Dewhurst Regulatory News (DWHT)

7 Jun 2007 07:01

Dewhurst PLC07 June 2007 Dewhurst plc Directors' Interim Report FIRST HALF Turnover at the Group was slightly down at £14.9 million compared to £15.0million last year. Profit before tax dropped 16% to £1.52 million (£1.80million). Earnings per share also dropped 12% to 10.2p (11.7p). Lift and Keypad sales were both down. The fall in lift products was primarily as a result of reduced sales of remote monitoring equipment. The reduction inkeypad revenue was largely caused by a further fall in prices. This is acontinuing theme, with competition from low wage economies likely to maintainthe pressure on prices for the foreseeable future. Sales of traffic products increased with a full 6 month contribution from lastyear's acquisition of Traffic Management Products (TMP). During the period wewon and delivered our first major passive safety lighting column order. We alsointroduced new variants of our Flecta reboundable bollard, which have been wellreceived by customers. SHARE REPURCHASE On the 11th December 2006 the company purchased 36,000 of its own Ordinary 10pshares for £69,120. At the time of purchase these shares amounted to 0.37% ofthe called up share capital of the company and have been cancelled. On the 5thMarch 2007 the company purchased a further 12,500 of its own Ordinary 10pshares for £23,875. At the time of purchase these shares amounted to 0.13% ofthe called up share capital of the company and have also been cancelled. Details of shares purchased pursuant to the authority have been notified to theLondon Stock Exchange and to the Registrar of Companies. OUTLOOK We continue to take action to mitigate falling prices. We have increasedoverseas sourcing and reduced overheads; we will need to do more of the same tofurther reduce our cost base. However we must keep investing in new products,which are the lifeblood for our future. We are continuing the drive to improvevalue for customers, while at the same time improving service. These actionsput pressure on our profits in the short term, but secure more business for thefuture. DIVIDENDS The Directors have declared an interim dividend of 1.80p which amounts to£176k, compared with 1.71p last year (£168k). The interim dividend is payableon 28th August 2007 and warrants will be posted on 23rd August 2007 to shareholders appearing in the Register at 3:00 p.m. on 13th July 2007. A final 2006 dividend of 3.42p which amounted to £336k, compared with 3.26pprevious year (£321k) was approved at the AGM held on the 31st January 2007and was paid on 5 March 2007 to members on the register at 12th January 2007. By Order of the BoardJ C SINCLAIRFinance Director & Secretary6 June 2007 Dewhurst plc The unaudited consolidated income statement, statement of recognised income andexpense, balance sheet and cash flow statement of Dewhurst plc and itssubsidiaries for the half-year ended 31st March 2007, as compared with thecorresponding half-year ended 31st March 2006 and the year ended 30th September2006, shows the following results: Consolidated income statement Half year Half year Year ended ended ended 31st March 31st March 30th September 2007 2006 2006Continuing operations £(000)'s £(000)'s £(000)'s----------------------- ---------- ---------- ----------- Revenue 14,942 14,950 29,766 Operating costs (13,375) (13,185) (26,438) Operating profit 1,567 1,765 3,328 Finance income 86 88 165 Finance costs (136) (50) (99)----------------------- ---------- ---------- ----------- Profit beforetaxation 1,517 1,803 3,394Tax on profits Est.(514) Est. (654) (1,081)----------------------- ---------- ---------- ----------- Profit for the period 1,003 1,149 2,313----------------------- ---------- ---------- ----------- Basic and dilutedearnings per share 10.21p 11.66p 23.48pDividends per share 1.80p 1.71p 5.13p Consolidated statement of recognised income and expense Half year Half year Year ended ended endedNet income/(expense) recognised 31st March 31st March 30th September 2007 2006 2006directly in equity: £(000)'s £(000)'s £(000)'s----------------------- ---------- ---------- ----------- Actuarialgains/(losses) onthe defined benefit pension scheme Est. 622 Est. 897 1,637 Exchange differenceson translation of foreign operations (351) (66) (346) Tax on items takendirectly to equity (82) (249) (387)----------------------- ---------- ---------- ----------- Net income / (expense)recognised directly in equity in the period 189 582 904Profit for thefinancial period 1,003 1,149 2,313----------------------- ---------- ---------- ----------- Total recognisedincome and expense for the period 1,192 1,731 3,217----------------------- ---------- ---------- ----------- Dewhurst plc Consolidated balance sheet Half year Half year Year