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THORPE (F.W) Plc NEX:TFW.GB NEX Ordinary Share GB00BC9ZLX92
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Thorpe(F.W.) PLC Interim Results

21/03/2019 7:00am

UK Regulatory (RNS & others)


THORPE (F.W) (NEX:TFW.GB)
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RNS Number : 5077T

Thorpe(F.W.) PLC

21 March 2019

INTERIM RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2018

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 2018.

Key points:

 
                                      Interim    Interim 
                                         2019       2018 
----------------------------------  ---------  ---------  ---------- 
 Revenue                             GBP52.7m   GBP53.2m        1.0% 
                                                            decrease 
 Operating profit (before             GBP7.0m    GBP7.8m       10.3% 
  profit on disposal of property)                           decrease 
 Profit before tax                    GBP8.8m    GBP7.9m       11.4% 
                                                            increase 
                                                               13.1% 
 Basic earnings per share               6.14p      5.43p    increase 
----------------------------------  ---------  ---------  ---------- 
 

-- Group results were affected by a slow start to the year by Thorlux, with operating profit in line with management's guidance in the November AGM trading statement

-- Thorlux's order income is now back to 2018 levels after record orders for the last few months

-- The majority of other Group companies' results are similar to those at the Interim 2018 - with improved results at Lightronics and TRT, but disappointing results for some international sales offices

-- Results include Famostar, acquired in December 2017, which was not included in the Interim 2018 figures

-- Profit before tax includes profit on disposal of GBP1.9m following the sale of the Thorlux Portsmouth property

   --      Interim dividend 1.43p (Interim 2018: 1.40p) 

Note: This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014 (MAR).

For further information, please contact:

 
 F W Thorpe Plc 
 Mike Allcock - Chairman and Joint Chief Executive    01527 583200 
 Craig Muncaster - Joint Chief Executive and 
  Group Financial Director                            01527 583200 
 N+1 Singer - Nominated Adviser 
 Richard Lindley/James Moat                           020 7496 3000 
 

CHAIRMAN'S INTERIM STATEMENT

As indicated in the 2018 annual report statement and AGM update, the Group is finding it difficult to match the results of last year due to challenging trading conditions at the start of the year. Comparing interim 2019 and 2018 figures, Group revenue for the period is lower by 1.0% with operating profit lower by 10.3% before the profit on disposal. Revenue and operating profit are supplemented by the inclusion of Famostar, adding GBP3.6m in revenue and GBP0.4m in operating profit, which was not part of the interim 2018 Group results.

The Group's overall UK revenue is down by GBP4.0m at the half-year point, mainly due to the performance of Thorlux. Revenue from the Group's international sales offices is also down, by GBP1.5m. These reductions are mostly offset by revenue from overseas acquisitions, i.e. Lightronics and the inclusion of Famostar, albeit with a lower operating profit margin. There was also an improvement at TRT, the Group's street lighting business.

I am pleased to report that revenue generated from overseas operations now represents 41% of the total, providing risk mitigation in case of further turbulent economic and political times in the UK. The management team meet regularly to discuss and plan for the potential impacts arising from Brexit. We wait anxiously for matters to be resolved and business confidence to return to more normal levels.

As mentioned in the autumn AGM statement, despite a challenging start to the year, orders in October and November improved at the Group's main lighting division, Thorlux. Since then, orders have continued at record levels, which will give a much-needed boost through to the financial year-end. Overhead cost reductions made during the autumn are now expected to start flowing through to operating profit in the second half of the year.

The Thorlux Portsmouth and Sugg Lighting factories were sold in November for GBP4.8m, realising a GBP1.9m profit on disposal and supporting the increased reported profit before tax from GBP7.9m to GBP8.8m.

The Group continues to invest for the future. This includes the imminent delivery of new laser cutting metalworking machinery at Thorlux, a property extension underway at TRT to provide pre-treatment and powder coating facilities (and as a Group disaster recovery backup resource), a new factory has also been approved for Portland Lighting, and works, which are well advanced, on the Lightronics factory extension.

