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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 980.00 | 930.00 | 1,030.00 | 980.00 | 980.00 | 980.00 | 2,863 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Electrical Machy, Equip, Nec | 57.96M | 5.04M | 0.6279 | 10.75 | 54.14M |
TIDMDWHT
RNS Number : 8774O
Dewhurst Group PLC
15 June 2022
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.
Dewhurst Group plc (the "Group")
Interim Results for the 6 months ended 31 March 2022
Directors' Interim Report
FIRST HALF
The Group has performed well despite the challenges in the macroeconomic environment, particularly in some of our markets. We are pleased to report that the results for the first half are broadly in line with market expectations with an increased profit before tax figure for the first half of the current financial year on slightly reduced sales. Overall, Group revenue decreased by 6% to GBP27.1 million (2021: GBP28.9 million) and adjusted operating profit (before acquired intangible amortisation) decreased 12% to GBP3.8 million (2021: GBP4.4 million), while profit before tax increased 11% to GBP3.7 million (2021: GBP3.4 million) and earnings per share improved to 28.4p (2021: 26.4p).
Encouragingly, our UK Lift Division sales in the period were marginally up on last year's first half, but overseas lift sales were lower. Sales were down in Australia due to Covid-19 disruption, but sales in Canada and Hong Kong grew to partially offset that fall. Transport sales were significantly down compared to the previous year, which had been supported by a number of Government Cycle Projects. There was some recovery in Keypad sales but these remain quite volatile and unpredictable from month to month. First half currency movements had no material impact on Group revenue or profits.
The Group balance sheet remains strong with cash at the period end of GBP19.9 million (2021: GBP17.6 million).
OUTLOOK
Overall order books in Australia are reasonably strong, but it may take a few months for these orders to start to filter through to sales as material and labour constraints are leading to some project delays. In North America the market seems still to be relatively buoyant, at least for the remainder of this year. The UK has remained fairly steady, but with rapidly rising inflation and interest rates increasing there is a risk of demand tailing off. It has also been a considerable challenge to keep on top of cost increases in the first half and we do not anticipate this pressure is going to ease soon. We have been able to pass on some increases to customers, but not fully, so margins have been squeezed in a number of areas. With material challenges and extended lead times globally we are holding more stock around the Group, but consider this is a good investment in our efforts to maintain customer service levels.
As has been previously reported, the Group suffered a serious cyber-attack in May. The remediation costs will affect the profit in the second half, so the full year profit is now forecast to be below last year and below market expectations. The disruption to operations is expected to continue through June as we recover our systems and data, but we are continuing to sell, manufacture and despatch goods through the disruption.
DIVIDS
The Directors have declared an increased interim dividend of 4.50p per ordinary share (2021: 4.25p) which amounts to GBP364,000 (2021: GBP343,000). The interim dividend is payable on 16 August 2022 and will be posted on 11 August 2022 to shareholders appearing in the Register on 8 July 2022 (ex-dividend date being 7 July 2022).
A final 2021 dividend of 9.75p (2020: 9.25p) which amounted to GBP788,000 (2020: GBP748,000) was approved at the AGM held on 15 February 2022 and was paid on 23 February 2022 to members on the register at 21 January 2022.
