REG - Dewhurst Group PLC - Interim Results
24/06/2024 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240624:nRSX4753Ta&default-theme=true
RNS Number : 4753T Dewhurst Group PLC 24 June 2024
Dewhurst Group plc
Interim Results for the 6 months ended 31 March 2024
Directors' Interim Report
FIRST HALF
We are pleased to report a busy, but solid performance for the first half of
the current financial year, in line with management expectations. Overall,
Group revenue increased by 2% to £31.0 million (2023: £30.4 million). Our
operating profits have been impacted by the initial investment and set-up
costs required to get Dewhurst displays operational quickly in Singapore and
decreased slightly by 7% to £3.7 million (2023: £4.0 million). However, it
is pleasing to report that we are seeing steady growth in lift display sales
and increased profitability, as customers deplete their Avire display
inventory and start purchasing Dewhurst displays. Profit before tax decreased
3% to £3.9 million (2023: £4.0 million). Earnings per share improved 2% to
32.9p (2023: 32.1p). First half currency movements decreased Group revenue and
profit by 4%.
Lift Division sales grew in most regions, led by a stronger performance in the
UK, as well as growth resulting from new lift display sales mentioned above.
There was a further modest recovery in Transport sales, although these
continue to be volatile. Keypad Division sales continued to experience the
low demand seen last year in the first quarter, but picked up in the second
quarter.
The Group balance sheet remains strong with cash at the period end of £19.9
million (2023: £22.6 million). This is after paying £1.5 million to
acquire the remaining 25% stake in P&R on 14 March 2024 as well as
spending £1.8 million on a share buyback programme that ran throughout
February and March 2024. These shares will be cancelled in early July when we
are no longer in a close period.
OUTLOOK
In North America the market has softened this year, due to the effect of
increases in interest rates on property investment. The impact of this will
feed gradually into sales during the rest of the year. Orders in Australia
have been healthy this year, which should generate sales growth in the second
half. The UK should continue its encouraging performance, although the impact
of the election is an uncertainty. On balance, we expect overall growth in the
second half, although this will be dampened if the pound continues to
strengthen in the rest of the year. As such, the Board is confident the
Company is well positioned to achieve market expectations for FY24 1 (#_ftn1)
.
DIVIDENDS
The Directors have declared an increased interim dividend of 5.00p per
ordinary share (2023: 4.75p) which amounts to £387,000 (2023: £384,000). The
interim dividend is payable on 13 August 2024 and will be posted on 8 August
2024 to shareholders appearing in the Register on 19 July 2024 (ex-dividend
date being 18 July 2024).
A final 2023 dividend of 11.00p (2022: 10.25p) which amounted to £882,000
(2022: £828,000) was approved at the AGM held on 20 February 2024 and was
paid on 26 February 2024 to members on the register at 19 January 2024.
By Order of the Board
J C SINCLAIR
Chief Financial Officer & Secretary
21 June 2024
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 2024,
as compared with the corresponding half-year ended 31 March 2023 and the year
ended 30 September 2023, shows the following results:
Consolidated statement of comprehensive income
Half year Half year Year
ended ended ended
31 March 31 March 30 Sept
2024 2023 2023
Continuing operations £000's £000's £000's
Revenue 30,962 30,379 57,962
Operating costs (27,301) (26,423) (50,212)
Adjusted operating profit 3,661 3,956 7,750
- - -
Operating profit 3,661 3,956 7,750
Finance income 343 181 494
Finance costs (88) (95) (156)
Profit before taxation 3,916 4,042 8,088
Taxation Est. (1,293) Est. (1,448) (2,966)
Profit for the financial period 2,623 2,594 5,122
Other comprehensive income:
Actuarial gains/(losses) on the defined benefit pension scheme Est. 649 Est. (1,453) (1,896)
Deferred tax effect (162) 363 474
Current tax effect Est. 157 Est. 218 348
Total that will not be subsequently reclassified to income statement 644 (872) (1,074)
Exchange differences on translation of foreign operations (702) (3,236) (3,544)
Total that may be subsequently reclassified to income statement (702) (3,236) (3,544)
Other comprehensive income/(expense) for the period, net of tax (58) (4,108) (4,618)
Total comprehensive income for the period 2,565 (1,514) 504
Profit for the period attributable to:
Equity shareholders of the company 2,495 2,532 5,037
Non-controlling interests 128 62 85
2,623 2,594 5,122
Total comprehensive income for the period attributable to:
Equity shareholders of the company 2,443 (1,425) 623
Non-controlling interests 122 (89) (119)
2,565 (1,514) 504
Basic and diluted earnings per share 32.92p 32.10p 62.45p
Dividends per share 5.00p 4.75p 15.75p
Dewhurst Group plc
Consolidated statement of financial position
Half year Half year Year
ended ended ended
31 March 31 March 30 Sept
2024 2023 2023
£000's £000's £000's
Non-current assets
Goodwill 9,474 9,672 9,516
Other intangibles 676 17 389
Property, plant and equipment 17,016 17,573 17,443
Right-of-use assets 2,228 2,159 2,426
Deferred tax asset - 262 54
29,394 29,683 29,828
Current assets
Inventories 8,127 7,377 8,337
Trade and other receivables 11,766 12,475 10,182
Current tax asset 21 - -
Cash and cash equivalents 19,914 22,590 24,374
39,828 42,442 42,893
Total assets 69,222 72,125 72,721
Current liabilities
Trade and other payables 6,755 7,618 6,899
Current tax liabilities - 319 578
Short-term provisions 157 343 158
Lease liabilities 716 501 719
7,628 8,781 8,354
Non-current liabilities
Retirement benefit obligation 837 2,377 2,112
Deferred tax liabilities 364 - -
Lease liabilities 1,741 1,894 1,938
Total liabilities 10,570 13,052 12,404
Net assets 58,652 59,073 60,317
Equity
Share capital 773 808 802
Share premium account 157 157 157
Capital redemption reserve 363 329 334
Translation reserve 1,031 1,980 1,726
Retained earnings 55,676 54,357 55,916
Total attributable to equity shareholders of the company 58,000 57,631 58,935
Non-controlling interests 652 1,442 1,382
Total equity 58,652 59,073 60,317
Dewhurst Group plc
Consolidated statement of changes in equity
For the period ended 31 March 2024
Share Share Capital Translation Retained Non Total
capital premium redemption reserve earnings controlling equity
account reserve interest
£(000) £(000) £(000) £(000) £(000) £(000) £(000)
At 30 September 2023 802 157 334 1,726 55,916 1,382 60,317
Exchange differences on
translation of foreign operations - - - (695) - (7) (702)
Share (29) - 29 - (1,776) - (1,776)
Repurchase
Actuarial gains/(losses) on defined benefit pension scheme
- - - - 649 - 649
Deferred tax effect - - - - (162) - (162)
Tax on items taken directly to equity (Est.)
