Interim Results
June 12 2003 - 3:30AM
UK Regulatory
RNS Number:2236M
Dewhurst PLC
12 June 2003
Dewhurst plc
Directors' Interim Report
FIRST HALF
Turnover at the Group increased by 12% to #13.3 million. Profit before tax rose
to #955,000 (#907,000). Earnings per share rose to 6.33p (5.75p) with the higher
profit .
The Lift Division overall showed a gain in sales against last year. The UK was
weaker but this was more than offset by improvements in overseas sales,
particularly in Canada. Rail and Keypad sales were up with significant shipments
of the new keypad range in the first quarter.
As a result of product changes and considerable pressure on margins it was
necessary to reduce staffing at the Hounslow site by around 15% in February.
This was a difficult time for our staff and we thank them for their
positive approach to these challenges. Cost savings are expected to offset
redundancy costs by the end of the year.
OUTLOOK
Lift product demand is expected to be reasonably stable in the second half. Rail
sales will be boosted by a significant refurbishment contract. Keypad demand has
become rather volatile and unpredictable but on average is expected to remain
strong through the second half.
DIVIDENDS
The Directors have declared an interim dividend of 1.46p, compared with 1.39p
last year. The interim dividend is payable on 1st September 2003 and warrants
will be posted on 28th August 2003 to shareholders appearing in the Register at
3:00 p.m. on 18th July 2003.
By Order of the Board
M N GREEN
Secretary
12th June 2003
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 2003, as compared with the corresponding half-year ended 31st March 2002
and the year ended 30th September 2002, shows the following results:
Consolidated profit and loss account
Half year ended Half year ended Year ended
31st March 2003 31st March 2002 30th September
2002
#(000)'s #(000)'s #(000)'s
Turnover 13,290 11,884 24,184
Operating costs (12,337) (10,951) (22,315)
-------------- ------------ ------------
Operating profit 953 933 1,869
Net interest 2 (26) (32)
--------------- --------------- ---------------
Profit on ordinary
activities before tax 955 907 1,837
Taxation Est. (331) Est. (328) (660)
--------------- --------------- ---------------
Profit for the 624 579 1,177
financial period
Dividends (144) (137) (411)
--------------- --------------- ---------------
Retained profit for 480 442 766
the period
--------------- -------------- ---------------
Basic earnings per share 6.33p 5.75p 11.82p
Diluted earnings per share 6.33p 5.75p 11.82p
Dividends per share 1.46p 1.39p 4.17p
All disclosures relate only to continuing operations
Consolidated balance sheet
Half year Half year Year
ended ended ended
31st March 31st March 30th September
2003 2002 2002
#(000)'s #(000)'s #(000)'s
Fixed assets
Intangible 1,025 1,123 981
Tangible
- Land and buildings 1,480 1,358 1,341
- Plant and machinery 1,563 1,594 1,577
------------ ------------ -------------
3,043 2,952 2,918
------------ ------------ -------------
4,068 4,075 3,899
Current assets
Stocks 4,466 4,514 4,663
Debtors 4,724 5,347 4,704
Investments 213 308 403
Cash 1,838 423 1,402
------------- ------------ ------------
11,241 10,592 11,172
Creditors: amounts falling (4,058) (3,981) (4,600)
due within one year
--------------- --------------- ---------------
Net current assets 7,183 6,611 6,572
--------------- --------------- ---------------
Total assets less 11,251 10,686 10,471
current liabilities
Creditors: amounts falling (303) (375) (299)
due after one year
Provisions for liabilities (109) (155) (109)
and charges
--------------- --------------- ---------------
Net assets 10,839 10,156 10,063
-------------- ------------- --------------
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 9,122 8,439 8,346
--------------- --------------- ---------------
Equity shareholders' funds 10,839 10,156 10,063
funds
------------- ------------- --------------
The results for the 2002 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.
Consolidated cash flow statement
Half year ended Half year ended Year ended
31st March 2003 31st March 2002 30th September
2002
#(000)'s #(000)'s #(000)'s
Net cash inflow from 1,217 64 2,076
operating activities
Returns on investment and servicing of finance:
Interest and dividends received 18 12 24
Interest paid (15) (36) (52)
Interest element from finance (1) (2) (3)
lease rental payments
--------------- ------------- ------------
Net cash inflow/(outflow) 2 (26) (31)
from returns on investment
and servicing of finance
Taxation:
UK taxation (120) (122) (373)
Overseas taxation (182) (111) (262)
------------- ------------ ------------
Net cash inflow from (302) (233) (635)
taxation
Capital expenditure and financial investment:
Purchase of fixed assets (434) (311) (614)
Sale of tangible 101 11 53
fixed assets
-------------- -------------- -------------
Net cash outflow from capital (333) (300) (561)
expenditure & financial investment
Equity dividends paid (274) (268) (406)
-------------- -------------- -------------
Net cash inflow/(outflow) 310 (763) 443
before use of liquid resources
and financing
Management of liquid resources
(Purchase)/sale of 190 (133) (228)
short-term deposits
--------------- --------------- --------------
190 (133) (228)
Financing
Bank loan repayments (45) (85) (184)
Capital element of finance (19) (7) (40)
lease rental payments
Repurchase of shares - (213) (213)
------------ ------------- ------------
(64) (305) (437)
Increase/(decrease) 436 (1,201) (222)
in cash in period
-------------- ------------- -------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DGGMVNMLGFZM