REG - Dewhurst Group PLC - Final Results
12/12/2024 07:00
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RNS Number : 7557P Dewhurst Group PLC 12 December 2024
Dewhurst Group Plc
("Dewhurst" or the "Group")
Preliminary Results for the year ended 30 September 2024
Chairman's Statement
Results
I am delighted to report record sales and improved profits. Operating profit
is up 5% and profit before tax is 7% higher. Group sales for the year to 30
September 2024 ('2024') increased 11% to £64.4 million (2023: £58.0
million). Operating profit was £8.1 million (2023: £7.8 million) and profit
before tax was £8.6 million (2023: £8.1 million). Earnings per share were
66.58p (2023: 62.45p) up 7%.
Sales performance improved at all divisions and at almost all companies.
Transport and Highways grew 7% although this was primarily due to growth in
rail infrastructure work, while highways showed more modest growth after their
strong showing the previous year. Keypad sales returned to a level that has
become more normal since the start of this decade, reporting an increase of a
third on last year's depressed figures. The Lift division improved 10%
assisted by the additional contribution from our new business in Singapore.
The UK continued its growth of last year and the Australian businesses also
contributed growth this year, bouncing back after a decline the previous year.
This was offset by a small decline in North America, after strong growth the
previous year. The pound strengthened against our other operational currencies
during the year by about 10% from start to end, with an average year impact of
approximately 4%. The translation effect of this change reduced our reported
sales by £1.7 million and our reported profit before tax by £0.2 million.
We are proposing an increase in our final dividend of 0.50p, making an
increase of 0.75p for the year. If approved, this would result in a total
dividend for 2024 of 16.50p per share which is 4.8% up on 2023.
Operations and People
All businesses have performed well this year and all showed growth in sales in
local currency terms. The increases in reported sales have been partly as a
result of inflation in material and labour costs over the last couple of
years, although we have absorbed some costs ourselves. We have worked hard
over the year to mitigate these increases and to improve our operating
efficiency. It is encouraging that this focus has borne results as most
businesses have shown improvement in operating performance this year.
We installed a new Group-wide HR management system during the year, which is
helping us to improve our communication and engagement with our staff as well
as improving control of our documentation. I am also encouraged by the
progress we have made this year in improving our sustainability performance
through reducing our real scope 1 & 2 carbon emissions. Clearly there is
much more to do, but I feel we have made material progress both in engagement
with our staff and in respect of emissions. This is set out in our
Sustainability report.
Achieving our overall growth and improved performance has been a stimulating
challenge for all involved. The results have been achieved through the efforts
of all our staff and I would like to thank everyone for their individual
contributions.
I am delighted to welcome Jeremy Dewhurst to the Group Board in his new role
as Chief Financial Officer and to thank Jared Sinclair for his dedicated
performance of that role for 22 years and for his continuing support on the
transition. We are all pleased Jared is remaining on the Board in a new role
as Chief Integration Officer.
Investment
We have continued to invest in our new company in Singapore designing and
manufacturing displays. The investment is both financial and in resources in
order to position the company to be able to achieve profitable growth. The
business has made progress this year, but there is more to do.
Given the cash on our balance sheet we decided this year to put some of the
surplus to use in the pension scheme and return some funds to shareholders.
Our defined benefit pension scheme has been a liability on our balance sheet
for many years now. In addition it is an increasing burden to keep up with the
regulations to administer the scheme. It is our objective to transfer the
scheme to an insurer when this is viable. In the meantime we aim to capitalise
on higher interest rates to de-risk and reduce the volatility in the scheme in
the short term. In September 2024, we used £2.5 million of our cash to
accelerate payments into the scheme to improve the funding position. A further
£2.5 million has been paid into the scheme since the year end.
We also took the opportunity accorded by the authority granted at the AGM to
return some of our cash to shareholders by re-purchasing some of our
non-voting shares. This has previously been reported by RNS and is set out in
more detail in the Financial Review.
Outlook
Group sales have started the year slightly up on last year and in line with
our expectations. Lift product demand is softer in Canada, as we have been
anticipating for a while, because of excess capacity in certain segments of
the property market. Elsewhere the lift market is reasonable in the short
term, but likely to slow in some markets during the year. We currently expect
keypad demand to be similar to this year, although it does tend to fluctuate
quite significantly during the year. Highways and transport products are also
expected to be similar or slightly ahead of last year.