By Order of the Board
J C SINCLAIR
Finance Director & Secretary
14 June 2022
Dewhurst Group plc (formerly Dewhurst plc)
The unaudited consolidated statement of comprehensive income, statement of financial position, statement of changes in equity and cash flow statement of Dewhurst Group plc and its subsidiaries for the half-year ended 31 March 2022, as compared with the corresponding half-year ended 31 March 2021 and the year ended 30 September 2021, shows the following results:
Consolidated statement of comprehensive income
Half year Half year Year ended ended ended 31 March 31 March 30 Sept 2022 2021 2021 Continuing operations GBP000's GBP000's GBP000's -------------------------------------------------- ------------- ------------- --------- Revenue 27,050 28,881 56,249 Operating costs (23,232) (25,354) (46,395) -------------------------------------------------- ------------- ------------- --------- Adjusted operating profit 3,818 4,361 9,214 Profit on sale of property, plant and equipment^ - - 1,751 Amortisation of acquired intangibles - (834) (1,111) -------------------------------------------------- ------------- ------------- --------- Operating profit 3,818 3,527 9,854 Finance income 12 6 20 Finance costs (102) (164) (311) -------------------------------------------------- ------------- ------------- --------- Profit before taxation 3,728 3,369 9,563 Taxation Est. (1,436) Est. (1,237) (2,110) -------------------------------------------------- ------------- ------------- --------- Profit for the financial period 2,292 2,132 7,453 -------------------------------------------------- ------------- ------------- --------- Other comprehensive income: Actuarial gains/(losses) on the defined benefit pension scheme Est. 3,879 Est. 3,153 5,344 Deferred tax effect (970) (599) (1,336) Current tax effect Est. 159 Est. 113 224 Total that will not be subsequently reclassified to income statement 3,068 2,667 4,232 Exchange differences on translation of foreign operations 1,414 (44) (425) Total that may be subsequently reclassified to income statement 1,414 (44) (425) -------------------------------------------------- ------------- ------------- --------- Other comprehensive income/(expense) for the period, net of tax 4,482 2,623 3,807 -------------------------------------------------- ------------- ------------- --------- Total comprehensive income for the period 6,774 4,755 11,260 -------------------------------------------------- ------------- ------------- --------- Profit for the period attributable to: Equity shareholders of the company 2,179 1,925 7,030 Non-controlling interests 113 207 423 -------------------------------------------------- ------------- ------------- --------- 2,292 2,132 7,453 -------------------------------------------------- ------------- ------------- --------- Total comprehensive income for the period attributable to: Equity shareholders of the company 6,578 4,539 10,877 Non-controlling interests 196 216 383 6,774 4,755 11,260 -------------------------------------------------- ------------- ------------- --------- Basic and diluted earnings per share 28.36p 26.38p 86.98p -------------------------------------------------- ------------- ------------- --------- Dividends per share 4.50p 4.25p 14.00p -------------------------------------------------- ------------- ------------- ---------
^ Gain arising on the disposal of the old premises at Dupar Controls Inc.
Dewhurst Group plc (formerly Dewhurst plc)
Consolidated statement of financial position
Half year Half year Year ended ended ended 31 March 31 March 30 Sept 2022 2021 2021 GBP000's GBP000's GBP000's ------------------------------------------- ---------- ---------- --------- Non-current assets Goodwill 9,890 9,766 9,626 Other intangibles 24 305 24 Property, plant and equipment 18,207 18,351 17,827 Right-of-use assets 2,625 3,035 2,802 Deferred tax asset - 1,917 1,111 ------------------------------------------- ---------- ---------- --------- 30,746 33,374 31,390 Current assets Inventories 7,011 5,792 6,597 Trade and other receivables 12,116 11,790 10,008 Cash and cash equivalents 19,854 17,627 20,463 ------------------------------------------- ---------- ---------- --------- 38,981 35,209 37,068 ------------------------------------------- ---------- ---------- --------- Total assets 69,727 68,583 68,458 ------------------------------------------- ---------- ---------- --------- Current liabilities Trade and other payables 7,703 9,666 7,571 Borrowings - 983 - Current tax liabilities 156 237 89 Short-term provisions 344 343 343 Lease liabilities 470 445 450 8,673 11,674 8,453 Non-current liabilities Retirement benefit obligation 219 7,522 4,737 Deferred tax liabilities 10 - - Lease liabilities 2,359 2,755 2,537 ------------------------------------------- ---------- ---------- --------- Total liabilities 11,261 21,951 15,727 ------------------------------------------- ---------- ---------- --------- Net assets 58,466 46,632 52,731 ------------------------------------------- ---------- ---------- --------- Equity Share capital 808 808 808 Share premium account 157 157 157 Capital redemption reserve 329 329 329 Translation reserve 2,992 1,994 1,662 Retained earnings 52,672 41,887 48,213 ------------------------------------------- ---------- ---------- --------- Total attributable to equity shareholders of the company 56,958 45,175 51,169 ------------------------------------------- ---------- ---------- --------- Non-controlling interests 1,508 1,457 1,562 ------------------------------------------- ---------- ---------- --------- Total equity 58,466 46,632 52,731 ------------------------------------------- ---------- ---------- ---------
