REG - Dewhurst Group PLC - Preliminary Results
21/12/2023 07:15
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RNS Number : 5045X Dewhurst Group PLC 21 December 2023
Dewhurst Group Plc
("Dewhurst" or the "Group")
Preliminary Results for the year ended 30 September 2023
Chairman's Statement
Results
Group sales for the year to 30 September 2023 marginally increased 0.7% to
£58.0 million (2022: £57.6 million). Adjusted operating profit is lower but
profit before tax has recovered from last year's result, which was affected by
cyber attack remediation costs. Adjusted operating profit was £7.8 million
(2022: £8.8 million before cyber attack remediation costs) and profit before
tax was £8.1 million (2022: £7.2 million). Earnings per share increased 4.1%
to 62.45p (2022: 60.00p).
Although reported sales were slightly up overall, the sales performance varied
greatly across the divisions and companies. Transport and Highways grew 10%
although there were swings within the division in that rail infrastructure
work fell back while highways grew strongly. Keypad sales suffered a severe
drop due to our main customer carrying out substantial destocking prior to a
planned split of the company into two entities. The Lift division improved 4%
with stronger sales in the UK and particularly North America, although this
was offset by lower sales in Australia. This was the same pattern of change as
the previous year. Currency movements had little impact on the reported sales
overall. Although there were significant movements in currencies over the
year, the average rates on our most used currencies varied by less than 5%
with a weaker Australian dollar partially offset by a stronger US dollar.
We are proposing an increase in our final dividend of 0.75p, making a total
increase of 1.00p for the year. If approved, this would result in a total
dividend for 2023 of 15.75p per share which is 6.8% up on 2022.
Operations and People
The economic conditions over the past year of high levels of inflation and
rapidly increasing interest rates have created a less stable and benign
financial environment than we have all been used to. Against this volatile
backdrop several of our companies have achieved record results and I would
like to extend my thanks to our staff in these companies for their excellent
contributions, as well as to our colleagues in other businesses who have faced
their particular challenges with determination and resolve.
There is no question that the pandemic challenged our ability to maintain the
communication and level of engagement with our staff we would have liked. In
the aftermath of the pandemic and in common with many companies we saw
employee turnover rates increase. John Bailey, in his new role as CEO, has
introduced a number of initiatives which should assist us in our goal of
growing employee satisfaction and improving retention. Having our staff fully
engaged is fundamental to our ability to support our customers in the way we
would like and to our overall performance as a business.
The rapid and escalating increases in costs of material and components have
abated somewhat during this year. However the expiry of the last of our fixed
energy contracts in the UK during the first half meant we have felt the full
impact of energy cost escalation over the last twelve months. In addition,
wage and salary costs have increased more this year than last to mitigate cost
of living increases and to ensure we can recruit and retain the staff the
business needs.
Investment
We have expended considerable management resources exploring opportunities to
invest for growth this year. In June we announced agreement with Avire to take
on their E-motive lift display brand, IP and products. These products will
allow us to extend the range of Dewhurst Group branded products we can offer
our customers. Our team has worked hard to set up manufacturing of the range;
that is now underway and the products are available for our customers to
order. The team and our suppliers have done a great job getting everything set
up as quickly as possible. Our management and development of these products
will be located in Singapore where a new subsidiary has been established.
We have invested more time, energy and funds in IT following 2022's cyber
attack. No system is completely impervious, but we have worked hard to
increase our resilience to any further attempt to compromise our systems. At
the same time we have put additional investment into systems to improve our
customer service and our own efficiency. An example of this is our continued
development of A&A's E-commerce with the introduction of delivery
tracking.
It is encouraging to be able to report the installation of solar panel systems
at two more of the Group's properties during the year. More details are set
out in the Sustainability report.
Outlook
Group sales have started the year slightly up on last year and in line with
our expectations. Lift product demand in all regions currently seems to be
holding up reasonably well. On keypads it appears our major customer has
completed its de-stocking program and current demand seems a little more
stable than the volatile demand last year. Highways and transport products
should continue their steady improvement.
