REG - Dewhurst Group PLC - Preliminary Results
08/12/2022 07:01
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RNS Number : 9660I Dewhurst Group PLC 08 December 2022
Dewhurst Group PLC
("Dewhurst" or the "Group")
Preliminary Results for the year ended 30 September 2022
Chairman's Statement
Results
I am pleased that the Group is able to report increased sales this year, but
disappointed that adjusted operating profit was slightly down on reduced
margins. Group sales for the year to 30 September 2022 increased 2.3% to
£57.6 million (2021: £56.2 million). Adjusted operating profit before the
cyber attack remediation costs and last year's amortisation of acquired
intangibles and gain on the sale of a property was £8.8 million (2021: £9.2
million) and profit before tax was £7.2 million (2021: £9.6 million).
Although reported sales were slightly up overall, at constant currencies sales
were broadly flat. Transport and Highways fell back a further 16% this year
with no cycleway schemes compared to a residue of projects in 2021. Keypad
sales recovered from the low levels experienced during the pandemic-affected
2020-21 period. The Lift division improved 3% with stronger sales in the UK
and particularly North America, offset by lower sales in Australia. Currency
movements were responsible for an increase in reported sales of £1.2 million,
with the pound weakening against most currencies and the US & Canadian
dollars strengthening.
Our continuing profitability and strong balance sheet enable us to propose an
increase in our final dividend by 0.5p, making an increase of 0.75p for the
year. If approved this would result in a total dividend for 2022 of 14.75p per
share which is 5.4% up on 2021.
Operations and People
I would like to pay tribute to our employees for working through the
challenges of this year. The previously reported cyber attack in May disrupted
our operations for several weeks and remediation costs affected our profits.
Our employees put in a tremendous effort to help us recover and do our best to
minimise the impact on our customers. It has also been a year in which it has
been difficult to recruit sufficient staff to support our operations. Despite
this we delivered solid results in the circumstances.
In common with many companies, we have experienced rapidly rising costs in
many of the commodities and components we use. Whilst we have increased prices
during the year, we have not been able to recover all of these increased
costs, with a corresponding impact on our operating margin. Whilst it is
important to protect our margin as much as we can, it is also crucial to
support our customer relationships and honour our long-term commitments.
After driving the growth of the Group for more than 30 years David Dewhurst
stepped back from his full time role of Group Managing Director at the end of
the financial year. David has played a key role in shaping the Group and
driving its strategy to broaden its markets for a very long time. His energy,
decisiveness and determination have been instrumental in the Group's growth.
On behalf of all shareholders I want to thank him for his huge contribution to
the success of the Group. John Bailey has moved over from managing A&A to
take on the role of CEO for the Group from 1st October 2022. David will be
supporting John in the role of strategic advisor to ensure a successful
transition in the senior management team. I am delighted that John is taking
on the CEO role. John has worked with David and myself for many years in
several of the Group's businesses and shares our values. There are plenty of
challenges for businesses at present and I am confident John will take on
these challenges with enthusiasm and help to build the senior team for long
term success.
Investment
We recently established a Group fund to provide investment in projects to
improve our environmental sustainability. I am delighted that we have
completed a major project this year under the scheme to install a solar panel
array on the roof of our Feltham factory. Even with November's gloomy weather
this has contributed 16% of the site's electricity needs since commissioning
in October.
Outlook
Group sales in the first quarter are looking as though they will be similar
overall to last year.
Lift product demand in Australia is a little softer, primarily as a result of
a reduction in major projects and the outlook for the UK is expected to be
weaker with a recession underway or looming, In North America the economic
conditions are stronger and we have a reasonable pipeline of projects, which
should carry us through the first half at least.
For our other product sectors, keypad sales are expected to be slightly
stronger in the short term, continuing the bounce back from the pandemic lull,
while sales of Highways and Transport products are forecast to show steady
improvement over the year.
Cost pressures on materials are likely to be a continuing concern, but we are
working hard to mitigate these effects. It seems that the worst of the staff
shortages following the pandemic have eased, but we continue to explore ideas
to improve recruitment and retention. At some companies we have not yet seen
the full impact of energy price rises, but these are going to come through
during the first half.