ended ended ended 31st March 31st March 30th September 2007 2006 2006 £(000)'s £(000)'s £(000)'s----------------------------- --------- ---------- -----------Non-current assetsGoodwill 5,250 5,342 5,192Other intangibles 89 61 89Property, plant and equipment 2,721 2,872 2,804Deferred tax asset 1,525 1,886 1,746----------------------------- --------- ---------- ----------- 9,585 10,161 9,831Current assetsInventories 2,875 3,575 3,037Trade and other receivables 6,016 5,846 5,664Cash and cash equivalents 5,617 3,867 5,077----------------------------- --------- ---------- ----------- 14,508 13,288 13,778 --------- ---------- -----------Total assets 24,093 23,449 23,609----------------------------- --------- ---------- ----------- Current liabilitiesTrade and other payables (3,782) (3,748) (3,442)Current tax liabilities (387) (602) (388)Short term provisions (150) (200) (150)----------------------------- --------- ---------- ----------- (4,319) (4,550) (3,980)----------------------------- --------- ---------- -----------Non-current liabilitiesRetirement benefit obligation (5,085) (6,286) (5,697)----------------------------- --------- ---------- ----------- (5,085) (6,286) (5,697)----------------------------- --------- ---------- -----------Total liabilities (9,404) (10,836) (9,677)----------------------------- --------- ---------- ----------- Net assets 14,689 12,613 13,932----------------------------- --------- ---------- ----------- EquityShare capital 980 985 985Share premium account 157 157 157Capital redemption reserve 157 152 152Translation reserve (31) 336 215Retained earnings 13,426 10,983 12,423----------------------------- --------- ---------- ----------- Total equity 14,689 12,613 13,932----------------------------- --------- ---------- ----------- The results for the 2006 year set out above are abridged. Full accounts forthat year reported under IFRS, on which the auditors of the company made anunqualified report, have been delivered to the Registrar of Companies. The presentation of these Interim Financial Statements is consistent with the2006 Financial Statements and its accounting policies, but where necessarycomparative information has been reclassified or expanded from the 2006 InterimFinancial Statements to take into account any presentational changes made inthe 2006 Financial Statements or in these Interim Financial Statements. Dewhurst plc Consolidated cash flow statement Half year Half year Year ended ended ended 31st March 31st March 30th September 2007 2006 2006 £(000)'s £(000)'s £(000)'s----------------------------- ---------- ---------- ----------- Cash flows from operatingactivitiesOperating profit 1,567 1,765 3,328Depreciation andamortisation 162 212 463Additional costs topension scheme (125) 65 131Exchange adjustments (198) (142) (98)---------------------------- ---------- ---------- -----------(Profit)/loss on disposal ofproperty, plant and equipment (9) 1 (3)---------------------------- ---------- ---------- ----------- 1,397 1,901 3,821(Increase)/decreasein inventories 162 587 996(Increase)/decrease in tradeand other receivables (352) 496 513Increase/(decrease) in tradeand other payables 340 (263) (366)Increase/(decrease)in provisions - - (50)---------------------------- ---------- ---------- -----------Cash generated fromoperations 1,547 2,721 4,914Interest paid (1) - -Income tax paid (519) (557) (1,147)---------------------------- ---------- ---------- -----------Net cash fromoperating activities 1,027 2,164 3,767 Cash flows from investingactivitiesAcquisition of subsidiaryundertakings - (4,322) (4,322)Proceeds from sale of property,plant and equipment 9 1 14Purchase of property,plant and equipment (121) (137) (320)Development costs capitalised (20) (30) (109)Interest received 86 88 165---------------------------- ---------- ---------- -----------Net cash used ininvesting activities (46) (4,400) (4,572) Cash flows from financingactivitiesDividends paid (336) (321) (490)Repurchase of shares (93) - ----------------------------- ---------- ---------- -----------Net cash used infinancing activities (429) (321) (490)---------------------------- ---------- ---------- -----------Net increase/(decrease)in cash and cashequivalents 552 (2,557) (1,295)---------------------------- ---------- ---------- -----------Cash and cash equivalents atbeginning of period 5,077 6,438 6,438---------------------------- ---------- ---------- -----------Exchange adjustments on cash and cash equivalents (12) (14) (66)---------------------------- ---------- ---------- -----------Cash and cash equivalentsat end of period 5,617 3,867 5,077---------------------------- ---------- ---------- ----------- This information is provided by RNS The company news service from the London Stock Exchange