBP9.2 million (2020: GBP8.6 million) and
profit before tax was GBP9.6 million (2020: GBP6.7 million).
Although sales were slightly up overall, our three divisions
experienced different patterns of trading over the year. Transport
and Highways fell back 19% this year after a strong year in 2020
supported by Government funded cycleway schemes in the UK. Keypad
sales stabilised after the fall in 2020 and were broadly flat. The
Lift division bounced back 4% from the fall in 2020 to achieve
sales very similar to those in 2019. The recovery was primarily in
the UK and Canada, which were the markets hardest hit in 2020..
Given the strong performance in 2021, we are proposing to
increase our final dividend by 0.5p, making an increase of 1.0p for
the year as a whole.
Operations and People
Although several of the Group's Australian companies were
subjected to full or partial lockdowns for part of the year as a
result of Covid-19, most of the deferred sales were recovered by
the year-end, and so Australian sales as a whole were only slightly
down year-on-year. Overall, the Group was less affected by Covid-19
related restrictions this year than in 2020. Nevertheless it has
been a challenging year for employees at the Group's companies as
demand has fluctuated quite considerably during the year and
obtaining material supplies has not always been easy. I would like
to thank our staff for their hard work, which has required a
particularly dedicated effort following on from the previous year's
strenuous demands.
Peter Tett is retiring at the end of December 2021 after 20
years as a Non-Executive director at the Group. Although not
regarded as officially independent by corporate governance rules,
Peter has always retained his independence of outlook and given the
Board valuable advice based on his extensive experience. We will
miss his wise and succinct counsel, but wish him a very happy
retirement and I would personally like to thank him for his many
important contributions to the development of the Group and its
management strategies. We have been fortunate in being able to
recruit two experienced new non-executive directors to help us
continue our long-term growth, and were very happy to welcome Susan
McErlain and Charles Holroyd to the Board earlier in the year.
Investment
The major project to build a new factory for Dupar Controls
continued into this year. With some inevitable Covid-19 related
delays, the completion of the building was a little later than
planned, but we managed to move into the new premises during April.
The sale of the old premises was completed in June. The total cost
of the building (excluding land) was within expected parameters at
a little over GBP5 million.
The only other major physical investment this year was to
replace our laser machine at ALC to improve capacity, speed and
reliability. We have however put considerable resources into
improving our IT systems and have invested in developing an
e-Commerce system for our distribution businesses, initially at
A&A. It has been a more difficult period to explore options for
investments to improve our productivity, but the Group still has
the objective and the funds to make progress in this area.
Outlook
Sales in the first quarter of 2022 are expected to be lower than
last year in most of our businesses, with the absence of the bounce
back from lockdowns and lower demand for cycleway products. Market
conditions are uncertain and difficult to predict further into the
year.
Lift products have had a relatively strong performance over the
last couple of years during the pandemic however in Australia we
are now starting to see the expected softening of demand due to the
dearth of new projects commissioned over that period. In the UK and
Canada, two of our larger markets, we are not seeing that effect
yet and there is still a reasonable volume of projects in process.
It is unclear at this point if we will see a pandemic induced
softening later in the year, or if it will be smoothed out over a
longer period within normal market fluctuations.
We are expecting that Keypad sales should recover a little in
the coming year, but growth could be tempered by supply chain
issues at our end customers. The pandemic has accelerated moves
towards a cashless society and that will affect the long term
prospects for Keypad sales.
There are currently no immediate prospects for additional cycle
lane projects to provide growth for Transport and Highways
products, but we expect there to be long-term opportunities in this
area.
Our balance sheet remains strong with available cash reserves
and we continue to explore opportunities to invest this cash in
appropriate acquisitions. Although we do not have any imminent
prospects that meet our criteria, we will be expanding our efforts
to develop our pipeline of possibilities. The Group remains well
positioned in its markets to maximise opportunities as they
arise.
Richard Dewhurst
Chairman
Strategic Report
Business & Financial 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 speciality 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.
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. The key
non-financial performance indicators relevant to the Group are
quality measures and on-time deliveries to our customers.
Operating Highlights
This year has once again been challenging with all our companies
facing some form of lockdown in their respective markets.
Fortunately, the impact of these lockdowns was not significant at
any of our sites except for ERM (in California) where we saw a
sustained softening in demand throughout the year. Around the
world, we have focused on ensuring that our workplaces remain as
safe as possible and we continue to enforce rules on separation and
the wearing of masks when staff are away from workstations.
