Dewhurst Group plc Annual Report and Accounts 2024 1
Strategic report
Financial highlights
Chairman’s statement
Group overview
Chief Executive Officer’s review
Financial review
Sustainability report
Principal risks and uncertainties
Section 172(1) Stakeholder compliance statement
Governance
Corporate governance
Board of Directors
Directors’ report
Group financial statements
Consolidated statement of comprehensive income
Consolidated statement of financial position
Consolidated statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
Company financial statements
Company statement of changes in equity
Company statement of financial position
Company cash flow statement
Other information
Report of the independent auditor
Notice of meeting
Group companies
Advisers and company information
01
02
04
06
12
14
20
21
23
24
25
28
29
30
31
32
54
55
56
57
62
63
64
CONTENTS
STRATEGIC REPORT FINANCIAL HIGHLIGHTS
£8.1m
£64.4m
66.58p
16.50p
Revenue
Operating profit*
Earnings per share
Dividend per share
2024
2023
2022
2021
2020
£64.4m
£58.0m £57.6m £56.2m £55.6m
2024
2023
2022
2021
2020
£8.1m
£7.8m
£8.8m
£9.2m
£8.6m
2024
2023
2022
2021
2020
66.58p
62.45p 60.00p
51.78p
2024
2023
2022
2021
2020
16.50p
15.75p
14.75p
14.00p
13.00p
* Operating profit before goodwill write down, amortisation of
acquired intangibles, gain on property disposal, GMP equalisation
^ Total including gain arising on the disposal of old premises at
Dupar Controls Inc.
86.98p^
65.33p
Dewhurst Group plc Annual Report and Accounts 2024 3
2 Dewhurst Group plc Annual Report and Accounts 2024
CHAIRMAN’S STATEMENT
It is very encouraging to report that all our businesses achieved
sales growth in local currency this year.
Richard Dewhurst
Non-executive Chairman
Our new Group-wide HR system
is helping to improve employee engagement
STRATEGIC REPORT
Results
I am delighted to report record sales
and improved profits. Operating profit
is up 5% and profit before tax is 7%
higher. Group sales for the year to 30
September 2024 increased 11% to £64.4
million (2023: £58.0 million). Operating
profit was £8.1 million (2023: £7.8
million) and profit before tax was £8.6
million (2023: £8.1 million). Earnings per
share were 66.58p (2023: 62.45p) up 7%.
Sales performance improved at all
divisions and at almost all companies.
Transport and Highways grew 7%
although this was primarily due to
growth in rail infrastructure work,
while highways showed more modest
growth after their strong showing the
previous year. Keypad sales returned to
a level that has become more normal
since the start of this decade, reporting
an increase of a third on last year’s
depressed figures. The Lift division
improved 10% assisted by the
additional contribution from our new
business in Singapore. The UK
continued its growth of last year and
the Australian businesses also
contributed growth this year, bouncing
back after a decline the previous year.
This was offset by a small decline in
North America, after strong growth the
previous year. The pound strengthened
against our other operational
currencies during the year by about
10% from start to end, with an average
year impact of approximately 4%. The
translation effect of this change
reduced our reported sales by £1.7
million and our reported profit before
tax by £0.2 million.
We are proposing an increase in our
final dividend of 0.50p, making an
increase of 0.75p for the year. If
approved, this would result in a total
dividend for 2024 of 16.50p per share
which is 4.8% up on 2023.
Operations and People
All businesses have performed well this
year and all showed growth in sales in
local currency terms. The increases in
reported sales have been partly as a
result of inflation in material and
labour costs over the last couple of
years, although we have absorbed
some costs ourselves. We have worked
hard over the year to mitigate these
increases and to improve our operating
efficiency. It is encouraging that this
focus has borne results as most
businesses have shown improvement
in operating performance this year.
We installed a new Group-wide HR
management system during the year,
which is helping us to improve our
communication and engagement with
our staff as well as improving control of
our documentation. I am also
encouraged by the progress we have
made this year in improving our
sustainability performance through
reducing our real scope 1 & 2 carbon
emissions. Clearly there is much more
to do, but I feel we have made material
progress both in engagement with our
staff and in respect of emissions. This is
set out in our Sustainability report.
Achieving our overall growth and
improved performance has been a
stimulating challenge for all involved.
The results have been achieved
through the efforts of all our staff and I
would like to thank everyone for their
individual contributions.
I am delighted to welcome Jeremy
Dewhurst to the Group Board in his
new role as Chief Financial Officer and
to thank Jared Sinclair for his
dedicated performance of that role for
22 years and for his continuing support
on the transition. We are all pleased
Jared is remaining on the Board in a
new role as Chief Integration Officer.
Investment
We have continued to invest in our
new company in Singapore designing
and manufacturing displays. The
investment is both financial and in
resources in order to position the
company to be able to achieve
profitable growth. The business has
made progress this year, but there is
more to do.
Given the cash on our balance sheet
we decided this year to put some of
the surplus to use in the pension
scheme and return some funds to
shareholders. Our defined benefit
pension scheme has been a liability on
our balance sheet for many years now.
In addition it is an increasing burden
to keep up with the regulations to
administer the scheme. It is our
objective to transfer the scheme to an
insurer when this is viable. In the
meantime we aim to capitalise on
higher interest rates to de-risk and
reduce the volatility in the scheme in
the short term. In September 2024, we
used £2.5 million of our cash to
accelerate payments into the scheme
to improve the funding position. A
further £2.5 million has been paid into
the scheme since the year end.
We also took the opportunity accorded
by the authority granted at the AGM to
return some of our cash to
shareholders by re-purchasing some of
our non-voting shares. This has
previously been reported by RNS and
is set out in more detail in the
Financial Review.
Outlook
Group sales have started the year
slightly up on last year and in line with
our expectations. Lift product demand
is softer in Canada, as we have been
anticipating for a while, because of
excess capacity in certain segments of
the property market. Elsewhere the lift
market is reasonable in the short term,
but likely to slow in some markets
during the year. We currently expect
keypad demand to be similar to this
year, although it does tend to fluctuate
quite significantly during the year.
Highways and transport products are
also expected to be similar or slightly
ahead of last year.
The outlook for growth in the UK has
worsened since the new Government’s
October budget with our customers’
mood dented by the additional
financial burden placed on companies.
It remains to be seen whether this is a
temporary setback or whether it will
have longer term effects. If tariffs are
introduced on elevator products
imported into the US from Canada
and the UK this is likely to be
detrimental to our business, but it is
too early to assess the scale of the
impact.
We are likely to have to continue to
invest in our Singapore business in the
short to medium term, but our priority
objective is to achieve long term
sustainable growth.
7%
improvement
in earnings
per share
4 Dewhurst Group plc Annual Report and Accounts 2024
Our global reach
£64m
global sales
350
employees worldwide
Employees by Region
The Americas
UK, Europe & Middle East
Australia & Asia
Sales by Region
The Americas
UK, Europe & Middle East
Australia & Asia
24%
36%
40%
67
175
108
12
group trading companies
The Americas
Dupar Controls Inc.
Elevator Research &
Manufacturing Corp
UK & Europe
Dewhurst Ltd
A&A Electrical Distributors Ltd
Traffic Management Products Ltd
Dewhurst (Hungary) Kft
Australia & Asia
Australia Lift Components Pty Ltd
P&R Liftcars Pty Ltd
Lift Material Australia Pty Ltd
Dual Engraving Pty Ltd
Dewhurst (Hong Kong) Ltd
Dewhurst (Singapore) Ltd
Dewhurst Group plc Annual Report and Accounts 2024 5
We are a supplier of quality
components to the lift, transport
and keypad industries
We act with honesty, integrity,
and transparency in everything we do
We are passionate about quality, and take pride in delighting our
customers with quality products, services and solutions
We empower our people to think outside the box and find the
ingenious solution
We challenge each other and invest in our people to continuously
learn and develop each day
We are committed to sustainability, to make the world better for
future generations
GROUP OVERVIEW
OUR
VALUES
STRATEGIC REPORT
3
3
Dewhurst Group plc Annual Report and Accounts 2024 7
6 Dewhurst Group plc Annual Report and Accounts 2024
Operational efficiency and customer focus remain central to our
continued growth.
7%
improvement
in profit
before tax
Business Review
The Group has achieved another
milestone year, driven by robust
performances across our business
segments and demonstrating the
strength of our strategic vision and
operational execution. Sales increased
by 11% year-on-year to £64.4 million,
while profits before tax grew by 7%,
reflecting both a recovery in market
conditions and the effective
implementation of our operational
initiatives.
Our principal activities remain the
manufacture and distribution of
electrical components and control
equipment for industrial and
commercial applications. The year has
seen strong growth in several divisions,
with some registering record sales and
profits. 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 continue to use a
focused set of financial and non-
financial KPIs to track performance
and ensure sustainable growth. Key
financial measures include earnings
per share, adjusted operating profit,
profit before tax, and return on equity,
reflecting strong profitability and
effective capital use in 2024.
Non-financial KPIs focus on quality, on-
time deliveries, and sustainability
progress. Notable achievements this
year include increased use of recycled
materials, reduced waste and
improved energy efficiency. These KPIs
highlight the Group’s balanced
approach to financial strength,
operational excellence and
environmental responsibility.
Operating Highlights
The global economic environment
remains complex, marked by
inflationary pressures, supply chain
disruptions, and geopolitical
uncertainty. Despite these challenges,
we have maintained a strong market
presence in the lift, transport, and
keypad sectors. Our ongoing
commitment to our people,
operational efficiency and our
customer focus has been integral to
this year’s success.
While we have seen improvements in
both our Keypads market and
Australian lift interiors business, there
were signs in our second-half
performance which suggest some
continued challenges in North
America and the UK. Nonetheless,
most businesses performed well
reflecting our overall positive
performance.
Following insights from our inaugural
staff survey, we introduced several
initiatives to strengthen employee
engagement and development. These
included the rollout of a global HR
system - PeopleHR and further
integration of our mission, vision, and
values driving stronger engagement
and development across the
organisation.
As part of our planned senior
leadership transitions, Jeremy
Dewhurst was promoted to Chief
Financial Officer, joining the Group’s
Board of Directors. Jared Sinclair
stepped down as Chief Financial
Officer to take on the role of Chief
Integration Officer, while remaining a
Group Board member and the
Company Secretary. These changes
have been implemented smoothly,
bringing fresh perspectives and
maintaining strong momentum. We
are confident they will continue to
drive positive outcomes and support
the Group’s long-term objectives.
Collaboration across the Group
remains key to unlocking global
product opportunities, both organic
and inorganic. This year, we have
focused on strengthening cross-
business partnerships, sharing
expertise and identifying new market
possibilities. These efforts position us
to capitalise on emerging
opportunities, drive innovation and
expand our product offerings on a
global scale for sustained growth.
Meeting our people and supporting
our businesses in person continues to
be a key part of my strategy to
CHIEF EXECUTIVE OFFICER’S REVIEW
STRATEGIC REPORT
John Bailey
Chief Executive Officer
Dewhurst Group plc Annual Report and Accounts 2024 9
8 Dewhurst Group plc Annual Report and Accounts 2024
strengthen connections and deepen
understanding across the Group. I
have visited all our businesses at least
twice throughout the year and want to
thank them all for their continued
hard work, dedication and outstanding
contributions.
UNITED KINGDOM
Dewhurst Ltd
Dewhurst Limited delivered a strong
performance this year, achieving
record sales and growth in profit. This
success was driven by a significant
shift in product mix compared to
previous years, with all product groups
exceeding both last year’s results and
initial expectations.
Lift products performed well,
supported by a strong performance in
other non-lift related product lines. The
resurgence in our keypad business
resulted in increased demand from
Hungary and a key rail project saw the
delivery of a high number of our PA51
LED illuminated Bodyside Indicators
used on rolling stock to provide the
visible indication of the door interlock
status.
Operationally, we have intensified our
focus on improving efficiency,
enabling us to manage increased
demand as well as ensure we remain
competitive in our markets. A key
sustainability milestone was the
installation of an on-site nitrogen
generation system, which supports
laser cutting operations. This initiative
not only reduced costs but also
eliminated the environmental impact
associated with regular bottled gas
deliveries.
Leadership transitions also marked a
pivotal year for the company. Peter
Dewhurst was promoted to Managing
Director of Dewhurst Ltd in April while
continuing to lead as Managing
Director of Dewhurst Singapore, our
displays and position indicators
business. Peter’s global perspective is
expected to drive further product
innovation as the company continues
integrating advanced technologies
such as IoT, AI, and smart
manufacturing systems.
This year’s result is testament to the
hard work of the entire team who have
found innovative ways to improve
workflows to cope with increased
demand whilst continuing to meet our
stringent quality requirements and the
tight deadlines of our customers.
Traffic Management Products
(TMP)
Sales exited at similarly pleasing levels
to 2023 with all key product lines
performing in line with expectation.
This, despite ongoing financial
constraints within local authorities
who have seen significant reductions
in their spending power coincide with
increasing demand for their services
and inflationary pressures.
Traffic bollard sales into our export
market remained strong but we
expect this to reduce as the rollout of
new installations is nearing
completion.
Increased operating costs coupled
with market price pressure remains an
ongoing challenge. We continue to
navigate product and customer mix to
ensure we remain competitive in
securing the larger contracts in the
market whilst mitigating credit risk.
Our focus on our customers,
operational efficiencies and our
sustainability credentials summarised
as people, profit and planet continue
to provide opportunities for
competitive advantage - they are
helping shape our product innovation.
A&A Electrical Distributors
(A&A)
The past year at A&A has been
relatively flat, reflecting the ongoing
volatility and competitive nature of the
market. Both we and our customers
have faced challenges in this dynamic
environment.
However, some areas have shown
resilience. Products related to trailing
cables, lifts, and safety equipment
performed well, along with the
introduction of our redesigned trade
counter, which has generated
significant interest and supported
sales.
We have also taken steps to
strengthen our product management
team to accelerate the introduction of
new products. In addition, we are
exploring ways to extend our
operational improvements across a
broader supplier network to deliver
even greater value to our customers.
The continued focus on operational
efficiency and sustainability has led to
the implementation of new tools that
allow for quicker cost and pricing
management, enhancing our agility in
a fast-moving market. Additionally, we
introduced an in-house designed
driver delivery app that helps manage
driving routes and provide more
accurate arrival times, improving the
overall customer experience.
A key development this year has been
the addition of electric vans to our
fleet, which aligns with our
sustainability goals while also reducing
operational costs. This addition
contributes to our competitive edge by
enhancing efficiency and reducing
carbon emissions.
Our e-commerce platform has seen
increased use as more customers
become familiar with its features and
benefits. However, we remain
committed to ensuring that traditional
engagement methods continue to
play a vital role in meeting the needs
of all our customers.
Ongoing regulatory requirements
present both risks and opportunities,
which will be key drivers for future
product development and range
expansion. These regulations will play
an important part in shaping our
product strategy going forward.
EUROPE
Dewhurst Hungary
Whilst not back to previous levels
there was good recovery in our keypad
market as the effects of our customer’s
restructuring settled. Our own
restructuring implemented last year
coupled with our decision to move
some of our product assembly from
the UK to Hungary earlier this year has
delivered a consistent base load to the
business and an area we will continue
to explore.
NORTH AMERICA
Dupar Controls
Following a period of steady growth
over the past few years, Dupar
experienced a relatively flat year,
primarily due to economic uncertainty,
a slowdown in large construction
projects and ongoing challenges
within the construction market.
The impact of these factors was
compounded by continuing supply
chain disruptions, particularly with key
suppliers of controller boards, which
had been an issue in the previous year.
As a result, many customers shifted
their project priorities, which disrupted
our manufacturing patterns and
negatively affected our overall
efficiency.
CHIEF EXECUTIVE OFFICER’S REVIEW
STRATEGIC REPORT
Our growth
reflects the hard
work and talent
of our people
Dewhurst Group plc Annual Report and Accounts 2024 11
10 Dewhurst Group plc Annual Report and Accounts 2024
Despite these challenges, Dupar
successfully managed planned
personnel changes in some key
management positions. The transitions
were planned carefully to ensure there
was adequate handover time,
preventing any disruption to
performance. Additionally, our
operational efficiency remained
resilient in coping with fluctuating
demands throughout the year.
Although the external factors posed
significant hurdles Dupar’s ability to
adapt to changing circumstances has
helped mitigate the impact on
operations.
Elevator Research &
Manafacturing (ERM)
Our continued focus on operational
efficiency and customer engagement
resulted in another strong year at ERM
and again delivered further
progression in our profitability.
Our 60th anniversary celebrations in
May were well attended and provided
a chance to thank our customers for
their continued support. Increased
customer visits and investment in our
engineering function including
additional engineering resource
supports our efforts for further
expansion in the California market.
AUSTRALIA & ASIA
Australian Lift Components
(ALC)
An improved performance at ALC saw
both sales and profits exceed the
previous year’s results, driven by a
renewed focus on differentiation.
Key successes included significant
sales of ALC pit kits and advances in
our technical capabilities, particularly
in integrating Dewhurst display
systems into our products. However,
challenges persist in the market, as the
lack of new projects and the continued
emphasis by major lift companies on
promoting their factory packages
create a competitive environment.
P&R Lift Cars (P&R)
A positive turnaround year at P&R as
we halted the decline of the last two
years. The market has been more
favourable this year with
improvements made in many of our
key processes.
During the year we acquired the
remaining shareholding of Roy Peat
which saw him stand down as General
Manager but remain with the business
in a new role which utilises his design
skills and years of experience within
the lift industry.
James Cameron joined the business in
June as General Manager and has
settled in well. We have worked hard to
steady our position whilst working on
our plans for further progression.
Lift Material (LMA)
Another year of record sales at LMA as
we consolidated our position across
our key product lines. Investment in
people and the opening of a new
branch in Melbourne resulted in profit
being slightly down on the previous
year but an enabler to our further
growth.
Good progress has been made in the
expansion of our escalator handrail
business during the year as well as the
addition of new product lines to LMA’s
growing portfolio. The introduction of
our e-commerce system developed at
A&A is designed to promote these
products quickly as well as offer
customers significant benefits in the
way they can obtain quotes and place
orders.
Dual
The transformation of Dual has
continued at an impressive pace,
delivering an excellent year marked by
record levels in both sales and profit.
Favourable market conditions
contributed to this success, along with
the achievement of securing the
prestigious Metronet project. Despite
its challenging engineering demands
and tight timeframes, the project has
been expertly executed by the entire
team at Dual.
The challenges of increased customer
demand coupled with tight project
timelines meant production space was
significantly stretched. However, the
improvements in our production
workflows enabled our output to be
achieved efficiently and safely.