With the strength of our balance sheet we are continuing to invest to increase
our resilience to these challenges and to improve our operational and
environmental performance. We continue to look for opportunities to invest in
growth and will be happy to commit our cash when suitable opportunities are
found that align with the Group strategy.
Richard Dewhurst
Chairman
Strategic Report
Business 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
The business environment has generally been better than we anticipated at the
start of the year.
It has been refreshing to return to some form of normality after two trading
years of uncertainty caused by the pandemic. Despite business having settled
down, the environment we find ourselves in today is very different to that in
which we operated prior to the pandemic. There are still significant supply
chain issues both in terms of supply and rising costs of materials. However we
are able to mitigate those to a certain extent. The biggest post pandemic
challenge that we faced during the year was in human resources and the
availability of labour. Our people are key to the success of our businesses
and around the world we have found it very challenging to recruit the people
we need. This put significant stresses on our staff, particularly senior
management.
Early in the second half of the year we suffered an extremely serious cyber
attack, which impacted all our businesses. We worked hard to minimise any
impact to our customers and by and large we were successful in that respect.
The financial impact of the attack was significant but the speed with which we
resolved it, ensured that there was no material impact to trading revenues. It
is frustrating that our IT defences were breached and this is becoming an all
too common situation within the business community. Although it is virtually
impossible to totally protect your business from these types of attack, we are
investing to ensure the chance of a repeat is minimised and the impact of
another attack far less serious.
The spirit shown by all our staff after the attack was impressive. The
recovery put a great deal of additional workload onto staff in our businesses
and we are very grateful for the support they gave.
The business has faced some stiff challenges this year. To have delivered
these results in the face of these challenges is a credit to the team and I
would like to thank all our colleagues for their hard work in the past year.
UNITED KINGDOM
Dewhurst Limited
Sales grew strongly at Dewhurst Ltd led by increased demand for our products
particularly from our overseas customers.
We worked hard throughout the year to reduce the environmental impact of our
manufacturing. One initiative that proved quite successful was the purchase of
a grinding machine which regrinds our plastic waste back into pellets. We are
now able to use 10% of recycled plastic in our mouldings and to use 100%
recycled material when purging our moulding machines.
Our pushbutton products are manufactured from polycarbonate, which whilst
being extremely strong and durable, can be damaged by aggressive cleaning
agents. Since the pandemic we have seen increased use of these cleaning agents
in lifts. For some time we have been researching new plastics which have
improved resistance to chemical attack, whilst still being strong. This year
we found a new plastic that has these qualities and we are currently launching
our pushbutton range in this new material across our markets.
Our antibacterial pushbuttons have continued to prove very successful and at
the request of the Melbourne Metro we have added the new US91 Jumbo to our
antibacterial range of buttons.
Traffic Management Products (TMP)
Sales fell back from the high levels we have seen in the last two years. The
first phase of the Government's Active Travel Fund trial cycle schemes is now
complete. Local authorities are now in the process of assessing those trials
before rolling out longer term schemes.
Demand for TMP's traffic bollards remained buoyant and overseas demand for our
new Evo-Max traffic bollard was particularly strong.
At TMP we have also focused our energies on minimising our environmental
impact and this has been well received by our customers. We have increased the
use of bio-polymers (derived from sugar cane) in the manufacture of our
products. Our new NonCrete Bio Polymer bollard recently won the Green Apple
Environment Award. The award recognises companies that promote environmental
best practice around the world.
A&A Electrical Distributors (A&A)
Sales grew marginally at A&A over the year despite the fact that A&A
(due to its high percentage of same day sales) was the only company to be
impacted in terms of lost sales through the cyber attack. Margins at A&A
were broadly in line with the previous year.
John Bailey's move to Group Chief Executive Officer created a vacancy at
A&A and we are very pleased to welcome Dean White as the new Managing
Director. Dean was previously a Director of Schindler UK and has a wealth of
experience in the lift industry.
