TIDMDWHT
RNS Number : 9660I
Dewhurst Group PLC
08 December 2022
Dewhurst Group PLC
("Dewhurst" or the "Group")
Preliminary Results for the year ended 30 September 2022
Chairman's Statement
Results
I am pleased that the Group is able to report increased sales
this year, but disappointed that adjusted operating profit was
slightly down on reduced margins. Group sales for the year to 30
September 2022 increased 2.3% to GBP57.6 million (2021: GBP56.2
million). Adjusted operating profit before the cyber attack
remediation costs and last year's amortisation of acquired
intangibles and gain on the sale of a property was GBP8.8 million
(2021: GBP9.2 million) and profit before tax was GBP7.2 million
(2021: GBP9.6 million).
Although reported sales were slightly up overall, at constant
currencies sales were broadly flat. Transport and Highways fell
back a further 16% this year with no cycleway schemes compared to a
residue of projects in 2021. Keypad sales recovered from the low
levels experienced during the pandemic-affected 2020-21 period. The
Lift division improved 3% with stronger sales in the UK and
particularly North America, offset by lower sales in Australia.
Currency movements were responsible for an increase in reported
sales of GBP1.2 million, with the pound weakening against most
currencies and the US & Canadian dollars strengthening.
Our continuing profitability and strong balance sheet enable us
to propose an increase in our final dividend by 0.5p, making an
increase of 0.75p for the year. If approved this would result in a
total dividend for 2022 of 14.75p per share which is 5.4% up on
2021.
Operations and People
I would like to pay tribute to our employees for working through
the challenges of this year. The previously reported cyber attack
in May disrupted our operations for several weeks and remediation
costs affected our profits. Our employees put in a tremendous
effort to help us recover and do our best to minimise the impact on
our customers. It has also been a year in which it has been
difficult to recruit sufficient staff to support our operations.
Despite this we delivered solid results in the circumstances.
In common with many companies, we have experienced rapidly
rising costs in many of the commodities and components we use.
Whilst we have increased prices during the year, we have not been
able to recover all of these increased costs, with a corresponding
impact on our operating margin. Whilst it is important to protect
our margin as much as we can, it is also crucial to support our
customer relationships and honour our long-term commitments.
After driving the growth of the Group for more than 30 years
David Dewhurst stepped back from his full time role of Group
Managing Director at the end of the financial year. David has
played a key role in shaping the Group and driving its strategy to
broaden its markets for a very long time. His energy, decisiveness
and determination have been instrumental in the Group's growth. On
behalf of all shareholders I want to thank him for his huge
contribution to the success of the Group. John Bailey has moved
over from managing A&A to take on the role of CEO for the Group
from 1st October 2022. David will be supporting John in the role of
strategic advisor to ensure a successful transition in the senior
management team. I am delighted that John is taking on the CEO
role. John has worked with David and myself for many years in
several of the Group's businesses and shares our values. There are
plenty of challenges for businesses at present and I am confident
John will take on these challenges with enthusiasm and help to
build the senior team for long term success.
Investment
We recently established a Group fund to provide investment in
projects to improve our environmental sustainability. I am
delighted that we have completed a major project this year under
the scheme to install a solar panel array on the roof of our
Feltham factory. Even with November's gloomy weather this has
contributed 16% of the site's electricity needs since commissioning
in October.
Outlook
Group sales in the first quarter are looking as though they will
be similar overall to last year.
Lift product demand in Australia is a little softer, primarily
as a result of a reduction in major projects and the outlook for
the UK is expected to be weaker with a recession underway or
looming, In North America the economic conditions are stronger and
we have a reasonable pipeline of projects, which should carry us
through the first half at least.
For our other product sectors, keypad sales are expected to be
slightly stronger in the short term, continuing the bounce back
from the pandemic lull, while sales of Highways and Transport
products are forecast to show steady improvement over the year.
Cost pressures on materials are likely to be a continuing
concern, but we are working hard to mitigate these effects. It
seems that the worst of the staff shortages following the pandemic
have eased, but we continue to explore ideas to improve recruitment
and retention. At some companies we have not yet seen the full
impact of energy price rises, but these are going to come through
during the first half.
With the strength of our balance sheet we are continuing to
invest to increase our resilience to these challenges and to
improve our operational and environmental performance. We continue
to look for opportunities to invest in growth and will be happy to
commit our cash when suitable opportunities are found that align
with the Group strategy.
