Interim Results

Dewhurst PLC 12 June 2003 Dewhurst plc Directors' Interim Report FIRST HALF Turnover at the Group increased by 12% to £13.3 million. Profit before tax rose to £955,000 (£907,000). Earnings per share rose to 6.33p (5.75p) with the higher profit . The Lift Division overall showed a gain in sales against last year. The UK was weaker but this was more than offset by improvements in overseas sales, particularly in Canada. Rail and Keypad sales were up with significant shipments of the new keypad range in the first quarter. As a result of product changes and considerable pressure on margins it was necessary to reduce staffing at the Hounslow site by around 15% in February. This was a difficult time for our staff and we thank them for their positive approach to these challenges. Cost savings are expected to offset redundancy costs by the end of the year. OUTLOOK Lift product demand is expected to be reasonably stable in the second half. Rail sales will be boosted by a significant refurbishment contract. Keypad demand has become rather volatile and unpredictable but on average is expected to remain strong through the second half. DIVIDENDS The Directors have declared an interim dividend of 1.46p, compared with 1.39p last year. The interim dividend is payable on 1st September 2003 and warrants will be posted on 28th August 2003 to shareholders appearing in the Register at 3:00 p.m. on 18th July 2003. By Order of the Board M N GREEN Secretary 12th June 2003 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 2003, as compared with the corresponding half-year ended 31st March 2002 and the year ended 30th September 2002, shows the following results: Consolidated profit and loss account Half year ended Half year ended Year ended 31st March 2003 31st March 2002 30th September 2002 £(000)'s £(000)'s £(000)'s Turnover 13,290 11,884 24,184 Operating costs (12,337) (10,951) (22,315) -------------- ------------ ------------ Operating profit 953 933 1,869 Net interest 2 (26) (32) --------------- --------------- --------------- Profit on ordinary activities before tax 955 907 1,837 Taxation Est. (331) Est. (328) (660) --------------- --------------- --------------- Profit for the 624 579 1,177 financial period Dividends (144) (137) (411) --------------- --------------- --------------- Retained profit for 480 442 766 the period --------------- -------------- --------------- Basic earnings per share 6.33p 5.75p 11.82p Diluted earnings per share 6.33p 5.75p 11.82p Dividends per share 1.46p 1.39p 4.17p All disclosures relate only to continuing operations Consolidated balance sheet Half year Half year Year ended ended ended 31st March 31st March 30th September 2003 2002 2002 £(000)'s £(000)'s £(000)'s Fixed assets Intangible 1,025 1,123 981 Tangible - Land and buildings 1,480 1,358 1,341 - Plant and machinery 1,563 1,594 1,577 ------------ ------------ ------------- 3,043 2,952 2,918 ------------ ------------ ------------- 4,068 4,075 3,899 Current assets Stocks 4,466 4,514 4,663 Debtors 4,724 5,347 4,704 Investments 213 308 403 Cash 1,838 423 1,402 ------------- ------------ ------------ 11,241 10,592 11,172 Creditors: amounts falling (4,058) (3,981) (4,600) due within one year --------------- --------------- --------------- Net current assets 7,183 6,611 6,572 --------------- --------------- --------------- Total assets less 11,251 10,686 10,471 current liabilities Creditors: amounts falling (303) (375) (299) due after one year Provisions for liabilities (109) (155) (109) and charges --------------- --------------- --------------- Net assets 10,839 10,156 10,063 -------------- ------------- -------------- Capital and reserves Called up share capital 985 985 985 Share premium account 157 157 157 Revaluation reserve 423 423 423 Capital redemption reserve 152 152 152 Profit and loss account 9,122 8,439 8,346 --------------- --------------- --------------- Equity shareholders' funds 10,839 10,156 10,063 funds ------------- ------------- -------------- The results for the 2002 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. Consolidated cash flow statement Half year ended Half year ended Year ended 31st March 2003 31st March 2002 30th September 2002 £(000)'s £(000)'s £(000)'s Net cash inflow from 1,217 64 2,076 operating activities Returns on investment and servicing of finance: Interest and dividends received 18 12 24 Interest paid (15) (36) (52) Interest element from finance (1) (2) (3) lease rental payments --------------- ------------- ------------ Net cash inflow/(outflow) 2 (26) (31) from returns on investment and servicing of finance Taxation: UK taxation (120) (122) (373) Overseas taxation (182) (111) (262) ------------- ------------ ------------ Net cash inflow from (302) (233) (635) taxation Capital expenditure and financial investment: Purchase of fixed assets (434) (311) (614) Sale of tangible 101 11 53 fixed assets -------------- -------------- ------------- Net cash outflow from capital (333) (300) (561) expenditure & financial investment Equity dividends paid (274) (268) (406) -------------- -------------- ------------- Net cash inflow/(outflow) 310 (763) 443 before use of liquid resources and financing Management of liquid resources (Purchase)/sale of 190 (133) (228) short-term deposits --------------- --------------- -------------- 190 (133) (228) Financing Bank loan repayments (45) (85) (184) Capital element of finance (19) (7) (40) lease rental payments Repurchase of shares - (213) (213) ------------ ------------- ------------ (64) (305) (437) Increase/(decrease) 436 (1,201) (222) in cash in period -------------- ------------- ------------- This information is provided by RNS The company news service from the London Stock Exchange

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