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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Dewhurst Group Plc | LSE:DWHT | London | Ordinary Share | GB0002675048 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 25.00 | 2.22% | 1,150.00 | 1,100.00 | 1,200.00 | 1,150.00 | 1,085.00 | 1,125.00 | 2,602 | 11:27:31 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Electrical Machy, Equip, Nec | 57.96M | 5.04M | 0.6279 | 10.75 | 54.14M |
From Apr 2019 to Apr 2024
TIDMDWHT
RNS Number : 8459H
Dewhurst PLC
13 June 2017
Dewhurst plc (the "Group")
Interim Results for the 6 months ended 31 March 2017
Directors' Interim Report
FIRST HALF
The board is pleased to report record interim sales and profits for the Group's half year results to 31 March 2017. Overall, Group revenue increased 22% to GBP26.1 million (2016: GBP21.3 million), with profit before tax increasing by 76% to GBP3.0 million (2016: GBP1.7 million). Adjusted operating profit* of GBP3.1 million (2016: GBP1.9 million) is also up 61% on last year and earnings per share rose to 25.8p (2016: 13.1p). The Group balance sheet remains strong with cash at the period end of GBP16.0 million (2016: GBP14.0 million).
The weaker pound continued to benefit our reported figures throughout the period. Currency movements increased Group revenue by approximately GBP2.6 million in the first half. However we also achieved growth in local sales values at all our companies other than those in North America, which fell back slightly. At constant currency, the main revenue improvements were at the Transport and Keypad Divisions, which both achieved double digit growth; the Lift Division overall grew by around 5%, including a first time contribution of GBP0.4 million from the acquisition of P&R in Australia.
OUTLOOK
After strong first half sales, the UK seems to be pausing at the moment. Whether this is a short term lull or a longer term trend is not yet clear. But it is possible that the greater political and economic uncertainty in the UK since the general election may cause nervousness in our markets. Overseas the outlook is more positive. We have seen a good recovery in the last couple of months in some areas of North America, but it is not across the board. Demand in Australia, on the other hand, continues to be positive in all areas. The pound has strengthened a little against our main operating currencies since the end of March and that will, if maintained, reduce second half reported sales and profits. However the Directors believe that the underlying performance of the Group as a whole is encouraging.
DIVIDS
The Directors have declared an interim dividend of 3.50p per ordinary share (2016: 3.00p) which amounts to GBP295,000 (2016: GBP254,000). The interim dividend is payable on 22 August 2017 and will be posted on 17 August 2017 to shareholders appearing in the Register on 7 July 2017 (ex-dividend date being 6 July 2017).
A final 2016 dividend of 8.00p (2015: 10.00p) which amounted to GBP678,000 (2015: GBP847,000) was approved at the AGM held on 7 February 2017 and was paid on 15 February 2017 to members on the register at 20 January 2017.
By Order of the Board
J C SINCLAIR
Finance Director & Secretary
12 June 2017
* Operating profit before amortisation of acquired intangibles
Dewhurst plc
The unaudited consolidated statement of comprehensive income, balance sheet, statement of changes in equity and cash flow statement of Dewhurst plc and its subsidiaries for the half-year ended 31 March 2017, as compared with the corresponding half-year ended 31 March 2016 and the year ended 30 September 2016, shows the following results:
Consolidated statement of comprehensive income
Hot Features
Premium
Half year Half year Year
ended ended ended
31 March 31 March 30 September
2017 2016 2016
Continuing operations GBP000's GBP000's GBP000's
-------------------------------------- ----------- ------------- -------------
Revenue 26,070 21,332 47,159
Operating costs (22,960) (19,488) (41,749)
-------------------------------------- ----------- ------------- -------------
Adjusted operating profit* 3,110 1,931 5,502
Amortisation of acquired intangibles - (87) (92)
-------------------------------------- ----------- ------------- -------------
Operating profit 3,110 1,844 5,410
Finance income 52 62 126
Finance costs (204) (226) (451)
-------------------------------------- ----------- ------------- -------------
Profit before taxation 2,958 1,680 5,085
Taxation Est. (773) Est. (571) (1,577)
-------------------------------------- ----------- ------------- -------------
Profit for the financial period 2,185 1,109 3,508
-------------------------------------- ----------- ------------- -------------
Other comprehensive income:
Actuarial gains/(losses) on
the defined benefit pension
scheme Est. 1,009 Est. (1,249) (5,071)
Current tax effect - - -
Deferred tax effect (172) 225 862
-------------------------------------- ----------- ------------- -------------
Total that will not be subsequently
reclassified to income statement 837 (1,024) (4,209)
Exchange differences on translation
of foreign operations 577 1,247 2,621
Deferred tax effect (98) (224) (446)
-------------------------------------- ----------- ------------- -------------
