8th Dec 2015 09:33
LONDON (Alliance News) - Electrical components firm Dewhurst PLC on Tuesday reported improved profit in its last financial year, despite recording slightly lower sales due to negative currency movements, but cautioned that demand in the UK looks weak.
Pretax profit increased to GBP5.3 million in the year ended September 30, compared with GBP4.8 million the prior year, as revenue fell to GBP45.9 million from GBP46.6 million and operating costs fell to GBP40.3 million from GBP41.4 million. The total dividend for the financial year of 13.00p per share was up 44%.
"We had a strong first quarter for 2015, but that does not look as though it will be replicated in the coming year. Instead the pattern from the second quarter of last year onwards is continuing, with demand in the UK rather weak, but most of our overseas markets stable or gently growing," Chairman Richard Dewhurst said in a statement.
The chairman said the year as a whole followed a pattern set in the first half. "After last year's strong performance in the UK, sales dropped back this year, whereas all but one of the overseas companies achieved better revenues. As last year, the continued strengthening of the pound reduced the reported impact in sterling of the local improvement," he said.
Currency changes hit sales by GBP1.1 million and profit by about GBP200,000.
Sales were down at Dewhurst's transportation division, "marginally" down at its lift division, and "broadly flat" at its keypads business. Its keypads are used in automatic teller machines.
Shares in Dewhurst were up 1.3% at 585.00 pence on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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