- - - - 157 - 157
Dividends paid - - - - (882) (84) (966)
Purchase of subsidiary and business undertakings
- - - - (721) (767) (1,488)
Profit for the period - - - - 2,495 128 2,623
At 31 March 2024 773 157 363 1,031 55,676 652 58,652
For the period ended 31 March 2023
Share Share Capital Translation Retained Non Total
capital premium redemption reserve earnings controlling equity
account reserve interest
£(000) £(000) £(000) £(000) £(000) £(000) £(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
Dewhurst Group plc
Consolidated statement of changes in equity (cont'd)
For the year ended 30 September 2023
Share Share Capital Translation Retained Non Total
capital premium redemption reserve earnings controlling equity
account reserve interest
£(000) £(000) £(000) £(000) £(000) £(000) £(000)
At 30 September 2022 808 157 329 5,065 53,525 1,649 61,533
Share (6) -- 6 -- (375) -- (375)
Repurchase
Exchange differences on
translation of foreign operations - - - (3,340) - (204) (3,544)
Actuarial gains/(losses) on defined benefit pension scheme
- - - - (1,896) - (1,896)
Deferred tax effect - - - - 474 - 474
Tax on items taken directly to equity
- - - - 348 - 348
Dividends paid - - - - (1,197) (148) (1,345)
Profit for the year - - - - 5,037 85 5,122
At 30 September 2023 802 157 335 1,725 55,916 1,382 60,317
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 2023 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
2023 Financial Statements and its accounting policies, but where necessary
comparative information has been reclassified or expanded from the 2023
Interim Financial Statements to take into account any presentational changes
made in the 2023 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
2024 2023 2023
£000's £000's £000's
Cash flows from operating activities
Operating profit 3,661 3,956 7,750
Depreciation and amortisation 621 533 1,090
Right-of-use asset depreciation 186 251 605
Additional contributions to pension scheme (685) (919) (1,634)
Exchange adjustments (503) (759) (878)
(Profit)/loss on disposal of property, plant and equipment (33) (17) (4)
3,247 3,045 6,929
(Increase)/decrease in inventories 210 554 (406)
(Increase)/decrease in trade and other receivables (1,584) (157) 2,136
Increase/(decrease) in trade and other payables (144) (165) (884)
Increase/(decrease) in provisions (1) (1) (186)
Cash generated from operations 1,728 3,276 7,589
Interest paid - - (1)
Tax paid (1,471) (398) (1,218)
Net cash from operating activities 257 2,878 6,370
Cash flows from investing activities
Purchase of subsidiary and business undertakings (1,488) - -
Proceeds from sale of property, plant and equipment 38 28 67
Purchase of property, plant and equipment (485) (298) (830)
Development costs capitalised - - (384)
Interest received 343 181 494
Net cash generated from/(used in) investing activities (1,592) (89) (653)
Cash flows from financing activities
Dividends paid (966) (946) (1,345)
Repayment of lease liabilities including interest (217) (291) (688)
Purchase of own shares (1,776) - (375)
Net cash used in financing activities (2,959) (1,237) (2,408)
Net increase/(decrease) in cash and cash equivalents (4,294) 1,552 3,309
Cash and cash equivalents at beginning of period 24,374 21,764 21,764
Exchange adjustments on cash and cash equivalents (166) (726) (699)
Cash and cash equivalents at end of period 19,914 22,590 24,374
Contacts:
Dewhurst Group Plc
Tel: +44 (0)208 744 8200
Richard Dewhurst, Chairman
Jared Sinclair, Chief Financial Officer
www.dewhurst-group.com (http://www.dewhurst-group.com)
Singer Capital Markets (Nominated Adviser and Sole Broker)
Tel: +44 (0)207 496
3000
Rick Thompson / Alex Bond
1 As at the date of this announcement, the Company understands that market
expectations for FY24 are Revenues of £60.2m, Adj. PBT of £8.4m
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 (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR SESFMFELSEIMRecent news on Dewhurst
See all newsREG - Dewhurst Group PLC - Cancellation of Treasury Shares and TVR
AnnouncementREG - Dewhurst Group PLC - Interim Results
AnnouncementREG - Dewhurst Group PLC - Appointment of Chief Financial Officer
AnnouncementREG - Dewhurst Group PLC - Holding(s) in Company
AnnouncementREG - Dewhurst Group PLC - Transaction in Own Shares and Buyback Update
Announcement