We are carefully monitoring cost increases at all companies and are now in a
better position to respond more quickly to any increases that occur. Where
possible contracts have been adjusted to allow for material cost changes, but
there will still be some medium term contracts where prices are fixed.
Our key objective for the immediate future is to capitalise on the
opportunities afforded by our acquisition of the E-motive display range. This
means we will need to invest in engineering development of the products, in
stock and in ensuring the manufacturing process is robust and meets our
quality standards.
Our strong balance sheet allows the Group to continue to explore other
opportunities to deploy its cash resources.
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, in the
Chairman's statement and in the Financial review.
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 on-time deliveries to our customers and those
relating to our sustainability commitments.
Operating Highlights
The transition in leadership was well planned and executed and continues to be
well supported. The first year has seen significant progress in many of our
key objectives.
We have developed our mission, vision and values as well as seeking to
engender a positive mindset amongst our global leadership teams as we position
the Group for growth.
Conditions in the markets in which we operate have in general have been
relatively stable despite the turbulent geopolitical and economic backdrop.
However there have been particular challenges in both our Keypads market and
our Australian lift interior businesses which have distorted an otherwise
positive performance with several business registering record results.
We have focussed heavily this year on People, IT and operational efficiencies
as we seek to improve our business resilience and position the Group and our
individual businesses for growth. Our first ever companywide staff survey was
conducted towards the end of the financial year and the results shared with
the leadership teams across all our businesses.
We have identified the key areas for improvement which, along with the results
of our survey, will help shape our People strategy.
Although there has been a reduction in the volume and level of cost increases
during the latter half of the year, price pressure remains a constant threat.
We have worked hard to mitigate the impact through various initiatives
including increasing prices more promptly in response to cost increases as and
when market conditions allow. The improvement in our operational efficiency
has helped reduce our costs whilst enhancing our competitive advantage. We
remain committed to our Customer First philosophy and continue to strive to
provide the most reliable and efficient service possible to our customers.
We secured the exclusive rights to the E-Motive brand and range of displays
and position indicators toward the end of the financial year and the team have
worked incredibly hard in setting up our new entity based in Singapore. This
is an exciting opportunity for Dewhurst Group and one that will require us to
invest further in several areas of the business in order to meet our growth
objectives.
Despite the challenges of a geographically diverse Group it has been my
pleasure to meet all of our people in person throughout this year and I would
like to join the Chairman in thanking them all for their hard work and support
during the year.
UNITED KINGDOM
Dewhurst Limited
The fall in sales and profit versus last year is partly attributable to a drop
off in demand for keypad and rail products but also the timing of a price
increase which pulled forward demand and profit from 2023 into 2022.
The appointment of Nick George as Operations Director has brought greater
focus to our manufacturing processes and procedures, but our commercial
resource was stretched in the second half of the financial year as a result of
taking on the E-Motive brand. Inevitably this has slowed our progression on
operational efficiencies.
We have moved to address this with the appointment of a new Commercial Manager
at the start of the new financial year. This appointment has allowed Peter
Dewhurst to take on direct responsibility for our Displays business as well as
continue in his current role as Commercial Director for Dewhurst.
Despite these challenges lift fixtures performed strongly with some
prestigious projects being secured which demanded some hugely impressive
designs and finishes.
We have continued our commitment to reduce the environmental impact of our
manufacturing processes and have been able to increase the proportion of
recycled plastic in our mouldings whilst maintaining quality and performance.
The launch of our XR pushbutton range which offers improved resistance to
chemical attack has been well received as has the introduction of our new
Weatherproof buttons which were launched during the year. Further product
launches are planned for 2024.
At the beginning of the financial year Nigel Green our hugely experienced and
valued production planning manager sadly passed away. Nigel's untimely
passing, a few years short of retirement, was a shock to everyone within the
Group.
Traffic Management Products (TMP)
Despite the continued uncertainty around local authority spending, sales
showed a significant improvement on the previous year.
Given that there has been very little spending activity since the first phase
of the Government's Active Travel Fund trial cycle schemes some two years ago
it was pleasing to see all product sectors perform strongly.