The outlook for growth in the UK has worsened since the new Government's
October budget with our customers' mood dented by the additional financial
burden placed on companies. It remains to be seen whether this is a temporary
setback or whether it will have longer term effects. If tariffs are introduced
on elevator products imported into the US from Canada and the UK this is
likely to be detrimental to our business, but it is too early to assess the
scale of the impact.
We are likely to have to continue to invest in our Singapore business in the
short to medium term, but our priority objective is to achieve long term
sustainable growth.
Richard Dewhurst
Chairman
Strategic Report
Business Review
The Group has achieved another milestone year, driven by robust performances
across our business segments and demonstrating the strength of our strategic
vision and operational execution. Sales increased by 11% year-on-year to
£64.4M, while profits before tax grew by 7%, reflecting both a recovery in
market conditions and the effective implementation of our operational
initiatives.
Our principal activities remain the manufacture and distribution of electrical
components and control equipment for industrial and commercial applications.
The year has seen strong growth in several divisions, with some registering
record sales and profits. A business review of the Group's operations is dealt
with below in operating highlights, in the Chairman's statement, and in the
Financial review.
Key Performance Indicators
The Directors continue to use a focused set of financial and non-financial
KPIs to track performance and ensure sustainable growth. Key financial
measures include earnings per share, adjusted operating profit, profit before
tax, and return on equity, reflecting strong profitability and effective
capital use in 2024.
Non-financial KPIs focus on quality, on-time deliveries, and sustainability
progress. Notable achievements this year include increased use of recycled
materials, reduced waste and improved energy efficiency. These KPIs highlight
the Group's balanced approach to financial strength, operational excellence
and environmental responsibility.
Operating Highlights
The global economic environment remains complex, marked by inflationary
pressures, supply chain disruptions, and geopolitical uncertainty. Despite
these challenges, we have maintained a strong market presence in the lift,
transport, and keypad sectors. Our ongoing commitment to our people,
operational efficiency and our customer focus has been integral to this year's
success.
While we have seen improvements in both our Keypads market and Australian lift
interiors business, there were signs in our second-half performance which
suggest some continued challenges in North America and the UK. Nonetheless,
most businesses performed well reflecting our overall positive performance.
Following insights from our inaugural staff survey, we introduced several
initiatives to strengthen employee engagement and development. These included
the rollout of a global HR system - PeopleHR and further integration of our
mission, vision, and values driving stronger engagement and development across
the organisation.
As part of our planned senior leadership transitions, Jeremy Dewhurst was
promoted to Chief Financial Officer, joining the Group's Board of Directors.
Jared Sinclair stepped down as Chief Financial Officer to take on the role of
Chief Integration Officer, while remaining a Group Board member and the
Company Secretary. These changes have been implemented smoothly, bringing
fresh perspectives and maintaining strong momentum. We are confident they will
continue to drive positive outcomes and support the Group's long-term
objectives.
Collaboration across the Group remains key to unlocking global product
opportunities, both organic and inorganic. This year, we have focused on
strengthening cross-business partnerships, sharing expertise and identifying
new market possibilities. These efforts position us to capitalise on emerging
opportunities, drive innovation and expand our product offerings on a global
scale for sustained growth.
Meeting our people and supporting our businesses in person continues to be a
key part of my strategy to strengthen connections and deepen understanding
across the Group. I have visited all our businesses at least twice throughout
the year and want to thank them all for their continued hard work, dedication
and outstanding contributions.
UNITED KINGDOM
Dewhurst Limited
Dewhurst Limited delivered a strong performance this year, achieving record
sales and growth in profit. This success was driven by a significant shift in
product mix compared to previous years, with all product groups exceeding both
last year's results and initial expectations.
Lift products performed well supported by a strong performance in other
non-lift related product lines. The resurgence in our keypad business resulted
in increased demand from Hungary and a key rail project saw the delivery of a
high number of our PA51 LED illuminated Bodyside Indicators used on rolling
stock to provide the visible indication of the door interlock status.
