TIDMDWHT
RNS Number : 2330B
Dewhurst PLC
09 June 2021
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 2021
Directors' Interim Report
FIRST HALF
We are pleased to report a growth in sales and record profits
for the first half of the current financial year. Overall, Group
revenue increased by 3% to GBP28.9 million (2020: GBP28.2 million)
and adjusted operating profit (before acquired intangible
amortisation) increased 28% to GBP4.4 million (2020: GBP3.4
million). Profit before tax increased 36% to GBP3.4 million (2020:
GBP2.5 million) and earnings per share improved to 26.4p (2020:
20.8p). Although some Covid-19 restrictions remain in place in the
countries in which we operate, we have been fully operational at
all our sites throughout the first half of the year.
Lift Division sales this year were very similar to last year's
first half, which was only minimally affected by the Covid-19
pandemic. The growth in sales was predominantly driven by our
Transportation Division, with deliveries of cycleway products
continuing to be strong through the period. This growth was
partially offset by a further reduction in our Keypad Division.
Demand for cash and ATMs is still depressed and is expected to
remain low, especially whilst lockdowns remain in place. First half
currency movements increased Group revenue by around GBP0.3 million
primarily as a result of the strengthening of the Australian
Dollar.
The Group balance sheet remains strong with cash at the period
end of GBP17.6 million (2020: GBP15.1 million). Since 30 September
2020, the Group has generated GBP2.4 million from operating
activities but spent a further GBP1.0 million towards developing
Dupar's new property which is now complete and in use. The sale of
Dupar's previous property was completed at the beginning of
June.
OUTLOOK
There was a release of pent-up demand during the first half of
the year as some of our markets gradually relaxed restrictions.
However there are now signs of some of that peak petering out. We
expect there to be a lull in demand until economies fully open up
again and customers start commissioning new projects. In the
meantime we expect sales could be a bit choppy and unpredictable,
particularly in regard to timing. The pandemic has severely
disrupted supply chains and it is taking time to get used to new
arrangements. Lead times have extended and purchase prices are
rising, which we expect will start to squeeze margins. Fortunately
we held reasonable stocks going into this period, but it is proving
challenging maintaining stock at the level we would like. The Group
still has strength and solidity from its balance sheet to carry it
through any short term turbulence.
DIVIDS
The Directors have declared an increased interim dividend of
4.25p per ordinary share (2020: 3.75p) which amounts to GBP343,000
(2020: GBP315,000). The interim dividend is payable on 17 August
2021 and will be posted on 12 August 2021 to shareholders appearing
in the Register on 9 July 2021 (ex-dividend date being 8 July
2021).
A final 2020 dividend of 9.25p (2019: 9.25p) which amounted to
GBP778,000 (2019: GBP778,000) was approved at the AGM held on 16
February 2021 and was paid on 24 February 2021 to members on the
register at 22 January 2021.
By Order of the Board
J C SINCLAIR
Finance Director & Secretary
8 June 2021
The unaudited consolidated statement of comprehensive income,
statement of financial position, statement of changes in equity and
cash flow statement of Dewhurst plc and its subsidiaries for the
half-year ended 31 March 2021, as compared with the corresponding
half-year ended 31 March 2020 and the year ended 30 September 2020,
shows the following results:
Consolidated statement of comprehensive income
Half year Half year Year
ended ended ended
31 March 31 March 30 Sept
2021 2020 2020
Continuing operations GBP000's GBP000's GBP000's
-------------------------------------------------- ------------- ----------- ---------
Revenue 28,881 28,172 55,617
Operating costs (25,354) (25,597) (48,654)
-------------------------------------------------- ------------- ----------- ---------
Adjusted operating profit 4,361 3,409 8,630
Amortisation of acquired intangibles (834) (834) (1,667)
-------------------------------------------------- ------------- ----------- ---------
Operating profit 3,527 2,575 6,963
Finance income 6 34 58
Finance costs (164) (135) (281)
-------------------------------------------------- ------------- ----------- ---------
Profit before taxation 3,369 2,474 6,740
Taxation Est. (1,237) Est. (727) (2,061)
-------------------------------------------------- ------------- ----------- ---------
Profit for the financial period 2,132 1,747 4,679
-------------------------------------------------- ------------- ----------- ---------
Other comprehensive income:
Actuarial gains/(losses) on the defined
benefit pension scheme Est. 3,153 Est. (619) (1,886)
Deferred tax effect (599) 118 358
Current tax effect Est. 113 Est. 87 226