The hard work and dedication of our
entire team has been instrumental in
driving our strategic initiatives forward.
Dewhurst Hong Kong
Despite the political and economic
challenges Hong Kong has
encountered over the past 12 months,
the business has continued to
demonstrate strong performance
again achieving a double-digit
increase compared to last year and
setting another record.
Customer engagement remains a
central focus of the company’s
operations, whether through in-person
meetings, virtual engagements via
Teams, or technical webinars, which
have helped maintain strong
relationships with clients and foster
continued growth.
However, progress has been slower
than expected with regard to the
approval of the rope gripper by Hong
Kong authorities. Limited approvals
have been granted, but there is still
significant potential for this product,
as well as others to be distributed
within the Hong Kong market in the
future.
Dewhurst Singapore
The three-month hiatus between the
announcement of ending production
of the E-Motive products and our
acquisition of the brand
understandably caused customer
concern. This gap allowed competitors
to strengthen their positions,
particularly in the Singapore market,
where they capitalised on the
uncertainty.
Despite this setback, we have
successfully reversed this trend in the
UK and Australian markets, where
demand for our display products has
started to rise.
Our increased customer engagement,
backed by a proven record of
manufacturing high-quality products,
is beginning to yield positive results.
We are optimistic about seeing
significant improvements in our sales
across Singapore, Asia and the Middle
East in the near future. Additionally, we
have focused on rationalising our
product lines and improving our cost
base, which will further support our
growth objectives and strengthen our
financial position.
10
CHIEF EXECUTIVE OFFICER’S REVIEW
STRATEGIC REPORT
ERM 60th ANNIVERSARY
Customers gathered to celebrate
10 Dewhurst Group plc Annual Report and Accounts 2024
Dewhurst Group plc Annual Report and Accounts 2024 13
12 Dewhurst Group plc Annual Report and Accounts 2024
Trading Results
The Group continued its upward
trend with an 11.1% increase in total
sales to £64.4 million (2023: £58.0
million). Lift sales increased 10.0% due
to strong growth in Asia & Australia,
which includes a full year of trading
at Dewhurst Singapore. Continued
construction projects supported both
our Australian lift interiors businesses
P&R and Dual deliver double digit
growth, with Dual registering a
record year in 2024. Slowing demand
in North America impacted Dupar,
with the outlook expected to be
challenging for at least the first half
of 2025. Steady growth in Transport
sales was driven by higher rail sales at
Dewhurst, and Keypad sales bounced
back in 2024, delivering 33.2% growth
in sales, although this continues
the fluctuations in demand seen in
previous years.
Overall operating profit increased by
4.8% to £8.1 million (2023: £7.8 million),
at an operating profit margin of 12.6%
(2023: 13.4%) and profit before taxation
increased 6.9% to £8.6 million (2023:
£8.1 million).
A significant proportion of the Group’s
revenue and profits are generated
and held in foreign currency, and 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 3% (2023: a decrease of 1% each).
Strong Cash Position
The subsidiaries continued to trade
throughout 2024 without the need
for Group cash support, and paid
dividends back to Group totalling £6.7
million. £3.6 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 £1.5
million to acquire the remaining 25%
of the shares in P&R Liftcars, £1.8m on
the purchase of own shares, and £0.9
million on the purchase of property,
plant and equipment.
The Group started and ended the year
without any bank borrowings. The
cash balance at year end was £21.6
million, down £2.8 million from £24.4
million in 2023.
Pension Scheme Surplus
The Company paid a total of £3.9
million deficit reduction contributions
into the pension scheme this year and
I am pleased to report that the deficit
decreased by £5.1m and is now in a
surplus position of £3.0m (2023: £2.1
million deficit) on an IAS19 basis.
Aside from the increase in
contributions, the main reason for
the decrease in the deficit was an
overperformance of the pension
scheme assets, which was partially
offset by the liability discount rate
decreasing from 5.50% to 4.95% at the
year-end.
A more detailed analysis of the
retirement benefit fund assets and
liabilities movements is reported in
note 21 and all recommendations
made by the scheme’s actuary to
eliminate the scheme deficit within
an agreed timeframe have been fully
implemented.
Shareholders’ return
7
subsidiaries
delivered
record sales
Jeremy Dewhurst
Chief Financial Officer
We delivered a solid performance in the year, with 7% growth in
Group profit before tax driven by our lift business.
FINANCIAL REVIEW
STRATEGIC REPORT
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,
as reported in note 24.
Dividends
The Board is proposing a final dividend
of 11.50p (2023: 11.00p). If approved, this
would be paid on 26 February 2025
and would result in a total dividend for
2024 of 16.50p per share which is 4.8%
up on 2023 and is covered 4.3 times
by earnings. The dividend would be
paid to members on the register at 17
January 2025 (ex-dividend 16 January
2025). Dividends are accounted
for when paid or approved by
shareholders, and not when proposed,
therefore the proposed final dividend
for 2024 has not been accrued at the
end of the reporting period.
Following a share buyback
programme, there was a reduction in
the number of allotted shares during
the year, and these have been fully
reported in the Directors’ Report.
GROUP FIVE YEAR REVIEW
2024
2023
2022
2021
2020
Continuing operations
£(000)
£(000)
£(000)
£(000)
£(000)
Revenue
64,403
57,962
57,565
56,249
55,617
Adjusted operating profit*
8,121
7,750
8,818
9,214
8,630
Profit before taxation
8,649
8,088
7,169
9,563
6,740
As a percentage of total equity
14.1%
13.4%
11.7%
18.1%
15.7%
Taxation
3,189
2,966
2,051
2,110
2,061
Profit after taxation
5,460
5,122
5,118
7,453
4,679
Total equity
61,301
60,317
61,533
52,731
42,826
ROTIC1
11.4%
10.4%
11.6%
13.4%
13.6%
EPS^
66.58p
62.45p
60.00p
86.98p
51.78p
Dividends per share
16.50p
15.75p
14.75p
14.00p
13.00p
On time delivery (%)
93%
93%
86%
90%
91%
* Operating profit before goodwill write down, amortisation of acquired intangibles, gain on property disposal, GMP equalisation and
cyber attack remediation costs.
1 ROTIC – Return on Total Invested Capital being Adjusted operating profit*/Total invested capital. Total invested capital is total equity
adjusted for net retirement benefit obligations and the associated deferred tax, cumulative amortisation of acquired intangibles and
historical depreciation or impairments to goodwill.
^ Earnings per share (EPS) – basic and diluted.
Dewhurst Group plc Annual Report and Accounts 2024 15
14 Dewhurst Group plc Annual Report and Accounts 2024
Introduction from the
Chairman
In two years, we’ve made significant
strides in monitoring and reducing our
Scope 1 and 2 emissions, achieving a
42% reduction and nearly meeting our
2027 target three years early. We’ve
shifted our focus to an emissions
intensity ratio, considering sales
growth, and have already achieved a
48% reduction in our intensity ratio
from our 2022 baseline. We are now
aiming for a 60% reduction by 2027.
While Scope 1 and 2 emissions are just
a fraction compared to Scope 3, there’s
a strong drive within Dewhurst Group
Plc to contribute to slowing global
warming. Our sustainability strategy
has been refreshed, emphasising
our mission, vision, and values. We’ve
strengthened our People strategy by
listening to staff through our global
survey and implementing our first
global HR system, which unites and
supports our culture.
There’s still much to do, but our staff
and businesses understand the
importance of sustainability and are
committed to making a positive,
sustainable change. On behalf of the
Group Board, I thank everyone for their
efforts.
Environment
Strategy
At Dewhurst Group, we are committed
to promoting sustainability and
managing our impact across all areas
of our operations. Our strategy is to
minimise our environmental impact
by reducing our carbon emissions, to
make a meaningful contribution to a
more sustainable world.
Carbon Emissions
The Group has made real progress
with its reductions in its Scope 1 and
Scope 2 emissions. 2024 has been a
year of big change with our Global
carbon emissions dropping 33% which
equates to a reduction of 189 tonnes
of CO2. This is despite sales increasing
by 11%.
This has been achieved through
numerous actions but the biggest
has come from the continuation of
group companies switching electricity
and gas contracts as they mature,
into green ‘zero carbon’ contracts.
10 out of 12 group companies now
operate solely from 100% renewable
electricity contracts, and 2 out of 5
group companies now operate solely
from biogas contracts. The switch to
biogas has helped us reduce our gas
emissions by 24%. As of September
2024, 74% of our company’s electricity
consumption and 41% of our
company’s gas consumption comes
from renewable sources.
The group has also successfully
trialled and implemented a four-
day production week at two group
companies. This has reduced
electricity and gas consumption by
16% without compromising product
quality, output, or sales.
Prior year’s capital expenditure and
commitment to on-site solar panels
has helped our carbon reduction.
The installation of solar panels at
four group company sites - our
Feltham (UK), two Sydney & one
Perth (Australia) sites have enabled
us to reduce our global grid electricity
consumption by 15%.
We have adopted a proactive
approach to monitor and manage our
emissions, and we regularly measure
and track environmental metrics
across all sites to identify areas for
reduction of carbon emissions. We
have also developed roadmaps at
each business that outline specific
actions we will take to minimise our
emissions, including investing in new
technology, adopting sustainable
practices, and sharing these across
the Group. As a result, our global
sites continue to make incremental
changes in line with best practices
SUSTAINABILITY STRATEGY
Environment
Minimise our environmental impact by reducing our emissions footprint, to make a meaningful
contribution to a more sustainable world.
2024 PERFORMANCE & HIGHLIGHTS
• 33% reduction in emissions
(42% compared with baseline year)
• 39% decrease in emissions intensity
ratio
• 48% decrease in emissions intensity
ratio compared with baseline year
• 74% of electricity consumed from
green sources
• 87% reduction in our Feltham site’s
emissions
• 94% UK waste diverted from landfill
of which 14% is converted into energy
• Improved recycling processes to
reuse and repurpose waste materials
KEY PRIORITIES
Scope 1 and 2 emissions:
• Switch remaining businesses to
green electricity
• Switch UK businesses to green gas
• Install solar panels where viable
• Switch company vehicles to 100%
electric vehicles
• Install EV chargers at each company
Waste and packaging:
• ISO 14001:2015 certification for UK
businesses
• Increase diversion of waste from
landfill
Supply chain:
• Engage and collaborate with key
suppliers
Product:
• Increase our range of sustainable
products
TARGETS
• Carbon reduction: reduce scope 1
and 2 carbon intensity ratio by 60%
by 2027 vs 2022
• Waste diversion from landfill: >95%
by 2024
• Packaging: >95% packaging to be
recyclable by 2030
Our People
Create and maintain an environment where people are
engaged and feel empowered, motivated, and fulfilled.
2024 PERFORMANCE & HIGHLIGHTS
• New global HR system (PeopleHR)
implemented across the Group
• New UK payroll software
implemented
• Employee turnover of 11%
• Females make up 31% of the
workforce
• Global “value awards” launched, for
employees who go above and beyond
in demonstrating our values
• Employee work life balance
improved through implementation
of flexible working including 4-day
weeks at two companies
• Employees collectively walked
15,750 miles in our Round the World
Challenge raising £10k for the OXFAM
Gaza Humanitarian Appeal
KEY PRIORITIES
• Communicate to & engage with our
people on mission, vision, values
• Utilise PeopleHR to improve
employee engagement
• Improve communication across the
Group
TARGETS
• Group employee engagement
rating: 85%
• Health & safety incident rate:
eliminate serious incidents
• Voluntary employee turnover:
below 15%
Richard Dewhurst
Non-executive Chairman
2024 has been a year in which we have made real positive changes for
our people, the environment and in reducing our emissions footprint.
SUSTAINABILITY REPORT
STRATEGIC REPORT
6.1
tC02e/£m
GHG Intensity
Ratio. A 48%
decrease from
baseline year
Dewhurst Group plc Annual Report and Accounts 2024 15
Dewhurst Group plc Annual Report and Accounts 2024 17
16 Dewhurst Group plc Annual Report and Accounts 2024
SUSTAINABILITY REPORT
UK & Offshore
Group
Global
(excl. UK & Offshore)
UK & Offshore
Group
Global
(excl. UK & Offshore)
STRATEGIC REPORT
to promote sustainability and reduce
our environmental impact. Examples
include solar tinting to conserve
energy, updating plant and equipment
with more modern energy-efficient
machinery and continuing to prioritise
the use of green chemicals and use
LED lighting. We also look to optimise
equipment usage and use best
practices for energy management
Our UK-based subsidiaries have made
the biggest percentage reductions
in greenhouse gas (GHG) emissions
in 2024 with Dewhurst seeing an
87% reduction from 2023 followed by
TMP seeing a 77% reduction. The UK
is closely followed by our Australian
businesses who have equally made
real change and seen a collective 38%
reduction from 2023.
Carbon Intensity Ratio
These reduced carbon emissions
equate to a GHG Intensity ratio in 2024
of 6.1 tCO2e/£m which is a decrease of
39% this year and a 48% decrease from
our baseline year in 2022 which is
when we first reported an intensity
ratio of 11.8 tCO2e/£m. This is excellent
and a testament to the hard work put
in by all.
Our two remaining companies not on
100% renewable electricity contracts
are constrained by their national
electricity markets and the fact there is
no 100% renewable supplier option
available. 1.3 million kWh or 1.3 GWh’s
of electricity used across the group is
now 100% renewable.
Company Vehicles
Company vehicle emissions now
account for 40% of our GHG emissions
within our control, so for 2025 we will
be focusing on looking at the viability
of trialling and switching more of our
delivery fleets around the world to
100% electric vans. A&A’s first electric
van was acquired in 2023 and has
performed with great success, and a
second van has recently been
acquired by A&A. Dewhurst has also
recently committed to an electric van
which is due early 2025.
One of our core sustainable objectives
is to eliminate carbon emissions, and
if this is not practical then to minimise
or substitute these. Sometimes,
however emissions are unavoidable,
and we have partnered with Ecologi
(a B Corp company) at our UK sites to
offset emissions through funding
sustainable projects.
Waste, Packaging & Water
In 2024 we continued to expand our
strategy of diverting over 95% of our
waste from landfill, out to the whole
Group. We are also implementing
reduce, reuse and recycling programs
to minimise waste at our sites.
Whilst we are conscious of the waste
from our operations, TMP is leading
the way for traffic management by
recycling their own and competitor’s
bollards. TMP collects old or damaged
bollards due for replacement and
recycles them, enabling the plastic
recovered to be reused. Material which
was once sent to landfill now offsets
the need for virgin plastic to be
utilised. Furthermore, TMP plants a
tree in areas of declining vegetation for
every bollard replaced as well as every
bollard recycled (or on orders over a set
price point).
We are committed to reducing our
environmental impact by enhancing
our recycling programs. We have
implemented better segregation
practices at our locations in Australia,
to reuse and repurpose waste
materials, such as bubble wrap and
off-cuts. This not only helps us to save
raw materials, but also contributes to
the circular economy. We continue to
reduce our total waste generation and
increase our recycling rate globally.
A&A re-achieved ISO 14001:2015
certification for environmental
management in 2024. This
demonstrates that sustainability is an
embedded part of A&A’s culture and
way of working. We will look to
implement ISO 14001:2015 across our
other Group businesses going
forwards.
At Dewhurst Group, we recognise the
importance of water conservation and
strive to minimise water usage across
our operations, such as harvesting
rainwater for use in toilets, optimising
tapware with push taps, high pressure;
low volume spouts, and automated
flushing of toilets.
A&A ELECTRIC VANS
EV switch started in 2023
Supply chain
We collaborate and work closely with
our suppliers, and by being curious
and involving our suppliers and other
stakeholders in the decision-making
process, this allows us to identify
potential challenges and opportunities
and come up with innovative solutions
to overcome them. A&A’s Ecobox
product has replaced more than 2,500
x 20 litre plastic oil drums since its
inception in 2022. In July 2024, A&A
also launched its Disposoil service
which provides customers with the
ability to recycle waste oil for reuse,
reducing the need for additional fossil
fuel extraction and processing to
create new oil. The Ecobox is a more
transportable solution which enables
greater carriage of deliveries in our
own and customer’s vans. When
onsite, it is easier to transport to the
job, the replacement oil is distributed
via an easy-pour recycled plastic spigot
which is attached to the biodegradable
bag that can be mindfully disposed of
after use, reducing landfill waste.
379MWh
of electricity
produced in
2024 from our
solar panels
ECOBOX
Assembly of items in warehouse
ENERGY CONSUMPTION MWh
2024
2023
2024
2023
2024
2023
Heating and transport fuels
756
879
1,137
1,171
1,893
2,050
Used green electricity
674
631
357
212
1,031
843
On-site renewable electricity
127
135
133
60
260
195
Purchased non-green electricity
4
3
460
561
464
564
Total energy consumption
1,561
1,648
2,087
2,004
3,648
3,652
GREENHOUSE GAS EMISSIONS tCO2e
2024
2023
2024
2023
2024
2023
Scope 1: Direct emissions from operations
– Natural gas
84
116
128
143
212
259
– Transport fuels
3
64
140
137
143
201
– Cooling gases
–
5
–
–
–
5
Total Scope 1
87
185
268
280
355
465
Scope 2: Indirect Emission from electricity consumption
– Market based
3
7
30
105
33
112
Scope 3: Emissions from businesss travel in employee-owned vehicles
4
4
–
–
4
4
Total emissions
94
196
298
385
392
581
Intensity ratio: Total carbon emissions per sales (tCO2e/£m)
4.1
9.1
7.1
10.6
6.1
10.0
The UK’s location-based electricity consumption produced 143 tCO2e in 2024 and 128 tCO2e in 2023.
Dewhurst followed the GHG protocol guidance for SECR reporting.
Based on available data at the time of reporting, to be revised as data availability improves.
Dewhurst Group plc Annual Report and Accounts 2024 19
18 Dewhurst Group plc Annual Report and Accounts 2024
Health and Safety
Increasing our global engagement
and introducing PeopleHR has seen
an initial spike in reported Health &
Safety logs. With the introduction of
near misses as well as actual incidents
now being logged, we have seen 37
incidents in 2024 compared to 15 last
year. This is disappointing to see a
significant increase, but we must
rebase our expectations and baseline
figures now near misses are included.
The critical aspect in all this is
proactive reporting and steps are
being taken after each incident to try
to reduce or mitigate against future
incidents and thus continually drive
down incidents around the group. In
our ongoing commitment to
sustainability and employee well-
being, we are proud to announce that
we have achieved ISO 45001
certification at A&A. By implementing
ISO 45001, we aim to reduce
workplace risks, enhance productivity,
and foster a culture of continuous
improvement in health and safety
practices.
All Health & Safety incidents are
reported through the local board
meetings first as well as summarized
and reported at a Group Board level.
