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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Thorpe (FW) | AQSE:TFW.GB | Aquis Stock Exchange | Ordinary Share | GB00BC9ZLX92 | Ordinary Shares 1p |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -33.00 | -7.86% | 387.00 | 370.00 | 404.00 | 387.00 | 387.00 | 387.00 | 0.00 | 06:56:49 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMTFW
RNS Number : 6511S
Thorpe(F.W.) PLC
21 March 2016
F W Thorpe Plc
INTERIM RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2015
F W Thorpe Plc, designers, manufacturers and suppliers of professional lighting systems for the specification market is pleased to announce its interim results for the six months ended 31 December 2015.
Key points:
Hot Features
Premium
Interim Interim Excluding
2016 2015 Lightronics
Continuing operations acquisition
----------------------- --------- --------- ---------- -------------
Revenue GBP41.4m GBP32.6m 26.8% 5.2%
increase increase
Operating profit GBP6.5m GBP5.5m 17.9% 5.1%
increase increase
Profit before tax GBP6.6m GBP5.8m 13.7% 6.0%
increase increase
Basic earnings per 14.0% 7.5%
share 4.47p 3.92p increase increase
----------------------- --------- --------- ---------- -------------
-- Revenue and operating profit boosted by Lightronics acquisition
-- Lightronics performed ahead of expectations in first six months, driven by one off projects
-- TRT Lighting profitable growth continues
-- Investment of EUR1.2m for 40% of Luxintec S.L., a luminaire and specialist lenses manufacturer based in Spain, was completed post period end on 9 March 2016
-- Interim dividend increased to 1.20p (Interim 2015: 1.10p) -- Special dividend of 2.00p (Interim 2015: nil)
For further information please contact:
F W Thorpe Plc Andrew Thorpe - Chairman 01527 583200 Craig Muncaster - Group Financial Director 01527 583200 N+1 Singer - Nominated Adviser Richard Lindley 020 7496 3000
CHAIRMAN'S INTERIM STATEMENT
Pleasingly results for the half year to 31 December 2015 proved rewarding with Group revenues up 27% and operating profit up 18% from continuing operations. On a like-for-like basis, excluding Lightronics (which we acquired in April 2015), revenues and operating profits increased by 5.2% and 5.1% respectively. Including the effects of investment income and taxation, earnings per share rose by 14%.
Generally whilst underlying growth throughout most of the Group subsidiaries can be described as solid rather than astounding, good progress has been made in most quarters.
Global economies still show shakiness and whilst we are not present in many, the general malaise does not endow any of our markets with booming economies and high demand.
In our overseas markets business is, therefore, currently hard fought, your company having to persuade new customers, often with different cultures, of the benefits of using our product offering of high quality, highly sophisticated lighting systems and excellent before and after sales service.
The Thorlux offices in Dusseldorf, Germany and Dublin, Ireland are continuing to make forward strides, however, the Thorlux office in Brisbane, Australia and the Group office in the UAE are still not performing as required.
The approach of opening new Group offices abroad takes time and whilst more maturity is sought on those fronts we have widened our approach, as reported in my last statement, with the purchase of Lightronics BV the successful Netherlands based lighting company.
In the same vein I can now report that your company has just approved a EUR1.2m investment in a 40% shareholding in Luxintec S.L., a EUR3.5m revenue Spanish manufacturer of precision LED lighting lenses and a limited range of luminaires, the latter being a market in which they wish to expand.
Both the investments in Lightronics and Luxintec allow a wide scope for the interchange of products in both directions but most probably allowing a wider platform for most Group companies to participate in the Netherlands and Spanish speaking markets of which there are many.
The first half of the 2015/16 year has been driven by exceptional performance of Lightronics BV and marked further progress at TRT Lighting our road tunnel and street lighting systems manufacturer. Your Group continues to strive for growth and the Board is cautiously optimistic about the rest of the financial year.
Group results outlined above allow your company to pay a dividend for the half year to 31 December 2015 of 1.20p per share (Interim 2015: 1.10p), an increase of 9%. Further, at this time and in consideration of adequate Group reserves, a special dividend of 2.00p per share (Interim 2015: nil) will be paid at the same time as the interim dividend.
Andrew Thorpe
Chairman
21 March 2016
F W Thorpe Plc
CONSOLIDATED INCOME STATEMENT
for the six months to 31 December 2015
Continuing Operations 31.12.15 31.12.14 30.06.15
(six (six (twelve
months months months
to) to) to)
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Revenue 41,370 32,629 73,554
------------ ------------ ----------
Operating Profit 6,494 5,510 13,718
Finance income 383 315 727
Finance expense* (257) - -
Share of loss of joint
venture (-) (4) (50)
------------ ------------ ----------
Profit before tax expense 6,620 5,821 14,395
Tax expense (1,446) (1,283) (2,691)
------------ ------------ ----------
Profit for the period from
continuing operations 5,174 4,538 11,704
Loss for the period from
discontinued operations - (104) (253)
Loss on disposal of subsidiary - (120) -
Profit for the period 5,174 4,314 11,451
*Finance expense represents payments made in relation to the acquisition of Lightronics Participaties BV.
