We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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% | 945.00 | 900.00 | 990.00 | 945.00 | 945.00 | 945.00 | 2,000 | 07:37:12 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Electrical Machy, Equip, Nec | 57.96M | 5.04M | 0.6279 | 10.35 | 52.14M |
TIDMDWHT
RNS Number : 7324B
Dewhurst PLC
11 June 2019
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 2019
Directors' Interim Report
FIRST HALF
We are pleased to report significant growth in sales and adjusted operating profits in the first half of the year. The increase included the effect of a full six months' trading of A&A Electrical Distributors Ltd (A&A), but even allowing for this most recent acquisition, the underlying performance of the Group, particularly in Australia, was also up. Overall, Group revenue increased by 31% to GBP32.3 million (2018: GBP24.7 million) and adjusted operating profit (before acquired intangible amortisation) increased 36% to GBP4.0 million (2018: GBP2.9 million). Profit before tax increased 8% to GBP3.1 million (2018: GBP2.8 million) with earnings per share also improving to 25.0p (2018: 23.2p).
Whilst the Group's performance was encouraging in almost all areas, continued pressure on UK local authority spending, has dampened transport sales. Elsewhere, UK lift sales have so far remained resilient despite the uncertainty caused by Brexit and overseas lift sales have performed well. Keypad sales have remained stable at a similar level of sales to the second half of last year, which was a significant improvement on last year's first half. Unusually, first half currency movements have not had a material impact on the Group's revenue or profits.
The Group balance sheet remains strong with cash at the period end of GBP6.2 million (2018: GBP18.0 million). Since 31 March 2018 the Group has paid out GBP10.5 million on the acquisition of A&A, GBP2.7 million on a property for LMA and GBP1.2 million on land for Dupar. These key investments have utilised a significant amount of the Group's free cash but have not affected its day to day working capital requirements. The Group has been able to operate successfully without a bank overdraft facility.
OUTLOOK
Demand in most of our markets, excluding the transportation sector as noted above, is currently steady or improving. In the UK we are still faced with uncertainty regarding Brexit. We cannot tell how this might affect demand later in the second half, but we are retaining our higher inventory levels for the time being until the way forward is clearer. In Australia, the previous government has just been re-elected. As a result, it is expected that the economic climate should remain positive and the recent hesitancy in committing to some projects may be resolved. North America remains busy and the trade tensions have, so far not had an impact in our market sector. The uncertainty in the UK clouds our overall view for the future, but elsewhere we are encouraged by the prospects for the Group.
DIVIDS
The Directors have declared an interim dividend of 3.75p per ordinary share (2018: 3.50p) which amounts to GBP315,000 (2018: GBP295,000). The interim dividend is payable on 20 August 2019 and will be posted on 15 August 2019 to shareholders appearing in the Register on 5 July 2019 (ex-dividend date being 4 July 2019).
A final 2018 dividend of 9.00p (2017: 8.50p) which amounted to GBP758,000 (2017: GBP716,000) was approved at the AGM held on 5 February 2019 and was paid on 13 February 2019 to members on the register at 17 January 2019.
