TIDMDWHT
RNS Number : 0214R
Dewhurst PLC
06 December 2016
Dewhurst PLC
("Dewhurst" or the "Group")
Preliminary Results for the year ended 30 September 2016
Chairman's Statement
Results
I am pleased to present the Group's full year results to 30
September 2016. Group sales for the year increased 2.6% to GBP47.2
million (2015: GBP45.9 million), primarily driven by currency
movements during the period. Operating profit before amortisation
of acquired intangibles and gains on property disposal was GBP5.5
million (2015: GBP5.6 million); profit before tax was GBP5.1
million (2015: GBP5.3 million) down 4.4%. Whilst it is
disappointing to report profits slightly down on last year's record
level, this was a good recovery after a very weak first quarter,
even though the second half was assisted by the favourable currency
movements.
Lift businesses in the UK and Australia in aggregate were both
broadly flat, but there was good growth in North America.
Transportation business grew during the year, but Keypad sales were
down, although they recovered somewhat from the first half. There
were significant currency swings during the year with the pound
stronger in the first half and weaker in the second. However the
overall average for the year turned out to be fairly close to last
year for almost all our operating currencies. In total the currency
movements resulted in a gain in reported sales of GBP1.2 million
and a positive effect on profits of GBP0.4 million compared to last
year.
It has been a volatile year with peaks and troughs in demand
which have been difficult to manage at times. We thank our
employees for all their efforts to support our customers this
year.
With the recovery in the second half, we are planning to
continue our progressive improvement in the dividend in line with
our stated target, with another 1 pence increase in the basic
dividend proposed for the year.
Operations and People
Tom Oliver has joined us this year as General Manager at
Elevator Research Manufacturing (ERM). Tom has made progress
improving the team at ERM and we look forward to that progress
continuing in the current year.
We have continued with our focus on quality this year: improving
the range of metrics we use across the Group's operations to ensure
there is a clear link between the measures and the business'
strategic objectives and at the same time aiming to improve
consistency across the Group.
The other key initiative this year was to try to spread best
practice in our human resources management. We have held the
Investors in People (IiP) accreditation at our main manufacturing
base in Feltham for more than ten years. This year we have achieved
that status at all our UK companies and several of those
overseas.
After reasonable success this year selling into the Middle East
market from the UK, we have taken the step of opening an office in
Dubai to better serve our customers in the region. This is intended
to be operational from the beginning of 2017.
Products
Following the launch of our Ethos 2 control system last year, we
have continued this year to develop and expand the range of its
capabilities. Our passively safe chevron product has been on trial
this year in some of the UK's harshest environments and passed all
tests successfully. This should lead to increasing specification
for the product. In addition, we have a good pipeline of new
highways products that we expect to launch by the end of
December.
Outlook
The weaker pound is going to benefit our reported figures and
our UK competitiveness as long as it continues. Offsetting that, UK
short term demand has been variable and there are indications of
customer nervousness and indecision that are likely to affect
medium term demand. Elsewhere, North American demand experienced a
lull at the start of the year, but the outlook remains positive and
Australian demand is also encouraging.
On balance, the new financial year has started reasonably
positively, so we are optimistic that we should have a better first
quarter than last year. In these uncertain times it is quite
difficult to predict likely outcomes beyond that.
Richard Dewhurst
Chairman
Strategic Report
Business Review
The Group's principal activity in the year continued to be the
manufacture of electrical components and control equipment for
industrial and commercial capital goods. The Group maintained its
position as a specialist supplier of equipment to lift, transport
and keypad sectors. A business review of the Group's operations is
dealt with below in operating highlights and in the Chairman's
Statement.
Principal Risks and Uncertainties
The board is informed at every meeting of the principal risks
and uncertainties across the Group which could have a material
impact on the Group's long and short term performance and action
plans to mitigate these risks. The Group's risk assessment process
is designed to identify, manage and mitigate business risks.
Business and operational risks are referred to in the business
review. Financial risks, being currency and credit risk are covered
within the financial review and the financial instruments note.
