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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Thorpe (f.w.) Plc | LSE:TFW | London | Ordinary Share | GB00BC9ZLX92 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 7.00 | 1.79% | 397.50 | 391.00 | 404.00 | 400.00 | 395.00 | 395.00 | 34,838 | 16:35:28 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Lighting Equipment, Nec | 176.75M | 21.93M | 0.1844 | 21.69 | 475.74M |
From Apr 2019 to Apr 2024
TIDMTFW
RNS Number : 6114Z
Thorpe(F.W.) PLC
16 March 2017
F W Thorpe Plc
INTERIM RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2016
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 2016.
Key points:
Hot Features
Premium
Interim Interim
2017 2016
-------------------- --------- --------- ----------
Revenue GBP51.2m GBP41.4m 23.8%
increase
Operating profit GBP7.8m GBP6.5m 19.7%
increase
Profit before tax GBP7.8m GBP6.6m 18.0%
increase
Basic earnings per 20.3%
share 5.38p 4.47p increase
-------------------- --------- --------- ----------
-- Revenue and operating profit growth at Thorlux drives positive interim result
-- Lightronics continues to perform well, driven by one off projects
-- Interim dividend increased to 1.35p (Interim 2016: 1.20p)
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
This announcement contains information which, prior to its disclosure, was considered inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (MAR).
CHAIRMAN'S INTERIM STATEMENT
I am pleased to be able to report a successful first half of the 2016/17 financial year with Group revenues increased by 23.8% and operating profit increased by 19.7%.
Whilst normally expecting a higher level of profit attainment on raised revenues the exceptionally buoyant first half at our largest entity, Thorlux Lighting, had to be met by the imposition of high levels of overtime, shift working etc. which inevitably has led to a higher cost of production than we would have liked. These actions were necessary to satisfy spikes in customer demand but it is unlikely that the need for such levels of activity will persist.
Generally, throughout the Group, the performances in both revenue and profit have improved with the exception of Compact Lighting which is still in a transitory state of merging many product ranges and sales platforms with Thorlux Lighting.
Offices abroad have also performed well with renewed optimism at the, now 100% owned, Australian office. Our UAE office is still finding its way, however.
Investments throughout the Group continue as desired where decided as prudent by your Board. Product investment, of course, continues not least with the notable recent introduction of "SmartScan" a new highly advanced wireless lighting control system, which has immediately found favour with many of our customers. Hardware investment also continues and this has most recently included the purchase, in Redditch, of a modern 1,800 square metre freehold factory unit for Group firm, TRT Lighting which, as mentioned in my last report, was being constrained through lack of space.
This new space will not only increase manufacturing capacity at TRT Lighting but will also house a new paint plant serving not only TRT but for use as a back-up facility in case of paint plant problems at nearby Thorlux where current capacity is stretched. In the same vein, it will house a new surface mount circuit board production line again for TRT use and as a Group back-up facility.
The Group carbon offsetting project in Devauden, Monmouthshire has recently partaken of an over doubling of tree stock to a total of some 150,000 plantings. This puts the company somewhat in advance of its carbon offsetting requirements.
Group performance for the "first half", therefore, allows your company to pay a dividend for the six months to 31(st) December 2016 of 1.35p (Interim 2015 1.20p) this being a 12.5% increase.
We remain optimistic of a satisfactory overall result for the year.
Andrew Thorpe
Chairman
16 March 2017
F W Thorpe Plc
CONSOLIDATED INCOME STATEMENT
for the six months to 31 December 2016
31.12.16 31.12.15 30.06.16
(six (six (twelve
months months months
to) to) to)
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Revenue 51,236 41,370 88,946
------------ ------------ ----------
Operating Profit 7,775 6,494 16,195
Finance income 307 383 702
Finance costs* (272) (257) (627)
Share of loss of joint
venture (-) (-) (1)
------------ ------------ ----------
Profit before tax expense 7,810 6,620 16,269
Tax expense (1,588) (1,446) (3,270)
------------ ------------ ----------
Profit for the period from
continuing operations 6,222 5,174 12,999
Profit for the period 6,222 5,174 12,999
*Finance costs represents payments made in relation to the acquisition of Lightronics Participaties BV.