A&A has focused on implementing core changes at operational and process
level this year. The implementation of Tempo within Syspro as part of our
supply chain strategy, has given us the opportunity to improve the accuracy of
our inventory and streamline the purchasing process. This has enabled us to
safely reduce inventory levels by around 10% whilst maintaining an inventory
availability to our customers at 98% or above.
With Tempo in place, we have had more time to look at the supply chain, review
previous price increases, and manage these by agreeing price freezes and
rebate schemes with some of our suppliers.
We have continued to refine and improve our E-Commerce platform and now
believe that we have an industry leading offering.
EUROPE
Dewhurst Hungary
After two unspectacular years, Dewhurst Hungary saw a double digit percentage
growth in sales.
We have been concerned for some time now about the decline in cash usage. It
seems that although it declined during the pandemic, the outlook for cash
usage is currently improving and in turn the demand for ATM's.
NORTH AMERICA
Dupar Controls
In our first full year in our new facility we saw a double digit growth in
sales, building on last year's record levels. Profits also grew to a new
record, despite considerable margin pressures.
The team at Dupar were focused on optimising the new facility. Particular
attention was paid to storage and material handling. We purchased a new sheet
metal racking system, which allows single man handling of sheets from storage
onto our fibre laser cutting machine bed.
We have also invested in our front end processes, developing a new quote
module to our Engineer to Order drawing package. This will generate an
automatic drawing of the fixtures directly from the quote, significantly
enhancing the pre-order experience for our customers.
Elevator Research & Manufacturing (ERM)
We recovered sales at ERM after the challenges of the previous year. We
achieved double digit sales growth which was driven by our new Sales Manager.
The sales growth ensured that once again ERM was in the black.
ERM have traditionally found it hard to penetrate the California market and
our sales have never truly reflected the potential of the market. We need to
redress this and that is the challenge for the team at ERM.
AUSTRALIA & ASIA
Australian Lift Components (ALC)
After a run of strong years for ALC, last year saw a reduction in sales as the
number of new commercial property projects in Sydney declined. We had
anticipated this fall and both sales and profits were broadly in line with our
budgets.
We continue to work hard to develop interstate markets and we recently won a
very substantial order for fixtures for the Melbourne Metro. The fixtures are
the first to use the new Antibacterial Jumbo pushbutton developed by Dewhurst.
P&R Lift Cars (P&R)
In line with ALC, P&R have experienced a reduction of new projects in
Sydney, which is their primary market. This has led to a considerable fall in
both sales and profits.
Throughout the year we have been working to leverage our ALC sales
opportunities to include P&R's offering. We have substantially increased
the number of joint projects we have sold where we supply both ALC fixtures
and P&R interiors. The team have been reasonably successful with this
initiative but these projects tend to be of a smaller size.
Lift Material
Sales grew strongly through the year to a new record level and profits in turn
saw double digit growth also to a new record level. Despite being based in
Sydney, Lift Material as a distributor has truly countrywide sales and they
have benefitted considerably from increased levels of service and repair work
in all states.
We have seen reasonable traction this year on products that Lift Material
share with A&A. Prysmian cables saw good growth as did the A&A LED
shaft lighting system.
The team at Lift Material have completed a reorganisation of the warehouse.
There is now a much cleaner, efficient layout. We have installed purpose built
racking for our cable and handrail drums, allowing easier and safer cutting to
length for customer orders.
Dual
In 2021 we saw a parts and labour shortage in Western Australia, which caused
a delay to many of Dual's projects. The lift companies in Perth by and large
resolved those issues and this year proved to be a very busy one for Dual.
Sales grew to a record level, however profits, although growing substantially,
were not at record levels. We faced some margin erosion through material cost
increases.
Dual struggled with recruitment to cover the increased sales and this meant
that we were not able to operate as efficiently as we would have liked. It
also put significant pressure on the team at Dual who worked tirelessly to
meet customer project deadlines. The labour market in Perth has improved
recently and we have been able to take on a number of new recruits in the last
month.
