TIDMDWHT
RNS Number : 8774O
Dewhurst Group PLC
15 June 2022
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Dewhurst Group plc (the "Group")
Interim Results for the 6 months ended 31 March 2022
Directors' Interim Report
FIRST HALF
The Group has performed well despite the challenges in the
macroeconomic environment, particularly in some of our markets. We
are pleased to report that the results for the first half are
broadly in line with market expectations with an increased profit
before tax figure for the first half of the current financial year
on slightly reduced sales. Overall, Group revenue decreased by 6%
to GBP27.1 million (2021: GBP28.9 million) and adjusted operating
profit (before acquired intangible amortisation) decreased 12% to
GBP3.8 million (2021: GBP4.4 million), while profit before tax
increased 11% to GBP3.7 million (2021: GBP3.4 million) and earnings
per share improved to 28.4p (2021: 26.4p).
Encouragingly, our UK Lift Division sales in the period were
marginally up on last year's first half, but overseas lift sales
were lower. Sales were down in Australia due to Covid-19
disruption, but sales in Canada and Hong Kong grew to partially
offset that fall. Transport sales were significantly down compared
to the previous year, which had been supported by a number of
Government Cycle Projects. There was some recovery in Keypad sales
but these remain quite volatile and unpredictable from month to
month. First half currency movements had no material impact on
Group revenue or profits.
The Group balance sheet remains strong with cash at the period
end of GBP19.9 million (2021: GBP17.6 million).
OUTLOOK
Overall order books in Australia are reasonably strong, but it
may take a few months for these orders to start to filter through
to sales as material and labour constraints are leading to some
project delays. In North America the market seems still to be
relatively buoyant, at least for the remainder of this year. The UK
has remained fairly steady, but with rapidly rising inflation and
interest rates increasing there is a risk of demand tailing off. It
has also been a considerable challenge to keep on top of cost
increases in the first half and we do not anticipate this pressure
is going to ease soon. We have been able to pass on some increases
to customers, but not fully, so margins have been squeezed in a
number of areas. With material challenges and extended lead times
globally we are holding more stock around the Group, but consider
this is a good investment in our efforts to maintain customer
service levels.
As has been previously reported, the Group suffered a serious
cyber-attack in May. The remediation costs will affect the profit
in the second half, so the full year profit is now forecast to be
below last year and below market expectations. The disruption to
operations is expected to continue through June as we recover our
systems and data, but we are continuing to sell, manufacture and
despatch goods through the disruption.
DIVIDS
The Directors have declared an increased interim dividend of
4.50p per ordinary share (2021: 4.25p) which amounts to GBP364,000
(2021: GBP343,000). The interim dividend is payable on 16 August
2022 and will be posted on 11 August 2022 to shareholders appearing
in the Register on 8 July 2022 (ex-dividend date being 7 July
2022).
A final 2021 dividend of 9.75p (2020: 9.25p) which amounted to
GBP788,000 (2020: GBP748,000) was approved at the AGM held on 15
February 2022 and was paid on 23 February 2022 to members on the
register at 21 January 2022.
By Order of the Board
J C SINCLAIR
Finance Director & Secretary
14 June 2022
Dewhurst Group plc (formerly Dewhurst plc)
The unaudited consolidated statement of comprehensive income,
statement of financial position, statement of changes in equity and
cash flow statement of Dewhurst Group plc and its subsidiaries for
the half-year ended 31 March 2022, as compared with the
corresponding half-year ended 31 March 2021 and the year ended 30
September 2021, shows the following results:
Consolidated statement of comprehensive income
Half year Half year Year
ended ended ended
31 March 31 March 30 Sept
2022 2021 2021
Continuing operations GBP000's GBP000's GBP000's
-------------------------------------------------- ------------- ------------- ---------
Revenue 27,050 28,881 56,249
Operating costs (23,232) (25,354) (46,395)
-------------------------------------------------- ------------- ------------- ---------
Adjusted operating profit 3,818 4,361 9,214
Profit on sale of property, plant and
equipment^ - - 1,751
Amortisation of acquired intangibles - (834) (1,111)
-------------------------------------------------- ------------- ------------- ---------
Operating profit 3,818 3,527 9,854
Finance income 12 6 20
Finance costs (102) (164) (311)
-------------------------------------------------- ------------- ------------- ---------
Profit before taxation 3,728 3,369 9,563
Taxation Est. (1,436) Est. (1,237) (2,110)
-------------------------------------------------- ------------- ------------- ---------
Profit for the financial period 2,292 2,132 7,453
-------------------------------------------------- ------------- ------------- ---------
Other comprehensive income:
Actuarial gains/(losses) on the defined
benefit pension scheme Est. 3,879 Est. 3,153 5,344
Deferred tax effect (970) (599) (1,336)
Current tax effect Est. 159 Est. 113 224
Total that will not be subsequently reclassified
to income statement 3,068 2,667 4,232
Exchange differences on translation of
foreign operations 1,414 (44) (425)
Total that may be subsequently reclassified
to income statement 1,414 (44) (425)
-------------------------------------------------- ------------- ------------- ---------
