2nd Feb 2016 08:40
LONDON (Alliance News) - Electrical components company Dewhurst PLC on Tuesday said its revenue and profit for the current financial year will be materially lower year-on-year as it continues to struggle with a drop in demand in the UK.
Dewhurst, which makes lift and rail components and keypads used on ATMs, said the weak UK demand it had cautioned on in its final results in December has continued. It said the strength of sterling against the euro had hit its ability to compete with rivals and had encouraged customers in the UK to import packaged lift components from Europe.
In addition, Dewhurst said demand for its keypad product unexpectedly and rapidly slowed in the first quarter to the end of December, though the situation has stabilised in January.
It said it foresees no significant improvement in trading conditions in the near future and expects its profit and revenue for the year to the end of September to be materially lower year-on-year.
Dewhurst shares were down 8.6% to 596.50 pence early Tuesday, one of the worst performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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