REG - Dewhurst PLC - Preliminary Results
08/12/2021 07:00
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RNS Number : 8918U Dewhurst PLC 08 December 2021
Dewhurst PLC
("Dewhurst" or the "Group")
Preliminary Results for the year ended 30 September 2021
Chairman's Statement
Results
I am delighted that the Group is able to report increased sales this year and
a record adjusted operating profit. Group sales for the year to 30 September
2021 increased 1% to £56.2 million (2020: £55.6 million). Adjusted operating
profit before amortisation of acquired intangibles and a gain on the sale of a
property was up 7% to £9.2 million (2020: £8.6 million) and profit before
tax was £9.6 million (2020: £6.7 million).
Although sales were slightly up overall, our three divisions experienced
different patterns of trading over the year. Transport and Highways fell back
19% this year after a strong year in 2020 supported by Government funded
cycleway schemes in the UK. Keypad sales stabilised after the fall in 2020 and
were broadly flat. The Lift division bounced back 4% from the fall in 2020 to
achieve sales very similar to those in 2019. The recovery was primarily in the
UK and Canada, which were the markets hardest hit in 2020..
Given the strong performance in 2021, we are proposing to increase our final
dividend by 0.5p, making an increase of 1.0p for the year as a whole.
Operations and People
Although several of the Group's Australian companies were subjected to full or
partial lockdowns for part of the year as a result of Covid-19, most of the
deferred sales were recovered by the year-end, and so Australian sales as a
whole were only slightly down year-on-year. Overall, the Group was less
affected by Covid-19 related restrictions this year than in 2020. Nevertheless
it has been a challenging year for employees at the Group's companies as
demand has fluctuated quite considerably during the year and obtaining
material supplies has not always been easy. I would like to thank our staff
for their hard work, which has required a particularly dedicated effort
following on from the previous year's strenuous demands.
Peter Tett is retiring at the end of December 2021 after 20 years as a
Non-Executive director at the Group. Although not regarded as officially
independent by corporate governance rules, Peter has always retained his
independence of outlook and given the Board valuable advice based on his
extensive experience. We will miss his wise and succinct counsel, but wish him
a very happy retirement and I would personally like to thank him for his many
important contributions to the development of the Group and its management
strategies. We have been fortunate in being able to recruit two experienced
new non-executive directors to help us continue our long-term growth, and were
very happy to welcome Susan McErlain and Charles Holroyd to the Board earlier
in the year.
Investment
The major project to build a new factory for Dupar Controls continued into
this year. With some inevitable Covid-19 related delays, the completion of the
building was a little later than planned, but we managed to move into the new
premises during April. The sale of the old premises was completed in June. The
total cost of the building (excluding land) was within expected parameters at
a little over £5 million.
The only other major physical investment this year was to replace our laser
machine at ALC to improve capacity, speed and reliability. We have however put
considerable resources into improving our IT systems and have invested in
developing an e-Commerce system for our distribution businesses, initially at
A&A. It has been a more difficult period to explore options for
investments to improve our productivity, but the Group still has the objective
and the funds to make progress in this area.
Outlook
Sales in the first quarter of 2022 are expected to be lower than last year in
most of our businesses, with the absence of the bounce back from lockdowns and
lower demand for cycleway products. Market conditions are uncertain and
difficult to predict further into the year.
Lift products have had a relatively strong performance over the last couple of
years during the pandemic however in Australia we are now starting to see the
expected softening of demand due to the dearth of new projects commissioned
over that period. In the UK and Canada, two of our larger markets, we are not
seeing that effect yet and there is still a reasonable volume of projects in
process. It is unclear at this point if we will see a pandemic induced
softening later in the year, or if it will be smoothed out over a longer
period within normal market fluctuations.
We are expecting that Keypad sales should recover a little in the coming year,
but growth could be tempered by supply chain issues at our end customers. The
pandemic has accelerated moves towards a cashless society and that will affect
the long term prospects for Keypad sales.
There are currently no immediate prospects for additional cycle lane projects
to provide growth for Transport and Highways products, but we expect there to
be long-term opportunities in this area.
Our balance sheet remains strong with available cash reserves and we continue
to explore opportunities to invest this cash in appropriate acquisitions.