Operationally, we have intensified our focus on improving efficiency, enabling
us to manage increased demand as well as ensure we remain competitive in our
markets. A key sustainability milestone was the installation of an on-site
nitrogen generation system, which supports laser cutting operations. This
initiative not only reduced costs but also eliminated the environmental impact
associated with regular bottled gas deliveries.
Leadership transitions also marked a pivotal year for the company. Peter
Dewhurst was promoted to Managing Director of Dewhurst Ltd in April while
continuing to lead as Managing Director of Dewhurst Singapore, our displays
and position indicators business. Peter's global perspective is expected to
drive further product innovation as the company continues integrating advanced
technologies such as IoT, AI, and smart manufacturing systems.
This year's result is testament to hard work of the entire team who have found
innovative ways to improve workflows to cope with increased demand whilst
continuing to meet our stringent quality requirements and the tight deadlines
of our customers.
Traffic Management Products (TMP)
Sales exited at similarly pleasing levels to 2023 with all key product lines
performing in line with expectation. This, despite ongoing financial
constraints within local authorities who have seen significant reductions in
their spending power coincide with increasing demand for their services and
inflationary pressures.
Traffic bollard sales into our export market remained strong but we expect
this to reduce as the rollout of new installations is nearing completion.
Increased operating costs coupled with market price pressure remains an
ongoing challenge. We continue to navigate product and customer mix to ensure
we remain competitive in securing the larger contracts in the market whilst
mitigating credit risk.
Our focus on our customers, operational efficiencies and our sustainability
credentials summarised as people, profit and planet continue to provide
opportunities for competitive advantage. Combined they are helping shape our
product innovation.
A&A Electrical Distributors (A&A)
The past year at A&A has been relatively flat, reflecting the ongoing
volatility and competitive nature of the market. Both we and our customers
have faced challenges in this dynamic environment.
However, some areas have shown resilience. Products related to trailing
cables, lifts, and safety equipment performed well, along with the
introduction of our redesigned trade counter, which has generated significant
interest and supported sales.
We have also taken steps to strengthen our product management team to
accelerate the introduction of new products. In addition, we are exploring
ways to extend our operational improvements across a broader supplier network
to deliver even greater value to our customers. The continued focus on
operational efficiency and sustainability has led to the implementation of new
tools that allow for quicker cost and pricing management, enhancing our
agility in a fast-moving market. Additionally, we introduced an in-house
designed driver delivery app that helps manage driving routes and provide more
accurate arrival times, improving the overall customer experience.
A key development this year has been the addition of electric vans to our
fleet, which aligns with our sustainability goals while also reducing
operational costs. This addition contributes to our competitive edge by
enhancing efficiency and reducing carbon emissions.
Our e-commerce platform has seen increased use as more customers become
familiar with its features and benefits. However, we remain committed to
ensuring that traditional engagement methods continue to play a vital role in
meeting the needs of all our customers.
Ongoing regulatory requirements present both risks and opportunities, which
will be key drivers for future product development and range expansion. These
regulations will play an important part in shaping our product strategy going
forward.
EUROPE
Dewhurst Hungary
Whilst not back to previous levels there was good recovery in our keypad
market as the effects of our customer's restructuring settled. Our own
restructuring implemented last year coupled with our decision to move some of
our product assembly from the UK to Hungary earlier this year has delivered a
consistent base load to the business and an area we will continue to explore.
NORTH AMERICA
Dupar Controls
Following a period of steady growth over the past few years, Dupar experienced
a relatively flat year, primarily due to economic uncertainty, a slowdown in
large construction projects and ongoing challenges within the construction
market.
The impact of these factors was compounded by continuing supply chain
disruptions, particularly with key suppliers of controller boards, which had
been an issue in the previous year. As a result, many customers shifted their
project priorities, which disrupted our manufacturing patterns and negatively
affected our overall efficiency.
Despite these challenges, Dupar successfully managed planned personnel changes
in some key management positions. The transitions were planned carefully to
ensure there was adequate handover time, preventing any disruption to
performance. Additionally, our operational efficiency remained resilient in
coping with fluctuating demands throughout the year. Although the external
factors posed significant hurdles Dupar's ability to adapt to changing
circumstances has helped mitigate the impact on operations.
