TIDMDWHT
RNS Number : 3325A
Dewhurst PLC
07 June 2016
Dewhurst plc (the "Group")
Interim Results for the 6 months ended 31 March 2016
Directors' Interim Report
FIRST HALF
As we expected and indicated in our statement at the AGM, market
conditions were challenging during the first half resulting in
sales and profits both lower than last year. Overall, Group revenue
decreased 6% to GBP21.3 million (2015: GBP22.8 million), with
profit before tax decreasing by 24% to GBP1.7 million (2015: GBP2.2
million). Adjusted operating profit* of GBP1.9 million (2015:
GBP2.5 million) is also down 24% on last year and earnings per
share dropped to 13.1p (2015: 18.6p). The Group balance sheet
remains strong with cash of GBP14.0 million (2015: GBP13.0
million).
The first quarter performance was particularly weak. Sales did
recover in the second quarter but confidence remains somewhat
fragile. In our lift businesses the UK and Australia were generally
weaker, while North American sales were up. Keypad sales were well
down and there was also a change in the mix of our customers'
products. Transport products, however, bounced back from last
year's low levels to record an improvement. Currency movements
reduced reported Group revenue by approximately GBP0.4 million in
the first six months. The weaker Australian and Canadian Dollars
caused the reduction but were partially offset by other
currencies.
OUTLOOK
At the moment demand overall seems to be continuing at the level
of the second quarter. Looking forward there is a great deal of
uncertainty in the political and economic situation and there are
outcomes that might have a positive or negative impact on the
business. We do know that public sector spending restraints are
unlikely to ease any time soon and customers' concerns about
pricing are unlikely to diminish; so we are focussed on trying to
carefully control our expenditure whilst continuing to push ahead
with appropriate investments to improve the business for the longer
term.
DIVIDS
The Directors have declared an interim dividend of 3.00p (2015:
3.00p) which amounts to GBP254,000 (2015: GBP254,000). The interim
dividend is payable on 23 August 2016 and will be posted on 18
August 2016 to shareholders appearing in the Register on 8 July
2016 (ex-dividend date being 7 July 2016).
A final 2015 dividend of 10.00p (2014: 6.20p) which amounted to
GBP847,000 (2014: GBP525,000) was approved at the AGM held on 2
February 2016 and was paid on 17 February 2016 to members on the
register at 22 January 2016.
By Order of the Board
J C SINCLAIR
Finance Director & Secretary
6 June 2016
* Operating profit before goodwill write down, amortisation of
acquired intangibles and gain on property disposal
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 2016, as compared with the corresponding half-year
ended 31 March 2015 and the year ended 30 September 2015, shows the
following results:
Consolidated statement of comprehensive income
Half year Half year Year
ended ended ended
31 March 31 March 30 September
2016 2015 2015
Continuing operations GBP000's GBP000's GBP000's
-------------------------------------- ------------- ----------- -------------
Revenue 21,332 22,772 45,946
Operating costs (19,488) (20,364) (40,271)
-------------------------------------- ------------- ----------- -------------
Adjusted operating profit* 1,931 2,549 5,588
Gain on disposal of property - - 357
Amortisation of acquired intangibles (87) (141) (270)
-------------------------------------- ------------- ----------- -------------
Operating profit 1,844 2,408 5,675
Finance income 62 48 107
Finance costs (226) (232) (464)
-------------------------------------- ------------- ----------- -------------
Profit before taxation 1,680 2,224 5,318
Taxation Est. (571) Est. (645) (851)
-------------------------------------- ------------- ----------- -------------
Profit for the financial period 1,109 1,579 4,467
-------------------------------------- ------------- ----------- -------------
Other comprehensive income:
Actuarial gains/(losses) on
the defined benefit pension
scheme Est. (1,249) Est. (122) (884)
Deferred tax effect 225 (44) 177
-------------------------------------- ------------- ----------- -------------
Total that will not be subsequently
reclassified to income statement (1,024) (166) (707)
Exchange differences on translation
of foreign operations 1,247 (256) (1,282)
Deferred tax effect (224) 28 257
-------------------------------------- ------------- ----------- -------------
Total that may be subsequently
reclassified to income statement 1,023 (228) (1,025)
-------------------------------------- ------------- ----------- -------------
Other comprehensive income/(expense)
for the period, net of tax (1) (394) (1,732)
-------------------------------------- ------------- ----------- -------------
Total comprehensive income for
the period 1,108 1,185 2,735