By Order of the Board
J C SINCLAIR
Finance Director & Secretary
10 June 2019
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 2019, as compared with the corresponding half-year ended 31 March 2018 and the year ended 30 September 2018, shows the following results:
Consolidated statement of comprehensive income
Half year Half year Year ended ended ended 31 March 31 March 30 September 2019 2018 2018 Continuing operations GBP000's GBP000's GBP000's -------------------------------------------------- ------------- ----------- ------------- Revenue 32,329 24,669 54,510 Operating costs (29,158) (21,724) (48,322) -------------------------------------------------- ------------- ----------- ------------- Adjusted operating profit 4,005 2,945 6,743 Amortisation of acquired intangibles (834) - (555) -------------------------------------------------- ------------- ----------- ------------- Operating profit 3,171 2,945 6,188 Finance income 13 52 86 Finance costs (109) (152) (291) -------------------------------------------------- ------------- ----------- ------------- Profit before taxation 3,075 2,845 5,983 Taxation Est. (971) Est. (894) (1,723) -------------------------------------------------- ------------- ----------- ------------- Profit for the financial period 2,104 1,951 4,260 -------------------------------------------------- ------------- ----------- ------------- Other comprehensive income: Actuarial gains/(losses) on the defined benefit pension scheme Est. (2,831) Est. (485) 3,080 Current tax effect Est. 106 - 140 Deferred tax effect 481 82 (524) -------------------------------------------------- ------------- ----------- ------------- Total that will not be subsequently reclassified to income statement (2,244) (403) 2,696 Exchange differences on translation of foreign operations (446) (1,393) (727) Total that may be subsequently reclassified to income statement (446) (1,393) (727) -------------------------------------------------- ------------- ----------- ------------- Other comprehensive income/(expense) for the period, net of tax (2,690) (1,796) 1,969 -------------------------------------------------- ------------- ----------- ------------- Total comprehensive income for the period (586) 155 6,229 -------------------------------------------------- ------------- ----------- ------------- Profit for the period attributable to: Equity shareholders of the company 1,931 1,822 4,039 Non-controlling interests 173 129 221 -------------------------------------------------- ------------- ----------- ------------- 2,104 1,951 4,260 -------------------------------------------------- ------------- ----------- ------------- Total comprehensive income for the period attributable to: Equity shareholders of the company (732) 99 6,070 Non-controlling interests 146 56 159 (586) 155 6,229 -------------------------------------------------- ------------- ----------- ------------- Basic and diluted earnings per share 24.99p 23.16p 47.93p -------------------------------------------------- ------------- ----------- ------------- Dividends per share 3.75p 3.50p 12.50p -------------------------------------------------- ------------- ----------- -------------
Dewhurst plc
Consolidated statement of financial position
Half year Half year Year ended ended ended 31 March 31 March 30 September 2019 2018 2018 GBP000's GBP000's GBP000's ------------------------------------------- ---------- ---------- ------------- Non-current assets Goodwill 8,505 4,252 8,598 Other intangibles 3,675 94 4,510 Property, plant and equipment 13,162 9,181 9,271 Deferred tax asset 2,101 2,273 1,639 ------------------------------------------- ---------- ---------- ------------- 27,443 15,800 24,018 Current assets Inventories 6,640 4,947 6,279 Trade and other receivables 13,656 9,873 13,920
Cash and cash equivalents 6,249 18,006 9,440 ------------------------------------------- ---------- ---------- ------------- 26,545 32,826 29,639 ------------------------------------------- ---------- ---------- ------------- Total assets 53,988 48,626 53,657 ------------------------------------------- ---------- ---------- ------------- Current liabilities Trade and other payables 7,890 5,139 8,185 Current tax liabilities 304 239 532 Short-term provisions 310 252 304 ------------------------------------------- ---------- ---------- ------------- 8,504 5,630 9,021 Non-current liabilities Retirement benefit obligation 9,902 11,716 7,628 ------------------------------------------- ---------- ---------- ------------- Total liabilities 18,406 17,346 16,649 ------------------------------------------- ---------- ---------- ------------- Net assets 35,582 31,280 37,008 ------------------------------------------- ---------- ---------- ------------- Equity Share capital 840 842 842 Share premium account 157 157 157 Capital redemption reserve 297 295 295 Translation reserve 1,545 1,309 1,964 Retained earnings 31,540 27,672 32,693 ------------------------------------------- ---------- ---------- ------------- Total attributable to equity shareholders of the company 34,379 30,275 35,951 ------------------------------------------- ---------- ---------- ------------- Non-controlling interests 1,203 1,005 1,057 ------------------------------------------- ---------- ---------- ------------- Total equity 35,582 31,280 37,008 ------------------------------------------- ---------- ---------- -------------
Dewhurst plc
Consolidated statement of changes in equity
