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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% | 1,185.00 | 1,170.00 | 1,200.00 | 1,185.00 | 1,185.00 | 1,185.00 | 0.00 | 07:31:47 |
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 : 7864D
Dewhurst Group PLC
26 June 2023
Dewhurst Group plc
Interim Results for the 6 months ended 31 March 2023
Directors' Interim Report
FIRST HALF
The Group is rising to challenges presented by the new inflationary environment in all our major markets. We are pleased to report improved results with increased profit before tax and revenue figures for the first half of the current financial year, but lower margins on sales. Overall, Group revenue increased by 12% to GBP30.4 million (2022: GBP27.1 million) and operating profit increased 4% to GBP4.0 million (2022: GBP3.8 million), while profit before tax increased 8% to GBP4.0 million (2022: GBP3.7 million) and earnings per share improved to 32.1p (2022: 28.4p). First half currency movements increased Group revenue and profit by 4%.
Lift Division sales grew in most regions, led by a strong performance in Canada and the USA, but the lull in major projects in Sydney continued through the first half. There was a modest recovery in Keypad sales, but these continue to be quite volatile and unpredictable from month to month. Overall Transport sales were fairly similar to the previous year, but rail infrastructure spending was down offset by a strong performance on highways products.
The Group balance sheet remains strong with cash at the period end of GBP22.6 million (2022: GBP19.9 million).
OUTLOOK
In North America the underlying market remains strong, although there are signs that the second half of this financial year may be impacted by a slowing of orders and customer approvals to proceed. Orders in Australia are reasonable, but we are still expecting it will take time for these orders to filter through to sales as continuing customer labour constraints are leading to some project delays. The UK has remained surprisingly steady given the economic backdrop, but may tail off later in the year as the impact of interest rate rises start to bite on the economy. We have better control this year on dealing with cost increases and all companies are focussed on trying to mitigate their impact. However, we are not able to pass all increases on to customers, so we are continuing to see margins squeezed. Recruitment challenges have eased a little in most of our markets and material availability has improved. As a result we have been able to reduce our abnormally high stock holdings, without a detrimental effect on service levels.
DIVIDS
The Directors have declared an increased interim dividend of 4.75p per ordinary share (2022: 4.50p) which amounts to GBP384,000 (2022: GBP364,000). The interim dividend is payable on 15 August 2023 and will be posted on 10 August 2023 to shareholders appearing in the Register on 7 July 2023 (ex-dividend date being 6 July 2023).
A final 2022 dividend of 10.25p (2021: 9.75p) which amounted to GBP828,000 (2021: GBP788,000) was approved at the AGM held on 14 February 2023 and was paid on 22 February 2023 to members on the register at 20 January 2023.
By Order of the Board
J C SINCLAIR
Chief Financial Officer & Secretary
23 June 2023
Dewhurst Group 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 2023, as compared with the corresponding half-year ended 31 March 2022 and the year ended 30 September 2022, shows the following results:
Consolidated statement of comprehensive income
Half year Half year Year ended ended ended 31 March 31 March 30 Sept 2023 2022 2022 Continuing operations GBP000's GBP000's GBP000's -------------------------------------------------- ------------- ------------- --------- Revenue 30,379 27,050 57,565 Operating costs (26,423) (23,232) (50,269) -------------------------------------------------- ------------- ------------- --------- Adjusted operating profit 3,956 3,818 8,818 Cyber attack remediation costs - - (1,522) Operating profit 3,956 3,818 7,296 Finance income 181 12 64 Finance costs (95) (102) (191) -------------------------------------------------- ------------- ------------- --------- Profit before taxation 4,042 3,728 7,169 Taxation Est. (1,448) Est. (1,436) (2,051) -------------------------------------------------- ------------- ------------- --------- Profit for the financial period 2,594 2,292 5,118 -------------------------------------------------- ------------- ------------- --------- Other comprehensive income: Actuarial gains/(losses) on the defined benefit pension scheme Est. (1,453) Est. 3,879 1,887 Deferred tax effect 363 (970) (472) Current tax effect Est. 218 Est. 159 200 Total that will not be subsequently reclassified to income statement (872) 3,068 1,615 Exchange differences on translation of foreign operations (3,236) 1,414 3,563 Total that may be subsequently reclassified to income statement (3,236) 1,414 3,563 -------------------------------------------------- ------------- ------------- --------- Other comprehensive income/(expense) for the period, net of tax (4,108) 4,482 5,178 -------------------------------------------------- ------------- ------------- --------- Total