Key Performance Indicators
The directors believe that the key financial performance
indicators relevant to the Group are earnings per share, adjusted
operating profit, profit before tax and return on equity which are
stated in the five year review. The key non-financial performance
indicators relevant to the Group are quality measures and on-time
deliveries to our customers.
Operating Highlights
The first quarter of the year proved to be challenging, which
resulted in a temporary reduction in sales volumes across the
majority of the companies in the Group. The feedback received from
many of our customers indicated this was a short term issue and
that the longer term demand remained strong.
It transpired that this was essentially correct and as we moved
into 2016, we saw a recovery in demand, particularly in our
overseas markets, which resulted in a much stronger second
half.
This year has seen the first full year that our Group Quality
Programme has been in place. We are requiring more transparency
from our Group companies in matters of quality and customer
service. The areas that we are currently monitoring with Key
Performance Indicators are:
-- On Time Delivery - The percentage of orders that we ship to
our customers on or before the date we promised. Our target for
this is 95%. Currently five of our ten Group companies are
achieving 95% or above, on time delivery.
-- Defective Parts per Million ("PPM") - PPM is the global
standard for quality measurement and we are now recording this at
all Group companies.
-- Standard Operating Procedures ("SOP") - We have undertaken to
have SOPs for all operational processes in our Group companies by
the end of 2017.
-- Supplier Scorecards - We work closely with our many
suppliers. Each company has a handful of really key suppliers. We
now monitor the performance of those suppliers on a quarterly basis
and feedback their performance to them.
-- Investment in People - We want to ensure at each Group
company that our people are being motivated, trained and developed.
To this end we have tasked all Group companies to either achieve
IiP status or the equivalent in their Country. To date six Group
Companies have achieved IiP.
I would like to join the Chairman in thanking all our employees
in our Group Companies. This has been an unusual year and they have
all worked hard to deliver our strategic goals, which have helped
ensure that we achieved this year's results.
UNITED KINGDOM
Dewhurst UK Manufacturing
After a slow year last year, sales at Dewhurst UK Manufacturing
grew by 12%. This growth was spread evenly between our home market
and our export markets.
We have continued to focus heavily on expanding our overseas
markets; to have grown overseas sales by 12% this year, following
last year's significant growth, is very encouraging. We have taken
the decision to open an office in the Middle East to support our
activities in that region and we are looking to have that office
operational from the start of 2017.
There is currently an increase in the number of infrastructure
projects in the UK. There has been growing investment in the
transport network in London and we have been working closely with
Transport for London and Crossrail on their ongoing projects.
Our UniBlade family of products has grown during the year and we
continue to see an increasing number of projects using these
products. Significant installations include the offices of Clifford
Chance in Canary Wharf, Scotia Plaza in Toronto and the new
Bloomberg offices in Kings Cross.
Activity in the Rail Industry has also increased and we have won
an important order for our US97 Rail pushbutton, which has been
fitted into the refurbished Virgin East Coast Mainline trains. We
have also added to our range of Trackside Signal Boxes and we
expect to see growing demand for these products through 2017.
Our Engineering Team has had a busy year, predominantly adding
to our range of existing products. We have developed a new version
of our US95 pushbutton to meet the specific requirements of the
Singapore market. A new pushbutton has also been developed for
California, where there was a need for a vandal resistant 'metal on
metal' button that meets the Californian Elevator Code. On top of
this we have introduced new variants of UniBlade IDs and Blade
Lanterns.
The team has also focused closely on ensuring that the
installation of our fixtures is quick and simple. To achieve this
we have partnered with one of our major customers to pre-wire our
fixture according to their specific requirements and this has
proven a big benefit to both parties.
Investment in our plant has continued and we purchased a new
Amada folding machine during the year. We expect to add further new
moulding machines during 2017.
Thames Valley Controls ("TVC")
The market continued to be challenging for TVC through 2016 and
they continue to see a decline in sales, although the rate of
decline was reduced. Order Input at the company was reasonably
strong; however in both their Monitoring and Controller markets
they suffered from customers delaying projects.