Total that may be subsequently
reclassified to income statement 479 1,023 2,175
-------------------------------------- ----------- ------------- -------------
Other comprehensive income/(expense)
for the period, net of tax 1,316 (1) (2,034)
-------------------------------------- ----------- ------------- -------------
Total comprehensive income for
the period 3,501 1,108 1,474
-------------------------------------- ----------- ------------- -------------
Profit for the period attributable
to:
Equity shareholders of the company 2,112 1,079 3,453
Non-controlling interests 73 30 55
-------------------------------------- ----------- ------------- -------------
2,185 1,109 3,508
-------------------------------------- ----------- ------------- -------------
Total comprehensive income for
the period attributable to:
Equity shareholders of the company 3,396 1,006 1,289
Non-controlling interests 105 102 185
3,501 1,108 1,474
-------------------------------------- ----------- ------------- -------------
Basic and diluted earnings per
share 25.82p 13.09p 40.75p
-------------------------------------- ----------- ------------- -------------
Dividends per share 3.50p 3.00p 11.00p
-------------------------------------- ----------- ------------- -------------
* Operating profit before amortisation of acquired intangibles
Dewhurst plc
Consolidated balance sheet
Half year Half year Year
ended ended ended
31 March 31 March 30 September
2017 2016 2016
GBP000's GBP000's GBP000's
------------------------------- ---------- ---------- -------------
Non-current assets
Goodwill 4,829 3,096 3,444
Other intangibles 89 90 91
Property, plant and equipment 9,554 9,139 9,240
Deferred tax asset 2,086 2,350 2,423
------------------------------- ---------- ---------- -------------
16,558 14,675 15,198
Current assets
Inventories 5,108 4,346 4,863
Trade and other receivables 11,275 9,515 10,301
Cash and cash equivalents 16,010 14,038 16,674
------------------------------- ---------- ---------- -------------
32,393 27,899 31,838
------------------------------- ---------- ---------- -------------
Total assets 48,951 42,574 47,036
------------------------------- ---------- ---------- -------------
Current liabilities
Trade and other payables 5,824 4,196 5,365
Current tax liabilities 223 443 164
Short-term provisions 544 428 554
------------------------------- ---------- ---------- -------------
6,591 5,067 6,083
Non-current liabilities
Retirement benefit obligation 14,890 12,994 16,373
------------------------------- ---------- ---------- -------------
Total liabilities 21,481 18,061 22,456
------------------------------- ---------- ---------- -------------
Net assets 27,470 24,513 24,580
------------------------------- ---------- ---------- -------------
Equity
Share capital 842 847 847 Share premium account 157 157 157 Capital redemption reserve 295 290 290 Translation reserve 2,481 940 2,034 Retained earnings 22,717 21,729 20,663 ------------------------------- ---------- ---------- ------------- Total attributable to equity shareholders of the company 26,492 23,963 23,991 ------------------------------- ---------- ---------- ------------- Non-controlling interests 978 550 589 ------------------------------- ---------- ---------- ------------- Total equity 27,470 24,513 24,580 ------------------------------- ---------- ---------- -------------
Dewhurst plc
Consolidated statement of changes in equity
For the period ended 31 March 2017
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 1 October 2016 847 157 290 2,034 20,663 589 24,580
--------------------- --------- --------- ----------- ------------ --------- ------------ ---------
Profit for the
period - - - - 2,112 73 2,185
Other comprehensive
income and expense
Exchange differences
on
translation of
foreign operations - - - 545 - 32 577
Actuarial
gains/(losses)
on defined benefit
pension scheme - - - - 1,009 - 1,009
Deferred tax effect - - - (98) (172) - (270)
Total comprehensive
income - - - 447 2,949 105 3,501
Shares repurchased (5) - 5 - (217) - (217)
Shares Issued (2) - - - - - 311 311
Dividends paid - - - - (678) (27) (705)
At 31 March 2017 842 157 295 2,481 22,717 978 27,470
--------------------- --------- --------- ----------- ------------ --------- ------------ ---------
For the period ended 31 March 2016
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 1 October 2015 847 157 290 (11) 22,521 534 24,338
------------------- --------- --------- ----------- ------------ ---------- ------------ ----------
Profit for the
period - - - - 1,079 30 1,109
Other
comprehensive
income and expense
Exchange
differences
on
translation of
foreign
operations - - - 1,175 - 72 1,247
Actuarial
gains/(losses)
on defined
benefit
pension scheme - - - - (1,249) - (1,249)
Deferred tax
effect - - - (224) 225 - 1
Total
comprehensive
income - - - 951 55 102 1,108
Shares repaid (1) - - - - - (86) (86)
Dividends paid - - - - (847) - (847)
At 31 March 2016 847 157 290 940 21,729 550 24,513
------------------- --------- --------- ----------- ------------ ---------- ------------ ----------
(1) This relates to Dual Engraving Pty Ltd repurchasing shares from Michael Cook (held by D.E. Corporate Pty Ltd) in proportion to his 30% non-controlling interest.