Elevator Research & Manufacturing (ERM)
Our continued focus on operational efficiency and customer engagement resulted
in another strong year at ERM and again delivered further progression in our
profitability.
Our 60(th) anniversary celebrations in May were well attended and provided a
chance to thank our customers for their continued support. Increased customer
visits and investment in our engineering function including additional
engineering resource supports our efforts for further expansion in the
California market.
AUSTRALIA & ASIA
Australian Lift Components (ALC)
An improved performance at ALC saw both sales and profits exceed the previous
year's results, driven by a renewed focus on differentiation.
Key successes included significant sales of ALC pit kits and advances in our
technical capabilities, particularly in integrating Dewhurst display systems
into our products. However, challenges persist in the market, as the lack of
new projects and the continued emphasis by major lift companies on promoting
their factory packages create a competitive environment.
P&R Lift Cars (P&R)
A positive turnaround year at P&R as we halted the decline of the last two
years. The market has been more favourable this year with the improvements
made in many of our key processes.
During the year we acquired the remaining shareholding of Roy Peat which saw
him stand down as General Manager but remain with the business in a new role
which utilises his design skills and years of experience within the lift
industry.
James Cameron joined the business in June as General Manager and has settled
in well. We have worked hard to steady our position whilst working on our
plans for further progression.
Lift Material
Another year of record sales at LMA as we consolidated our position across our
key product lines. Investment in people and the opening of a new branch in
Melbourne resulted in profit being slightly down on the previous year but an
enabler to our further growth.
Good progress has been made in the expansion of our escalator handrail
business during the year as well as the addition of new product lines to LMA's
growing portfolio. The introduction of our E-Commerce system developed at
A&A is designed to promote these products quickly as well as offer
customers significant benefits in the way they can obtain quotes and place
orders.
Dual
The transformation of Dual has continued at an impressive pace, delivering an
excellent year marked by record levels in both sales and profit. Favourable
market conditions contributed to this success, along with the achievement of
securing the prestigious Metronet project. Despite its challenging engineering
demands and tight timeframes, the project has been expertly executed by the
entire team at Dual.
The challenges of increased customer demand coupled with tight project
timelines meant production space was significantly stretched. However, the
improvements in our production workflows enabled our output to be achieved
efficiently and safely.
The hard work and dedication of our entire team has been instrumental in
driving our strategic initiatives forward.
Dewhurst Hong Kong
Despite the political and economic challenges Hong Kong has encountered over
the past 12 months, the business has continued to demonstrate strong
performance again achieving a double-digit increase compared to last year and
setting another record.
Customer engagement remains a central focus of the company's operations,
whether through in-person meetings, virtual engagements via Teams, or
technical webinars, which have helped maintain strong relationships with
clients and foster continued growth.
However, progress has been slower than expected with regard to the approval of
the rope gripper by Hong Kong authorities. Limited approvals have been
granted, but there is still significant potential for this product, as well as
others to be distributed within the Hong Kong market in the future.
Dewhurst Singapore
The three-month hiatus between the announcement of ending production of the
E-Motive products and our acquisition of the brand understandably caused
customer concern. This gap allowed competitors to strengthen their positions,
particularly in the Singapore market, where they capitalised on the
uncertainty.
Despite this setback, we have successfully reversed this trend in the UK and
Australian markets, where demand for our display products has started to rise.
Our increased customer engagement, backed by a proven record of manufacturing
high-quality products, is beginning to yield positive results. We are
optimistic about seeing significant improvements in our sales across
Singapore, Asia and the Middle East in the near future. Additionally, we have
focused on rationalising our product lines and improving our cost base, which
will further support our growth objectives and strengthen our financial
position.
John Bailey
Chief Executive Officer
Financial Review
Trading results
The Group continued its upward trend with an 11.1% increase in total sales to
£64.4 million (2023: £58.0 million). Lift sales increased 10.0% due to
strong growth in Asia & Australia, which includes a full year of trading
at Dewhurst Singapore. Continued construction projects supported both our
Australian lift interiors businesses P&R and Dual deliver double digit
growth, with Dual registering a record year in 2024. Slowing demand in North
America impacted on Dupar, with the outlook expected to be challenging for at
least the first half of 2025. Steady growth in Transport sales was driven by
higher rail sales at Dewhurst, and Keypad sales bounced back in 2024,
delivering 33.2% growth in sales, although this continues the fluctuations in
demand seen in previous years.