Although we do not have any imminent prospects that meet our criteria, we will
be expanding our efforts to develop our pipeline of possibilities. The Group
remains well positioned in its markets to maximise opportunities as they
arise.
Richard Dewhurst
Chairman
Strategic Report
Business & Financial Review
The Group's principal activity in the year continued to be the manufacture of
electrical components and control equipment for industrial and commercial
capital goods. The Group maintained its position as a speciality supplier of
equipment to lift, transport and keypad sectors. A business review of the
Group's operations is dealt with below in operating highlights and in the
Chairman's Statement.
Key performance indicators
The directors believe that the key financial performance indicators relevant
to the Group are earnings per share, adjusted operating profit, profit before
tax and return on equity. The key non-financial performance indicators
relevant to the Group are quality measures and on-time deliveries to our
customers.
Operating Highlights
This year has once again been challenging with all our companies facing some
form of lockdown in their respective markets. Fortunately, the impact of these
lockdowns was not significant at any of our sites except for ERM (in
California) where we saw a sustained softening in demand throughout the year.
Around the world, we have focused on ensuring that our workplaces remain as
safe as possible and we continue to enforce rules on separation and the
wearing of masks when staff are away from workstations.
We voiced concern last year about the longer-term impact of the pandemic on
the lift industry. In fact, we have not seen that this year and we have
benefitted from a combination of pent-up demand generated from the slowdown
last year, as well as general steady growth in our markets. As intimated in
the report last year the move away from both office working and business
travel remains a concern.
In common with many businesses, we have had on-going supply chain issues,
which are set to continue through the coming year. In general we are able to
acquire the materials we need but there is constant upward price pressure, and
it is not possible to pass all these increases on to our customers. The other
recurring issue is availability of labour, primarily in the UK and Canada.
We believe that for the vast majority of roles in our businesses, it is
important that employees come in to work. The benefits of collaboration with
colleagues, whether it be about new products, sales opportunities or process
improvements is critical. These initiatives just do not develop as
successfully over video.
In September we were able to make our first visit to an overseas subsidiary
for 18 months. The trip was to Canada and it was wonderful to see the new
facility that Dupar have built in Cambridge. It really is a quite spectacular
building and will allow us to build on our successes in North America. It was
also most refreshing to meet with our colleagues in Canada face to face. Our
employees around the world are critical to the success of the business and I
join the Chairman in thanking them for their hard work in making this year a
record year under what have been very challenging circumstances.
UNITED KINGDOM
Dewhurst UK Limited
After a very difficult few years, it is pleasing to report that Dewhurst UK
achieved record sales and record order input during the year, which have
transformed the profitability of the business.
In the middle of the year, Dan Robinson moved from TMP to take over as
Managing Director of Dewhurst UK. The new team at Dewhurst UK have a number of
exciting plans for the business to ensure its continued growth over the coming
years.
The Hygiene Plus range that we launched last year was further strengthened by
the addition of the new Halo Touchless Car Operating System product. Halo
brings our touchless technology inside the lift car and allows the lift user
to activate a lift call button without actually pressing the button. Halo is
equally suited to new lifts and modernisations and is a key product developed
as a result of the Covid-19 pandemic.
This year saw the culmination of three years of design work, with the
installation of the first TDEU unit at Birmingham New Street Station. In
total, twenty-seven TDEU units will be installed at Birmingham New Street over
a two-year period and we have now received new orders for TDEU's at two other
Network Rail stations.
Traffic Management Products (TMP)
Sales at TMP fell back from last year's high but nevertheless there continued
to be strong demand for TMP's products.
Throughout the first half of the year, local authorities continued to develop
trial schemes through the Governments Active Travel Fund. The fund is designed
to encourage the use of cycling and walking in place of cars. The delineator
products that TMP offers to meet these requirements continued to be a popular
choice in the schemes. All the trial schemes have now been installed and are
under review. It is likely to be at least another twelve months before local
authorities benefit from tranche 2 of the funding and the rollout of
longer-term schemes.
During the year, TMP launched their new Eco Light Sign Light, which delivers
industry-leading power efficiency and is manufactured from recycled material.
Following Dan Robinson's departure to Dewhurst UK, we recently welcomed
Suzanne Day as Managing Director at TMP and we wish her every success in her
new role.