Thorlux Lighting has recently launched a new range of innovative lighting to reinvigorate the workplace; more detail on this will be included in the annual report later this year. Famostar is working hard to adopt SmartScan, our wireless lighting control system, into its product portfolio and TRT is set to launch two product innovations supported by Luxintec, the Group's lens specialist in Spain.

Despite the difficult trading conditions for the six months to 31 December 2018, I am pleased to announce an interim dividend of 1.43p (Interim 2018: 1.40p).

Looking forward, within the Group we remain concerned about the stability of the UK market; however, present trading conditions are more buoyant than we previously predicted, and stronger than the first half performance. Whilst our improved order book gives us confidence that we will have a strong finish to the year, underlying operating profit is still expected to be below the record operating figures of the last financial year.

Mike Allcock

Chairman

21 March 2019

FW Thorpe Plc

CONSOLIDATED INCOME STATEMENT

for the six months to 31 December 2018

 
 
                                        31.12.18       31.12.17    30.06.18 
                                     (six months    (six months     (twelve 
                                             to)            to)      months 
                                                                        to) 
 
                                     (unaudited)    (unaudited)   (audited) 
 
                                         GBP'000        GBP'000     GBP'000 
 
 Revenue                                  52,669         53,170     109,614 
                                   -------------  -------------  ---------- 
 
 Operating Profit (before profit 
  on disposal)                             7,019          7,829      19,466 
 
 Profit on disposal of property            1,917              -           - 
                                   -------------  -------------  ---------- 
 
 Operating Profit                          8,936          7,829      19,466 
 
 Finance income                              416            338         819 
 Finance costs                             (574)          (285)       (718) 
 
 Profit before tax expense                 8,778          7,882      19,567 
 
 Tax expense                             (1,652)        (1,598)     (3,457) 
                                   -------------  -------------  ---------- 
 
 Profit for the period                     7,126          6,284      16,110 
 
 
 
 Dividend rate per share: 
                            ------  ------  ------ 
     Interim                 1.43p   1.40p   1.40p 
     Final                       -       -   4.00p 
                            ------  ------  ------ 
 
 
 Earnings per share    - basic      6.14p   5.43p   13.91p 
  - diluted                         6.10p   5.39p   13.81p 
 --------------------------------  ------  ------  ------- 
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the six months to 31 December 2018

 
 
                                                   31.12.18       31.12.17    30.06.18 
                                                (six months    (six months 
                                                        to)            to) 
                                                                               (twelve 
                                                                                months 
                                                                                   to) 
 
                                                (unaudited)    (unaudited)   (audited) 
 
                                                    GBP'000        GBP'000     GBP'000 
 
 Profit for the period                                7,126          6,284      16,110 
 
 Other comprehensive income 
 
 Items that may be reclassified 
  to profit or loss 
 
 Revaluation of available-for-sale 
  financial assets                                        -            263         189 
 
 Exchange rate differences on translation 
  of foreign operations                                 168            159         119 
 
 Taxation                                                 -           (45)        (32) 
 
                                                        168            377         276 
                                              -------------  -------------  ---------- 
 
 Items that will not be reclassified 
  to profit or loss 
 
 Revaluation of financial assets                      (529)              -           - 
  at fair value through other comprehensive 
  income * 
 
 Actuarial loss on pension scheme                         -              -       1,459 
 
 Movement on unrecognised pension 
  surplus                                                 -              -     (1,615) 
 
 Taxation                                                90              -           - 
 
                                                      (439)              -       (156) 
                                              -------------  -------------  ---------- 
 
 Other comprehensive income for 
  the year, net of tax                                (271)            377         120 
 
 
 Total comprehensive income for 
  the year                                            6,855          6,661      16,230 
                                              -------------  -------------  ---------- 
 
 

All comprehensive income is attributable to the owners of the company.