Dividend rate per share:
------ ---------- ------
Interim 1.35p 1.20p 1.20p
Final - - 2.85p
Special - 2.00p 2.00p
------ ---------- ------
Earnings per share - basic 5.38p 4.47p 11.24p
- diluted 5.35p 4.47p 11.21p
-------------------------------- ------ ------ -------
GROUP STATEMENT OF COMPREHENSIVE INCOME
for the six months to 31 December 2016
31.12.16 31.12.15 30.06.16
(six months (six months
to) to)
(twelve
months
to)
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Profit for the year 6,222 5,174 12,999
Other comprehensive income
Items that may be reclassified
to profit or loss
Revaluation of available-for-sale
financial assets
- Arising in period* 227 (207) (74)
- Reclassified in period - - -
Exchange rate differences
on translation of foreign
operations
- Arising in period 192 58 1,627
- Reclassified in period - - -
Taxation (43) 103 60
376 (46) 1,613
------------- ------------- ----------
Items that will not be
reclassified to profit
or loss
Actuarial loss on pension
scheme - - (1,285)
Movement on unrecognised
pension surplus - - 1,095
- - (190)
------------- ------------- ----------
Other comprehensive income
for the year, net of tax 376 (46) 1,423
Total comprehensive income
for the year 6,598 5,128 14,422
------------- ------------- ----------
All comprehensive income is attributable to the owners of the company.
* The profit on items that may be reclassified to profit or loss of GBP227,000 is due to the increase in market value of available for sale financial assets.
CONSOLIDATED BALANCE SHEET
as at 31 December 2016
As at As at As at
31.12.16 31.12.15 30.06.16
(unaudited) (unaudited) (audited)
Assets GBP'000 GBP'000 GBP'000
Non-Current Assets
Property, plant and equipment 17,570 14,192 14,900
Intangible assets 15,465 14,160 15,183
Investment property 2,219 2,140 2,131
Loans and receivables 4,340 4,968 4,980
Equity accounted investments 936 - 936
Available for sale financial
assets 3,574 3,218 3,348
Deferred tax assets 32 26 27
------------ ------------ ----------
44,136 38,704 41,505
Current assets
Inventories 20,847 16,813 18,863
Trade and other receivables 17,210 13,908 21,914
Other financial assets
at fair value through profit
or loss 389 389 389
Short term financial assets
- deposits 12,767 12,560 14,910
Cash and cash equivalents 22,957 21,606 18,295
------------ ------------ ----------
Total current assets 74,170 65,276 74,371
Total Assets 118,306 103,980 115,876
------------ ------------ ----------
Liabilities
Current liabilities
Trade and other payables (15,804) (11,545) (16,700)
Current tax liabilities (1,667) (2,197) (1,963)
------------ ------------ ----------
Total current liabilities (17,471) (13,742) (18,663)
Net current assets 56,699 51,534 55,708
Non-current liabilities
Retirement benefit deficit - - -
Other payables (4,811) (4,044) (4,619)
Provisions for liabilities
and charges (1,171) (259) (1,088)
Deferred tax liabilities (785) (857) (799)
------------ ------------ ----------
Total liabilities (24,238) (18,902) (25,169)
------------ ------------ ----------
Net assets 94,068 85,078 90,707
------------ ------------ ----------
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
Foreign currency translation
reserve 1,798 - 1,606
Retained earnings 90,288 83,096 87,119
------------ ------------ ----------
Total equity 94,068 85,078 90,707
------------ ------------ ----------
GROUP STATEMENT OF CHANGES IN EQUITY
for the six months to 31 December 2016
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
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
----------------------------------- --------- --------- ------------ ------------- ---------- ---------
Comprehensive income
Profit for six months
to 30 June 2016 - - - - 7,825 7,825
Actuarial loss on
pension scheme - - - - (1,285) (1,285)
Movement on unrecognised
pension surplus - - - - 1,095 1,095
Revaluation of available-for-sale
financial assets - - - - 133 133
Movement on associated
deferred tax - - - - (43) (43)
Transfer to foreign
currency translation
reserve (21) 21 -
Exchange rate differences
on translation of
foreign operations - - - 1,627 (58) 1,569
Total comprehensive
income - - - 1,606 7,688 9,294
Transactions with
owners
Dividends paid to
shareholders - - - - (3,701) (3,701)
Share-based payment
charge - - - - 36 36
Total transactions
with owners - - - - (3,665) (3,665)
Balance at 30 June
2016 1,189 656 137 1,606 87,119 90,707
----------------------------------- --------- --------- ------------ ------------- ---------- ---------
Comprehensive income
Profit for six months
to 31 December 2016 - - - - 6,222 6,222
Other comprehensive
income - - - 192 184 376
----------------------------------- --------- --------- ------------ ------------- ---------- ---------