Diversity, Equality and Inclusion
We remain committed to upholding
diversity, including gender, cultural
background, and level of competence.
We believe that a diverse workforce
brings a wealth of perspectives and
experiences that can enrich our work
environment and enhance our ability
to achieve our goals. Therefore, we
actively seek to recruit, retain, and
promote individuals from a wide
range of backgrounds and
experiences to help us build a more
inclusive and productive workplace
and are pleased to recognize and
embrace 26 different nationalities.
One woman serves on our board of six,
and women run three of our twelve
subsidiary businesses. 31% of our
employees globally are female, and
our aim is to continue to promote
women to senior positions across the
Group.
Wellbeing
We have been actively engaging with
our people to enhance their wellbeing,
by promoting awareness of important
issues and providing support and
access to resources. Our Group
newsletter The Pulse contains a
regular Headspace feature that has
included information on topics such
as menopause and anxiety. In doing
so, we hope to promote
understanding of areas that might
affect our people and help to support
them.
Mental Health
We have continued to roll out mental
health training in 2024 around the
Group as well as increase awareness
amongst staff, through company
communications and our mental
health first aiders.
Employees also have access to a
24-hour advice and information line
where they can receive counselling,
legal information and information on
health issues. There is also an app
available that can help employees
track their mood, access breathing
exercises and gain access to CBT.
Information about this support is
displayed on company noticeboards.
Community
Fundraising days across the group
have helped raise awareness and
money for charities such as local
autism centres and nursing
programmes. On breast cancer
awareness “Wear it Pink” day
companies across the group came
together to raise money by wearing
pink and participating in fundraising
activities. We also have several
Christmas fundraisers planned over
the festive period.
Training and Development
As part of the PeopleHR
implementation, we are streamlining
and enhancing our induction process,
where all new joiners will receive
training on the company, our mission,
vision and values, Health and Safety
and sustainability.
In addition, PeopleHR provides a
central online suite of training which
will ensure we have consistency and
full global visibility of courses
undertaken.
Managers are encouraged to have
regular and open conversations with
their teams on skills and knowledge
gaps. We aim to have a culture of
internal development to retain
company knowledge and reduce
external recruitment.
SUSTAINABILITY REPORT
STRATEGIC REPORT
Our people
Strategy
At Dewhurst Group we want to create
and maintain an environment where
people are engaged and feel
empowered, motivated, and fulfilled.
To further support and embed our
Group mission, vision, and values, we
committed to a global HR system
across all companies. This has been a
key project and enables us to
communicate, engage and
collaborate with our people globally. It
also gives us the ability to track
employee trends through data
extracts such as turnover and
diversity, so we can better identify
areas for development.
Engagement
Following on from our first global
employee survey in which our staff
identified the need for a global HR
system, our global HR system
(PeopleHR) was successfully selected
from eight potential HR systems and
went live across all group companies
in 2024.
As part of the selection process we
identified that the HR system must
cover the following key modules of HR
Planning, Recruitment & Selection,
Safety & Wellbeing, Employee
Engagement, Rewards & Recognition,
Careers & Capability and Compliance.
PeopleHR also includes further
functionality to improve and
streamline our HR processes, and
support employee engagement.
Following a successful
implementation, all staff globally now
have a secure employee ‘self-service’
platform either through their pc or
mobile app that allows them to see
and validate their personal data,
engage with the company, manage
their own leave, absence and
documents as well as get up to date
visibility of company documents,
policies and procedures as well as
the latest news and
communications.
The HR System implementation has
three distinct phases: 1) global
implementation, 2) data and
document validation and finally 3)
automation of key HR functions,
reporting and data tracking. Now
that phase 1 is complete, Group HR
has moved into phase 2 and will be
looking to deliver this along with
phase 3 in 2025.
Embedded within phase 2 and 3 will
be the task of reviewing key processes,
functions and policy’s across the
group. The goal is to ensure processes
are fit for today as well as the future
and this phase of the project gives us
the opportunity to review, update and
streamline as many processes as we
can through automation.
These changes once fully
implemented will enable our HR
functions across the group to be
proactive, looking toward growth and
support rather than reacting to
day-to-day administrative queries now
staff have been empowered to
‘self-serve’.
The Group HR team underwent
Employment law training in 2024,
resulting in various policy changes for
the UK, and legislation change
training will be performed annually
going forwards. This will ensure the
latest compliance requirements and
best practice is followed by both
employer and employee.
Employee turnover for 2024 is 11%,
down from 13% in 2023 and below our
target of 15%.
Our second global employee survey
following up on the actions taken
throughout 2024 has been issued and
sent out to all staff in November 2024,
with results expected early 2025.
Charity
Once again, our team across the globe
supported local charities as well as
came together to make a difference
for international charities. This year we
supported the humanitarian crisis
happening in Gaza. Over the course of
two weeks from 15th to 28th April
employees from Dewhurst Group
were challenged to work together in
teams of four to walk/run the total
distance between all of our businesses
across the world. The two main
objectives of the challenge were to
raise funds for the OXFAM Gaza
Humanitarian Appeal and to engage
all our staff in a fun and competitive
way. 192 staff across 49 teams clocked
up a staggering (literally) 30,536,669
steps in our Round the World
challenge, covering an impressive
distance of 15,750 miles. Moreover, we
raised £10,000 for the OXFAM Gaza
Humanitarian Appeal and we are
proud to have been able to make such
a positive difference in the lives of
those affected by these disasters.
DIWALI 2024
The Dewhurst Group and Dewhurst
Ltd team celebrated Diwali at HQ
2%
absence rate
across the
group
26
different
nationalities,
all working
together
BREAST CANCER AWARENESS
The ALC team came together to
raise funds and awareness for
the McGrath Foundation.
STRATEGIC REPORT PRINCIPAL RISKS AND UNCERTAINTIES
STRATEGIC REPORT SECTION 172(1) STAKEHOLDER COMPLIANCE STATEMENT
Dewhurst Group plc Annual Report and Accounts 2024 21
Section 172 of the Companies Act 2006
requires Directors to take into consideration
the interests of stakeholders in their
decision making. They must make decisions
in good faith that they believe will most
likely promote the success of the Company
for the benefit of its members as a whole. In
making these decisions the Directors must
consider, amongst other things:
KEY STAKEHOLDERS
Shareholders
Employees
Customers
Suppliers
EVENT/DECISION
and stakeholders considered
Director Role Changes
Shareholders, potential investors,
employees and governments
Growth opportunities
Shareholders, potential investors and
employees
• Likely long-term impact of their decisions
• Interests of employees and the need to act fairly between members of the Company
• The reputation of the Company and relationships with customers and suppliers
• The effect on the community and environment in which the Company operates
HOW WE ENGAGE
As an AIM listed business, we have a dedicated investor website with all key information
and RNS updates. We also communicate regularly with investors particularly after trading
updates as well as at the AGM.
Group senior management have been able to visit all subsidiaries during the year. In
addition, being mindful of our carbon footprint, this has also been supported by more
regular video conferences. Within the individual companies there are regular briefing
sessions with employees on the performance of the company and key decisions and issues.
Our customers are at the heart of everything we do. We use email and social platforms
to update them about new products and regularly review any feedback we receive to
understand how we can improve their experience. We engage with our customers
regularly through a mix of face to face and remote meetings.
We have personal relationships across our supply chain and update each other through
regular meetings and phone calls.
CONSIDERATIONS, ACTIONS & IMPACT
• As part of the planned transition, Jeremy Dewhurst was promoted to CFO on 1 July 2024,
with Jared Sinclair remaining on the Board and taking on a new role as Chief Integration
Officer (CIO).
• Jeremy is an ACA chartered accountant and performed the Finance Director role at our
largest subsidiary A&A Electrical Distributors from 2018-2022.
• Jeremy and Jared executed a well planned transition plan involving regular meetings and
information handover prior to 1 July 2024, and Jeremy is supported by Jared and the whole
Group Board.
• The Board updated its acquisition criteria and maintains an opportunities register.
• The CEO visits all businesses regularly to review strategy maps, performance, and
opportunities for growth.
• The Board believe that there is an opportunity to sell displays globally through Dewhurst
Singapore, resulting from the purchase of the rights to the E-motive brand and range of
displays in 2023. This is a growth opportunity although requires continued management
focus.
20 Dewhurst Group plc Annual Report and Accounts 2024
RISK
OPERATIONAL
IMPACT
MITIGATION
Change in Leadership. The transition of CFO
from Jared Sinclair to Jeremy Dewhurst
presents a risk during handover.
Potential reduction in
control and increased risk
on individual subsidiary’s
performance.
The transition is well planned and supported. Jeremy is an ACA
chartered accountant and performed the Finance Director role at our
largest subsidiary A&A Electrical Distributors from 2018-2022. Jeremy
and Jared executed a well planned transition plan and Jeremy is
supported by the whole Group Board.
Not seizing growth opportunities.
Inability to grow sales
and profits.
The Dewhurst Group board maintains an opportunities register
and regularly and proactively reviews new growth and acquisition
opportunities.
People. Staff engagement, well-being,
recruitment and retention.
Inability to work effectively
which impacts sales and
profits; staff absence; high
staff turnover and difficulty
recruiting new staff.
Performed the first independent and anonymous groupwide staff
survey in 2023 and implemented a new Group HR System in 2024 to
help harmonise HR systems and controls. Company conversations are
held bi-monthly at each site and the continued engagement of staff
through communication of our mission, vision and values.
Business Control. The geographically
diverse nature of our business means
that many subsidiary companies are
remote from our senior management.
Reduction in control
and increased risk on
individual subsidiary's
performance.
We aim to strike a balance between autonomy and responsibility
of the local management. Senior management generally visit all
subsidiaries regularly to maintain senior contact directly with the
business. We operate the same IT system across the business so that
information flow to management is consistent and we introduced a
secure data warehouse for Group KPI monitoring.
Loss of a key customer. Because the
Group tends to operate in niche markets
there are limited numbers of major
customers in some of these markets.
Reduced sales and
reduced profits.
We aim to provide key customers with excellent products and service
at a competitive price. We closely monitor our performance with
these customers to ensure we are meeting the objectives.
Problems at a key supplier.
Inability to maintain
required service levels.
Where necessary we dual source, if possible in different regions,
and/or hold strategic stocks of particularly time critical key
components.
Technological change reducing demand
for the Group’s mechanical products. Our
products are primarily mechanical human
machine interfaces. These are subject
to significant technological change
at present as new electronic ways of
interacting with machines are constantly
being developed.
Reduced sales and
reduced profits.
We monitor our markets for innovations and endeavour to ensure
we retain a competitive offering for our customers, supported by an
active product development programme. The securing of the E-Motive
displays, and key electrical engineers bridges that gap and enhances
our electronic capabilities.
Cyber attack and intrusion into our
network
Loss of trading, leading to
reduced sales and reduced
profits.
Groupwide software in place such as email filtering, firewalls, anti-
virus/endpoint protection, with threats detected and responded to
through an external Security Operations Centre (SOC). Multifactor
authentication to prevent unauthorised access. Daily offline backups
at each site, which are regularly tested to ensure recoverability of data.
FINANCIAL
Inflationary pressures.
Increased materials and
labour costs, reducing
margins and profits.
Limit the duration of our quotes to customers or build into quotes,
where we can, an inflationary increase mechanism. Continually
monitor component cost increases and where sensible take on
additional inventory of key components to delay any increase. Look
for efficiency savings before looking to pass these increases onto
customers, and utilise technology to support pricing controls.
The Group operates a defined benefit
pension scheme in the UK. This is subject
to risks in relation to liabilities caused by
changes in life expectancy and inflation.
It is also subject to risks regarding the
value of and return on investments.
Potential impact on the
balance sheet and on
cash flow.
The UK defined benefit schemes were closed to new
future accrual on 30 September 2010. Our investment strategy is
designed to diversify risk and reduce volatility. A proportion of the
liabilities are covered by Liability Driven Investments which more
closely match the movements in the values of liabilities.
Being an international Group,
foreign currency is our most significant
treasury risk.
Changes in foreign
currencies can have a
significant impact on
profit performance.
Our wide international spread reduces risk to individual markets but
inevitably increases exchange rate risks. We aim to minimise holdings
of non-functional currencies at companies around the Group, unless
there are specific reasons. The Group does not hedge operating
profits.
SIGNIFICANT EVENTS/DECISIONS 2024
Dewhurst Group plc Annual Report and Accounts 2024 23
22 Dewhurst Group plc Annual Report and Accounts 2024
SECTION 172(1) STAKEHOLDER COMPLIANCE STATEMENT
GOVERNANCE CORPORATE GOVERNANCE
The Board of Directors of Dewhurst
believe that good corporate
governance is a central element of the
successful growth and development
of the Group. The Board and its
Committees play a key role in the
Group’s governance by providing an
independent perspective to the senior
management team, and by seeking
to ensure that an effective system of
internal controls and risk management
procedures is in place. Below describes
our corporate governance structures
and processes which are reviewed
regularly and at least annually.
AIM Rule 26 from 28 September 2018
requires companies to report against
an adopted corporate governance
code. Dewhurst’s Board considers
that the QCA Corporate Governance
Code (“QCA Code”) is the most
suitable framework for smaller public
companies and, consequently, formally
adopted the QCA Code. The QCA Code
continues to be applied during its
financial year ended 30 September
2024.
The Board ensures that the Company
adopts proper standards of corporate
governance and, where appropriate,
the principles of best practice as
set out in the QCA Code. Set out on
our website (www.dewhurst-group.
com) and below is a summary of how
the Company is applying the key
requirements of the Code.
The Board comprises persons from
technical and professional qualified
backgrounds ensuring there are the
appropriate skills and capabilities
to perform their duties. These are
maintained through continuing
professional development, in-house
training and regular courses to ensure
they are up-to-date. In addition
the Directors commit all the time
necessary to fulfil their roles and
there are processes in place enabling
Directors to take independent advice
at the Company’s expense in the
furtherance of their duties and to have
access to the advice and services of
the Company Secretary.
The Board considers its Non-executive
Directors to be independent in
character and judgement; however
only Ms S McErlain and Mr C Holroyd
are technically independent as defined
by the Code.
The full Board met eight times this
year and deals with all important
aspects of the Group’s affairs. During
the year all directors were able to
attend all executive meetings.
Formal executive Director
performance evaluations are
conducted annually through
appraisals. Each Non-executive
Director’s performance is evaluated as
an outcome of the formal performance
evaluations of the Committee(s) of
which they are a member.
Annual performance evaluations
of both executive Directors and
Non-executive Directors (via
Committee evaluation) identify and
record achievements and areas for
improvement in relation to annual
objectives and performance of their
role, in order to consider effectiveness.
Objectives for the forthcoming year
are defined along with identification
of how achievements will be met,
target dates and details of resource
constraints or issues to ensure that
actions are planned and taken as a
result of the evaluation process. These
objectives and the performance of
the Director are monitored monthly
through formal meetings with the
Chairman or Chief Executive Officer.
The Committees conduct a self-
assessment of their performance
during the year, measuring their
performance against their Terms of
Reference. The Audit committee risks
and concerns are reported in the body
of the audit report, particularly the
audit approach and key audit matters
sections.
In light of the size of the Board, the
Board do not consider it necessary to
establish a Nomination committee.
All members of the Board participate
in the recruitment of members to the
Board. The Remuneration committee
does not produce a formal report. The
Remuneration committee considers
Directors’ remuneration based on
market conditions, Group values and
business objectives. We seek to set
remuneration that is competitive and
motivational whilst consistent with
our values. Bonuses for Directors are
based on profit and growth in profit
and some Directors also have bonuses
based on achieving individual personal
objectives.
STRATEGIC REPORT
EVENT/DECISION
and stakeholders considered
Sustainability and The Environment
Shareholders, employees, customers,
suppliers and society
People
Employees, customers and suppliers
Margin Pressures & Inflation
Shareholders, potential investors,
employees, customers and suppliers.
CONSIDERATIONS, ACTIONS & IMPACT
• The Board regularly reports on energy consumption and greenhouse gas emissions at all
Group companies.
• We are focused on continuing to reduce our environmental impact, to make a meaningful
contribution to a more sustainable world.
• The Group has achieved a 33% reduction in carbon emissions in 2024 (42% compared to
base line year).
• 48% decrease in carbon emissions intensity ratio compared to our base line year.
• 74% of the electricity the Group consumes is 100% renewable.
• Further detail can be found in the Sustainability Report.
• Based on the feedback from our groupwide survey in 2023, a new Group HR system was
implemented in 2024.
• More regular staff communications take place at each site as bi-monthly Company
Conversations.
• With continued higher levels of inflation and increased interest rates we are continually
assessing the effect labour costs, component cost increases and inflation have on our
margins.
• The Group continues to absorb cost increases where possible and seeks efficiency savings
before looking to pass increases on to our customers.
• Where possible the duration of our quotes to customers have been time limited or an
inflationary increase mechanism is built into the quote.
The information provided in the Strategic report section of the Annual Report forms part of the requirement by Companies Act 2006 to be included in a strategic report.
Dewhurst Group plc Annual Report and Accounts 2024 25
GOVERNANCE BOARD OF DIRECTORS
24 Dewhurst Group plc Annual Report and Accounts 2024
RICHARD DEWHURST R
NON-EXECUTIVE CHAIRMAN
DAVID DEWHURST
DIRECTOR
JARED SINCLAIR
CHIEF INTEGRATION OFFICER
AND COMPANY SECRETARY
JOHN BAILEY
CHIEF EXECUTIVE OFFICER
JEREMY DEWHURST
CHIEF FINANCIAL OFFICER
SUSAN MCERLAIN A R
NON-EXECUTIVE DIRECTOR
CHARLES HOLROYD A R
NON-EXECUTIVE DIRECTOR
GOVERNANCE DIRECTORS’ REPORT
COMMITTEE MEMBERSHIP
A Audit committee
(meets twice per year)
R Remuneration committee
(meets once per year)
Chairman of Committee
Results and Dividends
The profit for the year, after taxation,
amounted to £5.5 million (2023: £5.1
million).
A final dividend on the Ordinary and
‘A’ non-voting ordinary shares of
11.50p per share (2023: 11.00p) for the
financial year ended 30 September
2024 will be proposed at the Annual
General Meeting (AGM) to be held
on 18 February 2025. If approved, this
dividend will be paid on 26 February
2025 to members on the register at 17
January 2025. The ex-dividend date will
be 16 January 2025.
An interim dividend 5.00p per share
(2023: 4.75p) was paid on 13 August
2024.
A final dividend on the Ordinary and
‘A’ non-voting ordinary shares of
11.00p per share (2022: 10.25p) which
amounted to £882k (2022: £828k) for
the financial year ended 30 September
2023 was approved at the AGM held
on 20 February 2024 and was paid on
26 February 2024 to members on the
register at 19 January 2024.