Traffic bollards continue to attract strong demand both in the UK and export
markets. Signlights, in particular, saw strong growth in the year supported,
in part, by our continued focus on sustainability. We have extended the use
of bio-polymers on certain product ranges and are seeing more attention being
paid to our ESG credentials by main contractors and local authorities.
Good progress has also been made on our operational efficiencies which has
helped streamline our manufacturing operation and is facilitating the cross
skilling of our production team.
A&A Electrical Distributors (A&A)
Following the successful transition of senior leadership at the beginning of
the financial year A&A saw both sales and margin growth.
The latest tranche of continuous improvement initiatives throughout all areas
of the business focussed attention on increased efficiency and customer
service which in turn has improved profitability.
A&A have continued to progress their sustainability commitments, reducing
waste and their overall impact on the environment. A&A achieved ISO14001
accreditation during the year.
Our E-Commerce platform is now being used by many customers as well as our own
Internal Sales Engineers (ISE) which is helping to accelerate uptake.
Further development has seen the launch of A&A's driver delivery app which
automatically maps the most efficient delivery route. The proof of delivery
and associated delivery information is immediately uploaded to the Ecommerce
platform allowing customers prompt access to the information.
There are further enhancements currently being trialled, which we expect to
launch during 2024. The continued investment in technology has supported
significant operational efficiency improvements some of which are now being
trialled at Lift Material.
As a result of the landline telephone network switch from analogue to digital
technology (Voice over Internet Protocol: VoIP), A&A have introduced GSM
gateways to their range and have seen strong sales. These products facilitate
the transmission of lift emergency call and text messages over the mobile
phone network. New product development and range extension remains a key part
of A&A's strategy.
EUROPE
Dewhurst Hungary
Following somewhat of a resurgence in the use of cash following the pandemic,
sales were significantly impacted by our major customer's restructuring of
their business into two separately traded entities of digital commerce and
ATMs as well as a significant change in their manufacturing locations. As a
result we have restructured our business to reflect the reduced demand for
ATMs whilst exploring additional manufacturing opportunities.
NORTH AMERICA
Dupar Controls
Despite supply and lead time challenges within our supply chain we have seen
further strong sales and profit growth at Dupar resulting in a second
consecutive year of record sales and profit.
The move to our new facility a little over 18 months ago provided the
opportunity to implement a new layout and new workflows, but is pleasing to
see the team continue to drive improvement whilst managing the increased
demand.
At the end of the financial year, we took delivery of our latest new machine,
an automatic stud welder. The equipment has now been commissioned and the
transition from manual stud welding, where possible, is underway.
Recruitment continues to be a challenge at Dupar. This has been somewhat
offset by the process efficiency improvements, but remains a key area of
focus.
Elevator Research & Manufacturing (ERM)
Our continued focus on process controls, margin improvement and customer
engagement at ERM helped to deliver a double-digit sales increase as well as a
significant improvement in profitability.
Having sustained our position within our immediate market we are now seeking
to expand our success within the wider California market which will be
supported by our celebration of ERM's 60(th) anniversary in 2024.
AUSTRALIA & ASIA
Australian Lift Components (ALC)
Sales grew marginally at ALC although market conditions have remained
challenging. The lack of new projects and the continued drive by the major
lift companies to procure product through their own factories has reduced our
available market.
We have been successful in winning some projects for special material, but we
need to improve our market share by the introduction of new products and
positive differentiation.
P&R Lift Cars (P&R)
Performance at P&R fell for a second year running fuelled in part by fewer
new projects but also as a result of increased competition. As a consequence
price pressure has had a significant impact and remains a key challenge.
During the second half of the year we saw positive signs of increasing
activity and managed to secure some decent orders. Whilst it is difficult to
manage the peaks and troughs it is important that we continue to make
improvements in our operational efficiency as we seek to build better
resilience and competitive advantage.
