INTERIM RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2025
FW Thorpe Plc – a group of companies that design, manufacture and supply professional lighting systems – is pleased to announce its interim results for the six months ended 31 December 2025.
Financial highlights:
| Interim 2026 (unaudited) | Interim 2025 (unaudited) | ||
| Revenue | £81.7m | £83.8m | -2.4% |
| Operating profit (before acquisition adjustments)* | £12.5m | £12.6m | -0.8% |
| Operating profit | £11.6m | £11.5m | +0.3% |
| Profit before tax | £11.6m | £11.2m | +3.1% |
| Basic earnings per share | 7.86p | 7.65p | +2.7% |
*Acquisition adjustments include amortisation of intangible assets.
- Interim dividend 1.81p (Interim 2025: 1.76p) – 2.8% increase
- Special dividend 2.60p (Interim 2025: nil)
- Revenues marginally lower, with operating profit steady
- Thorlux results dampened by lower performance in Germany
- Dutch segment similar to last year, supported by strong Famostar performance
- Further growth at Zemper, profitable performance from TRT
- Strong cash flow generation with net cash from operating activities of £14.3m (Interim 2025: £15.0m)
Note: This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014 (MAR).
CHAIRMAN’S INTERIM STATEMENT
For the interim period ended 31 December 2025, the Group delivered a stable performance, broadly consistent with the prior year and in line with the Board’s expectations. Famostar and Zemper performed very well, the results for the Group’s UK operations were marginally ahead of last year’s, whilst Lightronics, and SchahlLED, fell short of expectations with the latter being impacted by the widely acknowledged recession in its German industrial sector. I am pleased that TRT continues to trade profitably, and it now looks to lift margins to levels expected for other Group companies. The Board continues to strive for a year where all companies in the Group nudge forward in unison.
The Board is continuing to invest across the Group, with a new commercial director being sought for Lightronics, expected to be in post by the financial year ending in June, whilst significant additional sales engineers are being employed at SchahlLED to win market share and return to growth. The Group continues investments in selling resources with Thorlux strengthening its business development in the UK and additional sales engineers being recruited for Norway, Spain and France. Zemper is investing to promote the sales of its high-tech wireless emergency lighting system, SmartZ, in its local Spanish market, and in additional sales engineers for its export territories.
The Group continues to invest in plant and machinery to reinforce its ongoing efficiency drive and in support of the policy to manufacture locally. This includes approval for a factory extension at Solite in Denton, Manchester, new automatic laser welding machinery and automatic metal bending and punching facilities at Thorlux, and new injection moulding machinery at Zemper in Spain. Whilst these investments may marginally suppress profitability in the short term, the Board continues to take a long-term view and is confident that the Group can win more orders to bring back revenue growth, albeit currently hampered by ongoing market conditions. This investment also supports our customers’ increasing desire for locally manufactured luminaires.
The Group’s continued dedication to excellence in sustainability remains a key focus, which generally appeals to discerning customers and reduces the Group’s operating costs as a by-product of its improved understanding and management of efficiency and waste.
Whilst members of the Board have explored various acquisition opportunities, none have so far met its requirements, and, as such, the Group’s cash position this year has continued to build. With that in mind, together with a strong balance sheet and healthy, cash generative trading, the Board has approved an increase to the interim dividend to 1.81p (Interim 2025; 1.76p) and, further, a special dividend of 2.60p per share (Interim 2025: nil). The Group will continue to buy back its own shares when considered appropriate.
With so many markets suffering challenging trading conditions, substantiated by the Board’s own market investigations of European listed peers and major lighting components suppliers, the outlook for growth for the second half remains a challenge, especially considering the strong second half achieved in 2024/25. All companies are targeted for growth, but each has its own slightly different set of circumstances to manage.
Mike Allcock
Chairman
5 March 2026