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Interim Results

18th Jun 2025 07:00

RNS Number : 2557N
Dewhurst Group PLC
18 June 2025
 

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

 

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