Interim Results

Dewhurst PLC 14 June 2001 DEWHURST PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2001 Directors' Interim Report FIRST HALF Turnover at the Group increased by 9% to £11.3 million with sales growth at all companies. Operating profit before exceptional costs was £811,000 (£ 802,000) a rise of 1%. Profit before tax fell to £678,000 (£823,000) after exceptional items of £134,000. These exceptional items were the costs to date of the refurbishment of the Hounslow factory, which was outlined in last year's annual report. Earnings per share fell to 4.30p (5.50p) with the lower profit. Direct Lift Division exports from the UK fell back sharply in the first half, as projected. However sales at overseas companies were reasonably buoyant, helped by the full 6 months' contribution from ALC in Australia. Last year's first half only had 2 months' contribution from ALC. Rail sales were down, but this was more than made up for by a significant increase in keypad sales. These were particularly strong in North America and were helped by the introduction of a new range of keypads for Automatic Teller Machines. Our ability to pass on cost increases is limited. We have partially offset this adverse affect through productivity improvements and product design. OUTLOOK The refurbishment project is now well underway. A significant portion of the electrical work was carried out in the first half and the bulk of the remainder is planned for completion this year. Some of the stores reorganisation has been carried out and the production reorganisation has now commenced. It is still expected that the total exceptional cost for this project will be in the range £500,000 to £600,000. The lower export demand for lift products is expected to continue through the second half, but demand at overseas subsidiaries and for keypads is forecast to remain firm. DIVIDENDS The Directors have declared an interim dividend of 1.32p, compared with 1.25p last year. The interim dividend is payable on 3rd September 2001 and warrants will be posted on 30th August 2001 to shareholders appearing in the Register at 3:00 p.m. on 20th July 2001. By Order of the Board M N GREEN Secretary 14th June 2001 The unaudited consolidated profit and loss account, balance sheet and cash flow statement of Dewhurst plc and its subsidiaries for the half year ended 31st March 2001, as compared with the corresponding half year ended 2nd April 2000 and the year ended 30th September 2000, shows the following results: Consolidated profit and loss account Half year Half year Year ended ended ended 31st March 2nd April 30th September 2001 2000 2000 £(000)'s £(000)'s £(000)'s Turnover 11,304 10,370 21,660 Operating costs (10,493) (9,568) (19,665) __________ ___________ ____________ Operating profit before 811 802 1,995 exceptional costs Exceptional costs (134) - - __________ ___________ ____________ Operating profit 677 802 1,995 Net interest 1 21 10 __________ ___________ ____________ Profit on ordinary activities 678 823 2,005 before tax Taxation Est. (242) Est. (256) (663) __________ ___________ ____________ Profit for the financial period 436 567 1,342 Dividends (133) (129) (383) __________ ___________ ____________ Retained profit for the period 303 438 959 ========== =========== ============ Basic earnings per share 4.30p 5.50p 13.01p Diluted earnings per share 4.26p 5.45p 12.90p Dividends per share 1.32p 1.25p 3.75p All disclosures relate only to continuing operations Consolidated balance sheet Half year Half year Year Year ended ended ended 31st 2nd 30th September March April 2001 2000 2000 £(000)'s £(000)'s £(000)'s Fixed assets Intangible 1,174 1,376 1,327 Tangible - Land and buildings 1,385 1,386 1,389 - Plant and machinery 1,576 1,765 1,769 __________ ___________ ___________ 2,961 3,151 3,158 __________ ___________ ___________ 4,135 4,527 4,485 Current assets Stocks 4,048 4,112 4,151 Debtors 4,710 4,246 4,050 Investments - 25 27 Cash 1,357 757 1,707 __________ ____________ _________ 10,115 9,140 9,935 Creditors: amounts falling due (3,894) (3,399) (4,053) within one year ________ ________ ________ Net current assets 6,221 5,741 5,882 ________ ________ ________ Total assets less current 10,356 10,268 10,367 liabilities Creditors: amounts falling due (631) (1,135) (734) after one year Provisions for liabilities and (145) (185) (145) charges ________ _________ ________ Net assets 9,580 8,948 9,488 ======== ========= ======== Capital and reserves Called up share capital 1,015 1,032 1,032 Share premium account 127 127 127 Revaluation reserve 423 423 423 Capital redemption reserve 114 97 97 Profit and loss account 7,901 7,269 7,809 ________ __________ ________ Equity shareholders' funds 9,580 8,948 9,488 ======== ========== ======== Consolidated cash flow statement Half year Half year Year ended ended Ended 31st March 2nd April 30th September 2001 2000 2000 £(000)'s £(000)'s £(000)'s Net cash inflow from operating activities 542 192 1,982 Returns on investment and servicing of finance: Interest and dividends received 32 21 57 Interest paid (30) - (46) Interest element from finance lease rental (1) - (1) payments __________ __________ __________ Net cash inflow from returns on investment 1 21 10 and servicing of finance Taxation: UK taxation (238) (53) (336) Overseas taxation (62) (44) (135) __________ __________ __________ Net cash outflow from taxation (300) (97) (471) Capital expenditure and financial investment: Purchase of fixed assets (112) (170) (403) Sale of tangible fixed assets 12 20 53 __________ __________ __________ Net cash outflow from capital expenditure & (100) (150) (350) financial investment Acquisitions and disposals: Purchase of subsidiary undertakings - (1,664) (1,664) __________ __________ __________ Net cash outflow from acquisitions - (1,664) (1,664) Equity dividends paid (254) (237) (366) __________ __________ __________ Net cash outflow before use of liquid (111) (1,935) (859) resources and financing Management of liquid resources (Purchase)/sale of short-term deposits (203) 752 752 Financing Bank loan - 1,000 1,000 Bank loan repayments (76) - (93) Capital element of finance lease rental (23) (10) (42) payments Repurchase of shares (140) - - __________ __________ __________ (239) 990 865 (Decrease)/increase in cash in period (553) (193) 758 ========== ========== =========== The results for the 2000 year set out above are abridged. Full accounts for that year, on which the auditors of the company made an unqualified report, have been delivered to the Registrar of Companies.

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