2016 saw our new Controller product, Ethos 2 come on line with a
good number of customers changing over to this new state of the art
controller product. The heart of the product is a simple, intuitive
colour touch screen that provides clear indication of the lift's
current status and functions. Ethos 2 also analyses the ride
performance of the lift in real-time which helps the engineer
identify any issue before the passenger does. The product is
designed to comply with the requirements of the latest Europe codes
for lifts, EN81-20.
Demand for our newer Monitoring products has been encouraging.
Sales of our CCTV products have grown substantially as have sales
of Autodialler products. Both of these products provide added
security and reassurance to passengers in lifts.
Traffic Management Products ("TMP")
During the year we experienced significant sales growth at TMP,
with an improvement of over 20% compared to last year.
Over the last eighteen months the team at TMP have carried out
an extensive reorganisation programme and in 2016 we started to see
the benefits of that activity.
On the sales front we added a new Territory Manager to the team
to cover Scotland and this has proven to be a really positive move.
TMP have been very active on the Research and Development side over
the last 12 months, focussing on a new range of street furniture.
We are launching a series of architectural street bollards for use
on pavements as well as a range of wooden bollards for use on paths
and in parkland settings.
EUROPE
Dewhurst Hungary
Sales at Dewhurst Hungary were down by around 7% on the previous
year. There was a reduction in demand for both our keypad products
and also the ATM facia units. The reduction in sales was primarily
in the first quarter of the year and since that time demand has
remained reasonably consistent.
We have continued our investment at Dewhurst Hungary with the
purchase of a new Trumpf laser marking machine. This will help
improve the appearance and durability of our laser marked keys.
The quality of the products we produce at Dewhurst Hungary is
critical and the team there have continued to make improvements in
our quality as measured in Defective Parts per Million. We have
once again managed to fall well inside the PPM figure that our key
customer has set us.
NORTH AMERICA
Dupar Controls
The economy in North America continues to be buoyant; following
on from a 15% increase in sales the previous year, Dupar continued
to grow, increasing sales by just under 10% this year. It was
another very strong performance from the team at Dupar.
A major investment in new computer software to help in our front
end processes is just beginning to come on stream now. Early
indications are that it will be a great benefit. Not only does it
allow us to process drawings more quickly but it systematises the
way that we produce our drawings. This in turn will reduce
potential mis-communication and therefore improve our quality to
our customers.
After a slow start, interest in our new US1 Touch car operating
panel ("COP") has taken off in the second half of the year. Our
first installations have gone in smoothly and forward orders for
the product are now quite healthy. This has given us the confidence
to add two new sizes of Touch COP to the product range.
The increased sales have been quite challenging for our
production team, but the purchase of the fibre laser cutter has
proven very beneficial. The additional capacity that it has
provided through its faster cutting speeds has been important to
enable us to cope with the uplift. We have reorganised the layout
of the plant, which has both created a streamlined path through the
plant for the product as well as freeing up space to allow for
additional assembly benches.
Elevator Research & Manufacturing ("ERM")
Early in the year we were successful in our search for a new
General Manager for ERM and we welcome Tom Oliver to the
Company.
Sales grew by 10% over the year to a new record level for the
company. Sales of lift fixtures were slow but sales of our cab and
door products were extremely buoyant.
There are still significant challenges to overcome at ERM in
order to provide consistent levels of customer service, but we are
confident that we have the beginnings of a team who can achieve
those goals.
AUSTRALIA & ASIA
Australian Lift Components ("ALC")
After some excellent growth last year, sales at ALC fell
marginally, primarily due to the increased competition that we are
seeing in the market.
The team at ALC continued their excellent work on their
Continuous Improvement Project, which has allowed them to reduce
lead times and by the year end, has driven their on-time delivery
figure above the 95% target.
Lift Material
The steady growth in sales continued at Lift Material with
another record year. The increase in sales was just under 5%, with
the Escalator Product Group showing the greatest growth.
We still see that there is enormous potential for growth in the
supply of escalator parts. In order to capitalise on this and focus
our resources to greater effect we have decided to create two
specialist divisions in Lift Material. One will focus on Lift
Components and the other on Escalator Components and supply and
installation of handrails.