Lift Material
A third consecutive year of record sales and profit as a result of strong
product sales and service work across all product sectors. We have worked
hard on both customer and supplier engagement throughout the year which has
provided further opportunities to extend Lift Material's product range as well
as increased sales opportunities.
We have made significant improvements in our reduction and reuse of packaging
waste and the installation of solar panels on our roof will help offset
increased energy costs as well as meeting our sustainability objectives. The
focus remains on continuing to improve our operational efficiency to support
profitable sales growth.
Dual
We replaced the Managing Director at Dual at the start of the financial year
and developed a plan to make the business more sustainable for the long term.
Sales, as expected, were lower than last year's record. Profit, although lower
than the previous year, exceeded expectation as we undertook the necessary
improvements throughout the business.
We successfully recruited into the key roles with the team working incredibly
hard throughout the year to meet both customer requirements as well as our
improvement objectives. The transformation across all areas of Dual has
improved efficiency, safety, accountability and morale. With increased project
opportunities secured in recent months we are well positioned to deliver
improved profitability as a result.
Dewhurst Hong Kong
Once again, Dewhurst Hong Kong achieved double digit sales and profit growth
setting a new record for the year. The easing of travel restrictions during
the second half of the year has allowed Feona Lai to visit customers as well
as attend the Dewhurst Group forum in October. I have also been able to visit
the team in the Hong Kong and thank them for their continued hard work in
person.
The success of the business has been built on the sales of our pushbutton
range and selected distributed products. The introduction of a new rope
gripper is awaiting approval by the relevant authority in Hong Kong and we
shall consider the addition of new product ranges without detracting from our
focus on our core pushbutton sales.
Dewhurst Singapore
Dewhurst Singapore is the newest addition to Dewhurst Group having secured the
exclusive rights to the E-Motive brand with its range of displays and position
indicators towards the end of the financial year.
We have worked quickly to set up our new entity based in Singapore. Despite
the challenges faced with scaling up new manufacturing and administration
facilities we have made good progress. The addition of this new business
supports our global growth objectives and our commitment to supplying our
customers with innovative quality products.
John Bailey
Chief Executive Officer
Financial Review
Trading Results
The Group continued its upward trend with a modest 0.7% increase in total
sales to £58.0 million (2022: £57.6 million). Lift sales overall increased
4% due to strong UK and North America sales for a second year running at
A&A and Dupar Controls, along with double digit growth in lift
distribution sales at Lift Material and Dewhurst Hong Kong. These increases
were offset by a tough year in Australian lift interiors, particularly at
P&R who continued to experience construction project delays, outside of
their control. It is pleasing to see these projects now starting. Dual who
delivered a record year of interior sales in 2022, returned to more normal
levels. Transport sales increased 10% through TMP delivering award winning ESG
products and great service but unfortunately Keypad demand continues to
fluctuate and whilst seeing a 16% increase last year, we reported a 37%
decrease in sales in 2023.
With increasing inflation impacting labour costs throughout the year it was
pleasing to see the hard work in procurement deliver a 1.8% direct material
cost reduction across the Group. Overall operating profit increased 6.2% to
£7.8 million (2022: £7.3 million) and profit before taxation increased 12.8%
to £8.1 million (2022: £7.2 million).
Adjusted operating profit decreased by 12.1% to £7.8 million (2022: £8.8
million before cyber attack remediation costs).
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 decreased both
like-for-like revenue and profit before tax by under 1% (2022: an increase of
2% each).
Strong Cash Position
The subsidiaries continued to trade throughout 2023 without the need for Group
cash support, and paid dividends back to Group totalling £7.9 million. £6.4
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 £0.8 million on the purchase of property,
plant and equipment and the first of two £0.4 million payments to secure the
exclusive rights to the E-Motive brand and all products within the E-Motive
range. The second £0.4 million payment will be made in January 2024.
The Group started and ended the year without any bank borrowings. The cash
balance at year end was £24.4 million, up £2.6 million from £21.8 million
in 2022.
Pension Scheme Deficit
The Company paid a total of £1.6 million deficit reduction contributions into
the pension scheme this year and despite this the scheme deficit still
increased by £0.3 million to £2.1 million (2022: £1.8 million).