-------------------------------------- ------------- ----------- -------------
Profit for the period attributable
to:
Equity shareholders of the company 1,079 1,565 4,406
Non-controlling interests 30 14 61
-------------------------------------- ------------- ----------- -------------
1,109 1,579 4,467
-------------------------------------- ------------- ----------- -------------
Total comprehensive income for
the period attributable to:
Equity shareholders of the company 1,006 1,194 2,759
Non-controlling interests 102 (9) (24)
1,108 1,185 2,735
-------------------------------------- ------------- ----------- -------------
Basic and diluted earnings per
share 13.09p 18.63p 51.99p
-------------------------------------- ------------- ----------- -------------
Dividends per share 3.00p 3.00p 13.00p
-------------------------------------- ------------- ----------- -------------
* Operating profit before goodwill write down, gain on disposal
of property and amortisation of acquired intangibles
Dewhurst plc
Consolidated balance sheet
Half year Half year Year
ended ended ended
31 March 31 March 30 September
2016 2015 2015
GBP000's GBP000's GBP000's
------------------------------- ---------- ---------- -------------
Non-current assets
Goodwill 3,096 3,016 2,695
Other intangibles 90 307 171
Property, plant and equipment 9,139 8,458 8,581
Deferred tax asset 2,350 2,073 2,491
------------------------------- ---------- ---------- -------------
14,675 13,854 13,938
Current assets
Inventories 4,346 4,496 4,751
Trade and other receivables 9,515 10,087 8,056
Current tax assets - - -
Cash and cash equivalents 14,038 13,045 14,958
------------------------------- ---------- ---------- -------------
27,899 27,628 27,765
------------------------------- ---------- ---------- -------------
Total assets 42,574 41,482 41,703
------------------------------- ---------- ---------- -------------
Current liabilities
Trade and other payables 4,196 5,085 4,502
Current tax liabilities 443 468 348
Short-term provisions 428 1,031 318
------------------------------- ---------- ---------- -------------
5,067 6,584 5,168
Non-current liabilities
Retirement benefit obligation 12,994 11,868 12,197
------------------------------- ---------- ---------- -------------
Total liabilities 18,061 18,452 17,365
------------------------------- ---------- ---------- -------------
Net assets 24,513 23,030 24,338
------------------------------- ---------- ---------- -------------
Equity
Share capital 847 847 847
Share premium account 157 157 157
Capital redemption reserve 290 290 290
Translation reserve 940 724 (11)
Retained earnings 21,729 20,464 22,521
------------------------------- ---------- ---------- -------------
Total attributable to equity
shareholders of the company 23,963 22,482 23,804
------------------------------- ---------- ---------- -------------
Non-controlling interests 550 548 534
------------------------------- ---------- ---------- -------------
Total equity 24,513 23,030 24,338
------------------------------- ---------- ---------- -------------
Dewhurst plc
Consolidated statement of changes in equity
For the period ended 31 March 2016
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 1 October 2015 847 157 290 (11) 22,521 534 24,338
------------------- --------- --------- ----------- ------------ ---------- ------------ ----------
Profit for the
period - - - - 1,079 30 1,109
Other
comprehensive
income and expense
Exchange
differences
on
translation of
foreign
operations - - - 1,175 - 72 1,247
Actuarial
gains/(losses)
on defined
benefit
pension scheme - - - - (1,249) - (1,249)
Deferred tax
effect - - - (224) 225 - 1
Total
comprehensive
income - - - 951 55 102 1,108
Shares repaid (1) - - - - - (86) (86)
Dividends paid - - - - (847) - (847)
At 31 March 2016 847 157 290 940 21,729 550 24,513
------------------- --------- --------- ----------- ------------ ---------- ------------ ----------
For the period ended 31 March 2015
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 1 October 2014 847 157 290 929 19,590 635 22,448
--------------------- --------- --------- ----------- ------------ --------- ------------ ---------
Profit for the
period - - - - 1,565 14 1,579
Other comprehensive
income and expense
Exchange differences
on
translation of
foreign operations - - - (233) - (23) (256)
Actuarial
gains/(losses)
on defined benefit
pension scheme - - - - (122) - (122)
Deferred tax effect - - - 28 (44) - (16)
Total comprehensive
income - - - (205) 1,399 (9) 1,185
Shares repaid (1) - - - - - (78) (78)
Dividends paid - - - - (525) - (525)
At 31 March 2015 847 157 290 724 20,464 548 23,030
--------------------- --------- --------- ----------- ------------ --------- ------------ ---------
(1) This relates to Dual Engraving Pty Ltd repurchasing shares
from Michael Cook (held by D.E. Corporate Pty Ltd) in proportion to
his 30% non-controlling interest.