* The loss on the revaluation of financial assets at fair value through other comprehensive income of GBP529,000 is due to the decrease in market value of these investments.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 31 December 2018

 
                                               As at         As at       As at 
                                            31.12.18      31.12.17    30.06.18 
 
                                         (unaudited)   (unaudited)   (audited) 
 Assets                                      GBP'000       GBP'000     GBP'000 
 Non-Current Assets 
 Property, plant and equipment                21,157        19,666      22,679 
 Intangible assets                            21,738        22,873      21,596 
 Investment property                           2,047         2,133       2,076 
 Loans and receivables                         4,101         6,306       6,139 
 Equity accounted investments                    936           936         936 
 Financial assets at fair value                3,220             -           - 
  through other comprehensive income 
 Available-for-sale financial assets               -         3,893       3,820 
 Deferred tax assets                               -             9           8 
                                        ------------  ------------  ---------- 
                                              53,199        55,816      57,254 
 Current assets 
 Inventories                                  22,018        20,913      21,489 
 Trade and other receivables                  22,117        22,607      23,416 
 Other financial assets at fair 
  value through profit or loss                   389           389         389 
 Short-term financial assets                  16,837         9,856      15,290 
 Cash and cash equivalents                    36,111        28,417      28,668 
                                        ------------  ------------  ---------- 
 Total current assets                         97,472        82,182      89,252 
 
 
 Total Assets                                150,671       137,998     146,506 
                                        ------------  ------------  ---------- 
 
 Liabilities 
 Current liabilities 
 Trade and other payables                   (19,512)      (18,056)    (19,253) 
 Current tax liabilities                     (2,499)       (2,015)     (1,853) 
                                        ------------  ------------  ---------- 
 Total current liabilities                  (22,011)      (20,071)    (21,106) 
 
 Net current assets                           75,461        62,111      68,146 
 
 Non-current liabilities 
 Other payables                             (11,237)      (11,463)    (10,329) 
 Provisions for liabilities and 
  charges                                    (2,195)       (1,619)     (2,164) 
 Deferred tax liabilities                      (584)         (706)       (655) 
                                        ------------  ------------  ---------- 
 Total non-current liabilities              (14,016)      (13,788)    (13,148) 
                                        ------------  ------------  ---------- 
 Total liabilities                          (36,027)      (33,859)    (34,254) 
                                        ------------  ------------  ---------- 
 
 
 Net assets                                  114,644       104,139     112,252 
                                        ------------  ------------  ---------- 
 
 Equity attributable to owners of 
  the company 
 Issued share capital                          1,189         1,189       1,189 
 Share premium account                         1,266           902       1,017 
 Capital redemption reserve                      137           137         137 
 Foreign currency translation reserve          2,550         2,422       2,382 
 Retained earnings 
--------------------------------------  ------------  ------------  ---------- 
 At 1 July                                   107,527        97,047      97,047 
 Profit for the year attributable 
  to owners                                    7,126         6,284      16,110 
 Other changes in retained earnings          (5,151)       (3,842)     (5,630) 
--------------------------------------  ------------  ------------  ---------- 
                                             109,502        99,489     107,527 
                                        ------------  ------------  ---------- 
 
 Total equity                                114,644       104,139     112,252 
                                        ------------  ------------  ---------- 
 
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the six months to 31 December 2018

 
                                         Share      Share       Capital        Foreign    Retained     Total 
                                       Capital    Premium    Redemption       Currency    Earnings    Equity 
                                                                Reserve    Translation 
                                                                               Reserve 
                                       GBP'000    GBP'000       GBP'000        GBP'000     GBP'000   GBP'000 
 Balance at 30 June 2017                 1,189        656           137          2,263      97,047   101,292 
 Comprehensive income 
 Profit for six months 
  to 31 December 2017                        -          -             -              -       6,284     6,284 
 Other comprehensive income                  -          -             -            159         218       377 
 Total comprehensive income                  -          -             -            159       6,502     6,661 
 
 Transactions with owners 
 Share options exercised                     2        246             -              -           -       248 
 Shares transferred from 
  treasury                                 (2)          -             -              -           -       (2) 
 Dividends paid to shareholders              -          -             -              -     (4,114)   (4,114) 
 Share-based payment charge                  -          -             -              -          54        54 
 Total transactions with 
  owners                                     -        246             -              -     (4,060)   (3,814) 
 
 Balance at 31 December 
  2017                                   1,189        902           137          2,422      99,489   104,139 
-----------------------------------  ---------  ---------  ------------  -------------  ----------  -------- 
 