Dual Engraving
Sales fell back from last years' peak by around 10%, but this
was to be expected. The economy in Perth has slowed following the
reduction in new mining infrastructure projects in Western
Australia. We were aware at the time of our acquisition of Dual
Engraving that the fortunes of the company would mirror the local
economy. Despite this, Dual recorded profits broadly in line with
budget expectations.
Early in the year Dual moved to new premises in Perth. The
previous premises were relatively old, the factory space was spread
across two buildings and the offices were very basic. We have now
moved to larger, more modern premises, which have allowed us to lay
out the factory floor in a logical way, with a much improved flow
for production.
Dewhurst Hong Kong
Building on last year's excellent performance Dewhurst Hong Kong
grew sales by 6% to a new record level and also achieved record
profits.
The growth was supported by work we did in our other Asian
markets to increase sales outside Hong Kong.
Approved and signed on behalf of the board
David Dewhurst
Group Managing Director
Financial Review
Trading results
As reported through trading updates to the London Stock Exchange
on 30 August and 14 November 2016 Dewhurst continued its recovery
in the third and fourth quarters to end the year on a much more
positive note. With the pound weakening following Brexit, the Group
also benefitted from a foreign exchange gain resulting from the
fact that roughly two thirds of sales and profits before tax are
earned and held in foreign currencies.
Overall revenue increased by 2.6% from GBP45.9 million to
GBP47.2 million and adjusted operating profit (before gain on
disposal of property and acquired intangible amortisation)
decreased marginally by 1.5% from GBP5.6 million to GBP5.5
million.
Solid cash position
Cash flow was once again good with GBP2.8 million of cash being
generated from operations (2015: GBP3.6 million). The decrease from
2015 was predominantly down to an increase in trade receivables
following a strong last quarter of sales as well as large payments
of overseas tax relating to the current and previous year. The
Group ended the year with cash and short-term deposits at GBP16.7
million, up GBP1.7 million from GBP15.0 million in 2015.
The Group started and finished the year with no borrowing or
bank overdraft facility.
Pension scheme deficit
Despite the defined benefit pension scheme being closed to
future accrual in 2010 and the Company paying in GBP1.4 million
annually, one actuarial assumption change alone this year increased
the liabilities by GBP9.1million. This actuarial change outweighed
the extra GBP4.0 million gained above the expected return on the
pension scheme assets to increase the scheme deficit from GBP12.2
million to GBP16.4 million.
This one actuarial assumption change is the liability discount
rate dropping from 3.7% to 2.5% and is derived from the 20 year AA
rated corporate bonds as at 30 September 2016 which unfortunately
reported a reduced yield and is beyond our control. It should be
noted that the actual beneficiary cash payments due from the scheme
have not changed by a single pound as a result of this assumption
change. It is purely the assessment of the current value of those
payments that has increased. All recommendations made by the
scheme's actuary to eliminate the scheme deficit within an agreed
timeframe have been fully implemented.
Current taxation reporting change
Following a more in depth review of the accounting disclosure of
current taxation as per IAS 12 the Group has restated the
comparative taxation line in the income statement by reclassifying
and disclosing GBP151,000 of tax saving from the 2015 current tax
charge line into the other comprehensive income section of the
comprehensive income statement. This restatement relates solely to
the disclosure location of the tax saving resulting from a
proportion of the GBP1.4 million payment into the closed defined
benefit pension scheme. It does also change the tax note but does
not affect or amend the total comprehensive income amount reported
for 2015 of GBP2.7 million.
Amortisation of acquired intangibles
The amortisation relates to Dual Engraving's acquired customer
list and key relationships which have been written off over three
years. These were fully written off in February 2016.
Subsidiary share repurchase
Following on from last year, Dual Engraving exercised a second
share repurchase of A$0.6 million in November 2015. Since Dual
Engraving is 70% owned by Dewhurst plc, this transaction is
reported both within the consolidated and Company cash flow
statement as well as within related party transactions.