Dewhurst plc
Consolidated statement of changes in equity (cont'd)
For the year ended 30 September 2015
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 1 October 2014 847 157 290 929 19,590 635 22,448
-------------------- --------- --------- ----------- ------------ --------- ------------ ----------
Profit for the
year - - - - 4,406 61 4,467
Other comprehensive
income and expense
Exchange
differences
on
translation of
foreign operations - - - (1,197) - (85) (1,282)
Actuarial
gains/(losses)
on defined benefit
pension scheme - - - - (884) - (884)
Deferred tax effect - - - 257 177 - 434
-------------------- --------- --------- ----------- ------------ --------- ------------ ----------
Total comprehensive
income - - - (940) 3,699 (24) 2,735
Shares repaid (1) - - - - - (77) (77)
Dividends paid - - - - (768) - (768)
At 30 September
2015 847 157 290 (11) 22,521 534 24,338
-------------------- --------- --------- ----------- ------------ --------- ------------ ----------
(1) This relates to Dual Engraving Pty Ltd repurchasing shares
from Michael Cook (held by D.E. Corporate Pty Ltd) in proportion to
his 30% non-controlling interest.
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 2015 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 2015 Financial Statements and its accounting
policies, but where necessary comparative information has been
reclassified or expanded from the 2015 Interim Financial Statements
to take into account any presentational changes made in the 2015
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
2016 2015 2015
GBP000's GBP000's GBP000's
--------------------------------------- ---------- ---------- -------------
Cash flows from operating activities
Operating profit 1,844 2,408 5,675
Depreciation and amortisation 418 450 991
Additional contributions to
pension scheme (662) (663) (1,343)
Exchange adjustments 201 (368) (251)
(Profit)/loss on disposal of
property, plant and equipment (8) - (423)
--------------------------------------- ---------- ---------- -------------
1,793 1,827 4,649
(Increase)/decrease in inventories 405 5 (250)
(Increase)/decrease in trade
and other receivables (1,459) (888) 1,143
Increase/(decrease) in trade
and other payables (306) (17) (896)
Increase/(decrease) in provisions 110 72 (641)
--------------------------------------- ---------- ---------- -------------
Cash generated from operations 543 999 4,005
Tax paid (435) (136) (428)
--------------------------------------- ---------- ---------- -------------
Net cash from operating activities 108 863 3,577
--------------------------------------- ---------- ---------- -------------
Cash flows from investing activities
Subsidiary share repurchase
- non-controlling interest element
(1) (86) (78) (77)
Proceeds from sale of property,
plant and equipment 10 - 458
Purchase of property, plant
and equipment (622) (161) (893)
Development costs capitalised - - (61)
Interest received 62 48 107
--------------------------------------- ---------- ---------- -------------
Net cash generated from/(used
in) investing activities (636) (191) (466)
--------------------------------------- ---------- ---------- -------------
Cash flows from financing activities
Dividends paid (847) (525) (768)
Net cash used in financing activities (847) (525) (768)
--------------------------------------- ---------- ---------- -------------
Net increase/(decrease) in cash
and cash equivalents (1,375) 147 2,343
--------------------------------------- ---------- ---------- -------------
Cash and cash equivalents at
beginning of period 14,958 12,928 12,928
Exchange adjustments on cash
and cash equivalents 455 (30) (313)
--------------------------------------- ---------- ---------- -------------
Cash and cash equivalents at
end of period 14,038 13,045 14,958
--------------------------------------- ---------- ---------- -------------
(1) This relates to Dual Engraving Pty Ltd repurchasing shares
from Michael Cook (held by D.E. Corporate Pty Ltd) in proportion to
his 30% non-controlling interest.
For further details please contact:
Dewhurst Plc Tel: +44 (0) 208 744 8200
Richard Dewhurst, Chairman
Jared Sinclair, Finance Director
Cantor Fitzgerald Europe Tel: +44 (0) 207 894 7000
David Foreman / Will Goode (Corporate Finance)
David Banks (Sales)
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UGUCPQUPQGWQ
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