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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END
IR ZXLFLXQLXBBF
(END) Dow Jones Newswires
June 26, 2023 02:00 ET (06:00 GMT)
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