Share Repurchases
Between 2 February 2024 and 27
March 2024 the Company purchased
286,680 of its own ‘A’ non-voting
ordinary 10p shares for £1,776,164
which were earnings enhancing. At
the time of purchase these shares
amounted to 3.6% of the called up
share capital of the Company and have
been cancelled.
Details of shares purchased have been
notified to the London Stock Exchange
and to the Registrar of Companies.
Directors
The members of the Board during the
year were:
Mr R M Dewhurst
(Non-executive Chairman)
Mr D Dewhurst
Mr J Bailey (Chief Executive Officer)
Mr J M Dewhurst (Chief Financial
Officer, appointed 1 July 2024)
Mr J C Sinclair
(Chief Integration Officer)
Ms S McErlain (Non-executive)
Mr C Holroyd (Non-executive)
The Directors retiring by rotation at
this year’s Annual General Meeting are
Mr J M Dewhurst and Mr J C Sinclair
who, being eligible, offer themselves
for re-election. The unexpired period of
Mr J M Dewhurst and Mr J C Sinclair’s
service agreement is less than one
year.
During the year and at the date of
approval of the accounts, the Group
maintained liability insurance for all
Directors.
Directors’ Share Interests
The table below sets out the names
of the persons who were Directors
of the Company during the financial
year ended 30 September 2024
together with details of their own and
their families’ beneficial interests in
the shares of the Company at that
date and corresponding details at 30
September 2023.
At 30 September 2024 and 30
September 2023 there were no share
options allocated to the Directors.
During the financial year no Director
was materially interested in any
contract which was significant to the
Group’s business.
The Directors present their Annual Report on the affairs of the Group together with the financial
statements and Auditor’s Report for the year ended 30 September 2024.
Mr R M Dewhurst
Mr D Dewhurst
Mr J M Dewhurst
Mr J C Sinclair
Mr J Bailey
Ms S McErlain
Mr C Holroyd
Ordinary
shares
492,333
419,595
327,500
1,000
1,000
10
100
‘A’ ordinary
shares
123,666
62,599
-
-
-
2,586
6,649
Ordinary
shares
492,333
419,595
2,000
1,000
1,000
10
100
‘A’ ordinary
shares
123,666
34,932
-
-
-
2,586
6,649
30 September 2024
30 September 2023
Dewhurst Group plc Annual Report and Accounts 2024 27
26 Dewhurst Group plc Annual Report and Accounts 2024
GOVERNANCE DIRECTORS’ REPORT
26 Dewhurst Group plc Annual Report and Accounts 2024
Executive Directors:
Mr D Dewhurst
Mr J Bailey
Mr J M Dewhurst
Mr J C Sinclair
Non-executive Directors:
Mr R M Dewhurst
Ms S McErlain
Mr C Holroyd
Salary
and fees
£(000)
74
196
40
130
65
32
32
569
Bonus
£(000)
87
191
10
59
64
–
–
411
Benefits
in kind
£(000)
4
3
–
8
–
–
–
15
Pension
£(000)
–
2
2
15
–
–
–
19
2024
Total
£(000)
165
392
52
212
129
32
32
1,014
2023
Total
£(000)
128
300
–
181
105
30
30
774
Directors’ Remuneration
The remuneration of the Directors is shown below:
Substantial Shareholdings
At 19 November 2024, the Company had been advised of the following beneficial interests in excess of 3% of the Ordinary voting
share capital (other than the holdings shown under Directors’ share interests).
Mr P Dewhurst
325,500
Mr I Scott
331,000
Mrs B Bruce 190,208
Mr J H Ridley
138,500
Interactive Investor Services Nominees Ltd 128,877
At the same date the register shows interests in excess of 3% of the ‘A’ non-voting ordinary share capital
(other than Directors’ holdings) of:
JIM Nominees Ltd
638,876
Hargreaves Lansdown Nominees Ltd
452,991
Montoya Investments Ltd
287,000
Interactive Investor Services Nominees Ltd
185,314
HSBC Global Custody Nominees (UK) Ltd
163,500
Mr J H Ridley
153,100
Employee Involvement
Meetings, chaired by Managing
Directors, are held with employee
representatives. The financial position
and prospects of the Company are
discussed together with details of
investment and changes in facilities
which are planned by management.
Opportunity is given at the meetings
to question senior executives about
matters which concern the employees.
Environment, Social and
Governance (ESG)
The Company recognises that all of its
activities have an environmental, social
and governance impact and as such a
more detailed section on sustainability
and ESG has been included in the
Sustainability Report.
Research and Development
The Group continues to invest
in research and development
programmes for new products as well
as new processes and technologies
to improve overall operational
effectiveness.
Financial Risks
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. These risks
are further reported in the principal
risks and uncertainties within the
Strategic report, the Financial review
and in note 24.
Going Concern and Future
Developments
Positive steps to develop sales,
control costs and maintain a strong
cash balance have been taken by
management to ensure the Company
has adequate resources to continue
in operational existence and for
the foreseeable future. The strong
performance, statement of position
as well as robust cash reserves lead
the Directors to continue to adopt
a going concern basis in preparing
the financial statements. Future
developments are covered in the
Strategic Report.
Auditor
The current Directors have taken all
the steps that they ought to have
taken to make themselves aware
of any information needed by the
Group’s Auditor for the purposes of the
audit and to establish that the Auditor
is aware of that information. The
Directors are not aware of any relevant
audit information of which the Auditor
is unaware.
A resolution will be proposed at the
Annual General Meeting to reappoint
Gravita Audit Limited as the Group’s
Auditor and to authorise the Directors
to determine its remuneration.
Statement of Directors’
Responsibilities
The Directors are responsible for
preparing the Annual Report and the
financial statements in accordance
with applicable law and regulations.
Company law requires the Directors
to prepare financial statements for
each financial year. Under that law the
Directors have elected to prepare the
financial statements in accordance
with UK-adopted International
Accounting Standards (“IFRS”). Under
company law the Directors must not
approve the financial statements
unless they are satisfied that they
give a true and fair view of the state of
affairs of the Company and the Group
and of the profit or loss of the Group
for that period. In preparing these
financial statements, the Directors are
required to:
• select suitable accounting policies
and then apply them consistently;
• make judgements and accounting
estimates that are reasonable and
prudent;
• state that the financial statements
comply with IFRS;
• prepare the financial statements
on the going concern basis unless it
is inappropriate to presume that the
Group will continue in business.
The Directors are responsible for
keeping adequate accounting
records that are sufficient to show
and explain the Company’s and the
Group’s transactions and disclose with
reasonable accuracy at any time the
financial position of the Company and
the Group and enable them to ensure
that the financial statements comply
with the Companies Act 2006. They are
also responsible for safeguarding the
assets of the Company and the Group
and hence for taking reasonable steps
for the prevention and detection of
fraud and other irregularities.
The Directors are responsible for the
maintenance and integrity of the
corporate and financial information
included on the Company’s website.
Legislation in the United Kingdom
governing the preparation and
dissemination of financial statements
may differ from legislation in other
jurisdictions.
By order of the Board
Jared Sinclair
Secretary
12 December 2024
Dewhurst Group plc Annual Report and Accounts 2024 29
28 Dewhurst Group plc Annual Report and Accounts 2024
GROUP FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2024
2023
For the year ended 30 September 2024
Notes
£(000)
£(000)
Continuing operations
Revenue
2
64,403
57,962
Operating costs
3
(56,282)
(50,212)
Operating profit
8,121
7,750
Finance income
5
649
494
Finance costs
6
(121)
(156)
Profit before taxation
8,649
8,088
Taxation
7
(3,189)
(2,966)
Profit for the period
8
5,460
5,122
Other comprehensive income:
Actuarial gains/(losses) on the defined benefit pension scheme
21
1,280
(1,896)
Deferred tax effect
(320)
474
Tax on items taken directly to equity
555
348
Total that will not be subsequently reclassified to income statement
1,515
(1,074)
Exchange differences on translation of foreign operations
(1,311)
(3,544)
Total that may be subsequently reclassified to income statement
(1,311)
(3,544)
Other comprehensive income/(expense) for the year, net of tax
204
(4,618)
Total comprehensive income for the year
5,664
504
Profit for the year attributable to:
Equity Shareholders of the Company
5,227
5,037
Non-controlling interests
233
85
5,460
5,122
Total comprehensive income for the year attributable to:
Equity Shareholders of the Company
5,441
623
Non-controlling interests
223
(119)
5,664
504
Basic and diluted earnings per share
9
66.58p
62.45p
Basic and diluted earnings per share – continuing operations
9
66.58p
62.45p
2024
2023
At 30 September 2024
Notes
£(000)
£(000)
Non-current assets
Goodwill
10
9,453
9,516
Other intangibles
11
8
389
Property, plant and equipment
12
16,580
17,443
Retirement benefit surplus
21
2,965
-
Right-of-use assets
22
2,151
2,426
Deferred tax asset
19
-
54
31,157
29,828
Current assets
Inventories
14
7,966
8,337
Trade and other receivables
15
12,455
10,182
Cash and cash equivalents
16
21,560
24,374
41,981
42,893
Total assets
73,138
72,721
Current liabilities
Trade and other payables
17
8,328
6,899
Current tax liabilities
339
578
Short-term provisions
18
179
158
Lease liabilities
22
789
719
9,635
8,354
Non-current liabilities
Retirement benefit obligation
21
-
2,112
Lease liabilities
22
1,600
1,938
Deferred tax liability
19
602
-
Total liabilities
11,837
12,404
Net assets
61,301
60,317
Equity
Share capital
20
773
802
Share premium account
157
157
Capital redemption reserve
364
335
Translation reserve
425
1,725
Retained earnings
58,892
55,916
Total attributable to equity Shareholders of the Company
60,611
58,935
Non-controlling interests
690
1,382
Total equity
61,301
60,317
The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2024 and
were signed on its behalf by:
Richard Dewhurst Chairman
Jeremy Dewhurst Chief Financial Officer
Company Registration Number: 00160314
GROUP FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Dewhurst Group plc Annual Report and Accounts 2024 31
30 Dewhurst Group plc Annual Report and Accounts 2024
For the year ended 30 September 2024
2024
2023
Continuing operations
Notes
£(000)
£(000)
Cash flows from operating activities
Operating profit
8,121
7,750
Depreciation, amortisation and impairments
1,846
1,090
Right-of-use asset depreciation
22
758
605
Contributions to pension scheme, net of administration fee
(3,810)
(1,634)
Exchange adjustments
(274)
(878)
(Profit)/loss on disposal of property, plant and equipment
(56)
(4)
6,585
6,929
(Increase)/decrease in inventories
371
(406)
(Increase)/decrease in trade and other receivables
(2,273)
2,136
Increase/(decrease) in trade and other payables
1,429
(884)
Increase/(decrease) in provisions
21
(186)
Cash generated from operations
6,133
7,589
Interest paid
(1)
(1)
Tax paid
(2,487)
(1,218)
Interest and tax paid
(2,488)
(1,219)
Net cash from operating activities
3,645
6,370
Cash flows from investing activities
Acquisition of remaining shareholding of existing subsidiary undertaking
(1,488)
-
Proceeds from sale of property, plant and equipment
69
67
Purchase of property, plant and equipment
(928)
(830)
Development costs capitalised
(375)
(384)
Interest received
649
494
Net cash generated from/(used in) investing activities
(2,073)
(653)
Cash flows from financing activities
Dividends paid
9
(1,416)
(1,345)
Repayment of lease liabilities including interest
22
(856)
(688)
Purchase of own shares
(1,776)
(375)
Net cash used in financing activities
(4,048)
(2,408)
Net increase/(decrease) in cash and cash equivalents
(2,476)
3,309
Cash and cash equivalents at beginning of year
16
24,374
21,764
Exchange adjustments on cash and cash equivalents
(338)
(699)
Cash and cash equivalents at end of year
16
21,560
24,374
GROUP FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
GROUP FINANCIAL STATEMENTS CONSOLIDATED CASH FLOW STATEMENT
Share
Share
Capital Translation
Retained
Non
Total
capital
premium redemption
reserve
earnings controlling
equity
account
reserve
interests
For the year ended 30 September 2024
£(000)
£(000)
£(000)
£(000)
£(000)
£(000)
£(000)
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
Share repurchase
(29)
–
29
–
(1,776)
–
(1,776)
Exchange differences on
translation of foreign operations
–
–
–
(1,300)
–
(11)
(1,311)
Actuarial gains/(losses) on defined
benefit pension scheme
–
–
–
–
1,280
–
1,280
Deferred tax effect
–
–
–
–
(320)
–
(320)
Tax on items taken directly to equity
–
–
–
–
555
–
555
Dividends paid
–
–
–
–
(1,269)
(147)
(1,416)
Acquisition of remaining shareholding
of existing subsidiary undertaking
–
–
–
–
(721)
(767)
(1,488)
Profit for the year
–
–
–
–
5,227
233
5,460
At 30 September 2024
773
157
364
425
58,892
690
61,301
Dewhurst Group plc Annual Report and Accounts 2024 33
32 Dewhurst Group plc Annual Report and Accounts 2024
GROUP FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS
Basis of preparation Dewhurst Group Plc prepares
its consolidated and Company financial statements on a
going concern basis and in accordance with UK-adopted
International Accounting Standards (IFRSs). 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.
The principal accounting policies applied in the
preparation of these financial statements are set out
below. These policies have been consistently applied to
the years presented, unless otherwise stated. The results
have been prepared on the basis of all IFRS issued by
the International Accounting Standards Board currently
effective.
There are no standards that are not yet effective and
that would be expected to have a material impact on the
entity in the current or future reporting periods and on
foreseeable future transactions. There are no IFRS or IFRIC
interpretations that are effective for the first time in this
financial year that would have a material impact on the
Group.
The financial statements have been prepared under
the historical cost convention and are presented in GB
Pounds to the nearest thousand (£’000).
Consolidation The consolidated financial statements
incorporate the results of Dewhurst Group Plc and all of
its subsidiary undertakings made up to 30 September
2024, adjusted to eliminate intra-group balances,
transactions, income and expenses. The Group has used
the acquisition method of accounting to consolidate the
results of subsidiary undertakings, which are included
from the date of acquisition.
Revenue Revenue is measured at the fair value of sales
of goods and services less returns and sales taxes. The
Group has analysed its business activities and applied the
five-step model prescribed by IFRS 15 to each material line
of business, as outlined below:
Sale of products The contract to provide a product
is established when the customer places a purchase
order. The performance obligation is to provide the
product requested by an agreed date, and the transaction
price is the value of the product as stated in our order
acknowledgement. The performance obligation is
typically met when the product is dispatched and so
revenue is primarily recognised for each product when
dispatching takes place. In some limited situations when
the product is complete but the customer is unable to
take delivery, the performance obligation is met when
the customer formally accepts transfer of risk and control
even though the product has not been dispatched.
Sale of services The contract to provide a service is
established when the customer places a purchase order.
The performance obligation is to provide the service
requested either by an agreed date if it relates to the
servicing of a specific product or over an agreed period if
it relates to a constant access or monitoring service. The
transaction price is the value of the service as stated in
our order acknowledgement. The performance obligation
for a specific product service is typically met when the
service is performed and so revenue is recognised for each
service when the servicing takes place. The performance
obligation for a constant access or monitoring service is
typically met over a time-based measure and so revenue
is recognised for each service on a straight-line basis over
the service period.
The Group has no material revenue of a servicing nature.
The Group’s revenue is from contracts with customers
and by sale of products which is further analysed within
note 2 - segment reporting.
Customer loyalty rebates The cost of customer
loyalty rebates is recognised within sales, with deferred
revenue equal to the estimated fair value of the loyalty
rebate recognised when the original transaction occurs.
On redemption, the value which has been redeemed is
released from deferred revenue.
Government grants The Group has received
government assistance income in the period as a result
of apprenticeships. Government grants are recognised
where there is reasonable assurance that the grant
will be received and that the group will comply with
the conditions attached to them. Government grants
that compensate the Group for expenses incurred are
recognised in the income statement, as a deduction
against the related expense, over the periods necessary to
match them with the related costs.
Goodwill Goodwill arising on the acquisition of a
subsidiary undertaking is the difference between the fair
value of the consideration paid and the fair value of the
assets and liabilities acquired and is recognised as an
asset and reviewed for impairment at least annually. Any
impairment is recognised immediately in the income
statement and is not subsequently reversed. On disposal
of a subsidiary, the attributable amount of goodwill is
included in the determination of the profit or loss on
disposal. Goodwill arising on acquisitions before the date
of transition to IFRS has been retained at the previous UK
GAAP amount subject to being tested for impairment at
that date.
Other intangible assets
Product research and development costs
Research expenditure is written off in the financial year
in which it is incurred. Development expenditure is
written off in the financial year in which it is incurred
unless it satisfies the criteria of IAS 38 for recognition as
an intangible asset. Such expenditure is capitalised in the
consolidated statement of financial position at cost and
is amortised through the consolidated income statement
on a straight-line basis over its estimated economic life of
three years.
Note 1 Accounting policies
Acquired intangible assets An intangible resource
acquired with a subsidiary undertaking is recognised as
an intangible asset if it is separable from the acquired
business or arises from contractual or legal rights, is
expected to generate future economic benefits and its
fair value can be measured reliably. Acquired intangible
assets, comprising of trademarks and customer
relationships, are amortised through the consolidated
income statement on a straight-line basis over their
estimated economic lives of between three and ten years.
Property, plant and equipment Property,
plant and equipment is stated at cost or deemed cost
less accumulated depreciation and any recognised
impairment loss. Depreciation is charged so as to write
off the cost over the assets expected useful life. The
depreciation rates used are:
Property (basic structure)
- 1½% - on a declining balance basis
Property (fittings)
- 5% to 20% - on a straight-line basis
Plant and equipment
- 10% to 33⅓% - on a straight-line basis
Investments in subsidiaries In the accounts of
the Company, investments in subsidiaries are held as
non-current assets and stated at cost less provision for
impairment.
Inventories Inventories are stated at the lower of
weighted average cost and net realisable value. Cost
represents direct materials, labour and appropriate
production overheads on a product-by-product basis. The
Group provides 30% where there is more than one year’s
usage held and for all inventories where there is no usage
in the year. Usage is either units sold or units used as
components in manufacturing.
