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Dewhurst flags concerns about 2021 demand; annual profit tops its expectations
StockMarketWire.com
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Lift fixtures maker Dewhurst flagged concerns about softer demand in 2021 amid a lull in new business wins, though said annual profit topped its expectations as sales were only 'slightly' lower just below that of last year.
Adjusted operating profit - before amortisation of acquired intangibles and exceptional pension costs - increased to £8.6 million, up from £7.7 million last year, and pre-tax profit rose to £6.7 million from £5.2 million.
Sales for the year to 30 September 2020, decreased 1.5% to £55.6 million.
The lift division was down approximately 4% with the drop primarily in the UK and Canada.
Although sales were broadly flat overall, there were falls and rises across the group's divisions, the company said.
The company said it would maintain the same level of final as last year.
'Market feedback suggests there is a definite lull in the commissioning of new projects, so we do have some concerns that demand may soften during 2021,' the company said.
'However, at present demand is steady in most of our lift markets. Some of the current UK demand may be companies stocking up ahead of Brexit at the end of the year, but we should get a clearer picture of that impact during the first quarter of 2021,' it added.
At 8:41am: (LON:DWHT) Dewhurst PLC share price was 0p at 1130p
Story provided by StockMarketWire.com
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