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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 |
TIDMDWHT
RNS Number : 1824R
Dewhurst PLC
13 June 2018
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 plc (the "Group")
Interim Results for the 6 months ended 31 March 2018
Directors' Interim Report
FIRST HALF
Although sales and profit fell in the first half of the year, on a constant currency basis and adjusting for a divested business, underlying sales were actually slightly up. Overall, Group revenue decreased by 5% to GBP24.7 million (2017: GBP26.1 million) and profit before tax decreased 4% to GBP2.8 million (2017: GBP3.0 million). Operating profit of GBP2.5 million (2017: GBP3.1 million) is down 19% on last year with earnings per share declining to 23.2p (2017: 25.8p).
As mentioned in the 2017 Full Year Statement, demand for keypads was weaker and this continued through the first half of 2018 and was the most significant contributor to the lower sales. Another significant negative impact on the results was the strengthening of Sterling. The currency movements had a 5% negative impact on both sales and profits to the value of GBP1.0 million and GBP0.2 million respectively. In addition we sold the door and cab division of ERM which reduced sales by GBP1.1m in the period. Elsewhere, Canada continued its strong growth, the UK businesses varied but overall were up, and Australia also varied, but with a full half year contribution from P&R was also up in total.
The Group balance sheet remains strong with cash at the period end of GBP18.0 million (2017: GBP16.0 million).
In the second half, after the date of the balance sheet reported here and as announced on 4 June 2018, Dewhurst acquired A. & A. Electrical Distributors Limited (A&A). The terms of the acquisition are set out in the announcement, but it will utilise a significant amount of the Group's free cash. However the acquisition is expected to be earnings enhancing in the second half.
OUTLOOK
In most of our markets the business climate seems to be reasonably positive at present. The exception remains the UK where there is still some uncertainty about the short term and the economic situation is highly dependent on political decisions. Although keypad sales have picked up a little in the last couple of months we do expect a declining trend on these products over the long term. However we expect to see a positive impact from the contribution of A&A. Current exchange rate levels will continue to be a drag on the Group, more so if Sterling were to further strengthen. The second half may see a period of consolidation, but on balance we are encouraged by the future growth prospects for the Group.
DIVIDS
The Directors have declared an interim dividend of 3.50p per ordinary share (2017: 3.50p) which amounts to GBP295,000 (2017: GBP295,000). The interim dividend is payable on 21 August 2018 and will be posted on 16 August 2018 to shareholders appearing in the Register on 6 July 2018 (ex-dividend date being 5 July 2018).
A final 2017 dividend of 8.50p (2016: 8.00p) which amounted to GBP716,000 (2016: GBP678,000) was approved at the AGM held on 8 February 2018 and was paid on 14 February 2018 to members on the register at 19 January 2018.
By Order of the Board
J C SINCLAIR
Finance Director & Secretary
12 June 2018
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 2018, as compared with the corresponding half-year ended 31 March 2017 and the year ended 30 September 2017, shows the following results:
Consolidated statement of comprehensive income
Half year Half year Year ended ended ended 31 March 31 March 30 September 2018 2017 2017 Continuing operations GBP000's GBP000's GBP000's -------------------------------------------------- ----------- ----------- ------------- Revenue 24,669 26,070 52,890 Operating costs (22,163) (22,960) (46,646) -------------------------------------------------- ----------- ----------- ------------- Operating profit 2,506 3,110 6,244 Profit on business divestment (1) 439 - - Finance income 52 52 117 Finance costs (152) (204) (395) -------------------------------------------------- ----------- ----------- ------------- Profit before taxation 2,845 2,958 5,966 Taxation Est. (894) Est. (773) (1,345) -------------------------------------------------- ----------- ----------- ------------- Profit for the financial period 1,951 2,185 4,621 -------------------------------------------------- ----------- ----------- ------------- Other comprehensive income: Actuarial gains/(losses) on the defined benefit pension scheme Est. (485) Est. 1,009 3,672 