Taxation The tax expense represents the sum of the
tax currently payable and deferred tax. The tax currently
payable is based on taxable profit for the year. Taxable
profit differs from the net profit as reported in the income
statement because it excludes items of income or expense
that are taxable or deductible in other years and it further
excludes items that are never taxable or deductible. The
Group’s liability for current tax is calculated using tax rates
that have been enacted or substantively enacted by the
end of the reporting period. Current tax is charged or
credited to the income statement, except when it relates
to items charged to other comprehensive income (OCI), in
which case the current tax is also dealt within the OCI. As
such the current tax savings arising from the OCI element
of the closed defined benefit pension scheme deficit
contributions are also recognised in the OCI as required by
IAS 12.
Deferred tax is the tax expected to be payable or
recoverable on differences between the carrying amounts
of assets and liabilities in the financial statements and
the corresponding tax bases used in the computation of
taxable profit and is accounted for using the end of the
reporting period liability method. Deferred tax liabilities
are generally recognised for all material taxable temporary
differences and deferred tax assets are only recognised
to the extent that taxable profits will be available against
which deductible temporary differences can be utilised. A
deferred tax liability has been recognised in relation to the
pension scheme surplus.
Deferred tax is calculated at the tax rates that are
expected to apply in the period when the liability is settled
or the asset is realised, based upon tax rates and laws that
have been enacted or substantively enacted by the end of
the reporting period. Deferred tax is charged or credited
in the income statement, except when it relates to items
charged or credited through other comprehensive
income, in which case the deferred tax is also dealt with
through other comprehensive income.
Foreign currencies Foreign currency transactions
of individual companies are translated at the rates ruling
when they occurred. Foreign currency monetary assets
and liabilities are retranslated at the rates ruling at the
end of the reporting period. Any differences are taken to
the income statement.
The results of overseas operations are translated at the
average rates of exchange during the year and their
statement of financial positions translated into GB Pounds
at the rates of exchange ruling at the end of the reporting
period. Exchange differences which arise from translation
of the opening net assets and results of foreign subsidiary
undertakings and from translating the income statement
at an average rate are taken to other comprehensive
income. All other differences are taken to the income
statement.
The treatment of tax charges or credits resulting from
the exchange differences reported above match the
accounting treatment and are either taken to other
comprehensive income or to the income statement as
appropriate.
Leases The Group recognises a right-of-use asset and a
lease liability at the lease commencement date. The right-
of-use asset is initially measured at cost, comprising the
initial amount of the lease liability plus any initial direct
costs incurred and an estimate of costs to restore the
underlying asset, less any lease incentives received. The
right-of-use asset is subsequently depreciated using the
straight-line method from the commencement date to
the earlier of the end of the useful life of the asset or the
end of the lease term.
The lease liability is initially measured at the present
value of the lease payments that are not paid at the
commencement date, discounted using the incremental
borrowing rate. The lease liability is measured at
amortised cost using the effective interest method by
increasing the carrying amount to reflect interest on
the lease liability and by reducing the carrying amount
Dewhurst Group plc Annual Report and Accounts 2024 35
34 Dewhurst Group plc Annual Report and Accounts 2024
to reflect the lease payments made. The lease liability
is remeasured when there is a change in future lease
payments arising from a change in an index or a rate or
a change in the Group’s assessment of whether it will
exercise an extension or termination option. When the
lease liability is remeasured, a corresponding adjustment
is made to the right-of-use asset.
Payments associated with long-term leases with less than
12 months from the date of application, short-term leases
or low-value assets are recognised on a straight-line basis
as an expense in the consolidated income statement.
Short-term leases are leases with a lease term of 12
months or less. Low-value assets mostly comprise of IT
equipment and small items of office furniture.
Employee benefits The Group operates both
a defined contribution and a defined benefit type
pension scheme. Contributions in respect of the defined
contribution schemes are charged to the income
statement in the year they fall due. The defined benefit
scheme has been set up under a trust deed with its
financial assets held separately from those of the Group
and is controlled by the Trustees. The pension cost is
assessed in accordance with the advice of an independent
qualified actuary to recognise the expected cost of
providing pensions on a systematic and rational basis over
the expected remaining service lives of employees.
The liability recognised in the statement of financial
position in respect of the defined benefit pension
scheme is the present value of the defined benefit
obligation at the end of the reporting period less the fair
value of scheme assets, together with adjustments for
unrecognised actuarial gains and losses and past service
costs. The defined benefit obligation is determined
by discounting the estimated future cash outflows
using interest rates of high-quality corporate bonds
approximating to the terms of the related pension liability.
Actuarial gains and losses are recognised in full in the
statement of comprehensive income. Interest on the
pension scheme’s liabilities and the expected return on
the scheme’s assets are recognised within finance costs in
the income statement.
Dividends Dividend distribution to the Company’s
Shareholders is recognised in the Group’s financial
statements in the year in which dividends are approved by
Shareholders or paid, whichever is earlier.
Financial instruments
Trade receivables and payables Trade receivables
do not carry any interest and trade payables are not
interest bearing. Receipts and payments occur over
a short period and are subject to an insignificant risk
of changes in value. The Group provides for all trade
receivables that are more than ninety days overdue
therefore the Directors consider the carrying amounts are
stated at their fair value after deduction of appropriate
allowances for expected credit losses.
Financial liabilities Financial liabilities incurred by
the Group are classified according to the substance of the
contractual arrangements entered into and measured at
their amortised cost.
Cash and cash equivalents Cash and cash
equivalents comprise cash on hand and short-term
deposits that are readily convertible to a known amount
of cash and are subject to an insignificant risk of changes
in value. The short-term deposits have maturities of three
months or less.
Derivative financial instruments Derivative
financial instruments are measured at fair value. Changes
in the fair value of derivative financial instruments are
recognised as income or expense in the statement of
comprehensive income as they arise.
Provisions Provisions are recognised for liabilities of
uncertain timing or amount when there is a present legal
or constructive obligation that has arisen as a result of
past events, for which it is probable that an outflow of
economic benefit will be required to settle the obligation
and where the amount of the obligation can be reliably
estimated (see notes 15 and 18).
Key judgements and estimates The Group makes
judgements and assumptions concerning the future that
impact the application of policies and reported amounts.
The resulting accounting estimates calculated using these
judgements and assumptions will, by definition, seldom
equal the related actual results but are based on historical
experience and expectation of future events. The key
judgements and sources of estimation uncertainty that
have a significant effect on the amounts recognised in the
financial statements are discussed below.
Key accounting judgements
Goodwill impairment The Directors review each cash
generating unit (CGU) and calculate whether its goodwill
has suffered any impairment loss, based upon the fair
value calculation. The Directors judged the 2024 fair
value calculation to be the 2024 EBITDA multiplied by an
externally derived private company price index (PCPI). This
calculation is disclosed further in note 10.
Retirement benefit obligation Determining the
value of the future defined benefit obligation requires
judgement in respect of the assumptions used to
calculate present values. These include inflation, salary
increases, liability discount rate and future mortality.
Management makes these judgements in consultation
with an independent actuary. Details of the judgements
made in calculating these transactions are disclosed in
note 21, along with sensitivities. The retirement benefit
obligation is most sensitive to changes in the liability
discount rate.
Key accounting estimates
Provisions Provisions have been made for obsolete
inventory, expected credit losses and product warranties.
These provisions are estimates and the actual costs and
timing of the future cash flows are dependent on future
events. Any difference between expectations and the
actual future liability will be accounted for in the period
when such determination is made. Details of provisions are
set out in notes 12, 14, 15 and 18.
Lease term and incremental borrowing rate
The Group determines the lease term as the non-
cancellable term of the lease, together with any periods
covered by an option to extend the lease if it is reasonably
certain to be exercised. The Group is also required to
determine its incremental borrowing rate (IBR) to measure
lease liabilities. Judgement is applied based on a series
of inputs including local bank borrowing rates, country-
specific base rates and credit risk assessments of the
entities involved.
Income taxes The Group recognises expected
liabilities for tax based upon an estimation of the likely
taxes due, which requires significant judgement as to the
ultimate tax determination of certain items. The Directors
determined an element of the closed defined benefit
pension scheme payment could give rise to a potential
current tax saving which under IAS 12 is reportable in the
other comprehensive income (OCI) section of the income
statement. The Directors judged the best way to calculate
this is to perform two tax computations, with and without
the OCI element, thus determining the tax difference to be
the OCI tax saving. Details of the tax charge and deferred
tax are set out in notes 7 and 19 respectively.
GROUP FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS
Dewhurst Group plc Annual Report and Accounts 2024 37
36 Dewhurst Group plc Annual Report and Accounts 2024
GROUP FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS
Note 2 Segment reporting
The Group Board assess the performance of all segments on the basis of location and reports its primary segmental
information by geographical destination.
The geographical analysis by significant regions is as follows:
Revenue
Operating profit
2024
2023
2024
2023
£(000)
£(000)
£(000)
£(000)
United Kingdom
22,223
20,773
2,135
2,586
Europe
3,433
2,445
321
(155)
The Americas
16,879
16,972
2,625
2,623
Asia & Australia
28,003
21,967
2,999
2,681
Other
300
107
41
15
70,838
62,264
8,121
7,750
Inter-company sales
(6,435)
(4,302)
Finance income/(costs)
528
338
Consolidated revenue/profit before tax for the year
64,403
57,962
8,649
8,088
Assets
Liabilities
2024
2023
2024
2023
£(000)
£(000)
£(000)
£(000)
United Kingdom
26,460
26,824
4,233
5,653
Europe
6,023
4,340
603
602
The Americas
17,005
18,344
1,921
2,411
Asia & Australia
22,820
22,878
5,007
3,691
Other
830
335
73
47
Consolidated assets/liabilities for the year
73,138
72,721
11,837
12,404
Depreciation and
Capital additions
amortisation
2024
2023
2024
2023
£(000)
£(000)
£(000)
£(000)
United Kingdom
332
607
765
583
Europe
31
44
75
59
The Americas
230
422
422
394
Asia & Australia
1,213
812
1,324
655
Other
4
3
10
4
Total Group
1,810
1,888
2,596
1,695
Revenue
2024
2023
Sector
£(000)
£(000)
Lift
61,044
54,069
Transport
4,840
4,539
Keypad
4,954
3,656
70,838
62,264
Inter-company sales
(6,435)
(4,302)
64,403
57,962
Capital
Assets
additions
2024
2023
2024
2023
£(000)
£(000)
£(000)
£(000)
Lift
65,504
66,477
1,764
1,650
Transport
3,694
3,255
32
196
Keypad
3,940
2,989
14
42
Total Group
73,138
72,721
1,810
1,888
The Group has one major customer who accounts for £3.2 million (2023: £2.4 million) of the keypad revenue which is
split across Europe, Asia and the Americas. The qualitative aspects such as the nature, timing and uncertainty of
revenue, expenses, assets and liabilities are disclosed within the Strategic report and accounting policies.
Note 3 Operating costs
2024
2023
£(000)
£(000)
Movement in inventory obsolescence provision
(47)
31
Cost of inventories recognised as an expense
27,942
25,875
Staff costs (see note 4)
19,951
17,823
Depreciation
1,093
1,079
Amortisation and impairment
752
11
Right-of-use asset depreciation
758
605
Foreign exchange differences
105
65
Other operating charges
5,728
4,723
Operating costs
56,282
50,212
Other operating charges include a gain on sale of property, plant and equipment £56k (2023: gain of £4k) and
auditor’s remuneration are detailed below. Expenditure on research and development was £462k (2023: £360k).
Auditor’s remuneration:
The Group
The Company
2024
2023
2024
2023
Amounts paid to Gravita Audit Ltd
£(000)
£(000)
£(000)
£(000)
Statutory audit services
91
90
38
36
The secondary segmental reporting is by the following business sectors:
Dewhurst Group plc Annual Report and Accounts 2024 39
38 Dewhurst Group plc Annual Report and Accounts 2024
GROUP FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS
Note 4 Staff costs and information regarding employees
Costs during the year were as follows:
The Group
The Company
2024
2023
2024
2023
£(000)
£(000)
£(000)
£(000)
Wages and salaries
17,794
15,858
1,864
1,611
Social security costs
1,160
1,082
207
183
Pension costs – Other (see note 21)
997
883
69
88
19,951
17,823
2,140
1,882
The average number of employees during the year was:
The Group
The Company
2024
2023
2024
2023
No.
No.
No.
No.
Office and management
153
134
21
21
Manufacturing
197
204
–
–
350
338
21
21
The Executive Directors comprise the key management personnel of the Group and Company in both the current and
previous years.
The total amount of the Directors’ remuneration was as follows:
2024
2023
£(000)
£(000)
Emoluments - Executive Directors
802
593
Emoluments - Non-executive Directors
193
165
995
758
Three Directors also received pension payments into their defined contribution schemes totalling £19k (2023: £16k).
The emoluments of the Directors are reported in the Directors’ report and the remuneration of the highest paid
Director during the year was £392k (2023: £300k). The highest paid Director, under the defined benefit scheme has
accrued pension of £nil (2023: £nil).
Note 5 Finance income
2024
2023
£(000)
£(000)
Bank deposit interest
649
494
Note 6 Finance costs
2024
2023
£(000)
£(000)
Interest payable on bank overdraft and loans
(1)
(1)
Interest payable on lease liabilities
(107)
(103)
Net costs on defined benefit pension scheme (note 21)
(13)
(52)
(121)
(156)
Note 7 Taxation
2024
2023
Current tax
£(000)
£(000)
UK corporation tax at 25.0% (2023: 22.0%)
981
740
Adjustment on prior years tax
(36)
345
Overseas taxation
1,871
1,341
2,816
2,426
Deferred tax
Origination and reversal of temporary differences
375 540
Adjustment in respect of prior periods
(2)
–
Tax expense in the income statement
3,189
2,966
The tax assessed for the year is different from the standard rate of corporation tax in the UK. The differences are
explained below:
2024
2023
£(000)
£(000)
Profit before tax
8,649
8,088
Standard rate of corporation tax in the UK
25.0%
22.0%
Effects of:
Adjustments in respect of prior years
(0.4%)
4.3%
Different rate of tax on overseas earnings
1.4%
3.6%
Overseas withholding tax
1.0%
1.1%
Expenses not deductible for tax purposes
4.9%
0.7%
Income not taxable
0.6%
–
Other permanent differences
0.2%
0.1%
Tax charged to other comprehensive income
0.3%
5.0%
Movement in deferred tax rates
(0.1%)
(0.1%)
Movement in defined benefit scheme
3.7%
–
Adjustments to brought forward values
0.3%
–
Effective tax rate for the year
36.9%
36.7%
Dewhurst Group plc Annual Report and Accounts 2024 41
40 Dewhurst Group plc Annual Report and Accounts 2024
Note 8 Profit for the financial year
The parent company made a profit after tax for the financial year of £5,667k (2023: £7,421k), which has been dealt with
in the financial statements of the holding company. The Company has taken advantage of the exemption allowed
under section 408 of the Companies Act 2006 and has not presented its own income statement in these financial
statements.
Note 9 Earnings per share and dividend per share
2024
2023
Weighted average number of shares
No.
No.
For basic and diluted earnings per share
7,850,393
8,065,945
The calculation of basic and diluted earnings per share is based on the profit for the year attributable to equity
shareholders of £5,227,166 (2023: £5,036,780) and on the weighted average number of Ordinary 10p and ‘A’ non-voting
ordinary 10p shares in issue throughout the financial year, as disclosed above. There are no share options issued.
2024
2023
Paid dividends per 10p Ordinary share
£(000)
£(000)
2023 final paid of 11.00p (2022: 10.25p)
(882)
(828)
2024 interim paid of 5.00p (2023: 4.75p)
(387)
(369)
Dividends paid – The Company
(1,269)
(1,197)
Dividends paid to non-controlling interests – Dual Engraving Pty Ltd
& P&R Liftcars Pty Ltd
(147)
(148)
Dividends paid – The Group
(1,416)
(1,345)
The final proposed dividend is based on 3,309,200 Ordinary 10p shares and 4,425,518 ‘A’ non-voting ordinary 10p shares,
being the latest number of shares in issue. The Directors are proposing a final dividend of 11.50p (2023: 11.00p) per
share, totalling £889k (2023: £882k). This dividend has not been accrued at the end of the reporting period.
Note 10 Goodwill
2024
2023
£(000)
£(000)
Cost:
At 1 October
16,283
17,244
Exchange adjustment
(213)
(961)
Disposals
(493)
-
At 30 September
15,577
16,283
Impairment:
At 1 October
6,767
7,139
Exchange adjustment
(150)
(372)
Disposals
(493)
-
At 30 September
6,124
6,767
Net book value:
At 30 September 2024
9,453
9,516
At 30 September 2023
9,516
10,105
Goodwill is allocated at acquisition to the business units that are expected to benefit from that acquisition.
The remaining goodwill relates to five CGUs, four in Australia, Australian Lift Components Pty Ltd acquired in
February 2000 - £1,062k (2023: £1,079k), Lift Material Australia Pty Ltd acquired in July 2005 - £757k (2023: £769k), Dual
Engraving Pty Ltd acquired in February 2013 - £1,181k (2023: £1,199k), P&R Liftcars Pty Ltd acquired in January 2017 -
£1,033k (2023: £1,049k) and one in the UK, A&A Electrical Distributors Ltd acquired in June 2018 - £5,420k (2023:
£5,420k).
Goodwill values have been tested for impairment by comparing them against the fair value of the relevant CGUs. The
fair value calculations for 2024 are based on 2024 EBITDA profits multiplied by an externally derived private company
price index (PCPI). The goodwill impairment charge that arose during the current year is nil (2023: nil) and the
calculations indicate sufficient headroom such that a 15% change to key assumptions would not result in an
impairment of the related goodwill.
GROUP FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS
Dewhurst Group plc Annual Report and Accounts 2024 43
42 Dewhurst Group plc Annual Report and Accounts 2024
Note 12 Property, plant and equipment
The Group
The
Property
Plant and
Total
Property
Plant and
Company
equipment
equipment Total
£(000)
£(000)
£(000)
£(000)
£(000)
£(000)
Cost:
At 30 September 2022
18,194
11,830
30,024
6,288
185
6,473
Exchange adjustment
(1,292)
(686)
(1,978)
–
–
–
Additions
174
656
830
42
3
45
Disposals
–
(347)
(347)
–
–
–
At 30 September 2023
17,076
11,453
28,529
6,330
188
6,518
Exchange adjustment
(654)
(287)
(941)
–
–
–
Additions
98
830
928
–
13
13
Disposals
–
(199)
(199)
–
–
–
At 30 September 2024
16,520
11,797
28,317
6,330
201
6,531
Depreciation:
At 30 September 2022
2,303
8,574
10,877
1,267
137
1,404
Exchange adjustment
(119)
(467)
(586)
–
–
–
Depreciation charge for the year
228
851
1,079
75
18
93
Disposals
–
(284)
(284)
–
–
–
At 30 September 2023
2,412
8,674
11,086
1,342
155
1,497
Exchange adjustment
(37)
(219)
(256)
–
–
–
Depreciation charge for the year
238
855
1,093
78
19
97
Disposals
–
(186)
(186)
–
–
–
At 30 September 2024
2,613
9,124
11,737
1,420
174
1,594
Net book value:
At 30 September 2024
13,907
2,673
16,580
4,910
27
4,937
At 30 September 2023
14,664
2,779
17,443
4,988
33
5,021
At 1 October 2022
15,891
3,256
19,147
5,021
48
5,069
Capital commitments contracted by the Group at 30 September 2024 for property, plant and equipment amounted
to £70k (2023: £59k) and by the Company is £7k (2023: £nil).