For the period ended 31 March 2019
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 2018 842 157 295 1,964 32,693 1,057 37,008 ------------------- --------- --------- ----------- ------------ ---------- ------------ ---------- Profit for the period - - - - 1,931 173 2,104 Other comprehensive income and expense Exchange differences on translation of foreign operations - - - (419) - (27) (446) Actuarial gains/(losses) on defined benefit pension scheme - - - - (2,831) - (2,831) Tax on items taken directly to equity (Est.) - - - - 106 - 106 Deferred tax effect - - - - 481 - 481 Total comprehensive income - - - (419) (313) 146 (586) Shares repurchased (2) - 2 - (82) - (82) Dividends paid - - - - (758) - (758) At 31 March 2019 840 157 297 1,545 31,540 1,203 35,582 ------------------- --------- --------- ----------- ------------ ---------- ------------ ----------
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 30 September 2017 842 157 295 2,629 26,969 1,001 31,893 -------------------- --------- --------- ----------- ------------ --------- ------------ ---------- 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 - - - - 82 - 82 Total comprehensive income - - - (1,320) 1,419 56 155 Dividends paid - - - - (716) (52) (768) At 31 March 2018 842 157 295 1,309 27,672 1,005 31,280 -------------------- --------- --------- ----------- ------------ --------- ------------ ----------
Dewhurst plc
Consolidated statement of changes in equity (cont'd)
For the year ended 30 September 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 30 September 2017 842 157 295 2,629 26,969 1,001 31,893 --------------------- --------- --------- ----------- ------------ --------- ------------ --------- Profit for the year - - - - 4,039 221 4,260 Other comprehensive income and expense Exchange differences on translation of foreign operations - - - (665) - (62) (727) Actuarial gains/(losses) on defined benefit pension scheme - - - - 3,080 - 3,080 Tax on items taken directly to equity - - - - 140 - 140 Deferred tax effect - - - - (524) - (524) Total comprehensive income - - - (665) 6,735 159 6,229 Dividends paid - - - - (1,011) (103) (1,114) At 30 September 2018 842 157 295 1,964 32,693 1,057 37,008 --------------------- --------- --------- ----------- ------------ --------- ------------ ---------
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 2018 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 2018 Financial Statements and its accounting policies, but where necessary comparative information has been reclassified or expanded from the 2018 Interim Financial Statements to take into account any presentational changes made in the 2018 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 2019 2018 2018 GBP000's GBP000's GBP000's --------------------------------------------- ---------- ---------- ------------- Cash flows from operating activities Operating profit 3,171 2,945 6,188 Depreciation and amortisation 1,343 431 1,572 Additional contributions to pension scheme (666) (673) (1,331) Exchange adjustments (162) (706) (155) (Profit)/loss on disposal of property, plant and equipment (14) (9) 36 --------------------------------------------- ---------- ---------- ------------- 3,672 1,988 6,310 (Increase)/decrease in inventories (361) 619 (487) (Increase)/decrease in trade and other receivables 264 138 (3,909) Increase/(decrease) in trade and other payables (295) (428) 2,618 Increase/(decrease) in provisions 6 (74) (22) --------------------------------------------- ---------- ---------- ------------- Cash generated from operations 3,286 2,243 4,510 Interest paid - - (3) Tax paid (1,003) (681) (1,270) --------------------------------------------- ---------- ---------- ------------- Net cash from operating activities 2,283 1,562 3,237 --------------------------------------------- ---------- ---------- ------------- Cash flows from investing activities Acquisition of business and assets - - (9,525) Proceeds from sale of property, plant and equipment 14 12 43 Purchase of property, plant and equipment (4,571) (554) (1,161) Development costs capitalised - - (29) Interest received 13 52 86 --------------------------------------------- ---------- ---------- ------------- Net cash generated from/(used in) investing activities (4,544) (490) (10,586) --------------------------------------------- ---------- ---------- ------------- Cash flows from financing activities Purchase of own shares (82) - - Dividends paid (758) (768) (1,114) Net cash used in financing activities (840) (768) (1,114) --------------------------------------------- ---------- ---------- ------------- Net increase/(decrease) in cash and cash equivalents (3,101) 304 (8,463) --------------------------------------------- ---------- ---------- ------------- Cash and cash equivalents at beginning of period 9,440 18,087 18,087 Exchange adjustments on cash and cash equivalents (90) (385) (184) --------------------------------------------- ---------- ---------- ------------- Cash and cash equivalents at end of period 6,249 18,006 9,440 --------------------------------------------- ---------- ---------- -------------
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)
Caspar Shand Kydd (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 DMGMVKGVGLZM
(END) Dow Jones Newswires
June 11, 2019 02:00 ET (06:00 GMT)
1 Year Dewhurst Chart |
1 Month Dewhurst Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions