15th Jun 2022 11:53
(Alliance News) - Dewhurst Group PLC on Wednesday said it performed broadly in line with expectations in the first half of its financial year, posting an increase in profit despite macroeconomic challenges.
In the six months that ended March 31, the London-based supplier of electrical components for lifts and keypads reported a pretax profit of GBP3.7 million. This represented an increase of 11% against the previous year's figure of GBP3.4 million.
Revenue fell 6.3% to GBP27.1 million from GBP28.9 million a year prior. Dewhurst explained that overseas sales were lower as a result of Covid-19 disruption in Australia.
Transport sales were significantly down against the comparison period, which had been aided by a number of government cycle projects.
Keypad sales remain "volatile and unpredictable" from month to month, but nonetheless the company noted some recovery in sales during the half.
Looking forward, Dewhurst said its order books in Australia are "reasonably strong", but added that it may take a few months for these orders to start to filter through to sales due to material and labour constraints leading to some project delays.
The company declared an interim dividend of 4.50 pence, up 5.9% from 4.25p the previous year.
Shares in Dewhurst were up 1.6% at 1,270.00p on Wednesday in London.
By Heather Rydings; [email protected]
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