GROUP FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS
Note 11 Other intangibles
2024
2024
2024
2023
2023
2023
Acquired
Other
Total
Acquired Other Total
intangibles
intangibles
£(000)
£(000) £(000) £(000) £(000) £(000)
Cost:
At 1 October
5,837
1,023
6,860
5,957
651
6,608
Exchange adjustment
(13)
(14)
(27)
(120)
(11)
(131)
Additions
–
375
375
–
384
384
Disposals
–
-
-
–
(1)
(1)
At 30 September
5,824
1,384
7,208
5,837
1,023
6,860
Amortisation and impairment:
At 1 October
5,837
634
6,471
5,957
632
6,589
Exchange adjustment
(13)
(10)
(23)
(120)
(9)
(129)
Charge for the year
–
212
212
–
11
11
Impairment
–
540
540
–
–
–
At 30 September
5,824
1,376
7,200
5,837
634
6,471
Net book value:
At 30 September 2024
–
8
8
–
389
389
At 30 September 2023
–
389
389
–
19
19
All amortisation has been charged to the statement of comprehensive income through operating costs and no
intangible items are held as security.
Capital commitments contracted by the Group at 30 September 2024 for intangibles amounted to £nil (2023: £375k)
and by the Company is £nil (2023: £375k).
Dewhurst Group plc Annual Report and Accounts 2024 45
44 Dewhurst Group plc Annual Report and Accounts 2024
GROUP FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS
Note 13 Investments – shares in subsidiary undertakings
The Company
2024
2023
Investments (Ordinary shares) are:
£(000)
£(000)
Cost
23,842
22,354
Provision for impairment
(7,002)
(7,002)
16,840
15,352
On 21 February 2024, the Company acquired the remaining 25% of shares of P&R Liftcars Pty Ltd not already owned by
the Company, for cash consideration of £1.5m.
The Company has thirteen wholly-owned trading subsidiaries, Dewhurst Ltd, A&A Electrical Distributors Ltd and Traffic
Management Products Ltd (TMP), registered and principally operating in England, Dewhurst (Hungary) Kft, registered
and principally operating in Hungary, Dupar Controls Inc., registered and principally operating in Canada, The Fixture
Company and Elevator Research & Manufacturing Corp. (ERM) registered and principally operating in the United States
of America, Australian Lift Components Pty Ltd, Lift Material Australia Pty Ltd, P&R Liftcars Pty Ltd and Dewhurst
Australian Property Pty Ltd, all registered and principally operating in Australia, Dewhurst (Hong Kong) Ltd registered
and principally operating in Hong Kong and Dewhurst Singapore Pte Ltd registered and principally operating in
Singapore. Dual Engraving Pty Ltd principally operating in Australia is not wholly owned but instead owned 70%. All
companies have similar principal activities to Dewhurst Group Plc, except TMP which operates solely in the transport
sector and Dewhurst Australian Property Pty Ltd, which operates solely to hold Australian Lift Components Pty Ltd’s
and Lift Material Australia Pty Ltd’s properties.
In addition to the trading companies above the following dormant companies are also subsidiaries of the Group -
Dewhurst & Partner Ltd, Dewhurst Hounslow Property Ltd, LiftStore Ltd, TMP Solutions Ltd & Dewhurst UK Ltd.
The Group
The Company
2024
2023
2024
2023
£(000)
£(000)
£(000)
£(000)
Raw materials and components
1,812
2,119
–
Work-in-progress
731
1,018
–
–
Finished goods and goods for re-sale
5,423
5,200
–
–
7,966
8,337
–
–
Inventory above is shown net after an obsolete impairment provision of £1,581k (2023: £1,628k). There is no material
difference between the replacement cost of inventories and the amounts stated above.
Note 15 Trade and other receivables
The Group
The Company
2024
2023
2024
2023
£(000)
£(000)
£(000)
£(000)
Trade receivables
11,650
9,530
40
1
Amounts due from subsidiary undertakings (note 23)
–
–
2,120
592
Other receivables
71
72
47
21
Prepayments and accrued income
734
580
42
37
12,455
10,182
2,249
651
Trade receivables which relate solely to contracts with customers are shown net of provision for impairment.
Financial assets included above amount to £11,767k (2023: £9,688k) for the Group and £2,160k (2023: £596k) for the
Company. The movements in the provision for impairment of trade receivables were as follows:
The Group
The Company
2024
2023
2024
2023
£(000)
£(000)
£(000)
£(000)
At 1 October
198
267
–
–
Charge for the year
77
(62)
–
–
Foreign exchange
(4)
(16)
–
–
Costs recovered/(incurred)
(22)
9
–
–
At 30 September
249
198
–
–
At the end of the reporting period the ageing analysis of trade receivables, with normal terms being 30 days net
monthly, not provided for was as follows:
Up to 1
Up to 2
Over 2
Within
month
months
months
Total
terms
overdue
overdue
overdue
£(000)
£(000)
£(000)
£(000)
£(000)
As at 30 September 2024
11,650
8,551
2,573
478
48
As at 30 September 2023
9,530
7,814
1,485
267
(36)
Note 14 Inventories
Dewhurst Group plc Annual Report and Accounts 2024 47
46 Dewhurst Group plc Annual Report and Accounts 2024
GROUP FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS
Note 16 Cash and cash equivalents
The Group
The Company
2024
2023
2024
2023
£(000)
£(000)
£(000)
£(000)
Cash
14,810
10,374
5,323
1,497
Short-term deposits
6,750
14,000
6,750
14,000
21,560
24,374
12,073
15,497
Note 17 Trade and other payables
The Group
The Company
2024
2023
2024
2023
£(000)
£(000)
£(000)
£(000)
Trade payables
2,181
1,897
75
35
Other taxes and social security costs
770
752
45
39
Other payables
287
193
11
18
Accruals and deferred income
5,090
4,057
729
548
8,328
6,899
860
640
The Directors consider that the carrying amount of trade and other payables approximates to their fair value. Financial
liabilities included above amount to £7,411k (2023: £6,068k) for the Group and £799k (2023: £587k) for the Company.
Note 18 Short-term provisions
The Group
The Company
2024
2023
2024
2023
£(000)
£(000)
£(000)
£(000)
Warranty provisions
179
158
–
–
Warranties, which relate to product or service defects identified within 12 months of invoice, are provided in the normal
course of business based on current issues and are costed on an assessment of future claims with reference to past
claims. The provision is in relation to replacement and change-out costs and although it is not possible to estimate the
timing of crystallisation of the potential liability it is expected that it will be utilised during the coming year. Amounts
charged to the Group income statement during the year were £56k (2023: £(142k)). Amounts utilised by the Group in
the year were £52k (2023: £26k). There were no amounts charged or utilised this year or last year by the Company.
Note 19 Deferred taxation
The Group
The Company
2024
2023
2024
2023
Deferred tax asset/(liability):
£(000)
£(000)
£(000)
£(000)
At 1 October
54
118
283
252
Transfer directly (to)/from other comprehensive income
(320)
474
(320)
474
Foreign exchange on deferred tax
37
2
–
–
Transfer (to)/from income statement
(373)
(540)
(533)
(443)
At 30 September
(602)
54
(570)
283
The Group
The Company
2024
2023
2024
2023
Deferred tax at 30 September relates to the following:
£(000)
£(000)
£(000)
£(000)
Defined benefit pension scheme
(741)
528
(741)
528
Provisions
139
(474)
171
(245)
Deferred tax asset/(liability)
(602)
54
(570)
283
Note 20 Share capital
2024
2023
Authorised:
£(000)
£(000)
Shares of 10p each – 4,500,000 Ordinary
450
450
– 9,000,000 ‘A’ non-voting ordinary
900
900
1,350
1,350
2024
2023
Allotted and fully paid:
£(000)
£(000)
Shares of 10p each – 3,309,200 (2023: 3,309,200) Ordinary
331
331
– 4,425,518 (2023: 4,712,198) ‘A’ non-voting ordinary
442
471
773
802
The Ordinary shares and the ‘A’ non-voting ordinary shares rank in all respects pari passu except that the ‘A’ non-
voting ordinary shares do not carry the right to receive notices, attend or vote at meetings of the Company.
The share premium reserve arose when shares were issued and sold at above the par value, the capital redemption
reserve was created on the repurchase and cancellation of the Company’s own shares and the translation reserve
represents the cumulative foreign exchange differences on the translation of the net assets of the Group’s foreign
operations from their functional currency to the presentation currency of the parent.
Dewhurst Group plc Annual Report and Accounts 2024 49
48 Dewhurst Group plc Annual Report and Accounts 2024
GROUP FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS
Note 21 Retirement benefit obligation
The Group operates pension schemes in the UK, Canada, USA, Australia, Hong Kong and Singapore, and also complies
with Hungarian state legislation in relation to retirement provision. During the year the UK operated both defined
contribution schemes, the assets of which are held in independently administered funds, and a defined benefit
scheme, the assets of which are held in Trustee administered funds. The total pension cost for the Group was £997k
(2023: £883k). All, apart from £1k (2023: £20k) of defined benefit pension protection fund levy fees relates to defined
contribution schemes. The active UK, Hungarian, Canadian, USA, Australian, Hong Kong and Singapore schemes are of
the defined contribution type and the cost to the Group amounted to £996k (2023: £863k). There was an accrued
charge of £5k at the end of the reporting period in respect of the defined benefit scheme (2023: £13k). On 30
September 2010 the Company closed the defined benefit scheme to future accrual and offered all existing members
future pension benefits in a new Group defined contribution scheme. There were contributions during the year of
£3,904k into the defined benefit scheme (2023: £1,638k) and the contributions for next year will be £3,904k.
The funding policy is to review triennially the funding position with the actuary and from that review the trustees,
Company and actuary agree the funding arrangements for the next three years.
The pension cost relating to the UK defined benefit scheme is assessed in accordance with the advice of qualified
actuaries using the new scheme specific funding regime. The latest actuarial valuation of the scheme was on 1 June
2021. It has been assumed that future investment yields would be at 3.3% per annum (pre-retirement) and 1.8% (post-
retirement).
At the date of the latest actuarial valuation of the UK scheme, the market value of the assets of the scheme were
£47.8 million (2018: £37.4 million) and the funding level on the on-going valuation basis was 90% (2018: 78%). The 2021
actuarial valuation takes account of secured pensioners when assessing the assets and liabilities of the fund. All the
recommendations made by the scheme’s actuary to eliminate the scheme deficit have been fully implemented.
IAS 19 Employee benefits
Under IAS 19 a snapshot is taken of the retirement benefit fund assets and liabilities to coincide with the Company’s
financial year-end. Thus movements in equity and bond markets and in discount rates may create some volatility in the
calculation of the scheme assets and liabilities. The weighted average duration of the liabilities is 12 years and payments
from the scheme assets are made on a monthly basis.
Assumptions
The following actuarial assumptions, updated to 30 September 2024 by the scheme actuary and taking account of
Covid-19, have been used in preparing the disclosures required under IAS 19:
2024
2023
Retail price index expected to rise by
3.15%
3.35%
Pensionable salaries will increase by
n/a
n/a
Deferred pensions and pensions in payment will increase by
3.15%
3.35%
Liabilities discounted at a rate of
4.95%
5.50%
Expected return on pension scheme assets
4.95%
5.50%
Expected lifetime for a member retiring at the accounting date – for males
21.8 yrs
21.9 yrs
– for females
24.2 yrs
24.4 yrs
Future expected lifetime for a member retiring in 20 years’ time – for males
22.7 yrs
23.1 yrs
– for females
25.3 yrs
25.8 yrs
The sensitivities regarding the principal assumptions used are set out below:
Assumption
Change in assumption
Impact on plan liabilities
Liability Discount Rate
Increase/decrease by 0.5%
Decrease/increase by 5.9%
Rate of inflation (RPI)
Increase/decrease by 0.5%
Increase/decrease by 2.4%
Rate of mortality
Increase/decrease by 1 year
Increase/decrease by 2.8%
IAS 19 requires the value of annuities purchased in respect of pensioners and widow(er)s to be taken into current year
calculations.
Fair value at
Fair value at
Fair value at
30 Sept 2024
30 Sept 2023
30 Sept 2022
£(000)
£(000)
£(000)
Equities
23,126
21,615
21,819
Bonds
12,602
7,117
9,732
Other
2,376
2,664
1,839
Total fair value of scheme assets
38,104
31,396
33,390
Present value of scheme liabilities
(35,139)
(33,508)
(35,188)
Scheme surplus/(deficit)
2,965
(2,112)
(1,798)
Related deferred tax asset/(liability)
(741)
528
450
Net pension asset/(liability)
2,224
(1,584)
(1,348)
Amounts charged to other finance costs:
2024
2023
2022
£(000)
£(000)
£(000)
Interest on pension scheme assets
1,794
1,758
1,002
Interest on pension scheme liabilities
(1,807)
(1,810)
(1,087)
Net benefit/(cost)
(13)
(52)
(85)
Amounts recognised in the statement of comprehensive income (SOCI):
2024
2023
2022
£(000)
£(000)
£(000)
Experience gains and losses arising on the scheme assets
2,421
(3,958)
(16,506)
Experience gains and losses arising on the scheme liabilities
327
(261)
(336)
Changes in assumptions underlying the present value of the scheme liabilities
(1,468)
2,323
18,729
Actuarial gains/(losses) recognised in SOCI
1,280
(1,896)
1,887
History of experience gains and losses:
2024
2023
2022
£(000)
£(000)
£(000)
Experience gains and losses arising on the scheme assets
2,421
(3,958)
(16,506)
Percentage of scheme assets
6.4%
(12.6%)
(49.4%)
Experience gains and losses on scheme liabilities
327
(261)
(336)
Percentage of the present value of scheme liabilities
(0.9%)
0.8%
1.0%
Total amount recognised in SOCI
1,280
(1,896)
1,887
Percentage of the present value of scheme liabilities
(3.6%)
5.7%
(5.4%)
Dewhurst Group plc Annual Report and Accounts 2024 51
50 Dewhurst Group plc Annual Report and Accounts 2024
GROUP FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS
Note 21 Retirement benefit obligation continued
The movement in the scheme assets, liabilities and the net deficit are as follows:
2024
2024
2024
2023
2022
Assets
Liabilities
Total
Total
Total
£(000)
£(000)
£(000)
£(000)
£(000)
Deficit in scheme at 1 October
31,396
(33,508)
(2,112)
(1,798)
(4,737)
Movement in the year:
Benefits paid
(1,317)
1,317
–
–
–
Contributions
3,904
–
3,904
1,638
1,170
Administration charge
(94)
–
(94)
(4)
(33)
Other finance costs
1,794
(1,807)
(13)
(52)
(85)
Actuarial gains/(losses)
2,421
(1,141)
1,280
(1,896)
1,887
Surplus/(deficit) in scheme at 30 September
38,104
(35,139)
2,965
(2,112)
(1,798)
Included in retained earnings is £11,653k (2023: £12,933k) being the cumulative actuarial losses on the defined benefit
pension scheme.
Note 22 Right-of-use assets and lease liabilities
Plant and
2024
Plant and
2023
Property
equipment
Total
Property
equipment
Total
Right-of-use assets
£(000)
£(000)
£(000)
£(000)
£(000)
£(000)
Cost:
At 30 September 2023
4,161
128
4,289
3,718
118
3,836
Exchange adjustment
(52)
1
(51)
(190)
–
(190)
Additions
477
30
507
633
41
674
Disposals
–
–
–
–
(31)
(31)
At 30 September 2024
4,586
159
4,745
4,161
128
4,289
Depreciation:
At 30 September 2023
1,806
57
1,863
1,310
53
1,363
Exchange adjustment
(27)
–
(27)
(76)
–
(76)
Charge for the year
714
44
758
572
33
605
Disposals
–
–
–
–
(29)
(29)
At 30 September 2024
2,493
101
2,594
1,806
57
1,863
Net book value:
At 30 September 2024
2,093
58
2,151
2,355
71
2,426
At 30 September 2023
2,355
71
2,426
2,408
65
2,473
2024
2023
Lease liabilities
£(000)
£(000)
Cost:
At 30 September 2023
2,657
2,698
Exchange adjustment
(26)
(127)
Additions
507
674
Interest
107
103
Repayments
(856)
(688)
Disposals
–
(3)
At 30 September 2024
2,389
2,657
Of which:
Current lease liabilities
789
719
Non-current lease liabilities
1,600
1,938
2,389
2,657
Of the non-current lease liabilities £1,600k falls due in the next 2 to 5 years (2023: £1,938k) and £nil after 5 years (2023:
£nil). Other operating charges include short-term leases paid and expensed on a straight-line basis of £119k (2023:
£109k).
Note 23 Related parties
The controlling party of the Group is Dewhurst Group Plc. Transactions between the Company and its subsidiaries,
which are related parties to the Company, have been eliminated on consolidation. However during the year, in the
Company’s financial statements, there have been the following transactions: group management charges, interest
on loans at floating rates on a commercial basis and dividend income received. All transactions are settled by cash.
Any loans given are secured on the assets of the relevant company and repayable on demand.
2024
2023
Company related party transactions
£(000)
£(000)
Management charges to subsidiaries
2,007
1,876
Rent charges to subsidiaries
150
150
Interest income received
69
11
Expected credit gains/(losses) charged to income statement
–
400
Dividend income received
6,664
7,910
Dividends paid to Directors
230
166
Purchase of subsidiary share capital
1,488
-
Loans and trade receivables due
2,120
592
Dewhurst Group plc Annual Report and Accounts 2024 53
52 Dewhurst Group plc Annual Report and Accounts 2024
GROUP FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS
Currency and interest rate exposure of financial assets and liabilities
The cash and cash equivalent amount of £21,560k (2023: £24,374k) is made up of cash of £14,810k (2023: £10,374k)
and short-term deposits of £6,750k (2023: £14,000k). The cash was invested at overnight rates based on the relevant
national LIBOR. Of the cash, £15,093k (2023: £16,828k) is denominated in GB Pounds with the balance of £6,467k
(2023: £7,546k) held in foreign currencies. Other financial assets and liabilities do not attract interest.