Capital management and treasury policy
The Group defines capital as total equity plus net debt. The
objective is to maintain a strong and efficient capital base to
support the Group's strategic objectives, provide optimal returns
for shareholders and safeguard the Group's assets and status as a
going concern. The Group is not subject to externally imposed
capital requirements and the Group's philosophy is to have minimal
or no borrowing were possible.
The Group seeks to reduce or eliminate financial risk to ensure
sufficient liquidity is available to meet foreseeable needs and to
invest cash assets safely and profitably. The policies and
procedures operated are regularly reviewed and approved by the
board. By varying the duration of its fixed and floating cash
deposits, the Group maximises the return on interest earned.
The Group continues to hedge foreign currencies internally where
possible and to consider the need to use derivatives in the form of
foreign exchange contracts to manage its currency risk.
Dividends and earnings
Dividends are accounted for when paid or approved by
shareholders, and not when proposed, therefore the proposed final
dividend for 2016 has not been accrued at the balance sheet date.
The total dividend for 2016 of 11.00p per share is 10% up on 2015
(before allowing for last year's 3p special dividend resulting from
a property sale) and is covered 3.8 times by earnings. Total equity
improved from GBP24.3 million to GBP24.6 million. EPS dropped
primarily as a result of changes in taxation.
There was no change in the number of allotted shares during the
year.
Jared Sinclair
Finance Director
6 December 2016
Consolidated statement of comprehensive income
For the year ended 30 September 2016
---------------------------------------------------------------------
2016 2015
Continuing GBP(000) GBP(000)
operations
--------- ---------
Revenue 47,159 45,946
Operating costs (41,749) (40,271)
-------------------------------------------- --------- ---------
Adjusted operating profit* 5,502 5,588
Gain on disposal of property - 357
Amortisation of acquired intangibles (92) (270)
Operating profit 5,410 5,675
Finance
income 126 107
Finance
costs (451) (464)
--------------------------------------------- --------- ---------
Profit before taxation 5,085 5,318
Taxation^ (1,577) (1,002)
-------------------------------------------- --------- ---------
Profit for the financial year 3,508 4,316
Other comprehensive income:
Actuarial gains/(losses) on the defined
benefit pension scheme (5,071) (884)
Current tax effect^ - 151
Deferred tax effect 862 177
--------------------------------------------- -------- --------
Total that will not be subsequently
reclassified to income statement (4,209) (556)
Exchange differences on translation
of foreign operations 2,621 (1,282)
Deferred tax effect (446) 257
--------------------------------------------- -------- --------
Total that may be subsequently reclassified
to income statement 2,175 (1,025)
--------------------------------------------- -------- --------
Other comprehensive income/(expense)
for the year, net of tax (2,034) (1,581)
--------------------------------------------- -------- --------
Total comprehensive income for the
year 1,474 2,735
--------------------------------------------- -------- --------
Profit for the year attributable
to:
Equity shareholders of the company 3,453 4,255
Non-controlling interests 55 61
--------------------------------------------- -------- --------
3,508 4,316
--------------------------------------------- -------- --------
Total comprehensive income for the
year attributable to:
Equity shareholders of the company 1,289 2,759
Non-controlling interests 185 (24)
--------------------------------------------- -------- --------
1,474 2,735
--------------------------------------------- -------- --------
Basic and diluted earnings
per share 40.75p 50.21p
----------------------------- ------- -------
* Operating profit before gain on disposal of property and
amortisation of acquired intangibles
^ 2015 restated. For more information see tax reporting changes
detailed in the Financial Review
Consolidated balance sheet
At 30 September 2016
----------------------------------------------------
2016 2015
GBP(000) GBP(000)
--------------------------- --------- ---------
Non-current assets
Goodwill 3,444 2,695
Other intangibles 91 171
Property, plant
and equipment 9,240 8,581
Deferred tax asset 2,423 2,491
15,198 13,938
Current assets
Inventories 4,863 4,751
Trade and other
receivables 10,301 8,056
Cash and cash equivalents 16,674 14,958
------------------------------ --------- ---------
31,838 27,765
--------------------------- --------- ---------
Total assets 47,036 41,703
