18th Jun 2025 07:00
Dewhurst Group plc
Interim Results for the 6 months ended 31 March 2025
Directors' Interim Report
FIRST HALF
We are pleased to report a solid performance for the first half of the current financial year, in line with management expectations. Overall, Group revenue increased by 2% to £31.6 million (2024: £31.0 million). Our operating profits have increased by 5% to £3.8 million (2024: £3.7 million), and it is encouraging to see the improvement in operating profit margin to 12%. Profit before tax increased 4% to £4.1 million (2024: £3.9 million). Earnings per share improved 11% to 36.4p (2024: 32.9p). First half currency movements decreased Group revenue and profit by 3%.
The increase in Group revenue was driven by our non-UK businesses, and specifically in the Keypad division, which continued the recovery shown last year, although demand there continues to fluctuate. Modest growth in non-UK Lift businesses was outweighed by a drop in revenue at our UK Lift businesses. The Transport division continued with solid growth in revenue and profit.
The Group balance sheet remains strong with cash at the period end of £11.5 million (2024: £19.9 million). This is after paying £7.0 million to acquire the existing property at A&A Electrical Distributors site in South Woodford, London on 31 January 2025, as well as an additional £2.5m contribution into the pension scheme in October 2024.
OUTLOOK
The North American market has shown resilience in the first half of the year, but the ongoing uncertainty surrounding tariffs continues to affect confidence levels and cause delays in construction projects. The UK lift market has experienced some softening this year, exacerbated by weak UK economic performance. Persistent inflation, tight public sector spending and current subdued business confidence is also likely to make for a tough second half, however, there are opportunities for growth if the market stabilises. Orders in Australia have been mixed this year, and we are implementing a reorganisation to improve customer focus; this will impact on the second half, but the investment should improve future performance.
On balance, we expect a challenging second half of the year, with headwinds impacting on our growth prospects in several key markets.
DIVIDENDS
The Directors have declared an interim dividend of 5.00p per ordinary share (2024: 5.00p) which amounts to £387,000 (2024: £387,000). The interim dividend is payable on 13 August 2025 and will be posted on 8 August 2025 to shareholders appearing in the Register on 18 July 2025 (ex-dividend date being 17 July 2025).
A final 2024 dividend of 11.50p (2023: 11.00p) which amounted to £889,000 (2023: £882,000) was approved at the AGM held on 18 February 2025 and was paid on 26 February 2025 to members on the register at 17 January 2025.
By Order of the Board
J M DEWHURST
Chief Financial Officer
18 June 2025
Dewhurst Group plc
The unaudited consolidated statement of comprehensive income, statement of financial position, statement of changes in equity and cash flow statement of Dewhurst Group plc and its subsidiaries for the half-year ended 31 March 2025, as compared with the corresponding half-year ended 31 March 2024 and the year ended 30 September 2024, shows the following results:
Consolidated statement of comprehensive income
Half year | Half year | Year | |
ended | ended | ended | |
31 March | 31 March | 30 Sept | |
2025 | 2024 | 2024 | |
Continuing operations | £000's | £000's | £000's |
| |||
Revenue | 31,619 | 30,962 | 64,403 |
Operating costs | (27,776) | (27,301) | (56,282) |
Operating profit | 3,843 | 3,661 | 8,121 |
Finance income | 234 | 343 | 649 |
Finance costs | - | (88) | (121) |
Profit before taxation | 4,077 | 3,916 | 8,649 |
Taxation | Est. (1,262) | Est. (1,293) | (3,189) |
Profit for the financial period | 2,815 | 2,623 | 5,460 |
| |||
Other comprehensive income: |
| ||
Actuarial gains/(losses) on the defined benefit pension scheme | Est. (2,438) | Est. 649 | 1,280 |
Deferred tax effect | 110 | (162) | (320) |
Current tax effect | Est. 139 | Est. 157 | 555 |
Total that will not be subsequently reclassified to income statement | (2,189) | 644 | 1,515 |
| |||
Exchange differences on translation of foreign operations | (959) | (702) | (1,311) |
Total that may be subsequently reclassified to income statement | (959) | (702) | (1,311) |