The Group
The Company
Floating
Fixed
Interest
Interest
Floating
Fixed
Interest
Interest
rate
rate
free
free
rate
rate
free
free
assets
assets
assets
liabilities
assets
assets
assets
liabilities
Currency and interest profile
£(000)
£(000)
£(000)
£(000)
£(000)
£(000)
£(000)
£(000)
GB Pounds
2,828
14,000
4,053
958
101
14,000
1
35
AUS Dollars
4,525
–
2,401
371
1,298
–
–
–
US Dollars
907
–
780
114
–
–
–
–
CAN Dollars
1,533
–
2,153
75
–
–
–
–
Other
581
–
143
379
98
–
–
–
At 30 September 2023
10,374
14,000
9,530
1,897
1,497
14,000
1
35
GB Pounds
8,343
6,750
4,843
933
4,909
6,750
40
75
AUS Dollars
3,258
–
3,466
587
412
–
–
–
US Dollars
1,051
–
867
292
–
–
–
–
CAN Dollars
1,378
–
2,237
26
–
–
–
–
Other
780
–
237
343
2
–
–
–
At 30 September 2024
14,810
6,750
11,650
2,181
5,323
6,750
40
75
The only operations that hold material monetary assets and liabilities in currencies other than their functional
currency are Dewhurst Group plc and Dewhurst (Hungary) Kft Ltd. Dewhurst Group plc holds cash in AUS Dollars
with a balance of £412k (2023: £1,298k), and Dewhurst (Hungary) Kft holds trade receivables denominated in US
Dollars with a balance of £225k (2023: £101k).
Fair value of financial instruments
Fair value is defined as the amount at which a financial instrument could be exchanged in an arm’s length
transaction between informed and willing parties, excluding accrued interest, and is calculated by reference to
market rates discounted to current value. Accordingly, the Directors believe that there is no material difference
between the carrying amount and the fair value of its financial instruments.
Borrowings - bank lines of credit
The Group through Dupar Controls Inc continues with one line of credit, following the build of its new premises in
Canada. There is a £1.7 million (C$2.5 million) operating line of credit bearing interest at Canadian prime plus 0.5% and
at the year end the amount borrowed was nil (2023: nil). This credit facility is secured by a general security
agreement. Dupar Controls also signed a £0.1 million (C$0.2 million) letter of credit with the City of Cambridge,
Ontario, on which the City can draw from in the case of any unpaid development costs. This loan bears interest at
Canadian prime plus 2.0%, is secured by Dupar’s commercial property and at the year end the balance on this loan
was nil (2023: nil).
Note 24 Financial instruments
The Group’s policies towards using financial instruments to manage interest rate, liquidity and currency exposure risks
are explained in the Financial review. 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.
Credit risk
The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit
risk of new customers before entering contracts. Such credit ratings, taking into account local business practices, are
then factored into any contracts. Credit risk also extends to the banks utilised by the Group. The majority of cash
deposits were held by the RBS NatWest bank £6.2 million (2023: £4.3 million) and the Santander bank £9.6 million
(2023: £14.1 million) at the year end and these banks’ credit ratings (long term) with Standard & Poor were A+ & A
respectively.
Interest risk
The Group is exposed to interest risk but purely on bank deposits. It is Group policy to maximise the return on interest
earned whilst taking adequate steps to monitor the viability of the bank and safeguarding the assets of the Group.
Foreign exchange risk
The Group is exposed to foreign exchange risk both on a transactional and translational basis. The Group looks to
mitigate transactional foreign exchange risk by trying to balance its trade in foreign currencies and only hold sufficient
currencies to meet its future needs.
The sensitivities regarding the foreign exchange rate translation however are set out below:
Metric
Change in GB Pounds
Translational Impact
Group Revenue
Weaken/strengthen by 10%
Increase/decrease by 6.3%
Group Profit
Weaken/strengthen by 10%
Increase/decrease by 5.7%
Group Net Assets
Weaken/strengthen by 10%
Increase/decrease by 3.9%
The Group did not use forward contract derivatives to manage credit risk during the year.
Liquidity risk
At the end of the reporting period the ageing analysis of financial liabilities, with normal terms for trade payables
being 30 days net monthly, was as follows:
Within one
Within one
Over two
Total
year
to two years
years
£(000)
£(000)
£(000)
£(000)
As at 30 September 2024
7,558
7,132
–
426
As at 30 September 2023
6,147
5,764
–
383
Dewhurst Group plc Annual Report and Accounts 2024 55
54 Dewhurst Group plc Annual Report and Accounts 2024
COMPANY FINANCIAL STATEMENTS COMPANY STATEMENT OF CHANGES IN EQUITY
Share
Share
Capital
Retained
Total
capital
premium
redemption
earnings
equity
account
reserve
For the year ended 30 September 2024
£(000)
£(000)
£(000)
£(000)
£(000)
At 30 September 2022
808
157
329
28,331
29,625
Share repurchase
(6)
–
6
(375)
(375)
Actuarial gains/(losses) on defined benefit
pension scheme
–
–
–
(1,896)
(1,896)
Deferred tax effect
–
–
–
474
474
Dividends paid
–
–
–
(1,197)
(1,197)
Profit for the year
–
–
–
7,421
7,421
At 30 September 2023
802
157
335
32,758
34,052
Share repurchase
(29)
–
29
(1,776)
(1,776)
Actuarial gains/(losses) on defined benefit
pension scheme
–
–
–
1,280
1,280
Deferred tax effect
–
–
–
(320)
(320)
Dividends paid
–
–
–
(1,269)
(1,269)
Profit for the year
–
–
–
5,667
5,667
At 30 September 2024
773
157
364
36,340
37,634
2024
2023
At 30 September 2024
Notes
£(000)
£(000)
Non-current assets
Property, plant and equipment
12
4,937
5,021
Retirement benefit surplus
21
2,965
-
Deferred tax asset
19
-
283
Investments in subsidiaries
13
16,840
15,352
24,742
20,656
Current assets
Trade and other receivables
15
2,249
651
Cash and cash equivalents
16
12,073
15,497
14,322
16,148
Total assets
39,064
36,804
Current liabilities
Trade and other payables
17
860
640
860
640
Non-current liabilities
Retirement benefit obligation
21
-
2,112
Deferred tax liability
19
570
-
Total liabilities
1,430
2,752
Net assets
37,634
34,052
Equity
Share capital
20
773
802
Share premium account
157
157
Capital redemption reserve
364
335
Retained earnings
36,340
32,758
Total equity
37,634
34,052
Retained earnings includes £5,667k (2023: £7,421k) of profit after tax for the financial year, which has been dealt with
in the financial statements of the holding company.
The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2024 and
were signed on its behalf by:
Richard Dewhurst Chairman
Jeremy Dewhurst Chief Financial Officer
Company Registration Number: 00160314
COMPANY FINANCIAL STATEMENTS COMPANY STATEMENT OF FINANCIAL POSITION
Dewhurst Group plc Annual Report and Accounts 2024 57
56 Dewhurst Group plc Annual Report and Accounts 2024
COMPANY FINANCIAL STATEMENTS COMPANY CASH FLOW STATEMENT
2024
2023
For the year ended 30 September 2024
Notes
£(000)
£(000)
Cash flows from operating activities
Operating profit/(loss)
(954)
(291)
Depreciation and amortisation
97
93
Contributions to pension scheme, net of administration fee & GMP equalisation
(3,810)
(1,634)
(4,667)
(1,832)
(Increase)/decrease in trade and other receivables
(1,598)
(519)
Increase/(decrease) in trade and other payables
220
106
Cash generated from/(used in) operations
(6,045)
(2,245)
Income tax paid
(85)
(91)
Net cash from/(used in) operating activities
(6,130)
(2,336)
Cash flows from investing activities
Acquisition of remaining shareholding of existing subsidiary undertaking
(1,488)
–
Purchase of property, plant and equipment
(13)
(46)
Interest received
588
389
Dividends received
6,664
7,910
Net cash generated from/(used in) investing activities
5,751
8,253
Cash flows from financing activities
Dividends paid
9
(1,269)
(1,197)
Purchase of own shares
(1,776)
(375)
Net cash used in financing activities
(3,045)
(1,572)
Net increase/(decrease) in cash and cash equivalents
(3,424)
4,345
Cash and cash equivalents at beginning of year
16
15,497
11,152
Cash and cash equivalents at end of year
16
12,073
15,497
OTHER INFORMATION REPORT OF THE INDEPENDENT AUDITOR
Independent Auditor’s report to the
members of Dewhurst Group plc for
the year ended 30 September 2024.
Opinion
We have audited the financial
statements of Dewhurst Group Plc
(the ‘parent Company’) and its
subsidiaries (the ‘Group’) for the year
ended 30 September 2024 which
comprise the consolidated
statement of comprehensive
income, the consolidated and parent
Company statements of financial
position, the consolidated and
parent Company statements of
changes in equity, the consolidated
and parent Company statements of
cash flows and notes to the financial
statements, including a summary of
significant accounting policies. The
financial reporting framework that
has been applied in the preparation
of the Group and parent Company
financial statements is applicable
law and UK-adopted International
Accounting Standards (IFRSs), as
applied in accordance with the
provisions of the Companies Act
2006.
In our opinion:
• the financial statements give a
true and fair view of the state of
the Group’s and of the parent
Company’s affairs as at
30 September 2024 and of the
Group’s profit for the year then
ended;
• the Group financial statements
have been properly prepared in
accordance with IFRSs as adopted
by the United Kingdom;
• the parent Company financial
statements have been properly
prepared in accordance with IFRSs
as adopted by the United Kingdom
as applied in accordance with the
provisions of the Companies Act
2006; and
• the financial statements have been
prepared in accordance with the
requirements of the Companies
Act 2006.
Basis for opinion
We conducted our audit in
accordance with International
Standards on Auditing (UK) (ISAs
(UK)) and applicable law. Our
responsibilities under those
standards are further described in
the Auditor’s responsibilities for the
audit of the financial statements
section of our report. We are
independent of the Company in
accordance with the ethical
requirements that are relevant to
our audit of the financial statements
in the UK, including the FRC’s Ethical
Standard as applied to listed entities,
and we have fulfilled our other
ethical responsibilities in accordance
with these requirements. We believe
that the audit evidence we have
obtained is sufficient and appropriate
to provide a basis for our opinion.
Conclusions relating to going
concern
In auditing the financial statements,
we have concluded that the
directors' use of the going concern
basis of accounting in the
preparation of the financial
statements is appropriate. Our
evaluation of the directors’
assessment of the entity’s ability to
continue to adopt the going concern
basis of accounting included:
• Reviewing bank statements to
monitor the cash position of the
group post year end
• Obtaining an understanding of
significant expected cash outflows
in the forthcoming 12-month
period from the date of signing
these financial statements
including any cash requirements
the group may have to provide to
its investee companies
• Assessing significant post year
events that have a material effect
on the financial statements
Based on the work we have
performed, we have not identified
any material uncertainties relating
to events or conditions that,
individually or collectively, may cast
significant doubt on the group's
ability to continue as a going
concern for a period of at least
twelve months from when the
financial statements are authorised
for issue. However, because not all
future events or conditions can be
predicted this statement is not a
guarantee as to the company’s
ability to continue as a going
concern.
Our responsibilities and the
responsibilities of the directors with
respect to going concern are described
in the relevant sections of this report.
Our audit approach
Overview
Key audit matters
Key audit matters are those matters
that, in our professional judgment,
were of most significance in our
audit of the financial statements of
the current period and include the
most significant assessed risks of
material misstatement (whether or
not due to fraud) we identified,
including those which had the
greatest effect on: the overall audit
strategy, the allocation of resources
in the audit; and directing the efforts
of the engagement team. These
matters were addressed in the
context of our audit of the financial
statements as a whole, and in
forming our opinion thereon, and we
do not provide a separate opinion on
these matters. This is not a complete list
of all risks identified by our audit.
• Revenue recognition
• Inventory provisioning
• Carrying value of investments/
intangibles and recoverability of
intercompany loans
• Carrying value of the retirement
benefit obligation and disclosures
of retirement benefit obligations
These are explained in more detail
below.
Dewhurst Group plc Annual Report and Accounts 2024 59
58 Dewhurst Group plc Annual Report and Accounts 2024
OTHER INFORMATION REPORT OF THE INDEPENDENT AUDITOR
Key audit matters
Key audit matter
How our audit addressed the key audit matter
Revenue recognition
Each component of the Group has a specific specialisation and
focuses its sales on its target market. A significant proportion of
the Group’s sales comes from the lift market. The majority of the
revenue is for goods transferred at a point in time. The Group has
no material sources of revenue relating to the sale of services.
The Group has 3 main revenue sources: lift components, transport
and keypad sales. The Group had a total turnover of £64,403,000 for
the year to 30 September 2024 (2023: £57,962,000).
There is a risk that revenue is incomplete and/or not recognised in
the correct period and/or at the correct amount.
We reviewed recognition of revenue in based on IFRS 15, Revenue from Contracts with
Customers, for all material revenue streams.
We performed substantive tests on a sample basis for items across the group to check for
understatement of revenue. We reviewed controls in place around the revenue cycle. In
addition, we performed cut-off tests to confirm that items were recorded in the appropriate
period.
We also considered whether the Group had any material contract assets and liabilities.
We reviewed post year end credit notes to check if there was any material post year end
adjustment that related to the period. In addition, we reviewed the provision for expected
credit losses and warranty provisions.
Inventory provisioning
The Group held £7,966,000 (2023: £8,337,000) of inventory as at 30
September 2024.
There are key assumptions that drive the inventory provision
including the ability to sell older inventory and the realisable value
that will be achieved on sale. A provision for items looking to be
sold off at below cost and a provision for aged items which there is
a concern may ultimately be sold at below cost.
The Group provides against 30% of the stock value where an item
has no significant movement in the year; and, provides 100%
against stock which has not moved during the period.
We attended the year end stocktakes and tested sheet to floor and vice versa to agree stock
counts.
We compared a sample of inventory items at the reporting date to the purchase cost and
compared this with sales made around the reporting period or after the year end. For
samples which were components, we traced the item to the bill of materials for the finished
good and compared the total sales price to the total purchase cost.
We checked the application of the methodology used to calculate the inventory provision
and reviewed for consistency with that applied in the prior year.
We reconciled the inventory values used in the provision to the general ledger. We
also reviewed calculations and challenged management as to whether the policy was
appropriately applied.
Investments/Intangibles carrying value
The Company has investments of £16,840,000 (2023: £15,352,000).
And the Group had Goodwill and Intangible assets of £9,461,000
(2023: £9,905,000).
The Company has amounts due from Group companies of
£2,120,000 (2023: £592,000).
Management have performed impairment reviews and have
exercised judgement as to the recovery of these investments and
amounts due.
In the year, Dewhurst Group PLC acquired the remaining 25%
shareholding in P&R Liftcars Pty Ltd (“P&R”). Accordingly, an
increase of £1,488,000 of investment in the Parent Company’s
accounts was recognised.
In the Group accounts, a reduction of £767,000 to Non-Controlling
Interest (“NCI”) was recognised, such that no NCI balance
pertaining to P&R remains. A movement in equity of £721,000,
being the difference between the amount by which the NCI is
adjusted and the increase of investment recognised in the Parent
Company accounts, was recognised in the statement of changes in
equity with the description of “purchase of subsidiary and business
undertaking”.
Management is satisfied that the accounting of the acquisition is in
accordance with IFRS 10.
We reviewed the carrying value of the investments and intangible assets and the loans to
fellow subsidiaries. The review considered the current position of the subsidiaries, the future
outlook and forecasts prepared by management.
We reviewed the subsidiary accounts and forecasts and have assessed the financial position
of each subsidiary.
We have also discussed the budgets and forecasts as part of the going concern review and
to consider whether we believed any investment was impaired. We considered the loans
held by Group entities and their ability to service those loans. We assessed the impairment
reviews performed by management.
The Group is expected to remain cash generative and profitable based on current trading
trends. We have assessed and understood the methodology and assumptions used by the
Directors in their analysis.
We performed sensitivity analysis on the forecasts to check that the values arrived at could
be supported by a range of performance outcomes that could be expected from the
Company.
• We have performed the following audit procedures:
• Obtained the sale and purchase agreement and other relevant documents relating to the
acquisition
• Verified the consideration paid and the full control gained over P&R via the acquisition
• Assessed management’s application of IFRS 10
• Ensured that appropriate disclosures have been made and movements and balances have
been presented suitably
Carrying value of the retirement benefit obligation and disclosures of retirement benefit obligations
There is a risk that the retirement benefit asset amounting to
£2,965,000 (2023: deficit of £2,112,000) and before deferred tax
adjustment, has been incorrectly stated.
Management are required to ensure that all retirement benefit
obligations are appropriately disclosed.
Procedures were designed to ensure that the calculations used were reasonable and that
they were properly extracted from the report prepared by the actuary and presented in the
consolidated financial statements.
We obtained and reviewed the actuarial reports that were prepared by management’s
specialist to ensure that these are compliant with IAS 19 and related criteria;
We have used our own independent specialist to assess and provide an opinion in respect
of the key assumptions and models that have been considered by the actuary in order
to determine the present value of the defined benefit surplus reported at the end of the
reporting period;
We have enquired from management, where required, to document and obtain further
insight in terms of the key assumptions disclosed by the actuary; and we have reviewed
the actuary reports in line with the figures, details and information disclosed in financial
statements to ensure that there are no discrepancies
Group financial statements
Company financial statements
Overall materiality
£645,000 (30 September 2023: £580,000).
£391,000 (30 September 2023: £341,000).
How we determined it
A benchmark of 1% of Turnover (round to thousands) was
used to determine the materiality for the Group (2023: 1%
of Turnover).
A benchmark of 1% of gross assets (2023: 1% of net assets)
Rationale for benchmark applied
We believe that turnover is a primary measure used by
shareholders in assessing the performance of the Group
and is an appropriate and accepted auditing benchmark.
We consider an asset based measure best reflects the nature of the
Company which acts as a parent holding company for the Group’s
investments.
Performance materiality
75% of overall materiality.
75% of overall materiality.
Our application of materiality
The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for
materiality. These, together with qualitative considerations, helped us to determine the scope of our audit and the
nature, timing and extent of our audit procedures on the individual financial statement line items and disclosures
and in evaluating the effect of misstatements, both individually and in aggregate on the financial statements as a
whole.
Based on our professional judgment, we determined materiality for the financial statements as a whole as follows:
For each component in the scope of
our Group audit, we allocated a
materiality that is less than our
overall Group materiality. The range
of materiality allocated across
components was between £3,000
and £391,000.