comprehensive income for the period (1,514) 6,774 10,296 -------------------------------------------------- ------------- ------------- --------- Profit for the period attributable to: Equity shareholders of the company 2,532 2,179 4,849 Non-controlling interests 62 113 269 -------------------------------------------------- ------------- ------------- --------- 2,594 2,292 5,118 -------------------------------------------------- ------------- ------------- --------- Total comprehensive income for the period attributable to: Equity shareholders of the company (1,425) 6,578 9,867 Non-controlling interests (89) 196 429 (1,514) 6,774 10,296 -------------------------------------------------- ------------- ------------- --------- Basic and diluted earnings per share 32.10p 28.36p 60.00p -------------------------------------------------- ------------- ------------- --------- Dividends per share 4.75p 4.50p 14.75p -------------------------------------------------- ------------- ------------- ---------
Dewhurst Group plc
Consolidated statement of financial position
Half year Half year Year ended ended ended 31 March 31 March 30 Sept 2023 2022 2022 GBP000's GBP000's GBP000's ------------------------------------------- ---------- ---------- --------- Non-current assets Goodwill 9,672 9,890 10,105 Other intangibles 17 24 19 Property, plant and equipment 17,573 18,207 19,147 Right-of-use assets 2,159 2,625 2,473 Deferred tax asset 262 - 118 ------------------------------------------- ---------- ---------- --------- 29,683 30,746 31,862 Current assets Inventories 7,377 7,011 7,931 Trade and other receivables 12,475 12,116 12,318 Current tax asset - - 281 Cash and cash equivalents 22,590 19,854 21,764 ------------------------------------------- ---------- ---------- --------- 42,442 38,981 42,294 ------------------------------------------- ---------- ---------- --------- Total assets 72,125 69,727 74,156 ------------------------------------------- ---------- ---------- --------- Current liabilities Trade and other payables 7,618 7,703 7,783 Current tax liabilities 319 156 - Short-term provisions 343 344 344
Lease liabilities 501 470 505 8,781 8,673 8,632 Non-current liabilities Retirement benefit obligation 2,377 219 1,798 Deferred tax liabilities - 10 - Lease liabilities 1,894 2,359 2,193 ------------------------------------------- ---------- ---------- --------- Total liabilities 13,052 11,261 12,623 ------------------------------------------- ---------- ---------- --------- Net assets 59,073 58,466 61,533 ------------------------------------------- ---------- ---------- --------- Equity Share capital 808 808 808 Share premium account 157 157 157 Capital redemption reserve 329 329 329 Translation reserve 1,980 2,992 5,065 Retained earnings 54,357 52,672 53,525 ------------------------------------------- ---------- ---------- --------- Total attributable to equity shareholders of the company 57,631 56,958 59,884 ------------------------------------------- ---------- ---------- --------- Non-controlling interests 1,442 1,508 1,649 ------------------------------------------- ---------- ---------- --------- Total equity 59,073 58,466 61,533 ------------------------------------------- ---------- ---------- ---------
Dewhurst Group plc
Consolidated statement of changes in equity
For the period ended 31 March 2023
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 2022 808 157 329 5,065 53,525 1,649 61,533 Exchange differences on translation of foreign operations - - - (3,085) - (151) (3,236) Actuarial gains/(losses) on defined benefit pension scheme - - - - (1,453) - (1,453) Deferred tax effect - - - - 363 - 363 Tax on items taken directly to equity (Est.) - - - - 218 - 218 Dividends paid - - - - (828) (118) (946) Profit for the period - - - - 2,532 62 2,594 At 31 March 2023 808 157 329 1,980 54,357 1,442 59,073 --------------------------- ----------- --------- ------------- -------------- ---------- ------------ --------------
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 ---------------------------- ----------- --------- ------------- -------------- --------- ------------ -------------
Dewhurst Group plc
Consolidated statement of changes in equity (cont'd)
For the year ended 30 September 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 - - - 3,403 - 160 3,563 Actuarial gains/(losses) on defined benefit pension scheme - - - - 1,887 - 1,887 Deferred tax effect - - - - (472) - (472) Tax on items taken directly to equity - - - - 200 - 200 Dividends paid - - - - (1,152) (342) (1,494) Profit for the year - - - - 4,849 269 5,118 At 30 September 2022 808 157 329 5,065 53,525 1,649 61,533 ---------------------------- ----------- --------- ------------- -------------- --------- ------------ -------------
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 2022 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 2022 Financial Statements and its accounting policies, but where necessary comparative information has been reclassified or expanded from the 2022 Interim Financial Statements to take into account any presentational changes made in the 2022 Financial Statements or in these Interim Financial Statements.