Overall operating profit increased by 4.8% to £8.1 million (2023: £7.8
million), at an operating profit margin of 12.6% (2023: 13.4%) and profit
before taxation increased 6.9% to £8.6 million (2023: £8.1 million).
A significant proportion of the Group's revenue and profits are generated and
held in foreign currency, and the foreign exchange retranslation impact on the
reporting performance of the Group this year decreased both like-for-like
revenue and profit before tax by 3% (2023: a decrease of 1% each).
Strong cash position
The subsidiaries continued to trade throughout 2024 without the need for Group
cash support, and paid dividends back to Group totalling £6.7 million. £3.6
million of this cash was generated from operating activities during the year
and as a result Group cash is strong. Further details can be seen from the
consolidated cash flow statement.
During the year, the Group spent £1.5 million to acquire the remaining 25% of
the shares in P&R Liftcars, £1.8m on the purchase of own shares, and
£0.9 million on the purchase of property, plant and equipment.
The Group started and ended the year without any bank borrowings. The cash
balance at year end was £21.6 million, down £2.8 million from £24.4 million
in 2023.
Pension scheme surplus
The Company paid a total of £3.9 million deficit reduction contributions into
the pension scheme this year and I am pleased to report that the deficit
decreased by £5.1m and is now in a surplus position of £3.0m (2023: £2.1
million deficit) on an IAS19 basis.
Aside from the increase in contributions, the main reason for the decrease in
the deficit was an overperformance of the pension scheme assets, which was
partially offset by the liability discount rate decreasing from 5.50% to 4.95%
at the year-end.
All recommendations made by the scheme's actuary to eliminate the scheme
deficit within an agreed timeframe have been fully implemented.
Capital management and treasury policy
The Group defines capital as total equity plus net debt. The objective is to
maintain a strong and efficient capital base to support the Group's strategic
objectives, provide optimal returns for shareholders and safeguard the Group's
assets and status as a going concern. The Group is not subject to externally
imposed capital requirements and the Group's philosophy is to have minimal or
no borrowing where possible.
The Group seeks to reduce or eliminate financial risk to ensure sufficient
liquidity is available to meet foreseeable needs and to invest cash assets
safely and profitably. The policies and procedures operated are regularly
reviewed and approved by the Board. By varying the duration of its fixed and
floating cash deposits, the Group maximises the return on interest earned.
The Group continues to hedge foreign currencies internally where possible and
did not use derivatives during the year in the form of foreign exchange
contracts to manage its currency risk.
Dividends
The Board is proposing a final dividend of 11.50p (2023: 11.00p). If approved,
this would be paid on 26 February 2025 and would result in a total dividend
for 2024 of 16.50p per share which is 4.8% up on 2023 and is covered 4.3 times
by earnings. The dividend would be paid to members on the register at 17
January 2025 (ex-dividend 16 January 2025). Dividends are accounted for when
paid or approved by shareholders, and not when proposed, therefore the
proposed final dividend for 2024 has not been accrued at the end of the
reporting period.
Following a share buyback programme, there was a reduction in the number of
allotted shares during the year, and these have been fully reported in the
Directors' Report.
