Dewhurst non-voting shares (LSE:DWHA) are in my Buffett-style portfolio. It’s earnings history is not spectacular, just one of steady progression over the years. But earnings are based on firm foundations of strong market positions, which bodes well for future growth.
Sales, earnings and dividends Sales, £m Earnings per share (p) Dividend per share (p) 2009 36 38.43 6.06 2010 37 40.97 6.36 2011 42 34.35 6.69 2012 52 44.48 7.02 + 5 special 2013 44 15.7 8.0 2014 47 43.87 9.0 2015 46 50.21 10 + 3 special 2016 47 40.75 11.0 2017 53 52.65 12.0 2018 55 47.93 12.50 2019 66 (continuing: £56.5m) 116.23p 13.0p H1 2020 28 20.78p 3.75p (2019: 3.75p)In the table above the 2019 earnings number is raised due to the inclusion of a capital gain on selling the Thames Valley Controls, TVC subsidiary, In the next table we remove that element as well remove the profit contribution made by operating the TVC business in the financial year. Underlying earnings of continuing businesses only (in 2019 that means excluding capital gain on sale of TVC and the £1.1m profit after tax TVC made): 2019 £000’s 2018 £000’s (excluding profit from TVC) Profit from continuing operations after tax 3,095 3,543 Add back exceptional: pension female/male equalisation charge 639 0 Add back exceptional: amortisation of acquired intangibles 1667 555 Less tax on exceptionals -461 -111 Underlying profit after tax before minority interests 4940 3,987………………To read more subscribe to my premium newsletter Deep Value Shares – click here http://newsletters.advfn.com/deepvalueshares/subscribe-1
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Glen ArnoldI'm a full-time investor running my portfolio. I invest other people's money into the same shares I hold under the Managed Portfolio Service at Henry Spain. Each of my client's individual accounts is invested in roughly the same proportions as my "Model Portfolio" for which we charge 1.2% + VAT per year. If you would like to join us contact Jackie.Tran@henryspain.co.uk investing is about making the right decisions, not many decisions.
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