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 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
The business environment has generally been better than we
anticipated at the start of the year.
It has been refreshing to return to some form of normality after
two trading years of uncertainty caused by the pandemic. Despite
business having settled down, the environment we find ourselves in
today is very different to that in which we operated prior to the
pandemic. There are still significant supply chain issues both in
terms of supply and rising costs of materials. However we are able
to mitigate those to a certain extent. The biggest post pandemic
challenge that we faced during the year was in human resources and
the availability of labour. Our people are key to the success of
our businesses and around the world we have found it very
challenging to recruit the people we need. This put significant
stresses on our staff, particularly senior management.
Early in the second half of the year we suffered an extremely
serious cyber attack, which impacted all our businesses. We worked
hard to minimise any impact to our customers and by and large we
were successful in that respect. The financial impact of the attack
was significant but the speed with which we resolved it, ensured
that there was no material impact to trading revenues. It is
frustrating that our IT defences were breached and this is becoming
an all too common situation within the business community. Although
it is virtually impossible to totally protect your business from
these types of attack, we are investing to ensure the chance of a
repeat is minimised and the impact of another attack far less
serious.
The spirit shown by all our staff after the attack was
impressive. The recovery put a great deal of additional workload
onto staff in our businesses and we are very grateful for the
support they gave.
The business has faced some stiff challenges this year. To have
delivered these results in the face of these challenges is a credit
to the team and I would like to thank all our colleagues for their
hard work in the past year.
UNITED KINGDOM
Dewhurst Limited
Sales grew strongly at Dewhurst Ltd led by increased demand for
our products particularly from our overseas customers.
We worked hard throughout the year to reduce the environmental
impact of our manufacturing. One initiative that proved quite
successful was the purchase of a grinding machine which regrinds
our plastic waste back into pellets. We are now able to use 10% of
recycled plastic in our mouldings and to use 100% recycled material
when purging our moulding machines.
Our pushbutton products are manufactured from polycarbonate,
which whilst being extremely strong and durable, can be damaged by
aggressive cleaning agents. Since the pandemic we have seen
increased use of these cleaning agents in lifts. For some time we
have been researching new plastics which have improved resistance
to chemical attack, whilst still being strong. This year we found a
new plastic that has these qualities and we are currently launching
our pushbutton range in this new material across our markets.
Our antibacterial pushbuttons have continued to prove very
successful and at the request of the Melbourne Metro we have added
the new US91 Jumbo to our antibacterial range of buttons.
Traffic Management Products (TMP)
Sales fell back from the high levels we have seen in the last
two years. The first phase of the Government's Active Travel Fund
trial cycle schemes is now complete. Local authorities are now in
the process of assessing those trials before rolling out longer
term schemes.
Demand for TMP's traffic bollards remained buoyant and overseas
demand for our new Evo-Max traffic bollard was particularly
strong.
At TMP we have also focused our energies on minimising our
environmental impact and this has been well received by our
customers. We have increased the use of bio-polymers (derived from
sugar cane) in the manufacture of our products. Our new NonCrete
Bio Polymer bollard recently won the Green Apple Environment Award.
The award recognises companies that promote environmental best
practice around the world.
A&A Electrical Distributors (A&A)
Sales grew marginally at A&A over the year despite the fact
that A&A (due to its high percentage of same day sales) was the
only company to be impacted in terms of lost sales through the
cyber attack. Margins at A&A were broadly in line with the
previous year.
John Bailey's move to Group Chief Executive Officer created a
vacancy at A&A and we are very pleased to welcome Dean White as
the new Managing Director. Dean was previously a Director of
Schindler UK and has a wealth of experience in the lift
industry.
A&A has focused on implementing core changes at operational
and process level this year. The implementation of Tempo within
Syspro as part of our supply chain strategy, has given us the
opportunity to improve the accuracy of our inventory and streamline
the purchasing process. This has enabled us to safely reduce
inventory levels by around 10% whilst maintaining an inventory
availability to our customers at 98% or above.
With Tempo in place, we have had more time to look at the supply
chain, review previous price increases, and manage these by
agreeing price freezes and rebate schemes with some of our
suppliers.
We have continued to refine and improve our E-Commerce platform
and now believe that we have an industry leading offering.
EUROPE
Dewhurst Hungary
After two unspectacular years, Dewhurst Hungary saw a double
digit percentage growth in sales.