We set performance materiality at
an amount less than materiality for
the financial statements as a whole
to reduce to an appropriately low
level the probability that the
aggregate of uncorrected and
undetected misstatements exceeds
materiality for the financial
statements as a whole.
We agreed with the Audit and Risk
Committee that we would report to
them misstatements identified
during our audit above £32,250
being 5% of Group financial
materiality as a whole, as well as
misstatements below those
amounts that, in our view, warranted
reporting for qualitative reasons.
An overview of the scope of
our audit
As part of designing our audit, we
determined materiality and assessed
the risks of material misstatement in
the financial statements. In
particular, we looked at where the
Directors made subjective
judgments, for example in respect of
significant accounting estimates
that involved making assumptions
and considering future events that
are inherently uncertain. As in all of
our audits we also addressed the risk
of management override of internal
controls, including evaluating
whether there was evidence of bias
by the Directors that represented a
risk of material misstatement due to
fraud.
How we tailored the audit
scope
We tailored the scope of our audit to
ensure that we performed enough
work to be able to give an opinion
on the financial statements as a
whole, taking into account the
structure of the Group and the
Company, the accounting processes
and controls, and the industry in
which they operate.
The Group financial statements are
a consolidation of 15 reporting units,
comprising the Group’s operating
businesses of which 14 components
are trading subsidiaries. Each
subsidiary has its own accounting
records and controls and each
reports to the head office finance
team in the UK.
Of the 14 trading subsidiaries, we
identified six which were considered
to be significant components for the
purposes of the Group financial
statements, and which, in our view,
required a full audit of their
complete financial information in
order to ensure that sufficient audit
evidence was obtained. The Group
audit team performed the statutory
audit of the parent and the three
trading UK subsidiaries, with
full-scope Group instructions issued
to the other three subsidiaries
overseas.
In addition to the significant
components, three trading entities
and one property company overseas
were subject to local audits
undertaken by component auditors
and certain agreed upon procedures
were performed on 4 subsidiaries
where non-statutory audits in local
jurisdictions were also not required.
These works were planned and
conducted such that the audit work
was complete prior to completion of
the Group financial statements. For
non-significant components not
audited by Gravita Audit Limited,
component auditors were operating
under our instruction on a limited
scope basis.
Dewhurst Group plc Annual Report and Accounts 2024 61
60 Dewhurst Group plc Annual Report and Accounts 2024
OTHER INFORMATION REPORT OF THE INDEPENDENT AUDITOR
For all subsidiaries which are subject
to full-scope audits and had
component Auditors, the Group
audit team was in contact, at each
stage of the audit, in line with
detailed instructions issued and
through planning calls and regular
written communication with the
component Auditors. Specifically, for
all component teams, the Group
team discussed in detail the planned
audit approach at the component
level and following the Group audit
team review, discussed the detailed
reported findings of the audit with
each component team.
The remaining trading subsidiaries
were not subject to full-scope audits.
Specific audit procedures on certain
balances and transactions were
performed, based upon component
materiality. This focused on revenue
recognition, inventory valuation,
debtor recoverability and existence
and completeness of related parties.
Other information
The Directors are responsible for the
other information. The other
information comprises the
information included in the Annual
Report, other than the financial
statements and our Auditor’s Report
thereon. Our opinion on the
financial statements does not cover
the other information and, except to
the extent otherwise explicitly stated
in our report, we do not express any
form of assurance conclusion
thereon.
In connection with our audit of the
financial statements, our
responsibility is to read the other
information and, in doing so,
consider whether the other
information is materially inconsistent
with the financial statements or our
knowledge obtained in the audit or
otherwise appears to be materially
misstated. If we identify such
material inconsistencies or apparent
material misstatements, we are
required to determine whether
there is a material misstatement in
the financial statements or a
material misstatement of the other
information. If, based on the work
we have performed, we conclude
that there is a material
misstatement of this other
information, we are required to
report that fact. We have nothing to
report in this regard.
Opinions on other matters
prescribed by the Companies
Act 2006
In our opinion, based on the work
undertaken in the course of the
audit:
• the information given in the
strategic report and the Directors’
Report for the financial year for
which the financial statements are
prepared is consistent with the
financial statements; and
• the strategic report and the
Directors’ Report have been
prepared in accordance with
applicable legal requirements.
Matters on which we are
required to report by
exception
In the light of the knowledge and
understanding of the Group and
parent Company and its
environment obtained in the course
of the audit, we have not identified
material misstatements in the
strategic report or the Directors’
Report.
We have nothing to report in respect
of the following matters in relation
to which the Companies Act 2006
requires us to report to you if, in our
opinion:
• adequate accounting records have
not been kept by the parent
Company, or returns adequate for
our audit have not been received
from branches not visited by us; or
• the parent Company financial
statements and the part of the
Directors’ remuneration report to be
audited are not in agreement with
the accounting records and returns;
or
• certain disclosures of Directors’
remuneration specified by law are
not made; or
• we have not received all the
information and explanations we
require for our audit.
Responsibilities of Directors
As explained more fully in the
Directors’ responsibilities statement
set out on page 27, the Directors are
responsible for the preparation of
the financial statements and for
being satisfied that they give a true
and fair view, and for such internal
control as the Directors determine is
necessary to enable the preparation
of financial statements that are free
from material misstatement,
whether due to fraud or error.
In preparing the financial
statements, the Directors are
responsible for assessing the Group’s
and parent Company’s ability to
continue as a going concern,
disclosing, as applicable, matters
related to going concern and using
the going concern basis of
accounting unless the Directors
either intend to liquidate the Group
or the parent Company or to cease
operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for
the audit of the financial
statements
Our objectives are to obtain
reasonable assurance about
whether the financial statements as
a whole are free from material
misstatement, whether due to fraud
or error, and to issue an Auditor’s
report that includes our opinion.
Reasonable assurance is a high level
of assurance, but is not a guarantee
that an audit conducted in
accordance with ISAs (UK) will
always detect a material
misstatement when it exists.
Misstatements can arise from fraud
or error and are considered material
if, individually or in the aggregate,
they could reasonably be expected
to influence the economic decisions
of users taken on the basis of these
financial statements.
Irregularities, including fraud, are
instances of non-compliance with
laws and regulations. We design
procedures in line with our
responsibilities, outlined above, to
detect material misstatements in
respect of irregularities, including
fraud. The extent to which our
procedures are capable of detecting
irregularities, including fraud is
detailed below. However, the
primary responsibility for the
prevention and detection of fraud
rests with both those charged with
governance of the entity and
management.
The extent to which the audit
was considered capable of
detecting irregularities
including fraud
Our approach to identifying and
assessing the risks of material
misstatement in respect of
irregularities, including fraud and
non-compliance with laws and
regulations, was as follows:
• The senior statutory auditor
ensured the engagement team
collectively had the appropriate
competence, capabilities and skills
to identify or recognise non-
compliance with applicable laws
and regulations.
• We identified the laws and
regulations applicable to the group
through discussions
with directors and other
management:
- The Companies Act 2006 and IFRS
in respect of the preparation and
presentation of the financial
statements and;
- AIM regulations and Market
Abuse Regulations
• We focused on specific laws and
regulations which we considered
may have a direct material effect on
the financial statements or the
operations of the company,
including taxation legislation, data
protection, anti-bribery,
employment, environmental, health
and safety legislation and anti-
money laundering regulations.
• We assessed the extent of
compliance with the laws and
regulations identified above
through making enquiries of
management and inspecting legal
correspondence.
• Identified laws and regulations
were communicated within the
audit team regularly and the team
remained alert to instances of
non-compliance throughout the
audit; and
We assessed the susceptibility of the
company’s financial statements to
material misstatement, including
obtaining an understanding of how
fraud might occur, by:
• making enquiries of management
as to where they considered there
was susceptibility to fraud, their
knowledge of actual, suspected and
alleged fraud; and
• considering the internal controls in
place to mitigate risks of fraud and
non-compliance with laws and
regulations.
To address the risk of fraud through
management bias and override of
controls, we:
• Performed analytical procedures
to identify any unusual or
unexpected relationships;
• Tested journal entries to identify
unusual transactions;
• Assessed whether judgements
and assumptions made in
determining the accounting
estimates set out in note 1 of the
financial statements were indicative
of potential bias;
• Investigated the rationale behind
significant or unusual transactions;
and
In response to the risk of
irregularities and non-compliance
with laws and regulations, we
designed procedures which
included, but were not limited to:
• agreeing financial statement
disclosures to underlying
supporting documentation;
• reading the minutes of meetings
of those charged with governance;
• enquiring of management as to
actual and potential litigation and
claims; and
• reviewing correspondence with
HMRC and the company’s legal
advisors.
There are inherent limitations in our
audit procedures described above.
The more removed that laws and
regulations are from financial
transactions, the less likely it is that
we would become aware of
noncompliance. Auditing standards
also limit the audit procedures
required to identify non-compliance
with laws and regulations to enquiry
of the directors and other
management and the inspection of
regulatory and legal
correspondence, if any.
Material misstatements that arise
due to fraud can be harder to detect
than those that arise from error as
they may involve deliberate
concealment or collusion. Our audit
procedures are designed to detect
material misstatements. We are not
responsible for preventing non-
compliance or fraud and cannot be
expected to detect non-compliance
with all laws and regulations.
A further description of our
responsibilities for the audit of the
financial statement is located on the
Financial Reporting Council’s
website at: www.frc.ork.uk/
auditorsresponsibilities
This description forms part of our
auditor’s report.
Other matters which we are
required to address
The audit has been designed to
detect all material irregularities,
including fraud. We believe our tests
are sufficient in this regard. The
engagement team has remained
alert to any indication of fraud or
non-compliance with laws and
regulations throughout the audit.
Our audit opinion is consistent with
the additional Report to the Audit
committee.
Use of this report
This report is made solely to the
Company’s members, as a body, in
accordance with Chapter 3 of Part 16
of the Companies Act 2006. Our
audit work has been undertaken so
that we might state to the
Company’s members those matters
we are required to state to them in
an Auditor’s report and for no other
purpose. To the fullest extent
permitted by law, we do not accept
or assume responsibility to anyone
other than the Company and the
Company’s members as a body, for
our audit work, for this report, or for
the opinions we have formed.
Jan Charlesworth
(Senior Statutory Auditor)
For and on behalf of
Gravita Audit Limited
Chartered Accountants
& Statutory Auditor
Aldgate Tower
2 Leman Street
London
E1 8FA
12 December 2024
Dewhurst Group plc Annual Report and Accounts 2024 63
62 Dewhurst Group plc Annual Report and Accounts 2024
OTHER INFORMATION NOTICE OF MEETING
Notice is hereby given that the one
hundredth and fifth Annual General
Meeting of Dewhurst Group plc
will be held at its registered office,
Unit 9 Hampton Business Park,
Hampton Road West, Feltham,
TW13 6DB on 18 February 2025 at
11.00 am. The meeting will be held
in order to consider and, if thought
fit, pass resolutions 1 to 6 as ordinary
resolutions.
Ordinary Resolutions
1 To receive and adopt the statement
of accounts for the year ended 30
September 2024 and the Reports of
the Directors and Auditor thereon.
2 To declare and approve a final
dividend on the Ordinary and ‘A’ non-
voting ordinary shares to Shareholders
on the register of members on 17
January 2025.
3 To re-elect as a Director Mr J
Dewhurst, who retires by rotation
under the Articles of Association.
4 To re-elect as a Director Mr J Sinclair,
who retires by rotation under the
Articles of Association.
5 To re-appoint Gravita Audit Ltd as
Auditor at a fee to be agreed by the
Directors.
6 As special business to consider
and, if thought fit, pass the following
ordinary resolution: that the Company
be and is hereby generally and
unconditionally authorised to make
market purchases (within the meaning
of section 693(4) of the Companies
Act 2006) of up to an aggregate of
496,380 Ordinary shares and 663,828
‘A’ non-voting ordinary shares of 10p
each (representing 15% of the issued
share capital) in the Company at a
price per share (exclusive of expenses)
of not less than 10p and not more than
105% of the average of the middle
market quotations for such Ordinary
and ‘A’ non-voting ordinary shares, as
derived from the Stock Exchange Daily
Official List, for the ten dealing days
immediately preceding the day of the
purchase; such authority to expire at
the conclusion of the Annual General
Meeting to be held in 2026 save that
the Company may purchase shares at
any later date where such purchase
is pursuant to any contract made by
the Company before the expiry of this
authority.
7 To transact any other ordinary
business of the Company.
By order of the Board
Jared Sinclair
Secretary
31 December 2024
Notes
1 All Shareholders who wish to attend and
vote at the meeting must be entered on the
Company’s register of members no later than
11.00 am on 16 February 2025 (being 48 hours
prior to the time fixed for the meeting) or, in
the case of an adjournment, as at 48 hours
prior to the time of the adjourned meeting.
Changes to entries on the register after that
time will be disregarded in determining the
rights of any person to attend or vote at the
meeting. ‘A’ non-voting ordinary shares do not
carry the right to attend or vote at meetings of
the Company.
2 Shareholders entitled to attend and vote at
the meeting may appoint a proxy or proxies
to attend, vote and speak on their behalf. A
proxy need not be a member of the Company.
Investors who hold their shares through a
nominee may wish to attend the meeting
as a proxy, or to arrange for someone else to
do so for them, in which case they should
discuss this with their nominee or stockbroker.
Shareholders are invited to complete and
return the enclosed Proxy Form. Completion of
the Proxy Form will not prevent a Shareholder
from attending and voting at the meeting if
subsequently he/she finds that he/she is able
to do so. To be valid, completed Proxy Forms
must be received by the Company Secretary
at the registered office of the Company,
Dewhurst Group plc, Unit 9 Hampton Business
Park, Hampton Road West, Feltham, TW13
6DB or the scanned Proxy Form emailed to
cosec@dewhurst-group.com by no later than
48 hours before the time appointed for the
holding of the meeting, or, in the case of an
adjournment, as at 48 hours prior to the time
of the adjourned meeting.
3 Representatives of Shareholders which are
corporations attending the meeting should
produce evidence of their appointment by
an instrument executed in accordance with
Section 44 of the Companies Act 2006 or
signed on behalf of the corporation by a duly
authorised officer or agent and in accordance
with article 71 of the Company’s Articles of
Association.
4 The Company, pursuant to Regulation 41 of
the Uncertificated Securities Regulations 2001,
specifies that only those holders of Ordinary
Shares registered in the register of members of
the Company at 11.00 am on 16 February 2025
(being 48 hours prior to the time fixed for the
meeting) shall be entitled to attend and vote at
the Annual General Meeting in respect of such
number of shares registered in their name at
that time. Changes to entries in the register of
members after that time shall be disregarded
in determining the rights of any person to
attend or vote at the meeting.
5 A copy of the Company’s current Articles of
Association are on its website but will also be
available for inspection during usual business
hours on any weekday (Saturdays, Sundays
and Public Holidays excluded) at the registered
office of the Company until the date of the
Annual General Meeting and at the place of
the meeting for 15 minutes prior to and until
the termination of the meeting.
Head Office
Dewhurst Group plc
Unit 9 Hampton Business Park
Hampton Road West
Feltham TW13 6DB
Tel: 020 8744 8200
cosec@dewhurst-group.com
www.dewhurst-group.com
UK Subsidiaries
Dewhurst Ltd
Unit 9 Hampton Business Park
Hampton Road West
Feltham TW13 6DB
Tel: 020 8744 8200
info@dewhurst.co.uk
www.dewhurst.co.uk
A&A Electrical
Distributors Ltd
234-262 Maybank Road
South Woodford
London E18 1ET
Tel: 020 8559 7000
sales@aa-electrical.com
www.aa-electrical.com
Traffic Management
Products Ltd
Unit 6 Trident Drive
Wednesbury WS10 7XB
Tel: 012 1227 8639
info@tmp.solutions
www.tmp.solutions
Overseas Subsidiaries
Dewhurst (Hungary) Kft
H-2038, Soskut
Hrsz. 3518/8
Hungary
Tel: 00 362 356 0550
Dupar Controls Inc.
150 Goddard Crescent
Cambridge, Ontario
Canada N3E 0A9
Tel: 001 519 624 2510
sales@dupar.com
www.dupar.com
Elevator Research &
Manufacturing Corp.
1417 Elwood Street
Los Angeles
CA 90021 USA
Tel: 001 213 746 1914
sales@elevatorresearch.com
www.elevatorresearch.com
Australian Lift Components
Pty Ltd
5 Saggartfield Road
Minto
NSW 2566
Australia
Tel: 00 612 9603 0200
info@ausliftcomp.com.au
www.ausliftcomp.com.au
P&R Liftcars Pty Ltd
7 Kiama Street, Miranda
NSW 2228, Australia
Tel: 00 612 9522 4777
info@prlift.com.au
www.prlift.com.au
Lift Material Australia Pty Ltd
Unit 2, 73 Beauchamp Road Matraville
NSW 2036
Australia
Tel: 00 612 9310 4288
info@liftmaterial.com
www.liftmaterial.com
Dual Engraving Pty Ltd
104 Howe Street,
Osborne Park, WA 6017
Australia
Tel: 00 618 9443 3677
info@dualengraving.com.au
www.dualengraving.com.au
Dewhurst (Hong Kong) Ltd
Unit 19, 7/F, Block A
Hoi Luen Industrial Centre
55 Hoi Yuen Road
Hong Kong
Tel: 00 852 3523 1563
flai@dewhurst.co.uk
www.dewhurst.co.uk
Dewhurst Singapore Pte Ltd
1 Jalan Kilang Timor
Pacific Tech Centre #04-04
Singapore 159303
Tel: 00 65 6018 7897
displays@dewhurst-global.com
www.dewhurst.co.uk
Other Overseas
Representation
The Group maintains overseas
representation in major countries
throughout the world
OTHER INFORMATION GROUP COMPANIES
64 Dewhurst Group plc Annual Report and Accounts 2024
OTHER INFORMATION ADVISERS AND COMPANY INFORMATION
Auditors
Gravita Audit Ltd
Chartered Accountants and Statutory
Auditor
Aldgate Tower
2 Leman Street
London E1 8FA
Bankers
National Westminster Bank plc
275-277 High Street
Hounslow
Middlesex TW3 1EG
Registrars
Link Group
Central Square
29 Wellington Street
Leeds LS1 4DL
Nominated Adviser & Broker
Singer Capital Markets
1 Bartholomew Lane
London EC2N 2AX
Solicitors
Taylor Wessing LLP
5 New Street Square
London EC4A 3TW
Secretary & registered office
Jared Sinclair
Dewhurst Group plc
Unit 9 Hampton Business Park
Hampton Road West
Feltham TW13 6DB
Registered No. 160314
www.dewhurst-group.com