Other comprehensive income/(expense)
for the period, net of tax 4,482 2,623 3,807
-------------------------------------------------- ------------- ------------- ---------
Total comprehensive income for the period 6,774 4,755 11,260
-------------------------------------------------- ------------- ------------- ---------
Profit for the period attributable to:
Equity shareholders of the company 2,179 1,925 7,030
Non-controlling interests 113 207 423
-------------------------------------------------- ------------- ------------- ---------
2,292 2,132 7,453
-------------------------------------------------- ------------- ------------- ---------
Total comprehensive income for the period
attributable to:
Equity shareholders of the company 6,578 4,539 10,877
Non-controlling interests 196 216 383
6,774 4,755 11,260
-------------------------------------------------- ------------- ------------- ---------
Basic and diluted earnings per share 28.36p 26.38p 86.98p
-------------------------------------------------- ------------- ------------- ---------
Dividends per share 4.50p 4.25p 14.00p
-------------------------------------------------- ------------- ------------- ---------
^ Gain arising on the disposal of the old premises at Dupar
Controls Inc.
Dewhurst Group plc (formerly Dewhurst plc)
Consolidated statement of financial position
Half year Half year Year
ended ended ended
31 March 31 March 30 Sept
2022 2021 2021
GBP000's GBP000's GBP000's
------------------------------------------- ---------- ---------- ---------
Non-current assets
Goodwill 9,890 9,766 9,626
Other intangibles 24 305 24
Property, plant and equipment 18,207 18,351 17,827
Right-of-use assets 2,625 3,035 2,802
Deferred tax asset - 1,917 1,111
------------------------------------------- ---------- ---------- ---------
30,746 33,374 31,390
Current assets
Inventories 7,011 5,792 6,597
Trade and other receivables 12,116 11,790 10,008
Cash and cash equivalents 19,854 17,627 20,463
------------------------------------------- ---------- ---------- ---------
38,981 35,209 37,068
------------------------------------------- ---------- ---------- ---------
Total assets 69,727 68,583 68,458
------------------------------------------- ---------- ---------- ---------
Current liabilities
Trade and other payables 7,703 9,666 7,571
Borrowings - 983 -
Current tax liabilities 156 237 89
Short-term provisions 344 343 343
Lease liabilities 470 445 450
8,673 11,674 8,453
Non-current liabilities
Retirement benefit obligation 219 7,522 4,737
Deferred tax liabilities 10 - -
Lease liabilities 2,359 2,755 2,537
------------------------------------------- ---------- ---------- ---------
Total liabilities 11,261 21,951 15,727
------------------------------------------- ---------- ---------- ---------
Net assets 58,466 46,632 52,731
------------------------------------------- ---------- ---------- ---------
Equity
Share capital 808 808 808
Share premium account 157 157 157
Capital redemption reserve 329 329 329
Translation reserve 2,992 1,994 1,662
Retained earnings 52,672 41,887 48,213
------------------------------------------- ---------- ---------- ---------
Total attributable to equity shareholders
of the company 56,958 45,175 51,169
------------------------------------------- ---------- ---------- ---------
Non-controlling interests 1,508 1,457 1,562
------------------------------------------- ---------- ---------- ---------
Total equity 58,466 46,632 52,731
------------------------------------------- ---------- ---------- ---------
Dewhurst Group plc (formerly Dewhurst plc)
Consolidated statement of changes in equity
For the period ended 31 March 2022
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 2021 808 157 329 1,662 48,213 1,562 52,731
Exchange differences
on
translation of foreign
operations - - - 1,330 - 84 1,414
Actuarial gains/(losses)
on defined benefit
pension
scheme - - - - 3,879 - 3,879
Deferred tax effect - - - - (970) - (970)
Tax on items taken
directly
to equity (Est.) - - - - 159 - 159
Dividends paid - - - - (788) (251) (1,039)
Profit for the period - - - - 2,179 113 2,292
At 31 March 2022 808 157 329 2,992 52,672 1,508 58,466
--------------------------- ----------- --------- ------------- -------------- --------- ------------ -------------
For the period ended 31 March 2021
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 2020 808 157 329 2,047 38,042 1,443 42,826
Exchange differences
on
translation of foreign
operations - - - (53) - 9 (44)
Actuarial gains/(losses)
on defined benefit pension
scheme - - - - 3,153 - 3,153
Deferred tax effect - - - - (599) - (599)
Tax on items taken directly
to equity (Est.) - - - - 113 - 113
Dividends paid - - - - (747) (202) (949)
Profit for the period - - - - 1,925 207 2,132
At 31 March 2021 808 157 329 1,994 41,887 1,457 46,632
---------------------------- ----------- --------- ------------- -------------- --------- ------------ -------------
Dewhurst Group plc (formerly Dewhurst plc)
Consolidated statement of changes in equity (cont'd)
For the year ended 30 September 2021
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 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
---------------------------- ----------- --------- ------------- -------------- --------- ------------ -------------
These half-year abbreviated financial statements are unaudited
and do not constitute statutory accounts within the meaning of
Section 435 of the Companies Act 2006. The results for the year
ended 30 September 2020 set out above are abridged. Full accounts
for that year reported under IFRS, on which the auditors of the
Company made an unqualified report have been delivered to the
Registrar of Companies.