------------------------------ --------- ---------
Current liabilities
Trade and other
payables 5,365 4,502
Current tax liabilities 164 348
Short-term provisions 554 318
------------------------------ --------- ---------
6,083 5,168
Non-current liabilities
Retirement benefit
obligation 16,373 12,197
Total liabilities 22,456 17,365
Net assets 24,580 24,338
------------------------------ --------- ---------
Equity
Share capital 847 847
Share premium account 157 157
Capital redemption
reserve 290 290
Translation reserve 2,034 (11)
Retained earnings 20,663 22,521
------------------------------ --------- ---------
Total attributable
to equity shareholders
of the company 23,991 23,804
------------------------------ --------- ---------
Non-controlling
interests 589 534
------------------------------ --------- ---------
Total equity 24,580 24,338
------------------------------ --------- ---------
The financial statements were approved by the board of directors
and authorised for issue on 5 December 2016 and were signed on its
behalf by:
Richard Dewhurst Chairman
Jared Sinclair Finance Director
Company Registration Number: 160314
Consolidated statement of changes in equity
For the year ended 30 September 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 2014 847 157 290 929 19,590 635 22,448
Share repurchase - - - - - (77) (77)
Exchange
differences
on
translation of
foreign
operations - - - (1,197) - (85) (1,282)
Actuarial
gains/(losses)
on defined
benefit
pension scheme - - - - (884) - (884)
Current tax effect - - - - 151 - 151
Deferred tax
effect - - - 257 177 - 434
Dividends paid - - - - (768) - (768)
Profit for the
year - - - - 4,255 61 4,316
------------------- --------- --------- ----------- ------------ ---------- ------------ ----------
At 30 September
2015 847 157 290 (11) 22,521 534 24,338
Share repurchase - - - - - (86) (86)
Exchange
differences
on
translation of
foreign
operations - - - 2,491 - 130 2,621
Actuarial
gains/(losses)
on defined
benefit
pension scheme - - - - (5,071) - (5,071)
Deferred tax
effect - - - (446) 862 - 416
Dividends paid - - - - (1,102) (44) (1,146)
Profit for the
year - - - - 3,453 55 3,508
------------------- --------- --------- ----------- ------------ ---------- ------------ ----------
At 30 September
2016 847 157 290 2,034 20,663 589 24,580
------------------- --------- --------- ----------- ------------ ---------- ------------ ----------
Consolidated cash flow statement
For the year ended 30 September 2016
---------------------------------------------------------------
2016 2015
GBP(000) GBP(000)
------------------------------------ ---------- ----------
Cash flows from operating
activities
Operating profit 5,410 5,675
Depreciation and amortisation 907 991
Additional contributions
to pension scheme (1,346) (1,343)
Exchange adjustments 383 (251)
(Profit)/loss on disposal
of property, plant and equipment (10) (423)
--------------------------------------- ---------- ----------
5,344 4,649
(Increase)/decrease in inventories (112) (250)
(Increase)/decrease in trade
and other receivables (2,245) 1,143
Increase/(decrease) in trade
and other payables 863 (896)
Increase/(decrease) in provisions 236 (641)
--------------------------------------- ---------- ----------
Cash generated from operations 4,086 4,005
Tax paid (1,302) (428)
--------------------------------------- ---------- ----------
Net cash from operating activities 2,784 3,577
--------------------------------------- ---------- ----------
Cash flows from investing
activities
Subsidiary share repurchase
- non controlling interest
element (86) (77)
Proceeds from sale of property,
plant and equipment 18 458
Purchase of property, plant
and equipment (901) (893)
Development costs capitalised (62) (61)
Interest received 126 107
--------------------------------------- ---------- ----------
Net cash generated from/(used
in) investing activities (905) (466)
--------------------------------------- ---------- ----------
Cash flows from financing
activities
Dividends paid (1,145) (768)
Net cash used in financing
activities (1,145) (768)
--------------------------------------- ---------- ----------
Net increase/(decrease) in
cash and cash equivalents 734 2,343
--------------------------------------- ---------- ----------
Cash and cash equivalents
at beginning of year 14,958 12,928
Exchange adjustments on cash
and cash equivalents 982 (313)
--------------------------------------- ---------- ----------
Cash and cash equivalents
at end of year 16,674 14,958
--------------------------------------- ---------- ----------
Notes
1. AGM, results and dividends
The trading profit for the year, after taxation, amounted to
GBP3.5 million (2015^: GBP4.3 million).