We have been concerned for some time now about the decline in
cash usage. It seems that although it declined during the pandemic,
the outlook for cash usage is currently improving and in turn the
demand for ATM's.
NORTH AMERICA
Dupar Controls
In our first full year in our new facility we saw a double digit
growth in sales, building on last year's record levels. Profits
also grew to a new record, despite considerable margin
pressures.
The team at Dupar were focused on optimising the new facility.
Particular attention was paid to storage and material handling. We
purchased a new sheet metal racking system, which allows single man
handling of sheets from storage onto our fibre laser cutting
machine bed.
We have also invested in our front end processes, developing a
new quote module to our Engineer to Order drawing package. This
will generate an automatic drawing of the fixtures directly from
the quote, significantly enhancing the pre-order experience for our
customers.
Elevator Research & Manufacturing (ERM)
We recovered sales at ERM after the challenges of the previous
year. We achieved double digit sales growth which was driven by our
new Sales Manager. The sales growth ensured that once again ERM was
in the black.
ERM have traditionally found it hard to penetrate the California
market and our sales have never truly reflected the potential of
the market. We need to redress this and that is the challenge for
the team at ERM.
AUSTRALIA & ASIA
Australian Lift Components (ALC)
After a run of strong years for ALC, last year saw a reduction
in sales as the number of new commercial property projects in
Sydney declined. We had anticipated this fall and both sales and
profits were broadly in line with our budgets.
We continue to work hard to develop interstate markets and we
recently won a very substantial order for fixtures for the
Melbourne Metro. The fixtures are the first to use the new
Antibacterial Jumbo pushbutton developed by Dewhurst.
P&R Lift Cars (P&R)
In line with ALC, P&R have experienced a reduction of new
projects in Sydney, which is their primary market. This has led to
a considerable fall in both sales and profits.
Throughout the year we have been working to leverage our ALC
sales opportunities to include P&R's offering. We have
substantially increased the number of joint projects we have sold
where we supply both ALC fixtures and P&R interiors. The team
have been reasonably successful with this initiative but these
projects tend to be of a smaller size.
Lift Material
Sales grew strongly through the year to a new record level and
profits in turn saw double digit growth also to a new record level.
Despite being based in Sydney, Lift Material as a distributor has
truly countrywide sales and they have benefitted considerably from
increased levels of service and repair work in all states.
We have seen reasonable traction this year on products that Lift
Material share with A&A. Prysmian cables saw good growth as did
the A&A LED shaft lighting system.
The team at Lift Material have completed a reorganisation of the
warehouse. There is now a much cleaner, efficient layout. We have
installed purpose built racking for our cable and handrail drums,
allowing easier and safer cutting to length for customer
orders.
Dual
In 2021 we saw a parts and labour shortage in Western Australia,
which caused a delay to many of Dual's projects. The lift companies
in Perth by and large resolved those issues and this year proved to
be a very busy one for Dual. Sales grew to a record level, however
profits, although growing substantially, were not at record levels.
We faced some margin erosion through material cost increases.
Dual struggled with recruitment to cover the increased sales and
this meant that we were not able to operate as efficiently as we
would have liked. It also put significant pressure on the team at
Dual who worked tirelessly to meet customer project deadlines. The
labour market in Perth has improved recently and we have been able
to take on a number of new recruits in the last month.
Dewhurst Hong Kong
Dewhurst Hong Kong achieved double digit sales growth and we saw
a corresponding increase in profits. There was strong sales growth
in the South East Asia region, which was a real achievement. It is
not easy to generate new sales outside Hong Kong when it is not
possible to travel.
The Covid-19 pandemic has been quite a challenge for the team.
The company is the only Group company we have not been able to
visit, due to the continued quarantine restrictions. However Feona
Lai has remained extremely positive and upbeat, whilst having to
work in isolation. It is our hope that quarantine rules will be
relaxed in the coming year and we will be able to visit the company
once again.
David Dewhurst
Group Managing Director
Financial Review
Trading results
Despite the cyber attack in May 2022 forcing the Group to adapt
over a weekend and revert to manual systems for around a month
whilst our IT systems were restored, it is pleasing to report no
significant impact on sales and the Group is still able to report
record revenues. Customers were understanding and our staff adapted
admirably to these temporary working arrangements whilst continuing
to deliver to our customers which is a testament to their hard work
and loyalty for which I and the Group are grateful.
