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DWHT Dewhurst Group Plc

945.00
0.00 (0.00%)
Last Updated: 07:37:12
Delayed by 15 minutes
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

Dewhurst PLC Interim Results (7324B)

11/06/2019 7:00am

UK Regulatory


Dewhurst (LSE:DWHT)
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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

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