A&A Electrical Distributors (A&A)
A&A saw steady growth in demand through the year, however the upward
pressure on costs meant that profits were slightly reduced.
We continued to work on our e-Commerce platform and this launched for general
use late in the year. The site provides the end user with real time
information on stock and availability, which is an enormous benefit to our
customers.
During the year we tied up a deal with Prysmian to distribute escalator
products for Draka EHC. The focus of this agreement is escalator handrails and
other associated escalator components. This is a very exciting new opportunity
and gives us the ability to broaden our product offering within the Lift
Industry.
EUROPE
Dewhurst Hungary
It was another challenging year at Dewhurst Hungary with demand for ATM's
continuing to be severely impacted by the effects of the Covid-19 pandemic.
This had a knock-on effect on demand for our keypads.
NORTH AMERICA
Dupar Controls
Sales once again increased to more normal levels following last years' fall,
with Dupar recording record profits.
This was quite an achievement in a year when considerable focus went both on
the building of our new facility in Cambridge and then moving into it.
As previously stated, the new facility is an impressive building that will
fulfil our needs in Canada for the foreseeable future. With this investment,
the size of Dupar's factory space has increased considerably from 17,500 sq.
ft. to 46,000 sq. ft. We worked to ensure that the new building was as
environmentally friendly as possible. The walls are self-insulating concrete
panels, which make for a consistent temperature within the building, and the
offices have energy efficient underfloor heating. The site has 6.5 acres of
land, much of which is put over to wild meadows and ponds.
There was significant interest in our Hygiene Plus product range in North
America and Dupar were very successful in driving sales of the new Wave to
Call landing stations and the Halo Touchless Car Operating system.
Elevator Research & Manufacturing (ERM)
ERM saw a significant reduction in sales as California appeared to be
disproportionally impacted by the Covid-19 pandemic. This was very frustrating
for the team at ERM, who had seen three years of sales and profit growth. The
sharp reduction in sales pushed the company into a small loss for the year.
The market still has not fully recovered although there are some more
encouraging signs. We have strengthened the team at ERM with the appointment
of a new sales manager who will be focusing on growing our market share within
Los Angeles.
AUSTRALIA & ASIA
Australian Lift Components (ALC)
Sales at ALC were down on last year's high point but profits (before any
Government assistance) essentially remained level. This is an excellent
achievement as New South Wales was subject to a number of lockdowns throughout
the year.
There has been a considerable amount of activity in Australia over the last
three years with many new construction projects being completed over that
time. It was difficult to see this high level of activity being sustained and
we did see an anticipated reduction in activity over the second half of the
year.
P&R Lift Cars (P&R)
P&R have had a strong year. Their demand cycle runs a little behind that
of ALC, so they continued to work on several prestigious office
modernisations.
One Farrer Place is a typical example of work that they do. This was the
largest modernisation project that has been completed in Australia, with 44
lifts in total. P&R replaced the car interiors with new marble clad
interiors and this was also an example of ALC and P&R combining on a
project. ALC supplied all the fixtures with full height car operating panels
incorporating our US1 touchscreens.
Lift Material
We had good growth at Lift Material even though our ability to carry out
handrail installations interstate was severely restricted by the lockdowns in
the second half of the year.
There was focus on promoting our newer products and this bore dividends with
increased sales of our new line of A&A trailing cable and strong interest
in our hydraulic ram and pump units.
Dual Engraving
It was a frustrating year at Dual. They have a strong order book with
requirements for both private sector jobs and government infrastructure
projects. However, Western Australia seems to be worse affected than other
parts of Australia with material and labour shortages. This meant that many of
the projects Dual was due to work on were delayed, which has impacted their
budgeted revenues. Towards the end of the year, we saw some improvement in the
situation, which gives some encouragement for the coming year.
Dewhurst Hong Kong
Sales and profits grew strongly in Hong Kong. Over the coming year it is our
intention to introduce more new products to the market to allow us to continue
to grow our sales.