Lift sales overall increased 3% due to strong UK and North
America sales which more than offset a tough year in Australia,
particularly at P&R. Transport sales fell 16% due to no UK
Government cycle lane delineator trials converting to projects in
2022 but this is still 26% up on pre Covid-19 levels. Keypads saw a
resurgence as cash starts to be used again and reported a 16%
increase on 2021. Overall revenue increased by 2.3% to GBP57.6
million (2021: GBP56.2 million).
With increased and uncertain lead times from suppliers, the
Group proactively increased its inventories. This also helped to
mitigate the impact of cost increases, which we could not fully
recover. Overall adjusted operating profit decreased by 4.3% to
GBP8.8 million (2021: GBP9.2 million).
The various Government schemes around the world to support
companies during Covid-19 have pretty much now concluded
everywhere, so in 2022 the total support from all Governments was
GBP0.3 million (2021: GBP0.2 million) of which nil (2021: GBP10k)
was received in the UK. As was the case in 2021, the Group director
bonuses in 2022 exclude any benefit from government grants
received.
Although a significant proportion of the Group's revenue and
profits are generated and held in foreign currency, the foreign
exchange retranslation impact on the reporting performance of the
Group this year increased both like-for-like revenue and profit
before tax by only 2% (2021: an increase of 1% each).
Strong cash position
The subsidiaries continued to trade throughout 2022 without the
need for Group cash support. The Group started and ended the year
without any bank borrowings along with a strong cash balance of
GBP21.8 million, up GBP1.3 million from 2021.
During the year, the Group spent GBP1.5 million on cyber attack
remediation costs, GBP1.5 million on dividends, as well as GBP0.8
million on the purchase of property, plant and equipment. The most
significant asset addition in 2022 was GBP0.12 million spent on a
207 kWp capacity solar panel system at Feltham which has been
operational since October 2022 and hopefully will supply c.30% of
our Feltham site's annual electricity usage, reduce our annual
carbon footprint by 40 tonnes of CO2, as well as hopefully pay for
itself within 3 years.
Pension scheme deficit
As in 2021, I am again pleased to report a further reduction in
the pension scheme deficit. Whilst the pension scheme assets
underperformed expectations, the liability discount rate increased
from 2.05% to 5.25% at the year-end which means the liability
reduction more than eliminated any asset fall. The Company paid a
total of GBP1.2 million deficit reduction contributions into the
pension scheme this year and, as a result of all these changes, the
scheme deficit decreased by GBP2.9 million to GBP1.8 million (2021:
GBP4.7 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 10.25p (2021: 9.75p).
If approved, this would be paid on 22 February 2023 and would
result in a total dividend for 2022 of 14.75p per share which is
5.4% up on 2021 and is covered 4.3 times by earnings. Dividends are
accounted for when paid or approved by shareholders, and not when
proposed, therefore the proposed final dividend for 2022 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 2022
--------------------------------------------------------------------------------------
2022 2021
GBP(000) GBP(000)
-------- ---------- ----------
Continuing operations
Revenue 57,565 56,249
Operating costs (50,269) (46,395)
---------------------------------------------- -------- ---------- ----------
Adjusted operating profit* 8,818 9,214
Cyber attack remediation costs+ (1,522) -
Profit on sales of property, plant and
equipment^ - 1,751
Amortisation of acquired intangibles - (1,111)
Operating profit 7,296 9,854
Finance income 64 20
Finance costs (191) (311)
-------------------------------------------------------- ---------- ----------
Profit before taxation 7,169 9,563
Taxation (2,051) (2,110)
---------------------------------------------- -------- ---------- ----------
Profit for the period 5,118 7,453
---------------------------------------------- -------- ---------- ----------
Other comprehensive income:
Actuarial gains/(losses) on the defined benefit
pension scheme 1,887 5,344
Deferred tax effect (472) (1,336)
Tax on items taken directly to equity 200 224
------------------------------------------------------ ------- --------
Total that will not be subsequently reclassified
to income statement 1,615 4,232
Exchange differences on translation of foreign
operations 3,563 (425)
Total that may be subsequently reclassified
to income statement 3,563 (425)
------------------------------------------------------ ------- --------
Other comprehensive income/(expense) for the
year, net of tax 5,178 3,807
------------------------------------------------------ ------- --------
Total comprehensive income for the year 10,296 11,260
------------------------------------------------------ ------- --------
Profit for the year attributable to:
Equity Shareholders of the Company 4,849 7,030
Non-controlling interests 269 423
------------------------------------------------------ ------- --------
5,118 7,453
------------------------------------------------------ ------- --------
Total comprehensive income for the year attributable
to:
Equity Shareholders of the Company 9,867 10,877
Non-controlling interests 429 383
------------------------------------------------------ ------- --------
10,296 11,260
------------------------------------------------------ ------- --------
Basic and diluted earnings per share 60.00p 86.98p
Basic and diluted earnings per share
- continuing operations 60.00p 86.98p
--------------------------------------- ------- -------
* Operating profit before amortisation of acquired intangibles,
profit on sale of property and cyber attack remediation costs
+ Cyber attack remediation is explained further in the Strategic
Report
^ Gain arising on the disposal of old premises at Dupar Controls
Inc.