Total that will not be subsequently reclassified
to income statement 2,667 (414) (1,302)
Exchange differences on translation of
foreign operations (44) (1,483) (215)
Total that may be subsequently reclassified
to income statement (44) (1,483) (215)
-------------------------------------------------- ------------- ----------- ---------
Other comprehensive income/(expense) for
the period, net of tax 2,623 (1,897) (1,517)
-------------------------------------------------- ------------- ----------- ---------
Total comprehensive income for the period 4,755 (150) 3,162
-------------------------------------------------- ------------- ----------- ---------
Profit for the period attributable to:
Equity shareholders of the company 1,925 1,565 4,312
Non-controlling interests 207 182 367
-------------------------------------------------- ------------- ----------- ---------
2,132 1,747 4,679
-------------------------------------------------- ------------- ----------- ---------
Total comprehensive income for the period
attributable to:
Equity shareholders of the company 4,539 (214) 2,783
Non-controlling interests 216 64 379
4,755 (150) 3,162
-------------------------------------------------- ------------- ----------- ---------
Basic and diluted earnings per share 26.38p 20.78p 51.78p
-------------------------------------------------- ------------- ----------- ---------
Dividends per share 4.25p 3.75p 13.00p
-------------------------------------------------- ------------- ----------- ---------
Consolidated statement of financial position
Half year Half year Year
ended ended ended
31 March 31 March 30 Sept
2021 2020 2020
GBP000's GBP000's GBP000's
------------------------------------------- ---------- ---------- ---------
Non-current assets
Goodwill 9,766 9,332 9,743
Other intangibles 305 1,995 1,139
Property, plant and equipment 18,351 13,396 16,947
Right-of-use assets 3,035 1,942 3,273
Deferred tax asset 1,917 2,700 2,621
------------------------------------------- ---------- ---------- ---------
33,374 29,365 33,723
Current assets
Inventories 5,792 5,602 6,208
Trade and other receivables 11,790 12,556 9,553
Cash and cash equivalents 17,627 15,097 18,139
------------------------------------------- ---------- ---------- ---------
35,209 33,255 33,900
------------------------------------------- ---------- ---------- ---------
Total assets 68,583 62,620 67,623
------------------------------------------- ---------- ---------- ---------
Current liabilities
Trade and other payables 9,666 8,117 9,433
Borrowings 983 - 69
Current tax liabilities 237 15 268
Short-term provisions 343 300 343
Lease liabilities 445 353 443
11,674 8,785 10,556
Non-current liabilities
Retirement benefit obligation 7,522 10,615 11,268
Lease liabilities 2,755 1,644 2,973
------------------------------------------- ---------- ---------- ---------
Total liabilities 21,951 21,044 24,797
------------------------------------------- ---------- ---------- ---------
Net assets 46,632 41,576 42,826
------------------------------------------- ---------- ---------- ---------
Equity
Share capital 808 841 808
Share premium account 157 157 157
Capital redemption reserve 329 296 329
Translation reserve 1,994 909 2,047
Retained earnings 41,887 38,167 38,042
------------------------------------------- ---------- ---------- ---------
Total attributable to equity shareholders
of the company 45,175 40,370 41,383
------------------------------------------- ---------- ---------- ---------
Non-controlling interests 1,457 1,206 1,443
------------------------------------------- ---------- ---------- ---------
Total equity 46,632 41,576 42,826
------------------------------------------- ---------- ---------- ---------
Consolidated statement of changes in equity
For the period ended 31 March 2021
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 2020 808 157 329 2,047 38,042 1,443 42,826
Exchange differences
on
translation of
foreign
operations - - - (53) - 9 (44)
Actuarial
gains/(losses)
on
defined benefit
pension
scheme - - - - 3,153 - 3,153
Deferred tax effect - - - - (599) - (599)
Tax on items taken
directly
to
equity (Est.) - - - - 113 - 113
Dividends paid - - - - (747) (202) (949)
Profit for the
period - - - - 1,925 207 2,132
At 31 March 2021 808 157 329 1,994 41,887 1,457 46,632
--------------------- --------- --------- ----------- ------------ --------- ------------ ---------
For the period ended 31 March 2020
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
2019 841 157 296 2,274 37,847 1,265 42,680
-------------------- --------- --------- ----------- ------------ --------- ------------ ----------
IFRS 16 transition
impact - - - - (53) - (53)
-------------------- --------- --------- ----------- ------------ --------- ------------ ----------
At 1 October 2019 841 157 296 2,274 37,794 1,265 42,627
Exchange
differences
on
translation of
foreign
operations - - - (1,365) - (118) (1,483)
Actuarial
gains/(losses)
on defined benefit
pension
scheme - - - - (619) - (619)