David Dewhurst
Group Managing Director
Financial Review
Trading results
Despite the continuing Covid-19 pandemic and some local shutdowns and travel
restrictions around the Group, it is pleasing to report 'near record' revenue
with record operating and net profits. Staff have adapted admirably to our
'Covid-safe' working arrangements while continuing to deliver a high quality
level of service to our customers. Lift sales increased 4%, which more than
offset the decline in Transport sales which at 19% down, was the biggest
percentage swing of any division on last year. The decline was due to the UK
Government's cycle lane delineators trial phase completing in the first
quarter of this year. This was still a very strong performance in Transport
sales which were up 88% on 2019. Keypads saw only a modest 3% increase in
sales and is still some 35% down on pre Covid-19 levels.
The various Government schemes around the world continued throughout the year
but the amount of support claimed by the Group was considerably lower than
last year. The total support from all Governments was £0.2 million (2020:
£1.5 million) of which £10k (2020: £0.5 million) was received in the UK. As
was the case in 2020, the Group director bonuses in 2021 exclude any benefit
from government grants received.
Overall revenue increased by 1.1% to £56.2 million (2020: £55.6 million) and
adjusted operating profit increased by 6.8% to £9.2 million (2020: £8.6
million).
Although a significant proportion of the Group's revenue and profits are
generated and held in foreign currency, foreign exchange retranslation had a
negligible impact on the reporting performance of the Group this year with
like-for-like revenue and profit before tax increasing by 1% each.
Solid cash position
The subsidiaries, as in 2020, continued to trade throughout 2021 without the
need for Group cash support. Dupar also completed the construction of its new
premises, moved in, and sold its old premises, clearing its local line of
credit in the process. This gave confidence that the Group money that had been
drawn back into instant access accounts in 2020 was not needed and so was put
back into 35 day notice accounts. We started the year with only a small bank
borrowing of £69k in Canada and finished the year with none.
During the year, the Group spent a further £1.1 million (C$1.9 million) on
completing Dupar's new premises, Goddard Crescent, but offsetting this,
received £2.1 million (C$3.6 million), net of fees, from the sale of Dupar's
old premises on Bishop Street. £0.6 million was spent at ALC on a new fibre
laser and a further 'on account' payment of £0.6 million was made to the
former owners of A&A Electrical Distributors Ltd (A&A) as an interim
payment relating to the second and final deferred consideration. This second
year deferred consideration is still to be finalised but is not anticipated to
be significantly more than that already paid on account. The Group ended the
year with cash of £20.5 million, up £2.4 million from 2020.
Pension scheme deficit
I am pleased to report an improved position in relation to the pension scheme
deficit. The pension scheme assets outperformed expectations by £2.6 million.
The Company continued during the year to pay a total of £1.4 million deficit
reduction contributions into the pension scheme and the liability discount
rate increased from 1.60% to 2.05% at the year-end. As a result of all
changes, the scheme deficit decreased by £6.6 million to £4.7 million (2020:
£11.3 million).
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 9.75p (2020: 9.25p). If approved,
this would result in a total dividend for 2021 of 14.0p per share which is
7.7% up on 2020 and is covered 6.6 times by earnings. Dividends are
accounted for when paid or approved by shareholders, and not when proposed,
therefore the proposed final dividend for 2021 has not been accrued at the end
of the reporting period.
There was no change in the number of the total issued share capital of the
Company during the year.
Jared Sinclair
Finance Director
Consolidated statement of comprehensive income
For the year ended 30 September 2021
2021 2020
£(000) £(000)
Continuing operations
Revenue 56,249 55,617
Operating costs (46,395) (48,654)
Adjusted operating profit* 9,214 8,630
Profit on sales of property, plant and equipment^ 1,751 -
Amortisation of acquired intangibles (1,111) (1,667)
Operating profit 9,854 6,963
Finance income 20 58
Finance costs (311) (281)
Profit before taxation 9,563 6,740
Taxation (2,110) (2,061)
Profit for the period 7,453 4,679
Other comprehensive income:
Actuarial gains/(losses) on the defined benefit pension 5,344 (1,886)
scheme
Deferred tax effect (1,336) 358
Tax on items taken directly to equity 224 226
Total that will not be subsequently reclassified to income statement 4,232 (1,302)
Exchange differences on translation of foreign operations (425) (215)
Total that may be subsequently reclassified to income statement (425) (215)
Other comprehensive income/(expense) for the year, net of tax 3,807 (1,517)
Total comprehensive income for the year 11,260 3,162
Profit for the year attributable to:
Equity Shareholders of the Company 7,030 4,312
Non-controlling 423 367
interests
7,453 4,679
Total comprehensive income for the year attributable to:
Equity Shareholders of the Company 10,877 2,783
Non-controlling 383 379
interests
11,260 3,162
Basic and diluted earnings per share 86.98p 51.78p
Basic and diluted earnings per share - continuing operations 86.98p 51.78p
* Operating profit before amortisation of acquired intangibles and pension GMP
equalisation (see Financial review)
^ Gain arising on the disposal of old premises at Dupar Controls Inc.