We voiced concern last year about the longer-term impact of the
pandemic on the lift industry. In fact, we have not seen that this
year and we have benefitted from a combination of pent-up demand
generated from the slowdown last year, as well as general steady
growth in our markets. As intimated in the report last year the
move away from both office working and business travel remains a
concern.
In common with many businesses, we have had on-going supply
chain issues, which are set to continue through the coming year. In
general we are able to acquire the materials we need but there is
constant upward price pressure, and it is not possible to pass all
these increases on to our customers. The other recurring issue is
availability of labour, primarily in the UK and Canada.
We believe that for the vast majority of roles in our
businesses, it is important that employees come in to work. The
benefits of collaboration with colleagues, whether it be about new
products, sales opportunities or process improvements is critical.
These initiatives just do not develop as successfully over
video.
In September we were able to make our first visit to an overseas
subsidiary for 18 months. The trip was to Canada and it was
wonderful to see the new facility that Dupar have built in
Cambridge. It really is a quite spectacular building and will allow
us to build on our successes in North America. It was also most
refreshing to meet with our colleagues in Canada face to face. Our
employees around the world are critical to the success of the
business and I join the Chairman in thanking them for their hard
work in making this year a record year under what have been very
challenging circumstances.
UNITED KINGDOM
Dewhurst UK Limited
After a very difficult few years, it is pleasing to report that
Dewhurst UK achieved record sales and record order input during the
year, which have transformed the profitability of the business.
In the middle of the year, Dan Robinson moved from TMP to take
over as Managing Director of Dewhurst UK. The new team at Dewhurst
UK have a number of exciting plans for the business to ensure its
continued growth over the coming years.
The Hygiene Plus range that we launched last year was further
strengthened by the addition of the new Halo Touchless Car
Operating System product. Halo brings our touchless technology
inside the lift car and allows the lift user to activate a lift
call button without actually pressing the button. Halo is equally
suited to new lifts and modernisations and is a key product
developed as a result of the Covid-19 pandemic.
This year saw the culmination of three years of design work,
with the installation of the first TDEU unit at Birmingham New
Street Station. In total, twenty-seven TDEU units will be installed
at Birmingham New Street over a two-year period and we have now
received new orders for TDEU's at two other Network Rail
stations.
Traffic Management Products (TMP)
Sales at TMP fell back from last year's high but nevertheless
there continued to be strong demand for TMP's products.
Throughout the first half of the year, local authorities
continued to develop trial schemes through the Governments Active
Travel Fund. The fund is designed to encourage the use of cycling
and walking in place of cars. The delineator products that TMP
offers to meet these requirements continued to be a popular choice
in the schemes. All the trial schemes have now been installed and
are under review. It is likely to be at least another twelve months
before local authorities benefit from tranche 2 of the funding and
the rollout of longer-term schemes.
During the year, TMP launched their new Eco Light Sign Light,
which delivers industry-leading power efficiency and is
manufactured from recycled material.
Following Dan Robinson's departure to Dewhurst UK, we recently
welcomed Suzanne Day as Managing Director at TMP and we wish her
every success in her new role.
A&A Electrical Distributors (A&A)
A&A saw steady growth in demand through the year, however
the upward pressure on costs meant that profits were slightly
reduced.
We continued to work on our e-Commerce platform and this
launched for general use late in the year. The site provides the
end user with real time information on stock and availability,
which is an enormous benefit to our customers.
During the year we tied up a deal with Prysmian to distribute
escalator products for Draka EHC. The focus of this agreement is
escalator handrails and other associated escalator components. This
is a very exciting new opportunity and gives us the ability to
broaden our product offering within the Lift Industry.
EUROPE
Dewhurst Hungary
It was another challenging year at Dewhurst Hungary with demand
for ATM's continuing to be severely impacted by the effects of the
Covid-19 pandemic. This had a knock-on effect on demand for our
keypads.
NORTH AMERICA
Dupar Controls
Sales once again increased to more normal levels following last
years' fall, with Dupar recording record profits.
This was quite an achievement in a year when considerable focus
went both on the building of our new facility in Cambridge and then
moving into it.
As previously stated, the new facility is an impressive building
that will fulfil our needs in Canada for the foreseeable future.