Deferred tax effect - - - - 118 - 118
Tax on items taken
directly
to equity (Est.) - - - - 87 - 87
Dividends paid - - - - (778) (123) (901)
Profit for the
period - - - - 1,565 182 1,747
At 31 March 2020 841 157 296 909 38,167 1,206 41,576
-------------------- --------- --------- ----------- ------------ --------- ------------ ----------
For the year ended 30 September 2020
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
2019 841 157 296 2,274 37,847 1,265 42,680
Impact from IFRS
16 'leases' - - - - (85) (11) (96)
------------------- --------- --------- ----------- ------------ ---------- ------------ ----------
At 30 September
2019
(restated) 841 157 296 2,274 37,762 1,254 42,584
Share repurchase (33) - 33 - (1,637) - (1,637)
Exchange
differences
on
translation of
foreign
operations - - - (227) - 12 (215)
Actuarial
gains/(losses)
on defined
benefit pension
scheme - - - - (1,886) - (1,886)
Deferred tax
effect - - - - 358 - 358
Tax on items taken
directly
to equity - - - - 226 - 226
Dividends paid - - - - (1,093) (190) (1,283)
Profit for the
year - - - - 4,312 367 4,679
At 30 September
2020 808 157 329 2,047 38,042 1,443 42,826
------------------- --------- --------- ----------- ------------ ---------- ------------ ----------
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 2020 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 2020 Financial Statements and its accounting
policies, but where necessary comparative information has been
reclassified or expanded from the 2020 Interim Financial Statements
to take into account any presentational changes made in the 2020
Financial Statements or in these Interim Financial Statements.
Consolidated cash flow statement
Half year Half year Year
ended ended ended
31 March 31 March 30 Sept
2021 2020 2020
GBP000's GBP000's GBP000's
--------------------------------------------- ---------- ---------- ---------
Cash flows from operating activities
Operating profit 3,527 2,575 6,963
Depreciation and amortisation 1,283 1,321 2,663
Right-of-use asset depreciation 245 229 351
Additional contributions to pension scheme (683) (552) (1,366)
Exchange adjustments 595 (91) (33)
(Profit)/loss on disposal of property,
plant and equipment (28) (16) 64
--------------------------------------------- ---------- ---------- ---------
4,939 3,466 8,642
(Increase)/decrease in inventories 416 408 (198)
(Increase)/decrease in trade and other
receivables (2,237) (1,563) 1,385
Increase/(decrease) in trade and other
payables 233 (63) 1,243
Increase/(decrease) in provisions - 23 66
--------------------------------------------- ---------- ---------- ---------
Cash generated from operations 3,351 2,271 11,138
Interest paid (13) - (2)
Tax paid (976) (946) (1,871)
--------------------------------------------- ---------- ---------- ---------
Net cash from operating activities 2,362 1,325 9,265
--------------------------------------------- ---------- ---------- ---------
Cash flows from investing activities
Acquisition of business and assets (649) (624) (624)
Proceeds on disposal of a subsidiary (net
of cash disposed) - - 55
Proceeds from sale of property, plant
and equipment 58 16 35
Purchase of property, plant and equipment (1,888) (1,158) (4,257)
Development costs capitalised - - (12)
Interest received 6 34 58
--------------------------------------------- ---------- ---------- ---------
Net cash generated from/(used in) investing
activities (2,473) (1,732) (4,745)
--------------------------------------------- ---------- ---------- ---------
Cash flows from financing activities
Dividends paid (949) (901) (1,283)
Purchase of own shares - - (1,637)
Repayment of lease liabilities including
interest (285) (266) (381)
Proceeds from bank borrowings 908 - 69
Net cash used in financing activities (326) (1,167) (3,232)
--------------------------------------------- ---------- ---------- ---------
Net increase/(decrease) in cash and cash
equivalents (437) (1,574) 1,288
--------------------------------------------- ---------- ---------- ---------
Cash and cash equivalents at beginning
of period 18,139 16,980 16,980
Exchange adjustments on cash and cash
equivalents (75) (309) (129)
--------------------------------------------- ---------- ---------- ---------
Cash and cash equivalents at end of period 17,627 15,097 18,139
--------------------------------------------- ---------- ---------- ---------
Contacts:
Dewhurst Plc Tel: +44 (0)208 744 8200
Richard Dewhurst, Chairman
Jared Sinclair, Finance Director
www.dewhurst.plc.uk
N+1 Singer (Nominated Adviser and Sole Broker) Tel: +44 (0)207 496 3000
Will Goode / Rick Thompson / James Fischer
Person responsible:
The person responsible for arranging the release of this
announcement on behalf of Dewhurst plc is Jared Sinclair
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END
IR MZGGVNRKGMZM
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June 09, 2021 02:00 ET (06:00 GMT)
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