Dividend rate per share:
---------- ------ ------
Interim 1.20p 1.10p 1.10p
Final - - 2.55p
Special 2.00p - -
---------- ------ ------
Earnings per share - basic 4.47p 3.92p 10.12p
(continuing operations) - diluted 4.47p 3.90p 10.11p
------------------------- ----------- ------ ------ -------
Earnings per share - basic 4.47p 3.73p 9.90p
- diluted 4.47p 3.71p 9.89p
-------------------------------- ------ ------ ------
GROUP STATEMENT OF COMPREHENSIVE INCOME
for the six months to 31 December 2015
31.12.15 31.12.14 30.06.15
(six months
to)
(six months (twelve
to) months
to)
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Profit for the year 5,174 4,314 11,451
Other comprehensive income
Items that may be reclassified
to profit or loss
- Arising in period* (207) (46) (152)
- Reclassified in period - - -
Exchange rate movement
on investment in joint
venture
- Arising in period 58 (3) (21)
- Reclassified in period - - -
Taxation 103 9 30
(46) (40) (143)
------------- ------------- ----------
Items that will not be
reclassified to profit
or loss
Actuarial gain on pension
scheme - - (247)
Movement on unrecognised
pension surplus - - 18
- - (229)
------------- ------------- ----------
Other comprehensive income
for the year, net of tax (46) (40) (372)
Total comprehensive income
for the year 5,128 4,274 11,079
------------- ------------- ----------
All comprehensive income is attributable to the owners of the company.
* The loss on items that may be reclassified to profit or loss of GBP207,000 is due to the decrease in market value of available for sale financial assets.
CONSOLIDATED BALANCE SHEET
(MORE TO FOLLOW) Dow Jones Newswires
March 21, 2016 03:00 ET (07:00 GMT)
as at 31 December 2015
As at As at As at
31.12.15 31.12.14 30.06.15
(unaudited) (unaudited) (audited)
Assets GBP'000 GBP'000 GBP'000
Non-Current Assets
Property, plant and equipment 14,192 13,190 13,834
Intangible assets 14,160 6,678 14,349
Investment property 2,140 2,135 2,171
Loans and receivables 4,968 1,340 4,760
Investment in joint venture - 50 -
Available for sale financial
assets 3,218 3,124 3,018
Deferred tax assets 26 26 17
------------ ------------ ----------
38,704 26,543 38,149
Current assets
Inventories 16,813 13,794 17,762
Trade and other receivables 13,908 13,513 19,698
Other financial assets
at fair value through profit
or loss 389 388 389
Short term financial assets
- deposits 12,560 14,605 9,358
Cash and cash equivalents 21,606 19,341 19,176
------------ ------------ ----------
Total current assets (excluding
non-current assets and
disposal groups held for
sale) 65,276 61,641 66,383
Non-current assets and - 1,772 -
disposal groups held for
sale
------------ ------------ ----------
65,276 63,413 66,383
------------ ------------ ----------
Total Assets 103,980 89,956 104,532
------------ ------------ ----------
Liabilities
Current liabilities
Trade and other payables (11,545) (9,258) (14,656)
Current tax liabilities (2,197) (1,717) (2,051)
------------ ------------ ----------
Total current liabilities
(excluding liabilities
associated with non-current
assets and disposal groups
held for sale) (13,742) (10,975) (16,707)
Liabilities associated
with non-current assets
and disposal groups held
for sale - (553) -
------------ ------------ ----------
(13,742) (11,528) (16,707)
Net current assets 51,534 51,885 49,676
Non-current liabilities
Retirement benefit deficit - - -
Other payables (4,044) - (3,838)
Provisions for liabilities
and charges (259) (222) (102)
Deferred tax liabilities (857) (911) (1,021)
------------ ------------ ----------
Total liabilities (18,902) (12,661) (21,668)
------------ ------------ ----------
Net assets 85,078 77,295 82,864
------------ ------------ ----------
Equity attributable to
owners of the company
Issued share capital 1,189 1,189 1,189
Share premium account 656 656 656
Capital redemption reserve 137 137 137
Retained earnings 83,096 75,313 80,882
------------ ------------ ----------
Total equity 85,078 77,295 82,864
------------ ------------ ----------
GROUP STATEMENT OF CHANGES IN EQUITY
for the six months to 31 December 2015
Share Share Capital Retained Total
Capital Premium Redemption Earnings Equity
Reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 30 June
2014 1,189 656 137 75,305 77,287
Comprehensive income
Profit for six months
to 31 December 2014 - - - 4,314 4,314
Other comprehensive
income - - - (40) (40)