The presentation of these Interim Financial Statements is
consistent with the 2021 Financial Statements and its accounting
policies, but where necessary comparative information has been
reclassified or expanded from the 2021 Interim Financial Statements
to take into account any presentational changes made in the 2021
Financial Statements or in these Interim Financial Statements.
Dewhurst Group plc (formerly Dewhurst plc)
Consolidated cash flow statement
Half year Half year Year
ended ended ended
31 March 31 March 30 Sept
2022 2021 2021
GBP000's GBP000's GBP000's
--------------------------------------------- ---------- ---------- ---------
Cash flows from operating activities
Operating profit 3,818 3,527 9,854
Depreciation and amortisation 510 1,283 2,317
Right-of-use asset depreciation 238 245 489
Additional contributions to pension scheme (683) (683) (1,357)
Exchange adjustments 240 595 (49)
(Profit)/loss on disposal of property,
plant and equipment (1) (28) (1,774)
--------------------------------------------- ---------- ---------- ---------
4,122 4,939 9,480
(Increase)/decrease in inventories (414) 416 (389)
(Increase)/decrease in trade and other
receivables (2,108) (2,237) (455)
Increase/(decrease) in trade and other
payables 132 233 (1,213)
Increase/(decrease) in provisions 1 - -
--------------------------------------------- ---------- ---------- ---------
Cash generated from operations 1,733 3,351 7,423
Interest paid - (13) (25)
Tax paid (1,031) (976) (1,896)
--------------------------------------------- ---------- ---------- ---------
Net cash from operating activities 702 2,362 5,502
--------------------------------------------- ---------- ---------- ---------
Cash flows from investing activities
Acquisition of business and assets - (649) (649)
Proceeds on disposal of a subsidiary (net - - -
of cash disposed)
Proceeds from sale of property, plant
and equipment 10 58 2,122
Purchase of property, plant and equipment (309) (1,888) (2,500)
Development costs capitalised - - (15)
Interest received 12 6 20
--------------------------------------------- ---------- ---------- ---------
Net cash generated from/(used in) investing
activities (287) (2,473) (1,022)
--------------------------------------------- ---------- ---------- ---------
Cash flows from financing activities
Dividends paid (1,039) (949) (1,355)
Purchase of own shares - - -
Repayment of lease liabilities including
interest (277) (285) (562)
Proceeds from bank borrowings - 908 (69)
Net cash used in financing activities (1,316) (326) (1,986)
--------------------------------------------- ---------- ---------- ---------
Net increase/(decrease) in cash and cash
equivalents (901) (437) 2,494
--------------------------------------------- ---------- ---------- ---------
Cash and cash equivalents at beginning
of period 20,463 18,139 18,139
Exchange adjustments on cash and cash
equivalents 292 (75) (170)
--------------------------------------------- ---------- ---------- ---------
Cash and cash equivalents at end of period 19,854 17,627 20,463
--------------------------------------------- ---------- ---------- ---------
Contacts:
Dewhurst Group Plc Tel: +44 (0)208 744 8200
Richard Dewhurst, Chairman
Jared Sinclair, Finance Director
www.dewhurst-group.com
Singer Capital Markets (Nominated Adviser and Sole Broker) Tel:
+44 (0)207 496 3000
Will Goode / James Fischer
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