 Comprehensive income 
 Profit for six months 
  to 30 June 2018                            -          -             -              -       9,826     9,826 
 Actuarial loss on pension 
  scheme                                     -          -             -              -       1,459     1,459 
 Movement on unrecognised 
  pension surplus                            -          -             -              -     (1,615)   (1,615) 
 Revaluation of available-for-sale 
  financial assets                           -          -             -              -        (74)      (74) 
 Movement on associated 
  deferred tax                               -          -             -              -          13        13 
 Exchange rate differences 
  on translation of foreign 
  operations                                 -          -             -           (40)           -      (40) 
 Total comprehensive income                  -          -             -           (40)       9,609     9,569 
 Transactions with owners 
 Share issued from exercised 
  options                                    -        115             -              -           -       115 
 Dividends paid to shareholders              -          -             -              -     (1,623)   (1,623) 
 Share-based payment charge                  -          -             -              -          52        52 
 Total transactions with 
  owners                                     -        115             -              -     (1,571)   (1,456) 
 
 Balance at 30 June 2018                 1,189      1,017           137          2,382     107,527   112,252 
-----------------------------------  ---------  ---------  ------------  -------------  ----------  -------- 
 
 Comprehensive income 
 Profit for six months 
  to 31 December 2018                        -          -             -              -       7,126     7,126 
 Other comprehensive income                  -          -             -            168       (439)     (271) 
-----------------------------------  ---------  ---------  ------------  -------------  ----------  -------- 
 Total comprehensive income                  -          -             -            168       6,687     6,855 
 
 Transactions with owners 
 Share options exercised                     -        249             -              -           -       249 
 Purchase of own shares                      -          -             -              -       (117)     (117) 
 Dividends paid to shareholders              -          -             -              -     (4,639)   (4,639) 
 Share-based payment charge                  -          -             -              -          44        44 
 Total transactions with 
  owners                                     -        249             -              -     (4,712)   (4,463) 
 
 Balance at 31 December 
  2018                                   1,189      1,266           137          2,550     109,502   114,644 
-----------------------------------  ---------  ---------  ------------  -------------  ----------  -------- 
 
 

CONSOLIDATED STATEMENT OF CASH FLOWS

for the six months to 31 December 2018

 
                                                   31.12.18       31.12.17               30.06.18 
                                                (six months    (six months         (twelve months 
                                                        to)            to)                    to) 
 
                                                (unaudited)    (unaudited)              (audited) 
                                                    GBP'000        GBP'000                GBP'000 
 Cash generated from operations 
 Profit before income tax                             8,778          7,882                 19,567 
 Adjustments for 
 - Depreciation charge                                1,299            997                  2,195 
 - Amortisation of intangibles & investment 
  property                                            1,203          1,313                  2,400 
 - Profit on disposal of property, 
  plant and equipment                               (2,150)           (45)                  (125) 
 - Finance expense/(income)                             157           (53)                  (101) 
 - Retirement benefit contributions 
  in excess of current and past service 
  charge                                               (80)           (53)                  (156) 
 - Share-based payment expense                          362            166                    533 
 - Research and development expenditure 
  credit                                              (144)          (123)                  (237) 
 - Effects of exchange rate movements                  (76)            120                    163 
 Changes in working capital 
 - Inventories                                        (534)          2,623                  1,954 
 - Trade and other receivables                        1,860        (2,469)                (3,610) 
 - Payables and provisions                              214           (94)                  1,415 
--------------------------------------------  -------------  -------------  --------------------- 
 Cash generated from operations                      10,889         10,264                 23,998 
 
 Tax paid                                           (1,329)        (1,351)                (3,291) 
 
 Cash flow from investing activities 
 Purchase of property, plant and equipment          (1,265)        (1,848)                (6,049) 
 Proceeds from sale of property, plant 
  and equipment                                       3,796             79                    197 
 Purchase of intangibles                            (1,145)          (939)                (1,967) 
 Purchase of subsidiary (net of cash 
  acquired)                                               -        (5,922)                (6,313) 
 Disposal of investment property                          -              -                     67 
 Net sale of financial assets at fair 
  value through other comprehensive 
  income                                                 71              -                      - 
 Property rental and similar income                      10             27                    190 
 Dividend income                                        106             94                    190 
 Net (purchase)/sale of short-term 
  financial assets                                  (1,547)          7,125                  1,691 
 Interest received                                      180            202                    388 
 Net receipt/(issue) of loans notes                   2,072          (118)                (2,022) 
-------------------------------------------- 
 Net cash generated from/(used in) 
  investing activities                                2,278        (1,300)               (13,628) 
 