Consolidated statement of financial position
At 30 September 2021
2021 2020
£(000) £(000)
Non-current assets
Goodwill 9,626 9,743
Other intangibles 24 1,139
Property, plant and equipment 17,827 16,947
Right-of-use assets 2,802 3,273
Deferred tax asset 1,111 2,621
31,390 33,723
Current assets
Inventories 6,597 6,208
Trade and other receivables 10,008 9,553
Cash and cash equivalents 20,463 18,139
37,068 33,900
Total assets 68,458 67,623
Current liabilities
Trade and other payables 7,571 9,433
Borrowings - 69
Current tax liabilities 89 268
Short-term provisions 343 343
Lease liabilities 450 443
8,453 10,556
Non-current liabilities
Retirement benefit obligation 4,737 11,268
Lease liabilities 2,537 2,973
Total liabilities 15,727 24,797
Net assets 52,731 42,826
Equity
Share capital 808 808
Share premium account 157 157
Capital redemption reserve 329 329
Translation reserve 1,662 2,047
Retained earnings 48,213 38,042
Total attributable to equity Shareholders of the Company 51,169 41,383
Non-controlling interests 1,562 1,443
Total equity 52,731 42,826
The financial statements were approved by the Board of Directors and
authorised for issue on 8 December 2021 and were signed on its behalf by:
Richard Dewhurst Chairman
Jared Sinclair Finance Director
Company Registration Number: 160314
Consolidated statement of changes in equity
For the year ended 30 September 2021
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 2019 841 157 296 2,274 37,762 1,254 42,584
Share repurchase (33) - 33 - (1,637) - (1,637)
Exchange differences on
translation of foreign operations - - - (227) - 12 (215)
Actuarial gains/(losses) on defined benefit pension scheme
- - - - (1,886) - (1,886)
Deferred tax effect - - - - 358 - 358
Tax on items taken directly to equity - - - - 226 - 226
Dividends paid - - - - (1,093) (190) (1,283)
Profit for the year - - - - 4,312 367 4,679
At 30 September 2020 808 157 329 2,047 38,042 1,443 42,826
Share repurchase - - - - - - -
Exchange differences on
translation of foreign operations - - - (385) - (40) (425)
Actuarial gains/(losses) on defined benefit pension scheme
- - - - 5,344 - 5,344
Deferred tax effect - - - - (1,336) - (1,336)
Tax on items taken directly to equity - - - - 224 - 224
Dividends paid - - - - (1,091) (264) (1,355)
Profit for the year - - - - 7,030 423 7,453
At 30 September 2021 808 157 329 1,662 48,213 1,562 52,731
Consolidated cash flow statement
For the year ended 30 September 2021
continuing operations 2021 2020
£(000) £(000)
Cash flows from operating activities
Operating profit 9,854 6,963
Depreciation, amortisation and impairments 2,317 2,663
Right-of-use asset depreciation 489 351
Contributions to pension scheme, net of administration fee & GMP
equalisation costs
(1,357) (1,366)
Exchange adjustments (49) (33)
(Profit)/loss on disposal of property, plant and equipment (1,774) 64
9,480 8,642
(Increase)/decrease in inventories (389) (198)
(Increase)/decrease in trade and other receivables (455) 1,385
Increase/(decrease) in trade and other payables (1,213) 1,243
Increase/(decrease) in provisions - 66
Cash generated from operations 7,423 11,138
Interest paid (25) (2)
Tax paid (1,896) (1,871)
Interest and tax paid (1,921) (1,873)
Net cash from operating activities 5,502 9,265
Cash flows from investing activities
Acquisition of subsidiary undertaking (649) (624)
Proceeds on disposal of a subsidiary (net of cash disposed) - 55
Proceeds from sale of property, plant and equipment 2,122 35
Purchase of property, plant and equipment (2,500) (4,257)
Development costs capitalised (15) (12)
Interest received 20 58
Net cash generated from/(used in) investing activities (1,022) (4,745)
Cash flows from financing activities
Dividends paid (1,355) (1,283)
Purchase of own shares - (1,637)
Repayment of lease liabilities including interest (562) (381)
(Repayment)/Proceeds from bank borrowings (69) 69
Net cash used in financing activities (1,986) (3,232)
Net increase/(decrease) in cash and cash equivalents 2,494 1,288
Cash and cash equivalents at beginning of year 18,139 16,980
Exchange adjustments on cash and cash equivalents (170) (129)
Cash and cash equivalents at end of year 20,463 18,139
Notes
1. AGM, results and dividends
The profit for the year, after taxation, amounted to £7.5 million (2020:
£4.7 million).