With this investment, the size of Dupar's factory space has
increased considerably from 17,500 sq. ft. to 46,000 sq. ft. We
worked to ensure that the new building was as environmentally
friendly as possible. The walls are self-insulating concrete
panels, which make for a consistent temperature within the
building, and the offices have energy efficient underfloor heating.
The site has 6.5 acres of land, much of which is put over to wild
meadows and ponds.
There was significant interest in our Hygiene Plus product range
in North America and Dupar were very successful in driving sales of
the new Wave to Call landing stations and the Halo Touchless Car
Operating system.
Elevator Research & Manufacturing (ERM)
ERM saw a significant reduction in sales as California appeared
to be disproportionally impacted by the Covid-19 pandemic. This was
very frustrating for the team at ERM, who had seen three years of
sales and profit growth. The sharp reduction in sales pushed the
company into a small loss for the year. The market still has not
fully recovered although there are some more encouraging signs. We
have strengthened the team at ERM with the appointment of a new
sales manager who will be focusing on growing our market share
within Los Angeles.
AUSTRALIA & ASIA
Australian Lift Components (ALC)
Sales at ALC were down on last year's high point but profits
(before any Government assistance) essentially remained level. This
is an excellent achievement as New South Wales was subject to a
number of lockdowns throughout the year.
There has been a considerable amount of activity in Australia
over the last three years with many new construction projects being
completed over that time. It was difficult to see this high level
of activity being sustained and we did see an anticipated reduction
in activity over the second half of the year.
P&R Lift Cars (P&R)
P&R have had a strong year. Their demand cycle runs a little
behind that of ALC, so they continued to work on several
prestigious office modernisations.
One Farrer Place is a typical example of work that they do. This
was the largest modernisation project that has been completed in
Australia, with 44 lifts in total. P&R replaced the car
interiors with new marble clad interiors and this was also an
example of ALC and P&R combining on a project. ALC supplied all
the fixtures with full height car operating panels incorporating
our US1 touchscreens.
Lift Material
We had good growth at Lift Material even though our ability to
carry out handrail installations interstate was severely restricted
by the lockdowns in the second half of the year.
There was focus on promoting our newer products and this bore
dividends with increased sales of our new line of A&A trailing
cable and strong interest in our hydraulic ram and pump units.
Dual Engraving
It was a frustrating year at Dual. They have a strong order book
with requirements for both private sector jobs and government
infrastructure projects. However, Western Australia seems to be
worse affected than other parts of Australia with material and
labour shortages. This meant that many of the projects Dual was due
to work on were delayed, which has impacted their budgeted
revenues. Towards the end of the year, we saw some improvement in
the situation, which gives some encouragement for the coming
year.
Dewhurst Hong Kong
Sales and profits grew strongly in Hong Kong. Over the coming
year it is our intention to introduce more new products to the
market to allow us to continue to grow our sales.
David Dewhurst
Group Managing Director
Financial Review
Trading results
Despite the continuing Covid-19 pandemic and some local
shutdowns and travel restrictions around the Group, it is pleasing
to report 'near record' revenue with record operating and net
profits. Staff have adapted admirably to our 'Covid-safe' working
arrangements while continuing to deliver a high quality level of
service to our customers. Lift sales increased 4%, which more than
offset the decline in Transport sales which at 19% down, was the
biggest percentage swing of any division on last year. The decline
was due to the UK Government's cycle lane delineators trial phase
completing in the first quarter of this year. This was still a very
strong performance in Transport sales which were up 88% on 2019.
Keypads saw only a modest 3% increase in sales and is still some
35% down on pre Covid-19 levels.
The various Government schemes around the world continued
throughout the year but the amount of support claimed by the Group
was considerably lower than last year. The total support from all
Governments was GBP0.2 million (2020: GBP1.5 million) of which
GBP10k (2020: GBP0.5 million) was received in the UK. As was the
case in 2020, the Group director bonuses in 2021 exclude any
benefit from government grants received.
Overall revenue increased by 1.1% to GBP56.2 million (2020:
GBP55.6 million) and adjusted operating profit increased by 6.8% to
GBP9.2 million (2020: GBP8.6 million).
Although a significant proportion of the Group's revenue and
profits are generated and held in foreign currency, foreign
exchange retranslation had a negligible impact on the reporting
performance of the Group this year with like-for-like revenue and
profit before tax increasing by 1% each.