 Cash flow from financing activities 
 Net proceeds from the issuance of 
  ordinary shares                                       249            248                    361 
 Purchase of own shares                               (117)              -                      - 
 Proceeds from loans                                      -              -                  2,337 
 Dividends paid to company shareholders             (4,639)        (4,114)                (5,737) 
-------------------------------------------- 
 Net cash used in financing activities              (4,507)        (3,866)                (3,039) 
--------------------------------------------  -------------  -------------  --------------------- 
 
 Effects of exchange rate changes on 
  cash                                                  112            (8)                   (50) 
 
 Net increase in cash and cash equivalents            7,443          3,739                  3,990 
 
 Cash and cash equivalents at the beginning 
  of the period                                      28,668         24,678                 24,678 
-------------------------------------------- 
 Cash and cash equivalents at the end 
  of the period                                      36,111         28,417                 28,668 
--------------------------------------------  -------------  -------------  --------------------- 
 

Notes to the Interim Financial Statements

   1.   Basis of Preparation 

The consolidated interim financial statements for the six months to 31 December 2018 have been prepared in accordance with the recognition and measurement principles of applicable International Financial Reporting Standards as adopted by the European Union (IFRSs as adopted by the EU), IFRIC interpretations and the AIM Rules for Companies.

The figures for the period to 31 December 2018 and the comparative period to 31 December 2017 have not been audited or reviewed and are therefore disclosed as unaudited. The figures for 30 June 2018 have been extracted from the financial statements for the year to 30 June 2018, 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 2018 have been applied consistently throughout the Group during the period, except for the adoption of the new pronouncements IFRS 9 "Financial Instruments" and IFRS 15 "Revenue from contracts with customers".

IFRS 9 "Financial Instruments" is effective for accounting periods beginning on or after 1 January 2018, and was adopted by the Group for the accounting period beginning 1 July 2018. The new standard replaces IAS 39 "Financial Instruments: Recognition & Measurement" and the changes introduced by the new standard can be grouped into the following three categories - Classification & Measurement, Impairment, and Hedging. The impact of the new standard in the Group was the following:

-- Classification and measurement: IFRS 9 contains three principal classification categories for financial assets which are amortised cost, fair value through other comprehensive income ("FVOCI") and fair value through profit or loss ("FVTPL"). The standard eliminates the existing IAS 39 categories of held-to-maturity, loans and receivables and available-for-sale financial assets. The Group included the new classification categories for financial assets in the Statement of Financial Position and there were no changes to net assets from changes in the measurement basis of financial assets.

-- Impairment: IFRS 9 introduces an expected credit loss model which requires expected credit losses and changes to expected credit losses at each reporting date to reflect changes in credit risk since initial recognition. Financial assets measured at amortised cost or FVOCI are subject to the impairment provisions of IFRS 9. The adoption of this standard has not resulted in any material changes in the level of provision for financial assets.

-- Hedging: IFRS 9 introduces new hedge accounting requirements. IFRS 9 aligns hedge accounting relationships with the Group's risk management objectives and strategy. The Group does not apply hedge accounting, therefore there were no changes arising from the new standard.

IFRS15 is effective for accounting periods beginning on or after 1 January 2018, and was adopted by the Group for the accounting period beginning 1 July 2018. The standard requires entities to apportion revenue earned from contracts to individual performance obligations based on a five-step model. The adoption of this standard has not resulted in any material impact on reported profits.

The Group is currently evaluating the effect of the new leasing standard IFRS16 that will be adopted for the financial year commencing 1 July 2019. The Group does not have many leasing agreements, with the majority being for vehicles and a building in the Netherlands, subsequently the adoption of this standard is not expected to have a material impact on reported profits.