Other comprehensive income/(expense) for the period, net of tax | (3,148) | (58) | 204 |
Total comprehensive income for the period | (333) | 2,565 | 5,664 |
| |||
Profit for the period attributable to: |
| ||
Equity shareholders of the company | 2,742 | 2,495 | 5,227 |
Non-controlling interests | 73 | 128 | 233 |
2,815 | 2,623 | 5,460 | |
| |||
Total comprehensive income for the period attributable to: |
| ||
Equity shareholders of the company | (368) | 2,443 | 5,441 |
Non-controlling interests | 35 | 122 | 223 |
(333) | 2,565 | 5,664 | |
| |||
Basic and diluted earnings per share | 36.39p | 32.92p | 66.58p |
Dividends per share | 5.00p | 5.00p | 66.58p |
Dewhurst Group plc
Consolidated statement of financial position
Half year | Half year | Year | |
ended | ended | ended | |
31 March | 31 March | 30 Sept | |
| 2025 | 2024 | 2024 |
| £000's | £000's | £000's |
Non-current assets |
| ||
Goodwill | 9,217 | 9,474 | 9,453 |
Other intangibles | 7 | 676 | 8 |
Property, plant and equipment | 23,419 | 17,016 | 16,580 |
Retirement benefit surplus | 3,755 | - | 2,965 |
Right-of-use assets | 1,901 | 2,228 | 2,151 |
Deferred tax asset | - | - | - |
38,299 | 29,394 | 31,157 | |
| |||
Current assets |
| ||
Inventories | 8,185 | 8,127 | 7,966 |
Trade and other receivables | 12,823 | 11,766 | 12,455 |
Current tax asset | - | 21 | - |
Cash and cash equivalents | 11,491 | 19,914 | 21,560 |
32,499 | 39,828 | 41,981 | |
Total assets | 70,798 | 69,222 | 73,138 |
| |||
Current liabilities |
| ||
Trade and other payables | 7,481 | 6,755 | 8,328 |
Current tax liabilities | 67 | - | 339 |
Short-term provisions | 179 | 157 | 179 |
Lease liabilities | 739 | 716 | 789 |
8,466 | 7,628 | 9,635 | |
Non-current liabilities |
| ||
Retirement benefit obligation | - | 837 | - |
Lease liabilities | 1,359 | 1,741 | 1,600 |
Deferred tax liability | 986 | 364 | 602 |
Total liabilities | 10,811 | 10,570 | 11,837 |
Net assets | 59,987 | 58,652 | 61,301 |
| |||
Equity |
| ||
Share capital | 773 | 773 | 773 |
Share premium account | 157 | 157 | 157 |
Capital redemption reserve | 364 | 363 | 364 |
Translation reserve | (496) | 1,031 | 425 |
Retained earnings | 58,556 | 55,676 | 58,892 |
Total attributable to equity shareholders of the company | 59,354 | 58,000 | 60,611 |
Non-controlling interests | 633 | 652 | 690 |
Total equity | 59,987 | 58,652 | 61,301 |
Dewhurst Group plc
Consolidated statement of changes in equity
For the period ended 31 March 2025
|
|
|
|
|
|
|
| ||||||
| Share | Share | Capital | Translation | Retained | Non | Total | ||||||
| capital | premium | redemption | reserve | earnings | controlling | equity | ||||||
|
| account | reserve |
|
| interest |
| ||||||
| £(000) | £(000) | £(000) | £(000) | £(000) | £(000) | £(000) | ||||||
|
|
|
|
|
|
|
| ||||||
At 30 September 2024 | 773 | 157 | 364 | 425 | 58,892 | 690 | 61,301 | ||||||
Exchange differences on translation of foreign operations |
- |
- |
- |
(921) |
- |
(38) |
(959) | ||||||
Share Repurchase | - | - | - | - | - | - | - | ||||||
Actuarial gains/(losses) on defined benefit pension scheme |
- |
- |
- |
- |
(2,438) |
- |
(2,438) | ||||||
Deferred tax effect | - | - | - | - | 110 | - | 110 | ||||||
Tax on items taken directly to equity (Est.) |
- |
- |
- |
- |
139 |
- |
139 | ||||||
Dividends paid | - | - | - | - | (889) | (92) | (981) | ||||||
Purchase of subsidiary and business undertakings |
- |
- |
- |
- |
- |
- |
- | ||||||
Profit for the period | - | - | - | - | 2,742 | 73 | 2,815 | ||||||
|
|
|
|
|
|
|
| ||||||
At 31 March 2025 | 773 | 157 | 364 | (496) | 58,556 | 633 | 59,987 | ||||||
For the period ended 31 March 2024
Share | Share | Capital | Translation | Retained | Non | Total | |||||||
capital | premium | redemption | reserve | earnings | controlling | equity | |||||||
account | reserve | interest | |||||||||||
£(000) | £(000) | £(000) | £(000) | £(000) | £(000) | £(000) | |||||||
At 30 September 2023 | 802 | 157 | 334 | 1,726 | 55,916 | 1,382 | 60,317 | ||||||
Exchange differences on translation of foreign operations |
- |
- |
- |
(695) |
- |
(7) |
(702) | ||||||
Share Repurchase | (29) | - | 29 | - | (1,776) | - | (1,776) | ||||||
Actuarial gains/(losses) on defined benefit pension scheme |
- |
- |
- |
- |
649 |
- |
649 | ||||||
Deferred tax effect | - | - | - | - | (162) | - | (162) | ||||||