Solid cash position
The subsidiaries, as in 2020, continued to trade throughout 2021
without the need for Group cash support. Dupar also completed the
construction of its new premises, moved in, and sold its old
premises, clearing its local line of credit in the process. This
gave confidence that the Group money that had been drawn back into
instant access accounts in 2020 was not needed and so was put back
into 35 day notice accounts. We started the year with only a small
bank borrowing of GBP69k in Canada and finished the year with
none.
During the year, the Group spent a further GBP1.1 million (C$1.9
million) on completing Dupar's new premises, Goddard Crescent, but
offsetting this, received GBP2.1 million (C$3.6 million), net of
fees, from the sale of Dupar's old premises on Bishop Street.
GBP0.6 million was spent at ALC on a new fibre laser and a further
'on account' payment of GBP0.6 million was made to the former
owners of A&A Electrical Distributors Ltd (A&A) as an
interim payment relating to the second and final deferred
consideration. This second year deferred consideration is still to
be finalised but is not anticipated to be significantly more than
that already paid on account. The Group ended the year with cash of
GBP20.5 million, up GBP2.4 million from 2020.
Pension scheme deficit
I am pleased to report an improved position in relation to the
pension scheme deficit. The pension scheme assets outperformed
expectations by GBP2.6 million. The Company continued during the
year to pay a total of GBP1.4 million deficit reduction
contributions into the pension scheme and the liability discount
rate increased from 1.60% to 2.05% at the year-end. As a result of
all changes, the scheme deficit decreased by GBP6.6 million to
GBP4.7 million (2020: GBP11.3 million).
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 where 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 did not use derivatives during the year in the form of
foreign exchange contracts to manage its currency risk.
Dividends
The Board is proposing a final dividend of 9.75p (2020: 9.25p).
If approved, this would result in a total dividend for 2021 of
14.0p per share which is 7.7% up on 2020 and is covered 6.6 times
by earnings. Dividends are accounted for when paid or approved by
shareholders, and not when proposed, therefore the proposed final
dividend for 2021 has not been accrued at the end of the reporting
period.
There was no change in the number of the total issued share
capital of the Company during the year.
Jared Sinclair
Finance Director
Consolidated statement of comprehensive income
For the year ended 30 September 2021
-----------------------------------------------------------------------
2021 2020
GBP(000) GBP(000)
--------- ---------
Continuing operations
Revenue 56,249 55,617
Operating costs (46,395) (48,654)
---------------------------------------------- --------- ---------
Adjusted operating profit* 9,214 8,630
Profit on sales of property, plant and 1,751 -
equipment^
Amortisation of acquired intangibles (1,111) (1,667)
Operating profit 9,854 6,963
Finance income 20 58
Finance costs (311) (281)
----------------------------------------------- --------- ---------
Profit before taxation 9,563 6,740
Taxation (2,110) (2,061)
---------------------------------------------- --------- ---------
Profit for the period 7,453 4,679
---------------------------------------------- --------- ---------
Other comprehensive income:
Actuarial gains/(losses) on the defined benefit
pension scheme 5,344 (1,886)
Deferred tax effect (1,336) 358
Tax on items taken directly to equity 224 226
------------------------------------------------------ -------- --------
Total that will not be subsequently reclassified
to income statement 4,232 (1,302)
Exchange differences on translation of foreign
operations (425) (215)
Total that may be subsequently reclassified
to income statement (425) (215)
------------------------------------------------------ -------- --------
Other comprehensive income/(expense) for the
year, net of tax 3,807 (1,517)
------------------------------------------------------ -------- --------
Total comprehensive income for the year 11,260 3,162
------------------------------------------------------ -------- --------
Profit for the year attributable to:
Equity Shareholders of the Company 7,030 4,312
Non-controlling interests 423 367
------------------------------------------------------ -------- --------
7,453 4,679
------------------------------------------------------ -------- --------
Total comprehensive income for the year attributable
to:
Equity Shareholders of the Company 10,877 2,783
Non-controlling interests 383 379
------------------------------------------------------ -------- --------
11,260 3,162
------------------------------------------------------ -------- --------
Basic and diluted earnings per share 86.98p 51.78p
Basic and diluted earnings per share
- continuing operations 86.98p 51.78p
--------------------------------------- ------- -------
* Operating profit before amortisation of acquired intangibles
and pension GMP equalisation (see Financial review)
^ Gain arising on the disposal of old premises at Dupar Controls
Inc.