Total comprehensive
income - - - 4,274 4,274
Transactions with
owners
Dividends paid to
shareholders - - - (4,280) (4,280)
Share-based payment
charge 14 14
Total transactions
with owners - - - (4,266) (4,266)
Balance at 31 December
2014 1,189 656 137 75,313 77,295
----------------------------------- --------------- -------- ----------- --------- --------
Comprehensive income
Profit for six months
to 30 June 2015 - - - 7,137 7,137
Actuarial loss on
pension scheme - - - (247) (247)
Movement on unrecognised
pension surplus - - - 18 18
Revaluation of available-for-sale
financial assets - - - (106) (106)
Movement on associated
deferred tax - - - 21 21
Exchange rate movement
on joint venture - - - (18) (18)
Total comprehensive
income - - - 6,805 6,805
Transactions with
owners
Dividends paid to
shareholders - - - (1,272) (1,272)
Share-based payment
charge - - - 36 36
Total transactions
with owners - - - (1,236) (1,236)
Balance at 30 June
2015 1,189 656 137 80,882 82,864
----------------------------------- --------------- -------- ----------- --------- --------
Comprehensive income
Profit for six months
to 31 December 2015 - - - 5,174 5,174
Other comprehensive
income - - - (46) (46)
----------------------------------- --------------- -------- ----------- --------- --------
Total comprehensive
income - - - 5,128 5,128
Transactions with
owners
Dividends paid to
shareholders - - - (2,950) (2,950)
Share-based payment
charge - - - 36 36
Total transactions
with owners - - - (2,914) (2,914)
Balance at 31 December
2015 1,189 656 137 83,096 85,078
----------------------------------- --------------- -------- ----------- --------- --------
GROUP STATEMENT OF CASH FLOWS
for the six months to 31 December 2015
31.12.15 31.12.14 30.06.15
(six months (six months (twelve
to) to) months
to)
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Cash generated from operations
Profit before income
tax 6,620 5,821 14,395
Adjustments for
- Depreciation charge 705 709 1,288
- Amortisation of intangibles
& investment property 1,085 651 1,484
- Profit on disposal
of property, plant and
equipment (48) (16) (104)
- Finance income (383) (315) (727)
- Retirement benefit
contributions in excess
of current and past service
charge (85) (77) (229)
- Share of loss from
joint venture - 4 50
- Share-based payment
expense 88 14 76
- Effects of exchange
rate movements 110 - (28)
Changes in working capital
(MORE TO FOLLOW) Dow Jones Newswires
March 21, 2016 03:00 ET (07:00 GMT)
- Inventories 949 406 (1,707)
- Trade and other receivables 5,799 1,107 (3,659)
- Trade and other payables (2,838) (1,422) 2,215
Discontinued operations - 7 261
------------- ------------- ----------
Cash generated from operations 12,002 6,889 13,315
Tax paid (1,374) (184) (1,280)
Cash flow from investing
activities
Purchase of property,
plant and equipment (1,113) (1,976) (3,271)
Proceeds from sale of
property, plant and equipment 71 63 167
Purchase of intangibles (836) (623) (1,621)
Purchase of subsidiary
net of cash acquired - - (6,392)
Disposal of subsidiary - - (561)
Purchase of investment
property (19) - (36)
Net sale/(purchase) of
available for sale financial
assets (407) 271 271
Property rental and similar
income 40 78 154
Dividend income 93 69 149
Net sale/(purchase) of
deposits (3,202) 1,033 6,280
Interest received 114 90 301
Receipt of loans notes 11 - 1,261
Net cash (used in)/generated
from investing activities (5,248) (995) (3,298)
Cash flow from financing
activities
Repayment of borrowings - - (1,920)
Dividends paid to company
shareholders (2,950) (4,280) (5,552)
Net cash used in financing
activities (2,950) (4,280) (7,472)
------------- ------------- ----------
Net increase in cash
and cash equivalents 2,430 1,430 1,265
Cash and cash equivalents
at the beginning of the
period 19,176 17,911 17,911
Cash and cash equivalents
at the end of the period 21,606 19,341 19,176
------------- ------------- ----------
Notes to the Interim Financial Statements
1. Basis of Preparation
The consolidated interim financial statements for the six months to 31 December 2015 have been prepared in accordance with the recognition and measurement principles of applicable International Financial Reporting Standards (IFRS) in issue as adopted by the European Union (EU) and International Financial Reporting Standards as issued by the International Accounting Standards Board and the AIM Rules for Companies.