Tax on items taken directly to equity (Est.) |
- |
- |
- |
- |
157 |
- |
157 | ||||||
Dividends paid | - | - | - | - | (882) | (84) | (966) | ||||||
Profit for the period | - | - | - | - | 2,495 | 128 | 2,623 | ||||||
At 31 March 2024 | 773 | 157 | 363 | 1,031 | 55,676 | 652 | 58,652 | ||||||
Dewhurst Group plc
Consolidated statement of changes in equity (cont'd)
For the year ended 30 September 2024
|
| ||||||||||||
Share | Share | Capital | Translation | Retained | Non | Total | |||||||
capital | premium | redemption | reserve | earnings | controlling | equity | |||||||
account | reserve | interest | |||||||||||
£(000) | £(000) | £(000) | £(000) | £(000) | £(000) | £(000) | |||||||
|
| ||||||||||||
At 30 September 2023 Share Repurchase | 802 (29) | 157 -- | 335 29 | 1,725 -- | 55,916 (1,776) | 1,382 -- | 60,317 (1,776) | ||||||
Exchange differences on translation of foreign operations |
- |
- |
- |
(1,300) |
- |
(11) |
(1,311) | ||||||
Actuarial gains/(losses) on defined benefit pension scheme |
- |
- |
- |
- |
1,280 |
- |
1,280 | ||||||
Deferred tax effect | - | - | - | - | (320) | - | (320) | ||||||
Tax on items taken directly to equity |
- |
- |
- |
- |
555 |
- |
- | ||||||
Dividends paid | - | - | - | - | (1,269) | (147) | (1,416) | ||||||
Purchase of subsidiary and business undertakings |
- |
- |
- |
- |
(721) |
(767) |
(1,488) | ||||||
Profit for the year | - | - | - | - | 5,227 | 233 | 5,460 | ||||||
At 30 September 2024 | 773 | 157 | 364 | 425 | 58,892 | 690 | 61,301 | ||||||
These half-year abbreviated 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 year ended 30 September 2024 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 2024 Financial Statements and its accounting policies, but where necessary comparative information has been reclassified or expanded from the 2024 Interim Financial Statements to take into account any presentational changes made in the 2024 Financial Statements or in these Interim Financial Statements.
Dewhurst Group plc
Consolidated cash flow statement
Half year | Half year | Year | |
ended | ended | ended | |
31 March | 31 March | 30 Sept | |
| 2025 | 2024 | 2024 |
| £000's | £000's | £000's |
Cash flows from operating activities |
| ||
Operating profit | 3,843 | 3,661 | 8,121 |
Depreciation and amortisation | 566 | 621 | 1,846 |
Right-of-use asset depreciation | 385 | 186 | 758 |
Additional contributions to pension scheme | (3,155) | (685) | (3,810) |
Exchange adjustments | 108 | (503) | (274) |
(Profit)/loss on disposal of property, plant and equipment | (7) | (33) | (56) |
1,740 | 3,247 | 6,585 | |
(Increase)/decrease in inventories | (219) | 210 | 371 |
(Increase)/decrease in trade and other receivables | (368) | (1,584) | (2,273) |
Increase/(decrease) in trade and other payables | (847) | (144) | 1,429 |
Increase/(decrease) in provisions | - | (1) | 21 |
Cash generated from operations | 306 | 1,728 | 6,133 |
Interest paid | - | - | (1) |
Tax paid | (1,227) | (1,471) | (2,487) |
Net cash from operating activities | (921) | 257 | 3,645 |
| |||
Cash flows from investing activities |
| ||
Purchase of subsidiary and business undertakings | - | (1,488) | (1,488) |
Proceeds from sale of property, plant and equipment | 9 | 38 | 69 |
Purchase of property, plant and equipment | (7,828) | (485) | (928) |
Development costs capitalised | - | - | (375) |
Interest received | 191 | 343 | 649 |
Net cash generated from/(used in) investing activities | (7,628) | (1,592) | (2,073) |
| |||
Cash flows from financing activities |
| ||
Dividends paid | (981) | (966) | (1,416) |
Repayment of lease liabilities including interest | (350) | (217) | (856) |
Purchase of own shares | - | (1,776) | (1,776) |
Net cash used in financing activities | (1,331) | (2,959) | (4,048) |
| |||
Net increase/(decrease) in cash and cash equivalents | (9,880) | (4,294) | (2,476) |
Cash and cash equivalents at beginning of period | 21,560 | 24,374 | 24,374 |
Exchange adjustments on cash and cash equivalents | (189) | (166) | (338) |
Cash and cash equivalents at end of period | 11,491 | 19,914 | 21,560 |
Contacts:
Dewhurst Group Plc Tel: +44 (0)208 744 8200
Richard Dewhurst, Chairman
Jeremy Dewhurst, Chief Financial Officer
www.dewhurst-group.com
Singer Capital Markets (Nominated Adviser and Sole Broker) Tel: +44 (0)207 496 3000
Rick Thompson / Alex Bond
Related Shares:
Dewhurst