The main reason for the increase was an underperformance of the pension scheme
assets, which was partially offset by the liability discount rate increasing
from 5.25% to 5.50% at the year-end and increased mortality rates. Recent
increases in mortality rates were initially associated with Covid-19, but
unfortunately these are now being sustained primarily due to other causes. As
a result the changes are being reflected in actuarial rates for future
expectations of life expectancy.
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 11.00p (2022: 10.25p). If approved,
this would be paid on 26 February 2024 and would result in a total dividend
for 2023 of 15.75p per share which is 6.8% up on 2022 and is covered 4.1 times
by earnings. The dividend would be paid to members on the register at 19
January 2024 (ex-dividend 18 January 2024). Dividends are accounted for when
paid or approved by shareholders, and not when proposed, therefore the
proposed final dividend for 2023 has not been accrued at the end of the
reporting period.
Jared Sinclair
Chief Financial Officer
Consolidated statement of comprehensive income
For the year ended 30 September 2023
2023 2022
£(000) £(000)
Continuing operations
Revenue 57,962 57,565
Operating costs (50,212) (50,269)
Adjusted operating profit* 7,750 8,818
Cyber attack remediation costs - (1,522)
Operating profit 7,750 7,296
Finance income 494 64
Finance costs (156) (191)
Profit before taxation 8,088 7,169
Taxation (2,966) (2,051)
Profit for the period 5,122 5,118
Other comprehensive income:
Actuarial gains/(losses) on the defined benefit pension (1,896) 1,887
scheme
Deferred tax effect 474 (472)
Tax on items taken directly to equity 348 200
Total that will not be subsequently reclassified to income statement (1,074) 1,615
Exchange differences on translation of foreign operations (3,544) 3,563
Total that may be subsequently reclassified to income statement (3,544) 3,563
Other comprehensive income/(expense) for the year, net of tax (4,618) 5,178
Total comprehensive income for the year 504 10,296
Profit for the year attributable to:
Equity Shareholders of the Company 5,037 4,849
Non-controlling 85 269
interests
5,122 5,118
Total comprehensive income for the year attributable to:
Equity Shareholders of the Company 623 9,867
Non-controlling (119) 429
interests
504 10,296
Basic and diluted earnings per share 62.45p 60.00p
Basic and diluted earnings per share - continuing operations 62.45p 60.00p
* Operating profit before amortisation of acquired intangibles, profit on sale
of property and cyber attack remediation costs
Consolidated statement of financial position
At 30 September 2023
2023 2022
£(000) £(000)
Non-current assets
Goodwill 9,516 10,105
Other intangibles 389 19
Property, plant and equipment 17,443 19,147
Right-of-use assets 2,426 2,473
Deferred tax asset 54 118
29,828 31,862
Current assets
Inventories 8,337 7,931
Trade and other receivables 10,182 12,318
Current tax asset - 281
Cash and cash equivalents 24,374 21,764
42,893 42,294
Total assets 72,721 74,156
Current liabilities
Trade and other payables 6,899 7,783
Current tax liabilities 578 -
Short-term provisions 158 344
Lease liabilities 719 505
8,354 8,632
Non-current liabilities
Retirement benefit obligation 2,112 1,798
Lease liabilities 1,938 2,193
Total liabilities 12,404 12,623
Net assets 60,317 61,533
Equity
Share capital 802 808
Share premium account 157 157
Capital redemption reserve 335 329
Translation reserve 1,725 5,065
Retained earnings 55,916 53,525
Total attributable to equity Shareholders of the Company 58,935 59,884
Non-controlling interests 1,382 1,649
Total equity 60,317 61,533
The financial statements were approved by the Board of Directors and
authorised for issue on 21 December 2023 and were signed on its behalf by:
Richard Dewhurst Chairman
Jared Sinclair Chief Financial Officer
Company Registration Number: 160314
Consolidated statement of changes in equity
For the year ended 30 September 2023
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 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
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
Consolidated cash flow statement
For the year ended 30 September 2023