Consolidated statement of financial position
At 30 September 2021
--------------------------------------------------------
2021 2020
GBP(000) GBP(000)
------------------------------- --------- ---------
Non-current assets
Goodwill 9,626 9,743
Other intangibles 24 1,139
Property, plant and equipment 17,827 16,947
Right-of-use assets 2,802 3,273
Deferred tax asset 1,111 2,621
31,390 33,723
Current assets
Inventories 6,597 6,208
Trade and other receivables 10,008 9,553
Cash and cash equivalents 20,463 18,139
---------------------------------- --------- ---------
37,068 33,900
------------------------------- --------- ---------
Total assets 68,458 67,623
---------------------------------- --------- ---------
Current liabilities
Trade and other payables 7,571 9,433
Borrowings - 69
Current tax liabilities 89 268
Short-term provisions 343 343
Lease liabilities 450 443
---------------------------------- --------- ---------
8,453 10,556
Non-current liabilities
Retirement benefit obligation 4,737 11,268
Lease liabilities 2,537 2,973
---------------------------------- --------- ---------
Total liabilities 15,727 24,797
Net assets 52,731 42,826
---------------------------------- --------- ---------
Equity
Share capital 808 808
Share premium account 157 157
Capital redemption reserve 329 329
Translation reserve 1,662 2,047
Retained earnings 48,213 38,042
---------------------------------- --------- ---------
Total attributable to
equity Shareholders of
the Company 51,169 41,383
---------------------------------- --------- ---------
Non-controlling interests 1,562 1,443
---------------------------------- --------- ---------
Total equity 52,731 42,826
---------------------------------- --------- ---------
The financial statements were approved by the Board of Directors
and authorised for issue on 8 December 2021 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 2021
Share Share Capital Translation Retained Non Total
capital premium redemption reserve earnings controlling equity
account reserve interests
GBP(000) GBP(000) GBP(000) GBP(000) GBP(000) GBP(000) GBP(000)
------------------- --------- --------- ----------- ------------ ---------- ------------ ----------
At 30 September
2019 841 157 296 2,274 37,762 1,254 42,584
Share repurchase (33) - 33 - (1,637) - (1,637)
Exchange
differences
on
translation of
foreign
operations - - - (227) - 12 (215)
Actuarial
gains/(losses)
on defined
benefit pension
scheme - - - - (1,886) - (1,886)
Deferred tax
effect - - - - 358 - 358
Tax on items taken
directly
to equity - - - - 226 - 226
Dividends paid - - - - (1,093) (190) (1,283)
Profit for the
year - - - - 4,312 367 4,679
At 30 September
2020 808 157 329 2,047 38,042 1,443 42,826
Share repurchase - - - - - - -
Exchange
differences
on
translation of
foreign
operations - - - (385) - (40) (425)
Actuarial
gains/(losses)
on defined
benefit pension
scheme - - - - 5,344 - 5,344
Deferred tax
effect - - - - (1,336) - (1,336)
Tax on items taken
directly
to equity - - - - 224 - 224
Dividends paid - - - - (1,091) (264) (1,355)
Profit for the
year - - - - 7,030 423 7,453
At 30 September
2021 808 157 329 1,662 48,213 1,562 52,731
------------------- --------- --------- ----------- ------------ ---------- ------------ ----------
Consolidated cash flow statement
For the year ended 30 September 2021
-----------------------------------------------------------------------
continuing operations 2021 2020
GBP(000) GBP(000)
-------------------------------------------- ---------- ----------
Cash flows from operating activities
Operating profit 9,854 6,963
Depreciation, amortisation and impairments 2,317 2,663
Right-of-use asset depreciation 489 351
Contributions to pension scheme, net
of administration fee & GMP equalisation
costs (1,357) (1,366)
Exchange adjustments (49) (33)
(Profit)/loss on disposal of property,
plant and equipment (1,774) 64
----------------------------------------------- ---------- ----------
9,480 8,642
(Increase)/decrease in inventories (389) (198)
(Increase)/decrease in trade and other
receivables (455) 1,385
Increase/(decrease) in trade and other
payables (1,213) 1,243
Increase/(decrease) in provisions - 66
----------------------------------------------- ---------- ----------
Cash generated from operations 7,423 11,138
Interest paid (25) (2)
Tax paid (1,896) (1,871)
Interest and tax paid (1,921) (1,873)
----------------------------------------------- ---------- ----------
Net cash from operating activities 5,502 9,265
----------------------------------------------- ---------- ----------
