Electrical components and control equipment group Dewhurst continues to perform adequately, raising pre-tax profits (excluding exceptionals) by 1% to £1.8m in the year to September, on sales increased 6% to £24.2m. Excluding the £460,000 spent on restructuring, profits increased 35%, but that can't cloud the fact that margins fell post-restructuring, not a good sign. However, with net assets of around £9m (excluding intangible assets), there is undoubtedly value in the company, as further evidenced by £213,000 of share buybacks during the period. It also seems as though the group's lift components division is in a much better state than before, with all sales now passing through newly-incorporated UK subsidiary LiftStore. But Dewhurst itself expresses 'concern' about the UK market for the second half of next year, at a time when its North American and Australian operations seem to be going great guns. From an investors' perspective, the 4.4% dividend yield is certainly of interest, but a potential takeover looks like the only real potential driver. And with the Dewhurst family owning 50% and controlling the management, that looks unlikely. Hold.