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06 Dec 2018 | 09:25

Dewhurst profits flat as stronger pound, weak growth in North America weigh

Dewhurst said Thursday annual pre-tax profits were flat compared with a year earlier as a stronger pound and weaker growth in North America hurt performance.

For the year ended 30 September 2018, pre-tax profit was flat at £6m and revenue increased by 3.1% to £54.5m.

The lift business in the UK was up significantly, with 9% of organic growth, but North America was down slightly as the growth in Canada was more than offset by the disposal of the Winter and Bain business in California, the company said.

The company said it was increasing its inventory levels to cope with Brexit, but added that this would cover disruptions only for a limited period of time. 'The only clear impact at this point is that we would expect to have higher inventory at the end of the Half Year with an equivalent impact on cash flow.' Dewhurst said.

At 9:25am: (LON:DWHT) Dewhurst PLC share price was 0p at 950p

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