(2) This relates to P&R Liftcars Pty Ltd selling shares to Roy Peat in proportion to his 25% non-controlling interest.
Dewhurst plc
Consolidated statement of changes in equity (cont'd)
For the year ended 30 September 2016
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 1 October 2015 847 157 290 (11) 22,521 534 24,338
------------------- --------- --------- ----------- ------------ ---------- ------------ ----------
Profit for the
year - - - - 3,453 55 3,508
Other
comprehensive
income and expense
Exchange
differences
on
translation of
foreign
operations - - - 2,491 - 130 2,621
Actuarial
gains/(losses)
on defined
benefit
pension scheme - - - - (5,071) - (5,071)
Deferred tax
effect - - - (446) 862 - 416
------------------- --------- --------- ----------- ------------ ---------- ------------ ----------
Total
comprehensive
income - - - 2,045 (756) 185 1,474
Shares repaid (1) - - - - - (86) (86)
Dividends paid - - - - (1,102) (44) (1,146)
At 30 September
2016 847 157 290 2,034 20,663 589 24,580
------------------- --------- --------- ----------- ------------ ---------- ------------ ----------
(1) This relates to Dual Engraving Pty Ltd repurchasing shares from Michael Cook (held by D.E. Corporate Pty Ltd) in proportion to his 30% non-controlling interest.
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 2016 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 2016 Financial Statements and its accounting policies, but where necessary comparative information has been reclassified or expanded from the 2016 Interim Financial Statements to take into account any presentational changes made in the 2016 Financial Statements or in these Interim Financial Statements.
Dewhurst plc
Consolidated cash flow statement
Half year Half year Year
ended ended ended
31 March 31 March 30 September
2017 2016 2016
GBP000's GBP000's GBP000's
------------------------------------------ ---------- ---------- -------------
Cash flows from operating activities
Operating profit 3,110 1,844 5,410
Depreciation and amortisation 406 418 907
Additional contributions to
pension scheme (673) (662) (1,346)
Exchange adjustments 178 201 383
(Profit)/loss on disposal of
property, plant and equipment (9) (8) (10)
------------------------------------------ ---------- ---------- -------------
3,012 1,793 5,344
(Increase)/decrease in inventories (8) 405 (112)
(Increase)/decrease in trade
and other receivables (974) (1,459) (2,245)
Increase/(decrease) in trade
and other payables 337 (306) 863
Increase/(decrease) in provisions (10) 110 236
------------------------------------------ ---------- ---------- -------------
Cash generated from operations 2,357 543 4,086 Tax paid (725) (435) (1,302) ------------------------------------------ ---------- ---------- ------------- Net cash from operating activities 1,632 108 2,784 ------------------------------------------ ---------- ---------- ------------- Cash flows from investing activities Acquisition of business and (1,356) - - assets Subsidiary share repurchase - non-controlling interest element (1) - (86) (86) Proceeds from sale of property, plant and equipment 25 10 18 Purchase of property, plant and equipment (601) (622) (901) Development costs capitalised - - (62) Interest received 52 62 126 ------------------------------------------ ---------- ---------- ------------- Net cash generated from/(used in) investing activities (1,880) (636) (905) ------------------------------------------ ---------- ---------- ------------- Cash flows from financing activities Issue of share capital - non-controlling 311 - - interest element (2) Purchase of own shares (217) - - Dividends paid (705) (847) (1,145) Net cash used in financing activities (611) (847) (1,145) ------------------------------------------ ---------- ---------- ------------- Net increase/(decrease) in cash and cash equivalents (859) (1,375) 734 ------------------------------------------ ---------- ---------- ------------- Cash and cash equivalents at beginning of period 16,674 14,958 14,958 Exchange adjustments on cash and cash equivalents 195 455 982 ------------------------------------------ ---------- ---------- ------------- Cash and cash equivalents at end of period 16,010 14,038 16,674 ------------------------------------------ ---------- ---------- -------------
(1) This relates to Dual Engraving Pty Ltd repurchasing shares from Michael Cook (held by D.E. Corporate Pty Ltd) in proportion to his 30% non-controlling interest.
(2) This relates to P&R Liftcars Pty Ltd selling shares to Roy Peat in proportion to his 25% non-controlling interest.
For further details please contact:
Dewhurst Plc Tel: +44 (0) 208 744 8200
Richard Dewhurst, Chairman
Jared Sinclair, Finance Director
www.dewhurst.plc.uk
Cantor Fitzgerald Europe Tel: +44 (0) 207 894 7000
David Foreman / Will Goode (Corporate Finance)
Alex Pollen (Equity Sales)
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GGUQAQUPMGWP
(END) Dow Jones Newswires
June 13, 2017 02:00 ET (06:00 GMT)
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