Current tax effect - - - Deferred tax effect 82 (172) (624) -------------------------------------------------- ----------- ----------- ------------- Total that will not be subsequently reclassified to income statement (403) 837 3,048 Exchange differences on translation of foreign operations (1,393) 577 (104) Deferred tax effect 237 (98) 18 -------------------------------------------------- ----------- ----------- ------------- Total that may be subsequently reclassified to income statement (1,156) 479 (86) -------------------------------------------------- ----------- ----------- ------------- Other comprehensive income/(expense) for the period, net of tax (1,559) 1,316 2,962 -------------------------------------------------- ----------- ----------- ------------- Total comprehensive income for the period 392 3,501 7,583 -------------------------------------------------- ----------- ----------- ------------- Profit for the period attributable to: Equity shareholders of the company 1,822 2,112 4,445 Non-controlling interests 129 73 176 -------------------------------------------------- ----------- ----------- ------------- 1,951 2,185 4,621 -------------------------------------------------- ----------- ----------- ------------- Total comprehensive income for the period attributable to: Equity shareholders of the company 336 3,396 7,428 Non-controlling interests 56 105 155 392 3,501 7,583 -------------------------------------------------- ----------- ----------- ------------- Basic and diluted earnings per share 23.16p 25.82p 52.65p -------------------------------------------------- ----------- ----------- ------------- Dividends per share 3.50p 3.50p 12.00p -------------------------------------------------- ----------- ----------- -------------
(1) This relates to ERM selling its Winter & Bain division to Elevator Equipment Corporation
Dewhurst plc
Consolidated balance sheet
Half year Half year Year ended ended ended 31 March 31 March 30 September 2018 2017 2017 GBP000's GBP000's GBP000's ------------------------------------------- ---------- ---------- ------------- Non-current assets Goodwill 4,252 4,829 4,575 Other intangibles 94 89 98 Property, plant and equipment 9,181 9,554 9,267 Deferred tax asset 1,850 2,086 1,641 ------------------------------------------- ---------- ---------- ------------- 15,377 16,558 15,581 Current assets Inventories 4,947 5,108 5,566 Trade and other receivables 9,873 11,275 10,011 Cash and cash equivalents 18,006 16,010 18,087 ------------------------------------------- ---------- ---------- -------------
32,826 32,393 33,664 ------------------------------------------- ---------- ---------- ------------- Total assets 48,203 48,951 49,245 ------------------------------------------- ---------- ---------- ------------- Current liabilities Trade and other payables 5,139 5,824 5,567 Current tax liabilities 239 223 368 Short-term provisions 252 544 326 ------------------------------------------- ---------- ---------- ------------- 5,630 6,591 6,261 Non-current liabilities Retirement benefit obligation 11,716 14,890 11,751 ------------------------------------------- ---------- ---------- ------------- Total liabilities 17,346 21,481 18,012 ------------------------------------------- ---------- ---------- ------------- Net assets 30,857 27,470 31,233 ------------------------------------------- ---------- ---------- ------------- Equity Share capital 842 842 842 Share premium account 157 157 157 Capital redemption reserve 295 295 295 Translation reserve 886 2,481 1,969 Retained earnings 27,672 22,717 26,969 ------------------------------------------- ---------- ---------- ------------- Total attributable to equity shareholders of the company 29,852 26,492 30,232 ------------------------------------------- ---------- ---------- ------------- Non-controlling interests 1,005 978 1,001 ------------------------------------------- ---------- ---------- ------------- Total equity 30,857 27,470 31,233 ------------------------------------------- ---------- ---------- -------------
Dewhurst plc
Consolidated statement of changes in equity
For the period ended 31 March 2018
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 2017 842 157 295 1,969 26,969 1,001 31,233 -------------------- --------- --------- ----------- ------------ --------- ------------ ---------- Profit for the period - - - - 1,822 129 1,951 Other comprehensive income and expense Exchange differences on translation of foreign operations - - - (1,320) - (73) (1,393) Actuarial gains/(losses) on defined benefit pension scheme - - - - (485) - (485) Deferred tax effect - - - 237 82 - 319 Total comprehensive income - - - (1,083) 1,419 56 392 Dividends paid - - - - (716) (52) (768) At 31 March 2018 842 157 295 886 27,672 1,005 30,857 -------------------- --------- --------- ----------- ------------ --------- ------------ ----------
