Dewhurst Regulatory News (DWHT)

4 Jun 2009 07:00



Dewhurst plc

Directors' Interim Report

FIRST HALF

Turnover at the Group was up 8% to £17.9 million compared to £16.6 million last year and profit before tax rose 17% to £2.13 million (2008: £1.81 million). Earnings per share increased 30% to 17.48p (2008: 13.44p). The earnings per share performance is enhanced by the effect of the share buy backs that took place in the first half of 2008.

We again achieved sales growth in all three product divisions: lift, transport and keypad. As was the case last year, transport showed the strongest growth, with our bollard product range continuing to generate increases in sales. The sales and profit figures for the period were helped by the fact that about one third of sales are made in foreign currencies and these have increased in value when reported in pounds.

Sales revenue held up reasonably well in the UK and North America in the first half though Australia was weaker than normal. However orders received in the UK have been declining and orders on hand at the end of the first half were at a significantly lower level than at the start of the year. 

OUTLOOK

We have benefited up to now from the fact that demand for our lift products tends to come towards the end of construction projects. We have made sales this period to projects that were committed before the current climate of uncertainty prevailed. The corollary of this is that we may not see a recovery in demand until some time after the general economic recovery is well under way. Having said that, there are still opportunities for sales to the public sector and to lift refurbishment markets.

We also made profits in the first half from favourable exchange rate movements. The pound has already moved back to some extent against the US Dollar, so it is likely the first half gains may be at least partially reversed. Together with cost pressures this is likely to impact on margins in the second half.

It remains very difficult to predict the pattern of demand in our markets, but overall we do not expect to reach last year's record levels. The strength of the company's balance sheet remains an important stabiliser in the current environment.

DIVIDENDS

The Directors have declared an interim dividend of 2.02p which amounts to £172k, compared with 1.92p last year (£163k). The interim dividend is payable on 25 August 2009 and will be posted on 20 August 2009 to shareholders appearing in the Register at 3:00 p.m. on 10 July 2009 (ex-dividend on 8 July 2009).

A final 2008 dividend of 3.84p which amounted to £327k, compared with 3.60p previous year (£331k) was approved at the AGM held on the 29 January 2009 and was paid on 2 March 2009 to members on the register at 9 January 2009.

By Order of the Board

J C SINCLAIR

Finance Director & Secretary

3 June 2009

 Dewhurst plc

The unaudited consolidated income statement, statement of recognised income and expense, balance sheet and cash flow statement of Dewhurst plc and its subsidiaries for the half-year ended 31 March 2009, as compared with the corresponding half-year ended 31 March 2008 and the year ended 30 September 2008, shows the following results:

Consolidated income statement

Consolidated statement of recognised income and expense

  Dewhurst plc

Consolidated balance sheet

These half-year condensed financial statements are unaudited and do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The results for the 2008 year 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 2008 Financial Statements and its accounting policies, but where necessary comparative information has been reclassified or expanded from the 2008 Interim Financial Statements to take into account any presentational changes made in the 2008 Financial Statements or in these Interim Financial Statements.

 Dewhurst plc

Consolidated cash flow statement

 ENDS

Contacts:

Dewhurst plc

Jared Sinclair Tel: 020 8607 7364

Seymour Pierce Limited

20 Old Bailey

London EC4M 7EN

John Depasquale Tel: 020 7107 8000