Jeremy Dewhurst
Chief Financial Officer
Consolidated statement of comprehensive income
For the year ended 30 September 2024
2024 2023
£(000) £(000)
Continuing operations
Revenue 64,403 57,962
Operating costs (56,282) (50,212)
Operating profit 8,121 7,750
Finance income 649 494
Finance costs (121) (156)
Profit before taxation 8,649 8,088
Taxation (3,189) (2,966)
Profit for the period 5,460 5,122
Other comprehensive income:
Actuarial gains/(losses) on the defined benefit pension 1,280 (1,896)
scheme
Deferred tax effect (320) 474
Tax on items taken directly to equity 555 348
Total that will not be subsequently reclassified to income statement 1,515 (1,074)
Exchange differences on translation of foreign operations (1,311) (3,544)
Total that may be subsequently reclassified to income statement (1,311) (3,544)
Other comprehensive income/(expense) for the year, net of tax 204 (4,618)
Total comprehensive income for the year 5,664 504
Profit for the year attributable to:
Equity Shareholders of the Company 5,227 5,037
Non-controlling 233 85
interests
5,460 5,122
Total comprehensive income for the year attributable to:
Equity Shareholders of the Company 5,441 623
Non-controlling 223 (119)
interests
5,664 504
Basic and diluted earnings per share 66.58p 62.45p
Basic and diluted earnings per share - continuing operations 66.58p 62.45p
Consolidated statement of financial position
At 30 September 2024
2024 2023
£(000) £(000)
Non-current assets
Goodwill 9,453 9,516
Other intangibles 8 389
Property, plant and equipment 16,580 17,443
Retirement benefit surplus 2,965 -
Right-of-use assets 2,151 2,426
Deferred tax asset - 54
31,157 29,828
Current assets
Inventories 7,966 8,337
Trade and other receivables 12,455 10,182
Cash and cash equivalents 21,560 24,374
41,981 42,893
Total assets 73,138 72,721
Current liabilities
Trade and other payables 8,328 6,899
Current tax liabilities 339 578
Short-term provisions 179 158
Lease liabilities 789 719
9,635 8,354
Non-current liabilities
Retirement benefit obligation - 2,112
Lease liabilities 1,600 1,938
Deferred tax liability 602 -
Total liabilities 11,837 12,404
Net assets 61,301 60,317
Equity
Share capital 773 802
Share premium account 157 157
Capital redemption reserve 364 335
Translation reserve 425 1,725
Retained earnings 58,892 55,916
Total attributable to equity Shareholders of the Company 60,611 58,935
Non-controlling interests 690 1,382
Total equity 61,301 60,317
The financial statements were approved by the Board of Directors and
authorised for issue on 11 December 2024 and were signed on its behalf by:
Richard Dewhurst Chairman
Jeremy Dewhurst Chief Financial Officer
Company Registration Number: 00160314
Consolidated statement of changes in equity
For the year ended 30 September 2024
Share Share Capital Translation Retained Non Total
capital premium redemption reserve earnings controlling equity
account reserve interests
£(000) £(000) £(000) £(000) £(000) £(000) £(000)
At 30 September 2022 808 157 329 5,065 53,525 1,649 61,533
Share repurchase (6) - 6 - (375) - (375)
Exchange differences on
translation of foreign operations - - - (3,340) - (204) (3,544)
Actuarial gains/(losses) on defined benefit pension scheme
- - - - (1,896) - (1,896)
Deferred tax effect - - - - 474 - 474
Tax on items taken directly to equity - - - - 348 - 348
Dividends paid - - - - (1,197) (148) (1,345)
Profit for the year - - - - 5,037 85 5,122
At 30 September 2023 802 157 335 1,725 55,916 1,382 60,317
Share repurchase (29) - 29 - (1,776) - (1,776)
Exchange differences on (1,311)
translation of foreign operations - - - (1,300) - (11)
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 - 555
Dividends paid - - - - (1,269) (147) (1,416)
Acquisition of remaining shareholding of existing subsidiary undertaking - - - - (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
Consolidated cash flow statement
For the year ended 30 September 2024
Continuing operations 2024 2023
£(000) £(000)
Cash flows from operating activities
Operating profit 8,121 7,750
Depreciation, amortisation and impairments 1,846 1,090
Right-of-use asset depreciation 758 605
Contributions to pension scheme, net of administration fee (3,810) (1,634)
Exchange adjustments (274) (878)
(Profit)/loss on disposal of property, plant and equipment (56) (4)
6,585 6,929
(Increase)/decrease in inventories 371 (406)
(Increase)/decrease in trade and other receivables (2,273) 2,136
Increase/(decrease) in trade and other payables 1,429 (884)
Increase/(decrease) in provisions 21 (186)
Cash generated from operations 6,133 7,589
Interest paid (1) (1)
Tax paid (2,487) (1,218)
Interest and tax paid (2,488) (1,219)
Net cash from operating activities 3,645 6,370
Cash flows from investing activities
Acquisition of remaining shareholding of existing subsidiary undertaking (1,488) -
Proceeds from sale of property, plant and equipment 69 67
Purchase of property, plant and equipment (928) (830)
Development costs capitalised (375) (384)
Interest received 649 494
Net cash generated from/(used in) investing activities (2,073) (653)
Cash flows from financing activities
Dividends paid (1,416) (1,345)
Repayment of lease liabilities including interest (856) (688)
Purchase of own shares (1,776) (375)
Net cash used in financing activities (4,048) (2,408)
Net increase/(decrease) in cash and cash equivalents (2,476) 3,309
Cash and cash equivalents at beginning of year 24,374 21,764
Exchange adjustments on cash and cash equivalents (338) (699)
Cash and cash equivalents at end of year 21,560 24,374
Notes
1. AGM, Results and Dividends
The profit for the year, after taxation, amounted to £5.5 million (2023:
£5.1 million).
