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amazing results and the tone is so understated ...one of the very best on AIM imv
Was happy to buy today. Really impressive results and still quite cheap. Pension deficit situation is annoying, but the company is nonetheless good valuel on a EV/EBIT ration (I got 5.5) and looks well positioned from reading the review of the individual businesses.
n mash
full ask be paid lol
looking good...and the 20% discount (while a little high) makes a lot more sense than the 40% nonsense earlier this year ...the market is challenging but the multiples undemanding and the management is hopefully/probably Jolly decent imv (never met them, mind lol)
so bought some @ £4... ...£3.50-£3.70 for top up...unless finals/update change things
with dwha narrowing ..I'll be interested here c£3.70
tidy
but why pay £4.84...when you can pay £3.07 for DWHA?
post results (Jolly est of run rate EV/EBITAG is c£4.6m...so I understand why) ...but why not buy the A shares instead??
sp up 8 fold since 1998, but the must buy here is the non-voting DWHA imv ...such a steep/unwarranted discount ..aaoo
may be around 10%....so nice to see DWHA jumping on huge buys
now nearly 50%...historic "width" I would have thought
"A" shares DWHA ..aaoo/dyor
It has been a difficult six months for the Group after the record performance last year. Group turnover was down 17% at £21.6 million (2012: £26.0 million) and profit before tax fell 41% to £1.7 million (2012: £2.9 million). Operating profit before exceptional items dropped 32% to £1.8 million (2012: £2.6 million). Earnings per share fell 41% to 14.4p (2012: 24.2p). However the Group balance sheet remains strong and we have paid £1.8 million for our 70% acquisition of Dual Engraving yet still have net cash of £8.1 million. The biggest drop in sales was in the Keypad division, which was expected. The most significant reason for the decrease is as a result of a major customer's change in product content. Essentially a significant component that was previously added to both our costs and revenues has been removed from our remit. Lift division sales have fallen principally in the UK and Europe, where confidence seems most fragile. However sales have been weak in almost all areas other than North America. The Transport division has also seen a significant fall in sales with cutbacks in local authority and central government spending really starting to bite this year. We are looking at the structure of our Transport businesses to more closely align them to current levels of demand. OUTLOOK Sales are currently at a disappointing level and there is no sign of short term improvement. Nevertheless confidence is improving in some markets albeit slowly and fitfully. Customers suggest that there are projects coming, but their timing is uncertain and we do not expect them to impact this financial year. We have introduced some new products for the lift market which have been well received by customers, but it will take time for these products to filter through the project chain to orders. Dual Engraving, our acquisition in Perth, Western Australia (WA) is currently performing within management expectations. Although there is talk of the Australian economy facing a more difficult period, there are a good number of committed projects in WA that should help the company prosper in the short to medium term. However, the amortisation of intangible assets capitalised on the acquisition of Dual Engraving will impact on its immediate contribution to the Group's profit.
... watch out for rum interims though
follow the buying... opinion only!!
on "A" share...really justified?..have to have a bleak view of the Dewhursts imv...
EV ~ £30m according to my calcs / DYOR Op profit of £5.5m last year, and has recently been £4-4.5m.... Also remember the "A" share - non-voting but £3 or so to buy...bargain? I think so...
usually run scared of profits warning...but not in this case the strengths in management / alignment of interests/ valuation matrics / diversification / long profitable history are still in place... ...fingers crossed
Sore one Jolly...such a terse outlook statement in a scared market only serves to spook. As I understand it ' normalise' attempts to smooth out any abnormal limos like disposals/ write offs / windfalls to look at a smoothed,more average earnings line. Have you stuck with CAP? GBO a star!
Trading Update Dewhurst plc, announces that as previously noted in the Chairman's Statement of the Company's annual report and accounts for the year ended 30 September 2012, customer demand in the UK started the new year slowly and that weakness has continued to date. Although Group results are traditionally stronger in the second half, and management have no reason to expect any change in that pattern this year, the Board now anticipate that full year profits will be significantly lower than current market expectations.
06 February 2013  Dewhurst PLC ("Dewhurst" or the "Group") Acquisition in Dual Engraving Dewhurst plc, an independent supplier of quality components to the lift, keypad and transport industries, is delighted to announce the acquisition of 70 per cent. of Dual Engraving ("Dual"), based in Perth, Western Australia ("WA") (the "Acquisition"). The terms of the Acquisition remain the same as previously announced on 12 November 2012 (see RNS number: 8244Q). This purchase cements a relationship with Dual that started as a customer of the Group and latterly developed as a distributor for Lift Material products in WA. After a handover period, David Waideman will retire from Dual, but the remainder of the management team will continue, led by Garry Holden as General Manager and Michael Cook as Operations Manager. We aim to build on Dual's excellent reputation for service in the WA market and help them to develop with the support and investment we can provide as a larger organisation. This purchase demonstrates our continuing commitment to the Australian market and our aim of improving the Group's service to customers in Australia.
the Dewhurst management team and brand have not disappointed, and (DYOR/this is not investment advice) this long long re-rating may well continue for some time
525 paid great management imv....almost wasted at a tiddler