   2.   Segmental analysis 

The segmental analysis is presented on the same basis as that used for internal reporting purposes. For internal reporting FW Thorpe is organised into ten 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 markets. The Lightronics business is a material subsidiary and therefore disclosed separately.

The eight remaining continuing operating segments have been aggregated into the 'other companies' segment based on their size, comprising the entities Philip Payne Limited, Solite Europe Limited, Portland Lighting Limited, TRT Lighting Limited, Thorlux LLC, Thorlux Australasia PTY Limited, Thorlux Lighting GmbH and Famostar B.V.

FW 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.

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.

The profit on disposal relates to the profit generated by the sale of the property the company owned in Portsmouth, formerly occupied by Compact Lighting Limited.

 
                                  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 
  2018 
 Revenue to external customers     28,442        11,869      12,358         -          52,669 
 Revenue to other Group 
  companies                         1,161             -       1,206   (2,367)               - 
-------------------------------  --------  ------------  ----------  --------  -------------- 
 
 Total revenue                     29,603        11,869      13,564   (2,367)          52,669 
-------------------------------  --------  ------------  ----------  --------  -------------- 
 
 Operating Profit (before 
  profit on disposal)               4,659         1,066       1,220        74           7,019 
-------------------------------  --------  ------------  ----------  --------  -------------- 
 
 Profit on disposal of 
  property                                                                              1,917 
-------------------------------  --------  ------------  ----------  --------  -------------- 
 Operating Profit                                                                       8,936 
-------------------------------  --------  ------------  ----------  --------  -------------- 
 Finance income                                                                           416 
 Finance expense                                                                        (574) 
 
 Profit before tax expense                                                              8,778 
 
 
   6 months to 31 December 
   2017 
 Revenue to external customers     32,298        10,210      10,662         -          53,170 
 Revenue to other Group 
  companies                         2,307            57       1,114   (3,478)               - 
-------------------------------  --------  ------------  ----------  --------  -------------- 
 
 Total revenue                     34,605        10,267      11,776   (3,478)          53,170 
-------------------------------  --------  ------------  ----------  --------  -------------- 
 
 Operating Profit                   5,948         1,102         782       (3)           7,829 
-------------------------------  --------  ------------  ----------  --------  -------------- 
 
 Finance income                                                                           338 
 Finance expense                                                                        (285) 
 
 Profit before tax expense                                                              7,882 
 
 
   Year to 30 June 2018 
 Revenue to external customers     64,645        20,860      24,109         -         109,614 
 Revenue to other Group 
  companies                         3,930           196       2,956   (7,082)               - 
-------------------------------  --------  ------------  ----------  --------  -------------- 
 
 Total revenue                     68,575        21,056      27,065   (7,082)         109,614 
-------------------------------  --------  ------------  ----------  --------  -------------- 
 
 Operating Profit                  13,611         2,050       3,407       398          19,466 
-------------------------------  --------  ------------  ----------  --------  -------------- 
 
 Net finance income                                                                       101 
 
 
 Profit before tax expense                                                             19,567 
 
 
   3.   Earnings per share 

The basic earnings per share is calculated on profit after taxation and the weighted average number of ordinary shares in issue of 116,001,173 (Interim 2018: 115,750,590) during the period.

The diluted earnings per share is calculated on profit after taxation and the weighted average number of potentially dilutive ordinary shares in issue of 116,764,548 (Interim 2018: 116,502,118) during the period.

   4.   Dividend 

The interim dividend is at the rate of 1.43p per share (Interim 2018: 1.40p), and based on 116,120,658 shares in issue at the announcement date the dividend will amount to GBP1,661,000 (Interim 2018: GBP1,623,000). The interim dividend will be paid on 18 April 2019 to shareholders on the register at the close of business on 29 March 2019, and the shares become ex-dividend on 28 March 2019.

A final dividend for the year ended 30 June 2018 of 4.00p (2017: final of 3.55p) per share, amounting to GBP4,639,000 (2017: GBP4,114,000) was paid on 29 November 2018.

   5.   Availability of interim statement 

Copies of the interim report are being sent to shareholders and will also be available from the company's registered office or on the company's website (www.fwthorpe.co.uk) from 29 March 2019.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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