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 --------------------- --------- --------- ----------- ------------ --------- ------------ ---------
(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 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 year - - - - 4,445 176 4,621 Other comprehensive income and expense Exchange differences on translation of foreign operations - - - (83) - (21) (104) Actuarial gains/(losses) on defined benefit pension scheme - - - - 3,672 - 3,672 Deferred tax effect - - - 18 (624) - (606) --------------------- --------- --------- ----------- ------------ --------- ------------ --------- Total comprehensive income - - - (65) 7,493 155 7,583 Shares repurchased (5) - 5 - (217) - (217) Shares issued (2) - - - - - 311 311 Dividends paid - - - - (970) (54) (1,024) At 30 September 2017 842 157 295 1,969 26,969 1,001 31,233 --------------------- --------- --------- ----------- ------------ --------- ------------ ---------
(2) This relates to P&R Liftcars Pty Ltd selling shares to Roy Peat in proportion to his 25% 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 2017 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 2017 Financial Statements and its accounting policies, but where necessary comparative information has been reclassified or expanded from the 2017 Interim Financial Statements to take into account any presentational changes made in the 2017 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 2018 2017 2017 GBP000's GBP000's GBP000's --------------------------------------------- ---------- ---------- ------------- Cash flows from operating activities Operating profit 2,506 3,110 6,244 Depreciation and amortisation 431 406 975 Additional contributions to pension scheme (673) (673) (1,343) Exchange adjustments (706) 178 (49) (Profit)/loss on disposal of property, plant and equipment (9) (9) 21 --------------------------------------------- ---------- ---------- ------------- 1,549 3,012 5,848 (Increase)/decrease in inventories 619 (8) (703) (Increase)/decrease in trade and other receivables 138 (974) 290 Increase/(decrease) in trade and other payables (428) 337 202 Increase/(decrease) in provisions (74) (10) (228) --------------------------------------------- ---------- ---------- ------------- Cash generated from operations 1,804 2,357 5,409 Interest paid - - (2) Tax paid (681) (725) (968) --------------------------------------------- ---------- ---------- ------------- Net cash from operating activities 1,123 1,632 4,439 --------------------------------------------- ---------- ---------- ------------- Cash flows from investing activities Acquisition of business and assets - (1,356) (933) Proceeds from business divestment (1) 439 - - Proceeds from sale of property, plant and equipment 12 25 52 Purchase of property, plant and equipment (554) (601) (978) Development costs capitalised - - (82) Interest received 52 52 117 --------------------------------------------- ---------- ---------- ------------- Net cash generated from/(used in) investing activities (51) (1,880) (1,824) --------------------------------------------- ---------- ---------- ------------- Cash flows from financing activities Issue of share capital - non-controlling - 311 - interest element (2) Purchase of own shares - (217) (217) Dividends paid (768) (705) (1,024) Net cash used in financing activities (768) (611) (1,241) --------------------------------------------- ---------- ---------- ------------- Net increase/(decrease) in cash and cash equivalents 304 (859) 1,374 --------------------------------------------- ---------- ---------- ------------- Cash and cash equivalents at beginning of period 18,087 16,674 16,674 Exchange adjustments on cash and cash equivalents (385) 195 39 --------------------------------------------- ---------- ---------- ------------- Cash and cash equivalents at end of period 18,006 16,010 18,087 --------------------------------------------- ---------- ---------- -------------
(1) This relates to ERM selling its Winter & Bain division to Elevator Equipment Corporation
(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 (Sales)
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR GGURCQUPRGQP
(END) Dow Jones Newswires
June 13, 2018 02:00 ET (06:00 GMT)
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