Interim Results
18/06/2025 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 |
| 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 |
| 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 | ||||||
| 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 | ||||||
| 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 | ||||||
| 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 |