Dewhurst Group plc (formerly Dewhurst plc)
Consolidated statement of changes in equity
For the period ended 31 March 2022
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 30 September 2021 808 157 329 1,662 48,213 1,562 52,731 Exchange differences on translation of foreign operations - - - 1,330 - 84 1,414 Actuarial gains/(losses) on defined benefit pension scheme - - - - 3,879 - 3,879 Deferred tax effect - - - - (970) - (970) Tax on items taken directly to equity (Est.) - - - - 159 - 159 Dividends paid - - - - (788) (251) (1,039) Profit for the period - - - - 2,179 113 2,292 At 31 March 2022 808 157 329 2,992 52,672 1,508 58,466 --------------------------- ----------- --------- ------------- -------------- --------- ------------ -------------
For the period ended 31 March 2021
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 30 September 2020 808 157 329 2,047 38,042 1,443 42,826 Exchange differences on translation of foreign operations - - - (53) - 9 (44) Actuarial gains/(losses) on defined benefit pension scheme - - - - 3,153 - 3,153 Deferred tax effect - - - - (599) - (599) Tax on items taken directly to equity (Est.) - - - - 113 - 113 Dividends paid - - - - (747) (202) (949) Profit for the period - - - - 1,925 207 2,132 At 31 March 2021 808 157 329 1,994 41,887 1,457 46,632 ---------------------------- ----------- --------- ------------- -------------- --------- ------------ -------------
Dewhurst Group plc (formerly Dewhurst plc)
Consolidated statement of changes in equity (cont'd)
For the year ended 30 September 2021
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 30 September 2020 808 157 329 2,047 38,042 1,443 42,826 Share repurchase - - - - - - - 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 ---------------------------- ----------- --------- ------------- -------------- --------- ------------ -------------
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 2020 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 2021 Financial Statements and its accounting policies, but where necessary comparative information has been reclassified or expanded from the 2021 Interim Financial Statements to take into account any presentational changes made in the 2021 Financial Statements or in these Interim Financial Statements.
Dewhurst Group plc (formerly Dewhurst plc)
Consolidated cash flow statement
Half year Half year Year ended ended ended 31 March 31 March 30 Sept 2022 2021 2021 GBP000's GBP000's GBP000's --------------------------------------------- ---------- ---------- --------- Cash flows from operating activities Operating profit 3,818 3,527 9,854 Depreciation and amortisation 510 1,283 2,317 Right-of-use asset depreciation 238 245 489 Additional contributions to pension scheme (683) (683) (1,357) Exchange adjustments 240 595 (49) (Profit)/loss on disposal of property, plant and equipment (1) (28) (1,774) --------------------------------------------- ---------- ---------- --------- 4,122 4,939 9,480 (Increase)/decrease in inventories (414) 416 (389) (Increase)/decrease in trade and other receivables (2,108) (2,237) (455) Increase/(decrease) in trade and other payables 132 233 (1,213) Increase/(decrease) in provisions 1 - - --------------------------------------------- ---------- ---------- --------- Cash generated from operations 1,733 3,351 7,423 Interest paid - (13) (25) Tax paid (1,031) (976) (1,896) --------------------------------------------- ---------- ---------- --------- Net cash from operating activities 702 2,362 5,502 --------------------------------------------- ---------- ---------- --------- Cash flows from investing activities Acquisition of business and assets - (649) (649) Proceeds on disposal of a subsidiary (net - - - of cash disposed) Proceeds from sale of property, plant and equipment 10 58 2,122 Purchase of property, plant and equipment (309) (1,888) (2,500) Development costs capitalised - - (15) Interest received 12 6 20 --------------------------------------------- ---------- ---------- --------- Net cash generated from/(used in) investing activities (287) (2,473) (1,022) --------------------------------------------- ---------- ---------- --------- Cash flows from financing activities Dividends paid (1,039) (949) (1,355) Purchase of own shares - - - Repayment of lease liabilities including interest (277) (285) (562) Proceeds from bank borrowings - 908 (69) Net cash used in financing activities (1,316) (326) (1,986) --------------------------------------------- ---------- ---------- --------- Net increase/(decrease) in cash and cash equivalents (901) (437) 2,494 --------------------------------------------- ---------- ---------- --------- Cash and cash equivalents at beginning of period 20,463 18,139 18,139 Exchange adjustments on cash and cash equivalents 292 (75) (170) --------------------------------------------- ---------- ---------- --------- Cash and cash equivalents at end of period 19,854 17,627 20,463 --------------------------------------------- ---------- ---------- ---------
Contacts:
Dewhurst Group Plc Tel: +44 (0)208 744 8200
Richard Dewhurst, Chairman
Jared Sinclair, Finance Director
www.dewhurst-group.com
Singer Capital Markets (Nominated Adviser and Sole Broker) Tel: +44 (0)207 496 3000
Will Goode / James Fischer
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June 15, 2022 02:00 ET (06:00 GMT)
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