Dewhurst Hong Kong
Dewhurst Hong Kong achieved double digit sales growth and we saw a
corresponding increase in profits. There was strong sales growth in the South
East Asia region, which was a real achievement. It is not easy to generate new
sales outside Hong Kong when it is not possible to travel.
The Covid-19 pandemic has been quite a challenge for the team. The company is
the only Group company we have not been able to visit, due to the continued
quarantine restrictions. However Feona Lai has remained extremely positive and
upbeat, whilst having to work in isolation. It is our hope that quarantine
rules will be relaxed in the coming year and we will be able to visit the
company once again.
David Dewhurst
Group Managing Director
Financial Review
Trading results
Despite the cyber attack in May 2022 forcing the Group to adapt over a weekend
and revert to manual systems for around a month whilst our IT systems were
restored, it is pleasing to report no significant impact on sales and the
Group is still able to report record revenues. Customers were understanding
and our staff adapted admirably to these temporary working arrangements whilst
continuing to deliver to our customers which is a testament to their hard work
and loyalty for which I and the Group are grateful.
Lift sales overall increased 3% due to strong UK and North America sales which
more than offset a tough year in Australia, particularly at P&R. Transport
sales fell 16% due to no UK Government cycle lane delineator trials converting
to projects in 2022 but this is still 26% up on pre Covid-19 levels. Keypads
saw a resurgence as cash starts to be used again and reported a 16% increase
on 2021. Overall revenue increased by 2.3% to £57.6 million (2021: £56.2
million).
With increased and uncertain lead times from suppliers, the Group proactively
increased its inventories. This also helped to mitigate the impact of cost
increases, which we could not fully recover. Overall adjusted operating
profit decreased by 4.3% to £8.8 million (2021: £9.2 million).
The various Government schemes around the world to support companies during
Covid-19 have pretty much now concluded everywhere, so in 2022 the total
support from all Governments was £0.3 million (2021: £0.2 million) of which
nil (2021: £10k) was received in the UK. As was the case in 2021, the Group
director bonuses in 2022 exclude any benefit from government grants received.
Although a significant proportion of the Group's revenue and profits are
generated and held in foreign currency, the foreign exchange retranslation
impact on the reporting performance of the Group this year increased both
like-for-like revenue and profit before tax by only 2% (2021: an increase of
1% each).
Strong cash position
The subsidiaries continued to trade throughout 2022 without the need for Group
cash support. The Group started and ended the year without any bank borrowings
along with a strong cash balance of £21.8 million, up £1.3 million from
2021.
During the year, the Group spent £1.5 million on cyber attack remediation
costs, £1.5 million on dividends, as well as £0.8 million on the purchase of
property, plant and equipment. The most significant asset addition in 2022 was
£0.12 million spent on a 207 kWp capacity solar panel system at Feltham which
has been operational since October 2022 and hopefully will supply c.30% of our
Feltham site's annual electricity usage, reduce our annual carbon footprint by
40 tonnes of CO2, as well as hopefully pay for itself within 3 years.