A final dividend on the Ordinary and 'A' non-voting ordinary shares of 11.50p
per share (2023: 11.00p) for the financial year ended 30 September 2024 will
be proposed at the Annual General Meeting (AGM) to be held on 18 February
2025. If approved, this dividend will be paid on 26 February 2025 to members
on the register at 17 January 2025. The ex-dividend date will be 16 January
2025.
An interim dividend 5.00p per share (2023: 4.75p) was paid on 13 August 2024.
2. Earnings Per Share & Dividend Per Share
2024 2023
Weighted average number of shares No. No.
For basic and diluted earnings per share 7,850,393 8,065,945
The calculation of basic and diluted earnings per share is based on the profit
for the year attributable to equity shareholders of £5,227,166 (2023:
£5,036,780) and on the weighted average number of Ordinary 10p and 'A'
non-voting ordinary 10p shares in issue throughout the financial year, as
disclosed above. There are no share options issued.
2024 2023
Paid dividends per 10p Ordinary share £(000) £(000)
2023 final paid of 11.00p (2022: 10.25p) (882) (828)
2024 interim paid of 5.00p (2023: 4.75p) (387) (369)
Dividends paid - The Company (1,269) (1,197)
Dividends paid to non-controlling interests - Dual Engraving Pty Ltd (147)
& P&R Liftcars Pty Ltd (148)
Dividends paid - The Group (1,416) (1,345)
The final proposed dividend is based on 3,309,200 Ordinary 10p shares and
4,425,518 'A' non-voting ordinary 10p shares, being the latest number of
shares in issue. The Directors are proposing a final dividend of 11.50p (2023:
11.00p) per share, totalling £889k (2023: £882k). This dividend has not been
accrued at the end of the reporting period.
3. Accounting Policies
The accounting policies applied to the 2024 accounts have been consistent with
2023 in all manners.
4. Basis Of Preparation
The financial information set out above does not constitute the Company's
statutory accounts for the years ended 30 September 2024 or 2023. Statutory
accounts for 2023 have been delivered to the Registrar of Companies. The
statutory accounts for 2024 which are prepared under UK-adopted international
accounting standards will be delivered to the Registrar of Companies following
the Company's Annual General Meeting.
The preliminary statement of results has been reviewed by and agreed with the
Company's auditor, Gravita Audit Ltd, who have indicated that they will be
giving an unqualified opinion in their report on the statutory financial
statements for 2024.
Dewhurst Group plc has prepared its consolidated and Company financial
statements in accordance with UK-adopted international accounting standards
(IAS). The Group and Company financial statements have been prepared in
accordance with those parts of the Companies Act 2006 that are applicable to
companies adopting IAS. The company is registered and incorporated in the
United Kingdom; and quoted on AIM.
It is expected that the audited Report and Accounts for the year ended 30
September 2024 will be sent to shareholders and will also be available on the
Company's website www.dewhurst-group.com (http://www.dewhurst-group.com) by 24
January 2025.
- Ends -
For further details please contact:
Dewhurst Group Plc Tel: +44 (0) 208 744 8200
Richard Dewhurst, Chairman
Jeremy Dewhurst, Chief Financial Officer
Singer Capital Markets (Nominated Adviser & Sole Broker) Tel: +44 (0) 207 496 3000
Rick Thompson / James Fischer
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