Dewhurst PLC - Interim Results
June 10 1999 - 3:30AM
UK Regulatory
RNS No 5942f
DEWHURST PLC
10 June 1999
Directors' Interim Report
FIRST HALF
The results for the first half show a further encouraging
improvement on last year's performance. Sales were up 4%
and profit before tax up 26%.
Lift Division sales showed good growth overall. The
predicted slowdown in UK activity did not materialise and
UK sales were slightly ahead. Export sales registered
good progress, although the high pound affected prices
and margins. Thames Valley Controls made further
progress in operating performance and generated improved
profits in the half year. In North America, Dupar
Controls and The Fixture Company have again both turned
in sales increases of more than 10%.
Following last year's major advances, sales at the Rail
and Keypad Divisions dropped back a little this year.
Revenue reduction was greater than the fall in unit
sales, due to adverse product mix.
Despite the pressure on prices the company is able to
report improved profitability through our efforts on
sales of higher value added components, cost reductions
and efficiency improvements.
YEAR 2000 COMPLIANCE
The group continues to take steps to ensure all systems
are year 2000 compliant and final outstanding actions are
due for completion by July.
INDICATIONS FOR THE YEAR
Second half sales are likely to follow the pattern of
last year and show a modest increase. As a result we now
expect to achieve another year of successful progress.
DIVIDENDS
The Directors have declared an interim dividend of 1.15p,
compared with 1.05p last year.
The interim dividend is payable on 1st September 1999 and
warrants will be posted on 27th August 1999 to
shareholders appearing on the Register at 3.00 p.m. on
16th July 1999.
By Order of the Board
M N GREEN
Secretary
10th June 1999
Dewhurst plc
The unaudited balance sheet of Dewhurst plc and its
subsidiaries as at 28th March 1999 and 27th September
1998 is detailed below. The consolidated profit and loss
account for the 26 weeks to 28th March 1999, as compared
with the corresponding 26 weeks ended
29th March 1998 and the 52 weeks ended 27th September
1998, shows the following results:
Consolidated profit and loss account
26 weeks 26 weeks 52 weeks
ended ended ended
28th March 29th March 27th September
1999 1998 1998
#(000)'s #(000)'s #(000)'s
Turnover 9,560 9,221 18,224
Operating costs (8,759) (8,574) (16,768)
_____________________________________________________________
Trading profit 801 647 1,456
Other operating income
Profit on sale of investments 0 0 124
_____________________________________________________________
Operating profit 801 647 1,580
Net interest 49 29 62
_____________________________________________________________
Profit on ordinary 850 676 1,642
activities before tax
Taxation (287)Est. (228)Est. (506)
_____________________________________________________________
Profit for the financial 563 448 1,136
period
Dividends (119) (115) (339)
_____________________________________________________________
Retained profit for the 444 333 797
financial year
Earnings per share 5.23p 4.07p 10.42p
Dividends per share 1.15p 1.05p 3.15p
All disclosures relate only to continuing operations
Dewhurst plc
Consolidated balance sheet
28th March 27th September
1999 1998
#(000)'s #(000)'s
Fixed assets
Tangible
- Land and buildings 1,383 1,383
- Plant and machinery 1,673 1,565
_________________________________________________________
3,056 2,948
Current assets
Stocks 3,340 3,391
Debtors 3,881 4,031
Investments 23 21
Cash 1,218 1,442
_________________________________________________________
8,462 8,885
Creditors: amounts falling due 3,566 4,138
within one year
_________________________________________________________
Net current assets 4,896 4,747
_________________________________________________________
Total assets less current 7,952 7,695
liabilities
Provisions for liabilities and 0 0
charges
_________________________________________________________
Net assets 7,952 7,695
Capital and reserves
Called up share capital 1,032 1,066
Share premium account 423 423
Revaluation reserve 127 127
Capital redemption reserve 97 63
Profit and loss account 6,273 6,016
_________________________________________________________
Equity shareholders' funds 7,952 7,695
The results for the 1998 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.
END
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