Consolidated statement of financial position
At 30 September 2022
--------------------------------------------------------
2022 2021
GBP(000) GBP(000)
------------------------------- --------- ---------
Non-current assets
Goodwill 10,105 9,626
Other intangibles 19 24
Property, plant and equipment 19,147 17,827
Right-of-use assets 2,473 2,802
Deferred tax asset 118 1,111
31,862 31,390
Current assets
Inventories 7,931 6,597
Trade and other receivables 12,318 10,008
Current tax asset 281 -
Cash and cash equivalents 21,764 20,463
---------------------------------- --------- ---------
42,294 37,068
------------------------------- --------- ---------
Total assets 74,156 68,458
---------------------------------- --------- ---------
Current liabilities
Trade and other payables 7,783 7,571
Current tax liabilities - 89
Short-term provisions 344 343
Lease liabilities 505 450
---------------------------------- --------- ---------
8,632 8,453
Non-current liabilities
Retirement benefit obligation 1,798 4,737
Lease liabilities 2,193 2,537
---------------------------------- --------- ---------
Total liabilities 12,623 15,727
Net assets 61,533 52,731
---------------------------------- --------- ---------
Equity
Share capital 808 808
Share premium account 157 157
Capital redemption reserve 329 329
Translation reserve 5,065 1,662
Retained earnings 53,525 48,213
---------------------------------- --------- ---------
Total attributable to
equity
Shareholders of the Company 59,884 51,169
---------------------------------- --------- ---------
Non-controlling interests 1,649 1,562
---------------------------------- --------- ---------
Total equity 61,533 52,731
---------------------------------- --------- ---------
The financial statements were approved by the Board of Directors
and authorised for issue on 8 December 2022 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 2022
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 2020 808 157 329 2,047 38,042 1,443 42,826
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
Exchange differences
on
translation of foreign
operations - - - 3,403 - 160 3,563
Actuarial gains/(losses)
on defined
benefit pension scheme - - - - 1,887 - 1,887
Deferred tax effect - - - - (472) - (472)
Tax on items taken directly
to equity - - - - 200 - 200
Dividends paid - - - - (1,152) (342) (1,494)
Profit for the year - - - - 4,849 269 5,118
At 30 September 2022 808 157 329 5,065 53,525 1,649 61,533
---------------------------- ----------- --------- ------------- -------------- --------- ------------ -------------
Consolidated cash flow statement
For the year ended 30 September 2022
-----------------------------------------------------------------------
continuing operations 2022 2021
GBP(000) GBP(000)
-------------------------------------------- ---------- ----------
Cash flows from operating activities
Operating profit 7,296 9,854
Depreciation, amortisation and impairments 1,050 2,317
Right-of-use asset depreciation 509 489
Contributions to pension scheme, net
of administration fee & GMP equalisation
costs (1,137) (1,357)
Exchange adjustments 738 (49)
(Profit)/loss on disposal of property,
plant and equipment (13) (1,774)
----------------------------------------------- ---------- ----------
8,443 9,480
(Increase)/decrease in inventories (1,334) (389)
(Increase)/decrease in trade and other
receivables (2,310) (455)
Increase/(decrease) in trade and other
payables 212 (1,213)
Increase/(decrease) in provisions 1 -
-------------------------------------------- ---------- ----------
Cash generated from operations 5,012 7,423
Interest paid (1) (25)
Tax paid (1,712) (1,896)
Interest and tax paid (1,713) (1,921)
----------------------------------------------- ---------- ----------
Net cash from operating activities 3,299 5,502
----------------------------------------------- ---------- ----------
Cash flows from investing activities
Acquisition of subsidiary undertaking - (649)
Proceeds from sale of property, plant
and equipment 23 2,122
Purchase of property, plant and equipment (789) (2,500)
Development costs capitalised (5) (15)
Interest received 64 20
----------------------------------------------- ---------- ----------
Net cash generated from/(used in)
investing activities (707) (1,022)
----------------------------------------------- ---------- ----------
Cash flows from financing activities
Dividends paid (1,494) (1,355)
Repayment of lease liabilities including
interest (584) (562)
(Repayment)/Proceeds from bank borrowings - (69)
Net cash used in financing activities (2,078) (1,986)
----------------------------------------------- ---------- ----------
Net increase/(decrease) in cash and
cash equivalents 514 2,494
----------------------------------------------- ---------- ----------
Cash and cash equivalents at beginning
of year 20,463 18,139
Exchange adjustments on cash and cash
equivalents 787 (170)
----------------------------------------------- ---------- ----------
Cash and cash equivalents at end
of year 21,764 20,463
----------------------------------------------- ---------- ----------
Notes
1. AGM, results and dividends
The profit for the year, after taxation, amounted to GBP5.1
million (2021: GBP7.5 million).