continuing operations 2023 2022
£(000) £(000)
Cash flows from operating activities
Operating profit 7,750 7,296
Depreciation, amortisation and impairments 1,090 1,050
Right-of-use asset depreciation 605 509
Contributions to pension scheme, net of administration fee & GMP
equalisation costs
(1,634) (1,137)
Exchange adjustments (878) 738
(Profit)/loss on disposal of property, plant and equipment (4) (13)
6,929 8,443
(Increase)/decrease in inventories (406) (1,334)
(Increase)/decrease in trade and other receivables 2,136 (2,310)
Increase/(decrease) in trade and other payables (884) 212
Increase/(decrease) in provisions (186) 1
Cash generated from operations 7,589 5,012
Interest paid (1) (1)
Tax paid (1,218) (1,712)
Interest and tax paid (1,219) (1,713)
Net cash from operating activities 6,370 3,299
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 67 23
Purchase of property, plant and equipment (830) (789)
Development costs capitalised (384) (5)
Interest received 494 64
Net cash generated from/(used in) investing activities (653) (707)
Cash flows from financing activities
Dividends paid (1,345) (1,494)
Repayment of lease liabilities including interest (688) (584)
Purchase of own shares (375) -
Net cash used in financing activities (2,408) (2,078)
Net increase/(decrease) in cash and cash equivalents 3,309 514
Cash and cash equivalents at beginning of year 21,764 20,463
Exchange adjustments on cash and cash equivalents (699) 787
Cash and cash equivalents at end of year 24,374 21,764
Notes
1. AGM, Results and Dividends
The profit for the year, after taxation, amounted to £5.1 million (2022:
£5.1 million).
A final dividend on the Ordinary and 'A' non-voting ordinary shares of 11.00p
per share (2022: 10.25p) for the financial year ended 30 September 2023 will
be proposed at the Annual General Meeting (AGM) to be held on 20 February
2024. If approved, this dividend will be paid on 26 February 2024 to members
on the register at 19 January 2024. The ex-dividend date will be 18 January
2024.
An interim dividend of 4.75p per share (2022: 4.50p) was paid on 15 August
2023.
2. Earnings Per Share & Dividend Per Share
2023 2022
Weighted average number of shares No. No.
For basic and diluted earnings per share 8,065,945 8,081,398
The calculation of basic and diluted earnings per share is based on the profit
for the financial year of £5,036,780 and on 8,065,945 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.
2023 2022
Paid dividends per 10p Ordinary share £(000) £(000)
2022 final paid of 10.25p (2021: 9.75p) (828) (788)
2023 interim paid of 4.75p (2022: 4.50p) (369) (364)
Dividends paid - The Company (1,197) (1,152)
Dividends paid to non-controlling interests - Dual Engraving Pty Ltd
& P&R Liftcars Pty Ltd (148) (342)
Dividends paid - The Group (1,345) (1,494)
The final proposed dividend is based on 3,309,200 Ordinary 10p shares and
4,712,198 'A' non-voting ordinary 10p shares, being the latest number of
shares in issue. The Directors are proposing a final dividend of 11.00p (2022:
10.25p) per share, totalling £882k (2022: £828k). This dividend has not been
accrued at the end of the reporting period.
3. Accounting Policies
The accounting policies applied to the 2023 accounts have been consistent with
2022 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 2023 or 2022. Statutory
accounts for 2022 have been delivered to the Registrar of Companies. The
statutory accounts for 2023 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, Gravita Audit Ltd, who have indicated that they will be
giving an unqualified opinion in their report on the statutory financial
statements for 2023.
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.
It is expected that the audited Report and Accounts for the year ended 30
September 2023 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 20
January 2024.
- Ends -
For further details please contact:
Dewhurst Group Plc Tel: +44 (0) 208 744 8200
Richard Dewhurst, Chairman
Jared Sinclair, Chief Financial Officer
Singer Capital Markets (Nominated Adviser & Sole Broker) Tel: +44 (0) 207 496 3000
Rick Thompson / James Fischer
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