Dewhurst Regulatory News (DWHT)

Dewhurst plc

Interim Results for the 6 months ended 31 March 2010

Directors' Interim Report

FIRST HALF

Group turnover was less than 1% down at £17.8 million compared to £17.9 million last year but profit before tax rose 3% to £2.18 million (2009: £2.13 million). Earnings per share increased 3% to 17.94p (2009: 17.48p). 

Sales performance varied considerably across the Group. Lift Division sales were higher, but this was principally due to currency gains in overseas markets. The Transport division provided growth in the UK assisted by a first half contribution from Cortest acquired during last year. Keypad sales fell on lower volumes and lower prices. However the Group demonstrated some resilience in the face of difficult market conditions.

The picture is really a mirror image of last year's first half. This year Europe and North America have generally been weaker, whilst Australia and the Far East have bounced back from last year's depressed levels.

OUTLOOK

In the UK we have already seen some nervousness from local authorities and other public sector bodies about their budgets and as a result a hesitation in placing orders. We know a squeeze on UK public sector spending is imminent and now expect that this is likely to have some impact on the Group in the second half of the financial year. It is unlikely that the private sector will pick up the slack immediately. Overseas we are less dependent on the public sector and would expect demand to gradually recover. However this will depend on market economic conditions and confidence.

As happened last year, we made some modest gains in the first half from favourable exchange rate movements. Again, as last year, some of these movements have been partially unwound in the last two months since the half year end.

We have been looking for some time for new premises for our headquarters and Hounslow factory. No contracts have been signed, but we have located premises nearby that we hope will prove suitable. If we go ahead, refurbishment will be necessary, so this is not likely to have a material effect on this year's results.

DIVIDENDS

The Directors have declared an interim dividend of 2.12p which amounts to £180,000, compared with 2.02p last year (£172,000). The interim dividend is payable on 31 August 2010 and will be posted on 26 August 2010 to shareholders appearing in the Register at 3:00 p.m. on 16 July 2010 (ex-dividend on 14 July 2010).

A final 2009 dividend of 4.04p which amounted to £344,000, compared with 3.84p previous year (£327,000) was approved at the AGM held on the 28 January 2010 and was paid on 1 March 2010 to members on the register at 8 January 2010.

By Order of the Board

J C SINCLAIR

Finance Director & Secretary

8 June 2010

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 2010, as compared with the corresponding half-year ended 31 March 2009 and the year ended 30 September 2009, shows the following results:

Consolidated income statement

Consolidated statement of recognised income and expense

Consolidated balance sheet

These half-year condensed 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 2009 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 2009 Financial Statements and its accounting policies, but where necessary comparative information has been reclassified or expanded from the 2009 Interim Financial Statements to take into account any presentational changes made in the 2009 Financial Statements or in these Interim Financial Statements.

Consolidated cash flow statement

For further information, please contact:

Dewhurst Plc Tel: +44 (0) 208 607 7364

Jared Sinclair

Seymour Pierce Ltd Tel: +44 (0) 207 107 8000

Nicola Marrin /Stewart Dickson