Interim Results

Dewhurst PLC 13 June 2002 Dewhurst plc Directors' Interim Report FIRST HALF Turnover at the Group increased by 5% to £11.9 million. Operating profit before exceptional costs was £933,000 (£811,000) a rise of 15%. Profit before tax rose to £907,000 (£678,000) after exceptional items of £Nil (£134,000). Earnings per share rose to 5.75p (4.30p) with the higher profit and the repurchase of 327,800 'A' non-voting Ordinary shares in January. The Lift Division performed strongly in the first half in the UK and at overseas subsidiaries. The only weaker area was exports from the UK. ALC in Australia had a particularly encouraging first half after a disappointing period last year. A major long-term contract has helped their performance this year. TVC was the strongest performer in the UK with both controller and monitoring products in demand. Rail sales remain at a low level and keypad sales dipped after a strong performance last year. OUTLOOK UK demand for lift products is expected to moderate over the coming months, but overseas demand should remain reasonably buoyant. Keypad demand is expected to strengthen with a new range of keypads for Automatic Teller Machines coming fully on stream. DIVIDENDS The Directors have declared an interim dividend of 1.39p, compared with 1.32p last year. The interim dividend is payable on 2nd September 2002 and warrants will be posted on 29th August 2002 to shareholders appearing in the Register at 3:00 p.m. on 19th July 2002. By Order of the Board M N GREEN Secretary 13th June 2002 Dewhurst plc 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 2002, as compared with the corresponding half year ended 31st March 2001 and the year ended 30th September 2001, shows the following results: Consolidated profit and loss account Half year ended Half year ended Year ended 31st March 2002 31st March 2001 30th September 2001 £(000)'s £(000)'s £(000)'s Turnover 11,884 11,304 22,903 Operating costs (10,951) (10,627) (21,529) Operating profit before exceptional items 933 811 1,834 Exceptional items - (134) (460) Operating profit 933 677 1,374 Net interest (26) 1 (15) __________ ___________ ____________ Profit on ordinary activities before tax 907 678 1,359 Taxation Est. (328) Est. (242) (505) __________ ___________ ____________ Profit for the financial period 579 436 854 Dividends (137) (134) (403) __________ ___________ ____________ Retained profit for the period 442 302 451 __________ ___________ ____________ Basic earnings per share 5.75p 4.30p 8.41p Diluted earnings per share 5.75p 4.26p 8.36p Dividends per share 1.39p 1.32p 3.96p All disclosures relate only to continuing operations Dewhurst plc Consolidated balance sheet Half year Half year Year ended ended ended 31st March 31st March 30th September 2001 2002 2001 £(000)'s £(000)'s £(000)'s Fixed assets Intangible 1,123 1,174 1,079 Tangible - Land and buildings 1,358 1,385 1,361 - Plant and machinery 1,594 1,576 1,541 _________ ________ ________ 2,952 2,961 2,902 _________ ________ ________ 4,075 4,135 3,981 Current assets Stocks 4,514 4,048 4,369 Debtors 5,347 4,710 4,441 Investments 308 - 175 Cash 423 1,357 1,624 _________ ________ ________ 10,592 10,115 10,609 Creditors: amounts falling due within one year (3,981) (3,894) (4,362) ________ _______ _______ Net current assets 6,611 6,221 6,247 ________ _______ _______ Total assets less current liabilities 10,686 10,356 10,228 Creditors: amounts falling due after one year (375) (631) (480) Provisions for liabilities and charges (155) (145) (155) ________ _______ _______ Net assets 10,156 9,580 9,593 ________ _______ _______ Capital and reserves Called up share capital 985 1,015 1,018 Share premium account 157 127 157 Revaluation reserve 423 423 423 Capital redemption reserve 152 114 119 Profit and loss account 8,439 7,901 7,876 ________ _______ _______ Equity shareholders' funds 10,156 9,580 9,593 _________ ________ ________ The results for the 2001 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. Dewhurst plc Consolidated cash flow statement Half year ended Half year ended Year ended 31st March 2002 31st March 2001 30th September 2001 £(000)'s £(000)'s £(000)'s Net cash inflow from operating activities 64 542 1,842 Returns on investment and servicing of finance: Interest and dividends received 12 32 57 Interest paid (36) (30) (65) Interest element from finance lease rental (2) (1) (7) payments ________ _______ _______ Net cash inflow from returns on investment and (26) 1 (15) servicing of finance Taxation: UK taxation (122) (238) (574) Overseas taxation (111) (62) (125) ________ _______ _______ Net cash outflow from taxation (233) (300) (699) Capital expenditure and financial investment: Purchase of fixed assets (311) (112) (357) Sale of tangible fixed assets 11 12 23 ________ _______ _______ Net cash outflow from capital expenditure & (300) (100) (334) financial investment Equity dividends paid (268) (254) (388) _______ _______ _______ Net cash outflow before use of liquid resources (763) (111) 406 and financing Management of liquid resources (Purchase)/sale of short-term deposits (133) (203) (175) Sale of investments - - 27 ________ ________ ________ (133) (203) (149) Financing Bank loan - - - Bank loan repayments (85) (76) (154) Capital element of finance lease rental payments (7) (23) (47) Issue of share capital - - 38 Repurchase of shares (213) (140) (178) ________ ________ ________ (305) (239) (340) (Decrease)/increase in cash in period (1,201) (553) (83) ________ ________ ________ This information is provided by RNS The company news service from the London Stock Exchange

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