The figures for the period to 31 December 2015 and the comparative period to 31 December 2014 have not been audited or reviewed and are therefore disclosed as unaudited. The figures for 30 June 2015 have been extracted from the financial statements for the year to 30 June 2015, which have been delivered to the Registrar of Companies. The interim financial statements do not constitute statutory accounts within the meaning of the Companies Act 2006.
The financial statements are presented in Pounds Sterling, rounded to the nearest thousand.
The interim financial statements are prepared under the historical cost convention, modified by the revaluation of certain current and non-current investments at fair value through profit or loss.
The accounting policies set out in the financial statements for the year ended 30 June 2015 have been applied consistently throughout the Group during the period.
2. Segmental analysis
The segmental analysis is presented on the same basis as that used for internal reporting purposes. For internal reporting F W Thorpe is organised into eight operating segments, based on the products and customer base in the lighting market. The largest business is Thorlux which manufactures professional lighting systems for the industrial, commercial and controls market. The recently acquired Lightronics business is the next largest business. The six remaining continuing operating segments have been aggregated into the 'other companies' segment based on their size and comprise Compact Lighting Limited, Philip Payne Limited, Solite Europe Limited, Portland Lighting Limited, TRT Lighting Limited and Thorlux LLC.
F W Thorpe's chief operating decision-maker (CODM) is the Group board. The Group board reviews the Group's internal reporting in order to monitor and assess the performance of the operating segments for the purpose of making decisions about resources to be allocated. Performance is evaluated based on a combination of revenue and operating profit. Assets and liabilities have not been segmented which is consistent with the Group's internal reporting.
2. Segmental analysis (continued)
Thorlux Lightronics Other Inter- Total
Companies Segment Continuing
Adjust- Operations
ments
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
6 months to 31 December
2015
Revenue to external
customers 26,846 7,027 7,497 - 41,370
Revenue to other
Group companies 594 3 1,083 (1,680) -
--------------------------- -------- ------------ ---------- -------- -----------
Total revenue 27,440 7,030 8,580 (1,680) 41,370
--------------------------- -------- ------------ ---------- -------- -----------
Operating Profit 5,166 703 428 197 6,494
--------------------------- -------- ------------ ---------- -------- -----------
Finance income 383
Finance expense (257)
Share of loss in -
joint venture
Profit before tax
expense 6,620
6 months to 31 December
2014
Revenue to external
customers 26,601 - 6,028 - 32,629
Revenue to other
Group companies 572 - 831 (1,403) -
--------------------------- -------- ------------ ---------- -------- -----------
Total revenue 27,173 - 6,859 (1,403) 32,629
--------------------------- -------- ------------ ---------- -------- -----------
Operating Profit 5,105 283 122 5,510
--------------------------- -------- ------------ ---------- -------- -----------
Net finance income 315
Share of loss in
joint venture (4)
Profit before tax
expense 5,821
Year to 30 June
2015
Revenue to external
customers 54,192 3,275 16,077 - 73,544
Revenue to other
group companies 2,329 - 1,781 (4,110) -
--------------------------- -------- ------------ ---------- -------- -----------
Total revenue 56,521 3,275 17,858 (4,110) 73,544
--------------------------- -------- ------------ ---------- -------- -----------
Operating Profit 11,267 481 1,944 26 13,718
--------------------------- -------- ------------ ---------- -------- -----------
Net finance income 727
Share of profit
in joint venture (50)
Profit before tax
expense 14,395
Inter-segment adjustments to operating profit consist of property rentals on premises owned by FW Thorpe Plc, adjustments to profit related to stocks held within the Group that were supplied by another segment and adjustments to investment provisions relating to Group companies.
3. Post Balance Sheet Event - Investment in Associate
On 9 March 2016, subsequent to the period end, the Group invested EUR1,200,000 for a 40% shareholding in a luminaire and specialist lens manufacturer based in Spain, Luxintec S.L. This investment provides a platform to sell the Group's products in Spain and secures a part of the supply chain for the Group in the future. In 2015 Luxintec's annual revenues were EUR3.5m with operating profit of EUR0.3m.
The Group intends to apply the equity method of accounting to recognise this interest.
4. Income tax expense
For the period ending 30 June 2015, the effective tax rate for the Group was 18.7% however the effective tax rate applied for the period ended 31 December 2015 has increased to 21.8%. The main reasons for this increase are:
-- The Group is no longer being classified as a Small or Medium sized Enterprise resulting in a lower rate of tax relief for research and development expenses;
(MORE TO FOLLOW) Dow Jones Newswires
March 21, 2016 03:00 ET (07:00 GMT)
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