A final dividend on the Ordinary and 'A' non-voting ordinary
shares of 10.25p per share (2021: 9.75p) for the financial year
ended 30 September 2022 will be proposed at the Annual General
Meeting (AGM) to be held on 14 February 2023. If approved, this
dividend will be paid on 22 February 2023 to members on the
register at 20 January 2023. The ex-dividend date will be 19
January 2023.
An interim dividend of 4.50p per share (2021: 4.25p) was paid on
16 August 2022.
2. Earnings per share and dividend per share
2022 2021
Weighted average number of shares No. No.
------------------------------------------ ---------- ----------
For basic and diluted earnings per share 8,081,398 8,081,398
------------------------------------------ ---------- ----------
The calculation of basic and diluted earnings per share is based
on the profit for the financial year of GBP4,848,816 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.
2022 2021
Paid dividends per 10p Ordinary share GBP(000) GBP(000)
--------------------------------------------- --------- ---------
2021 final paid of 9.75p (2020: 9.25p) (788) (748)
2022 interim paid of 4.50p (2021: 4.25p) (364) (343)
Dividends paid - The Company (1,152) (1,091)
Dividends paid to non-controlling interests
- Dual Engraving Pty Ltd
& P&R Liftcars Pty Ltd (342) (264)
--------------------------------------------- --------- ---------
Dividends paid - The Group (1,494) (1,355)
--------------------------------------------- --------- ---------
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 10.25p (2021: 9.75p) per share, totalling GBP828k
(2021: GBP788k). This dividend has not been accrued at the end of
the reporting period.
3. Accounting policies
The accounting policies applied to the 2022 accounts have been
consistent with 2021 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 2022
or 2021. Statutory accounts for 2021 have been delivered to the
Registrar of Companies. The statutory accounts for 2022 which are
prepared under IFRS as adopted by the UK 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 2022.
Dewhurst Group plc has prepared its consolidated and Company
financial statements in accordance with International Financial
Reporting Standards (IFRSs) as adopted by the United Kingdom. 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.
These are the first financial statements prepared under UK
adopted international accounting standards. On 31 December 2020,
IFRS as adopted by the European Union at that date was brought into
UK law and became UK adopted international accounting standards,
with future changes being subject to endorsement by the UK
Endorsement Board. Dewhurst Group plc transitioned to UK-adopted
International Accounting Standards in its consolidated and Company
financial statements on 1 October 2021. This change constitutes a
change in accounting framework. However, there is no change on
recognition, measurement or disclosure in the financial year
reported as a result of the change in framework.
It is expected that the audited Report and Accounts for the year
ended 30 September 2022 will be sent to shareholders and will also
be available on the Company's website www.dewhurst-group.com on 12
January 2023.
- Ends -
For further details please contact:
Dewhurst Group Plc Tel: +44 (0) 208 744 8200
Richard Dewhurst, Chairman
Jared Sinclair, Finance Director
Singer Capital Markets (Nominated Adviser and Tel: +44 (0) 207 496 3000
Sole Broker)
Rick Thompson / James Fischer
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END
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December 08, 2022 02:00 ET (07:00 GMT)
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