FW Thorpe Plc – Year End Results 2019
FW Thorpe Plc – a group of companies that design, manufacture and supply professional lighting systems – is pleased to announce its preliminary results for the year ended 30 June 2019.
Key points:
|
Continuing operations |
2019 |
2018 |
|
|
|
Revenue |
£110.6m |
£109.6m |
0.9% increase |
|
|
Operating profit (before profit on disposal of property) |
£17.6m |
£19.5m |
9.3% decrease |
|
|
Operating profit |
£19.6m |
£19.5m |
0.5% increase |
|
|
Profit before tax |
£19.6m |
£19.6m |
– |
|
|
Basic earnings per share |
13.91p |
13.91p |
– |
|
- Total interim and final dividend of 5.53p (2018: 5.40p) – an increase of 2.4%
- Overall, Group results were in line with management expectations
- Strong recovery in the second half of the year following a slow start by Thorlux, as previously reported
- Improved results at Lightronics, Famostar and TRT
- Profit before tax includes profit on disposal of £1.9m following the sale of the Thorlux Portsmouth property
- Strong net cash generated from operating activities – £21.6m (2018: £20.7m), an increase of 4.1%
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (MAR).
CHAIRMAN'S STATEMENT:
Despite a tremendous effort by Group employees, and as forecast in the interim results announcement, operating profit before disposals for the 2018/19 financial year took a step backwards when compared with last year's record. As reported, UK operations suffered from a significant general downturn in market conditions in the first half of the year, and despite an excellent recovery of orders in the second half and good contributions by Lightronics and Famostar in the Netherlands, revenue increased only marginally over the year. It is, however, pleasing to report that despite ongoing uncertain economic conditions in the UK, orders closed ahead of the previous year and the Group entered the new financial year with a healthy order book.