Dewhurst Group plc
Consolidated cash flow statement
Half year Half year Year ended ended ended 31 March 31 March 30 Sept 2023 2022 2022 GBP000's GBP000's GBP000's --------------------------------------------- ---------- ---------- --------- Cash flows from operating activities Operating profit 3,956 3,818 7,296 Depreciation and amortisation 533 510 1,050 Right-of-use asset depreciation 251 238 509 Additional contributions to pension scheme (919) (683) (1,137) Exchange adjustments (759) 240 738 (Profit)/loss on disposal of property, plant and equipment (17) (1) (13) --------------------------------------------- ---------- ---------- --------- 3,045 4,122 8,443 (Increase)/decrease in inventories 554 (414) (1,334) (Increase)/decrease in trade and other receivables (157) (2,108) (2,310) Increase/(decrease) in trade and other
payables (165) 132 212 Increase/(decrease) in provisions (1) 1 1 --------------------------------------------- ---------- ---------- --------- Cash generated from operations 3,276 1,733 5,012 Interest paid - - (1) Tax paid (398) (1,031) (1,712) --------------------------------------------- ---------- ---------- --------- Net cash from operating activities 2,878 702 3,299 --------------------------------------------- ---------- ---------- --------- Cash flows from investing activities Proceeds from sale of property, plant and equipment 28 10 23 Purchase of property, plant and equipment (298) (309) (789) Development costs capitalised - - (5) Interest received 181 12 64 --------------------------------------------- ---------- ---------- --------- Net cash generated from/(used in) investing activities (89) (287) (707) --------------------------------------------- ---------- ---------- --------- Cash flows from financing activities Dividends paid (946) (1,039) (1,494) Repayment of lease liabilities including interest (291) (277) (584) Net cash used in financing activities (1,237) (1,316) (2,078) --------------------------------------------- ---------- ---------- --------- Net increase/(decrease) in cash and cash equivalents 1,552 (901) 514 --------------------------------------------- ---------- ---------- --------- Cash and cash equivalents at beginning of period 21,764 20,463 20,463 Exchange adjustments on cash and cash equivalents (726) 292 787 --------------------------------------------- ---------- ---------- --------- Cash and cash equivalents at end of period 22,590 19,854 21,764 --------------------------------------------- ---------- ---------- ---------
Contacts:
Dewhurst Group Plc Tel: +44 (0)208 744 8200
Richard Dewhurst, Chairman
Jared Sinclair, Chief Financial Officer
www.dewhurst-group.com
Singer Capital Markets (Nominated Adviser and Sole Broker) Tel: +44 (0)207 496 3000
Rick Thompson / Alex Bond / James Fischer
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IR ZXLFLXQLXBBF
(END) Dow Jones Newswires
June 26, 2023 02:00 ET (06:00 GMT)
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