A final dividend on the Ordinary and 'A' non-voting ordinary
shares of 8.00p per share (2015: 7.00p plus a 3p special dividend)
for the financial year ended 30 September 2016 will be proposed at
the Annual General Meeting (AGM) to be held on 7 February 2017. If
approved, the shares will turn ex-div on 19 January 2017 with the
dividend being paid on 15 February 2017 to members on the register
at 20 January 2017.
An interim dividend of 3.00p per share (2015: 3.00p) was paid on
23 August 2016.
2. Earnings per share and dividend per share
2016 2015
Weighted average number of shares No. No.
------------------------------------ ---------- ----------
For basic and diluted earnings per
share 8,474,898 8,504,298
------------------------------------ ---------- ----------
The calculation of basic and diluted earnings per share is based
on the profit for the financial year of GBP3,453,303 and on
8,474,898 Ordinary 10p and 'A' non-voting ordinary 10p shares,
being the weighted average number of shares in issue throughout the
financial year.
2016 2015
Paid dividends per 10p ordinary share GBP(000) GBP(000)
--------------------------------------- --------- ---------
2015 final paid of 10.00p (2014:
6.20p) (848) (525)
2016 interim paid of 3.00p (2015:
3.00p) (254) (254)
Unclaimed dividends returned - more
than 12 years old - 11
--------------------------------------- --------- ---------
Dividends paid - The Company (1,102) (768)
Dividend to non-controlling interest (43) -
- Dual Engraving Pty Ltd
--------------------------------------- --------- ---------
Dividends paid - The Group (1,145) (768)
The final proposed dividend is based on 3,309,200 Ordinary 10p
shares and 5,165,698 'A' non-voting ordinary 10p shares, being the
latest number of shares in issue. The directors are proposing a
final dividend of 8.00p (2015: 7.00p plus a 3.00p special dividend)
per share, totalling GBP678k (2015: GBP848k). This dividend has not
been accrued at the balance sheet date.
3. Accounting policies
The accounting policies applied to the 2016 accounts have been
consistent with 2015 in all manners.
4. Basis of preparation
The financial information set out above does not constitute the
company's statutory accounts for the years ended 30 September 2016
or 2015. Statutory accounts for 2015 have been delivered to the
Registrar of Companies. The statutory accounts for 2016 which are
prepared under IFRS as adopted by the EU will be delivered to the
Registrar of Companies following the company's annual general
meeting.
The preliminary statement of results has been reviewed by and
agreed with the Company's auditor, Moore Stephens LLP, who have
indicated that they will be giving an unqualified opinion in their
report on the statutory financial statements for 2016. The auditor
has also reported on the 2015 accounts. Their report was
unqualified, did not include references to any matters to which the
auditor drew attention to by way of emphasis without qualifying the
opinion and did not contain a statement under section 498 of the
Companies Act 2006.
Dewhurst plc has prepared its consolidated and company financial
statements in accordance with International Financial Reporting
Standards (IFRS) as adopted by the European Union (EU) from 1
October 2005. The group and company financial statements have been
prepared in accordance with those parts of the Companies Act 2006
that are applicable to companies adopting IFRS. The company is
registered and incorporated in the United Kingdom; and quoted on
AIM.
It is expected that the audited Report and Accounts for the year
ended 30 September 2016 will be sent to shareholders and will also
be available on the Company's website www.dewhurst.plc.uk on 23
December 2016.
- Ends -
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)
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Upon publication of
this announcement, this information is now considered to be in the
public domain.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UVSWRNWAURAA
(END) Dow Jones Newswires
December 06, 2016 02:00 ET (07:00 GMT)
Dewhurst (LSE:DWHT)
Historical Stock Chart
From Apr 2024 to May 2024
Dewhurst (LSE:DWHT)
Historical Stock Chart
From May 2023 to May 2024