Cash flows from investing activities
Acquisition of subsidiary undertaking (649) (624)
Proceeds on disposal of a subsidiary
(net of cash disposed) - 55
Proceeds from sale of property, plant
and equipment 2,122 35
Purchase of property, plant and equipment (2,500) (4,257)
Development costs capitalised (15) (12)
Interest received 20 58
----------------------------------------------- ---------- ----------
Net cash generated from/(used in)
investing activities (1,022) (4,745)
----------------------------------------------- ---------- ----------
Cash flows from financing activities
Dividends paid (1,355) (1,283)
Purchase of own shares - (1,637)
Repayment of lease liabilities including
interest (562) (381)
(Repayment)/Proceeds from bank borrowings (69) 69
Net cash used in financing activities (1,986) (3,232)
----------------------------------------------- ---------- ----------
Net increase/(decrease) in cash and
cash equivalents 2,494 1,288
----------------------------------------------- ---------- ----------
Cash and cash equivalents at beginning
of year 18,139 16,980
Exchange adjustments on cash and cash
equivalents (170) (129)
----------------------------------------------- ---------- ----------
Cash and cash equivalents at end of
year 20,463 18,139
----------------------------------------------- ---------- ----------
Notes
1. AGM, results and dividends
The profit for the year, after taxation, amounted to GBP7.5
million (2020: GBP4.7 million).
A final dividend on the Ordinary and 'A' non-voting ordinary
shares of 9.75p per share (2020: 9.25p) for the financial year
ended 30 September 2021 will be proposed at the Annual General
Meeting (AGM) to be held on 15 February 2022. If approved, this
dividend will be paid on 23 February 2022 to members on the
register at 21 January 2022. The ex-dividend date will be 20
January 2022.
An interim dividend of 4.25p per share (2020: 3.75p) was paid on
17 August 2021.
2. Earnings per share and dividend per share
2021 2020
Weighted average number of shares No. No.
------------------------------------------ ---------- ----------
For basic and diluted earnings per share 8,081,398 8,328,365
------------------------------------------ ---------- ----------
The calculation of basic and diluted earnings per share is based
on the profit for the financial year of GBP7,029,423 and on
8,081,398 Ordinary 10p and 'A' non-voting ordinary 10p shares,
being the weighted average number of shares in issue throughout the
financial year. There are no share options issued.
2021 2020
Paid dividends per 10p Ordinary share GBP(000) GBP(000)
--------------------------------------------- --------- ---------
2020 final paid of 9.25p (2019: 9.25p) (748) (778)
2021 interim paid of 4.25p (2020: 3.75p) (343) (315)
Dividends paid - The Company (1,091) (1,093)
Dividends paid to non-controlling interests
- Dual Engraving Pty Ltd
& P&R Liftcars Pty Ltd (264) (190)
--------------------------------------------- --------- ---------
Dividends paid - The Group (1,355) (1,283)
The final proposed dividend is based on 3,309,200 Ordinary 10p
shares and 4,772,198 ' A' non-voting ordinary 10p shares, being the
latest number of shares in issue. The Directors are proposing a
final dividend of 9.75p (2020: 9.25p) per share, totalling GBP788k
(2020: GBP748k). This dividend has not been accrued at the end of
the reporting period.
3. Accounting policies
The accounting policies applied to the 2021 accounts have been
consistent with 2020 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 2021
or 2020. Statutory accounts for 2020 have been delivered to the
Registrar of Companies. The statutory accounts for 2021 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, Jeffreys Henry LLP, who have
indicated that they will be giving an unqualified opinion in their
report on the statutory financial statements for 2021.
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 2021 will be sent to shareholders and will also
be available on the Company's website www.dewhurst.plc.uk on 13
January 2022.
- Ends -
For further details please contact:
Dewhurst Plc Tel: +44 (0) 208 744 8200
Richard Dewhurst, Chairman
Jared Sinclair, Finance Director
Singer Capital Markets Tel: +44 (0) 207 496 3000
Will Goode / Rick Thompson / James Fischer
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END
FR UBOBRAKUURAA
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December 08, 2021 02:00 ET (07:00 GMT)
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