Dewhurst has announced its interim results, which reflect an encouraging performance despite the challenging backdrop. Revenues in the period decreased by 6% to £27m, while reported PBT increased by 11% to £3.7m. Net cash at the period end was £20m. Divisionally, UK, Canada and Hong Kong Lift sales performed well offsetting the partial weakness in Australia. However, in May (H2’22), a cyber-security incident affected group admin systems; manufacturing facilities have remained operational, though. Specialists have been brought in to determine the extent of the incident, and to safeguard the group in the future. While trading has remained broadly unaffected, the impact on admin systems means trading visibility has decreased. As such, we put our forecasts under review with respect to FY22e pending further clarity on the extent of the incident. For reference, FY23e and FY24e are expected to remain unaffected.
