Dewhurst non-voting shares (LSE:DWHA) are in my Buffett-style portfolio. It’s earnings history is not spectacular, just one of steady progression over the years. But earnings are based on firm foundations of strong market positions, which bodes well for future growth.
Sales, earnings and dividends
Sales, £m | Earnings per share (p) | Dividend per share (p) | ||||
2009 | 36 | 38.43 | 6.06 | |||
2010 | 37 | 40.97 | 6.36 | |||
2011 | 42 | 34.35 | 6.69 | |||
2012 | 52 | 44.48 | 7.02 + 5 special | |||
2013 | 44 | 15.7 | 8.0 | |||
2014 | 47 | 43.87 | 9.0 | |||
2015 | 46 | 50.21 | 10 + 3 special | |||
2016 | 47 | 40.75 | 11.0 | |||
2017 | 53 | 52.65 | 12.0 | |||
2018 | 55 | 47.93 | 12.50 | |||
2019 | 66 (continuing: £56.5m) | 116.23p | 13.0p | |||
H1 2020 | 28 | 20.78p | 3.75p (2019: 3.75p) |
In the table above the 2019 earnings number is raised due to the inclusion of a capital gain on selling the Thames Valley Controls, TVC subsidiary, In the next table we remove that element as well remove the profit contribution made by operating the TVC business in the financial year.
Underlying earnings of continuing businesses only (in 2019 that means excluding capital gain on sale of TVC and the £1.1m profit after tax TVC made):
2019 £000’s | 2018 £000’s (excluding profit from TVC) | |||
Profit from continuing operations after tax | 3,095 | 3,543 | ||
Add back exceptional: pension female/male equalisation charge | 639 | 0 | ||
Add back exceptional: amortisation of acquired intangibles | 1667 | 555 | ||
Less tax on exceptionals | -461 | -111 | ||
Underlying profit after tax before minority interests | 4940 | 3,987 |
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