Pension scheme deficit
As in 2021, I am again pleased to report a further reduction in the pension
scheme deficit. Whilst the pension scheme assets underperformed expectations,
the liability discount rate increased from 2.05% to 5.25% at the year-end
which means the liability reduction more than eliminated any asset fall. The
Company paid a total of £1.2 million deficit reduction contributions into the
pension scheme this year and, as a result of all these changes, the scheme
deficit decreased by £2.9 million to £1.8 million (2021: £4.7 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 10.25p (2021: 9.75p). If approved,
this would be paid on 22 February 2023 and would result in a total dividend
for 2022 of 14.75p per share which is 5.4% up on 2021 and is covered 4.3 times
by earnings. Dividends are accounted for when paid or approved by
shareholders, and not when proposed, therefore the proposed final dividend for
2022 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 2022
2022 2021
£(000) £(000)
Continuing operations
Revenue 57,565 56,249
Operating costs (50,269) (46,395)
Adjusted operating profit* 8,818 9,214
Cyber attack remediation costs+ (1,522) -
Profit on sales of property, plant and equipment^ - 1,751
Amortisation of acquired intangibles - (1,111)
Operating profit 7,296 9,854
Finance income 64 20
Finance costs (191) (311)
Profit before taxation 7,169 9,563
Taxation (2,051) (2,110)
Profit for the period 5,118 7,453
Other comprehensive income:
Actuarial gains/(losses) on the defined benefit pension 1,887 5,344
scheme
Deferred tax effect (472) (1,336)
Tax on items taken directly to equity 200 224
Total that will not be subsequently reclassified to income statement 1,615 4,232
Exchange differences on translation of foreign operations 3,563 (425)
Total that may be subsequently reclassified to income statement 3,563 (425)
Other comprehensive income/(expense) for the year, net of tax 5,178 3,807
Total comprehensive income for the year 10,296 11,260
Profit for the year attributable to:
Equity Shareholders of the Company 4,849 7,030
Non-controlling 269 423
interests
5,118 7,453
Total comprehensive income for the year attributable to:
Equity Shareholders of the Company 9,867 10,877
Non-controlling 429 383
interests
10,296 11,260
Basic and diluted earnings per share 60.00p 86.98p
Basic and diluted earnings per share - continuing operations 60.00p 86.98p
* Operating profit before amortisation of acquired intangibles, profit on sale
of property and cyber attack remediation costs
+ Cyber attack remediation is explained further in the Strategic Report
^ Gain arising on the disposal of old premises at Dupar Controls Inc.
Consolidated statement of financial position
At 30 September 2022
2022 2021
£(000) £(000)
Non-current assets
Goodwill 10,105 9,626
Other intangibles 19 24
Property, plant and equipment 19,147 17,827
Right-of-use assets 2,473 2,802
Deferred tax asset 118 1,111
31,862 31,390
Current assets
Inventories 7,931 6,597
Trade and other receivables 12,318 10,008
Current tax asset 281 -
Cash and cash equivalents 21,764 20,463
42,294 37,068
Total assets 74,156 68,458
Current liabilities
Trade and other payables 7,783 7,571
Current tax liabilities - 89
Short-term provisions 344 343
Lease liabilities 505 450
8,632 8,453
Non-current liabilities
Retirement benefit obligation 1,798 4,737
Lease liabilities 2,193 2,537
Total liabilities 12,623 15,727
Net assets 61,533 52,731
Equity
Share capital 808 808
Share premium account 157 157
Capital redemption reserve 329 329
Translation reserve 5,065 1,662
Retained earnings 53,525 48,213
Total attributable to equity 59,884 51,169
Shareholders of the Company
Non-controlling interests 1,649 1,562
Total equity 61,533 52,731
The financial statements were approved by the Board of Directors and
authorised for issue on 8 December 2022 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 2022
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 2020 808 157 329 2,047 38,042 1,443 42,826
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
Exchange differences on
translation of foreign operations - - - 3,403 - 160 3,563
Actuarial gains/(losses) on defined
benefit pension scheme - - - - 1,887 - 1,887
Deferred tax effect - - - - (472) - (472)
Tax on items taken directly to equity - - - - 200 - 200
Dividends paid - - - - (1,152) (342) (1,494)
Profit for the year - - - - 4,849 269 5,118
At 30 September 2022 808 157 329 5,065 53,525 1,649 61,533
Consolidated cash flow statement
For the year ended 30 September 2022
continuing operations 2022 2021
£(000) £(000)
Cash flows from operating activities
Operating profit 7,296 9,854
Depreciation, amortisation and impairments 1,050 2,317
Right-of-use asset depreciation 509 489
Contributions to pension scheme, net of administration fee & GMP
equalisation costs
(1,137) (1,357)
Exchange adjustments 738 (49)
(Profit)/loss on disposal of property, plant and equipment (13) (1,774)
8,443 9,480
(Increase)/decrease in inventories (1,334) (389)
(Increase)/decrease in trade and other receivables (2,310) (455)
Increase/(decrease) in trade and other payables 212 (1,213)
Increase/(decrease) in provisions 1 -
Cash generated from operations 5,012 7,423
Interest paid (1) (25)
Tax paid (1,712) (1,896)
Interest and tax paid (1,713) (1,921)
Net cash from operating activities 3,299 5,502
Cash flows from investing activities
Acquisition of subsidiary undertaking - (649)
Proceeds from sale of property, plant and equipment 23 2,122
Purchase of property, plant and equipment (789) (2,500)
Development costs capitalised (5) (15)
Interest received 64 20
Net cash generated from/(used in) investing activities (707) (1,022)
Cash flows from financing activities
Dividends paid (1,494) (1,355)
Repayment of lease liabilities including interest (584) (562)
(Repayment)/Proceeds from bank borrowings - (69)
Net cash used in financing activities (2,078) (1,986)
Net increase/(decrease) in cash and cash equivalents 514 2,494
Cash and cash equivalents at beginning of year 20,463 18,139
Exchange adjustments on cash and cash equivalents 787 (170)
Cash and cash equivalents at end of year 21,764 20,463
Notes
1. AGM, results and dividends
The profit for the year, after taxation, amounted to £5.1 million (2021:
£7.5 million).