A final dividend on the Ordinary and 'A' non-voting ordinary shares of 9.75p
per share (2020: 9.25p) for the financial year ended 30 September 2021 will be
proposed at the Annual General Meeting (AGM) to be held on 15 February 2022.
If approved, this dividend will be paid on 23 February 2022 to members on the
register at 21 January 2022. The ex-dividend date will be 20 January 2022.
An interim dividend of 4.25p per share (2020: 3.75p) was paid on 17 August
2021.
2. Earnings per share and dividend per share
2021 2020
Weighted average number of shares No. No.
For basic and diluted earnings per share 8,081,398 8,328,365
The calculation of basic and diluted earnings per share is based on the profit
for the financial year of £7,029,423 and on 8,081,398 Ordinary 10p and 'A'
non-voting ordinary 10p shares, being the weighted average number of shares
in issue throughout the financial year. There are no share options issued.
2021 2020
Paid dividends per 10p Ordinary share £(000) £(000)
2020 final paid of 9.25p (2019: 9.25p) (748) (778)
2021 interim paid of 4.25p (2020: 3.75p) (343) (315)
Dividends paid - The Company (1,091) (1,093)
Dividends paid to non-controlling interests - Dual Engraving Pty Ltd
& P&R Liftcars Pty Ltd (264) (190)
Dividends paid - The Group (1,355) (1,283)
The final proposed dividend is based on 3,309,200 Ordinary 10p shares and
4,772,198 'A' non-voting ordinary 10p shares, being the latest number of
shares in issue. The Directors are proposing a final dividend of 9.75p (2020:
9.25p) per share, totalling £788k (2020: £748k). This dividend has not been
accrued at the end of the reporting period.
3. Accounting policies
The accounting policies applied to the 2021 accounts have been consistent with
2020 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 2021 or 2020. Statutory
accounts for 2020 have been delivered to the Registrar of Companies. The
statutory accounts for 2021 which are prepared under IFRS as adopted by the EU
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, Jeffreys Henry LLP, who have indicated that they will be
giving an unqualified opinion in their report on the statutory financial
statements for 2021.
Dewhurst plc has prepared its consolidated and Company financial statements in
accordance with International Financial Reporting Standards (IFRS) as adopted
by the European Union (EU) from 1 October 2005. 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 IFRS. 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 2021 will be sent to shareholders and will also be available on the
Company's website www.dewhurst.plc.uk (http://www.dewhurst.plc.uk) on 13
January 2022.
- Ends -
For further details please contact:
Dewhurst Plc Tel: +44 (0) 208 744 8200
Richard Dewhurst, Chairman
Jared Sinclair, Finance Director
Singer Capital Markets Tel: +44 (0) 207 496 3000
Will Goode / Rick Thompson / James Fischer
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. END FR UBOBRAKUURAARecent news on Dewhurst
See all newsREG - Dewhurst Group PLC - Result of AGM
AnnouncementREG - Dewhurst Group PLC - Property Purchase
AnnouncementREG - Dewhurst Group PLC - Final Results
AnnouncementREG - Dewhurst Group PLC - Holding(s) in Company
AnnouncementREG - Dewhurst Group PLC - Cancellation of Treasury Shares and TVR
Announcement