A final dividend on the Ordinary and 'A' non-voting ordinary shares of 10.25p
per share (2021: 9.75p) for the financial year ended 30 September 2022 will be
proposed at the Annual General Meeting (AGM) to be held on 14 February 2023.
If approved, this dividend will be paid on 22 February 2023 to members on the
register at 20 January 2023. The ex-dividend date will be 19 January 2023.
An interim dividend of 4.50p per share (2021: 4.25p) was paid on 16 August
2022.
2. Earnings per share and dividend per share
2022 2021
Weighted average number of shares No. No.
For basic and diluted earnings per share 8,081,398 8,081,398
The calculation of basic and diluted earnings per share is based on the profit
for the financial year of £4,848,816 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.
2022 2021
Paid dividends per 10p Ordinary share £(000) £(000)
2021 final paid of 9.75p (2020: 9.25p) (788) (748)
2022 interim paid of 4.50p (2021: 4.25p) (364) (343)
Dividends paid - The Company (1,152) (1,091)
Dividends paid to non-controlling interests - Dual Engraving Pty Ltd
& P&R Liftcars Pty Ltd (342) (264)
Dividends paid - The Group (1,494) (1,355)
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 10.25p (2021:
9.75p) per share, totalling £828k (2021: £788k). This dividend has not been
accrued at the end of the reporting period.
3. Accounting policies
The accounting policies applied to the 2022 accounts have been consistent with
2021 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 2022 or 2021. Statutory
accounts for 2021 have been delivered to the Registrar of Companies. The
statutory accounts for 2022 which are prepared under IFRS as adopted by the UK
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 2022.
Dewhurst Group plc has prepared its consolidated and Company financial
statements in accordance with International Financial Reporting Standards
(IFRSs) as adopted by the United Kingdom. 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.
These are the first financial statements prepared under UK adopted
international accounting standards. On 31 December 2020, IFRS as adopted by
the European Union at that date was brought into UK law and became UK adopted
international accounting standards, with future changes being subject to
endorsement by the UK Endorsement Board. Dewhurst Group plc transitioned to
UK-adopted International Accounting Standards in its consolidated and Company
financial statements on 1 October 2021. This change constitutes a change in
accounting framework. However, there is no change on recognition, measurement
or disclosure in the financial year reported as a result of the change in
framework.
It is expected that the audited Report and Accounts for the year ended 30
September 2022 will be sent to shareholders and will also be available on the
Company's website www.dewhurst-group.com (http://www.dewhurst-group.com) on 12
January 2023.
- Ends -
For further details please contact:
Dewhurst Group Plc Tel: +44 (0) 208 744 8200
Richard Dewhurst, Chairman
Jared Sinclair, Finance Director
Singer Capital Markets (Nominated Adviser and Sole Broker) Tel: +44 (0) 207 496 3000
Rick Thompson / James Fischer
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