Total comprehensive
income - - - 192 6,406 6,598
Transactions with
owners
Dividends paid to
shareholders - - - - (3,297) (3,297)
Share-based payment
charge - - - - 60 60
Total transactions
with owners - - - - (3,237) (3,237)
Balance at 31 December
2016 1,189 656 137 1,798 90,288 94,068
----------------------------------- --------- --------- ------------ ------------- ---------- ---------
GROUP STATEMENT OF CASH FLOWS
for the six months to 31 December 2016
31.12.16 31.12.15 30.06.16
(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 7,810 6,620 16,269
Adjustments for
- Depreciation charge 781 705 1,523
- Amortisation of intangibles
& investment property 947 1,085 2,277
- Profit on disposal of property,
plant and equipment (44) (48) (89)
- Finance expense (35) (383) (75)
- Retirement benefit contributions
in excess of current and
past service charge (73) (85) (190)
- Share of loss from joint
venture - - 1
- Share-based payment expense 122 88 193
- Research and development
expenditure (credit)/charge (126) - (236)
- Effects of exchange rate
movements (78) 110 182
Changes in working capital
- Inventories (1,919) 949 (1,128)
- Trade and other receivables 4,116 5,799 (2,094)
- Trade and other payables (1,042) (2,838) 2,313
------------------------------------ ------------- ------------- ----------
Cash generated from operations 10,459 12,002 18,946
Tax paid (1,823) (1,374) (3,323)
Cash flow from investing
activities
Purchase of property, plant
and equipment (3,302) (1,113) (2,543)
Proceeds from sale of property,
plant and equipment 134 71 122
Purchase of intangibles (782) (836) (1,764)
Purchase of investment property (122) (19) (28)
Net sale/(purchase) of available
for sale financial assets 1 (407) (404)
Equity accounted investments
acquired - - (936)
Property rental and similar
income 29 40 74
Dividend income 104 93 177
Net sale/(purchase) of deposits 2,143 (3,202) (5,552)
Interest received 124 114 314
Receipt of loans notes 710 11 200
Net cash (used in)/generated
from investing activities (961) (5,248) (10,340)
Cash flow from financing
activities
Dividends paid to company
shareholders (3,297) (2,950) (6,651)
Net cash used in financing
activities (3,297) (2,950) (6,651)
------------- ------------- ----------
Effects of exchange rate
changes on cash 284 - 487
Net increase in cash and
cash equivalents 4,662 2,430 (881)
Cash and cash equivalents
at the beginning of the period 18,295 19,176 19,176
Cash and cash equivalents
at the end of the period 22,957 21,606 18,295
------------- ------------- ----------
Notes to the Interim Financial Statements
1. Basis of Preparation
The consolidated interim financial statements for the six months to 31 December 2016 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 2016 and the comparative period to 31 December 2015 have not been audited or reviewed and are therefore disclosed as unaudited. The figures for 30 June 2016 have been extracted from the financial statements for the year to 30 June 2016, 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 2016 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 nine 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 seven remaining continuing operating segments have been aggregated into the 'other companies' segment based on their size, comprising the entities Compact Lighting Limited, Philip Payne Limited, Solite Europe Limited, Portland Lighting Limited, TRT Lighting Limited, Thorlux LLC and Thorlux Australasia PTY Limited.
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
2016
Revenue to external
customers 31,470 9,713 10,053 - 51,236
Revenue to other
Group companies 1,530 136 1,913 (3,579) -
--------------------------- -------- ------------ ---------- -------- -----------
Total revenue 33,000 9,849 11,966 (3,579) 51,236
--------------------------- -------- ------------ ---------- -------- -----------
Operating Profit 5,933 1,104 620 118 7,775
--------------------------- -------- ------------ ---------- -------- -----------
Finance income 307
Finance expense (272)
Share of loss in -
joint venture
Profit before tax
expense 7,810
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
Year to 30 June
2016
Revenue to external
customers 54,157 15,524 19,265 - 88,946
Revenue to other
group companies 2,409 60 2,401 (4,870) -
--------------------------- -------- ------------ ---------- -------- -----------
Total revenue 56,566 15,584 21,666 (4,870) 88,946
--------------------------- -------- ------------ ---------- -------- -----------
Operating Profit 11,699 2,103 2,189 204 16,195
--------------------------- -------- ------------ ---------- -------- -----------
Net finance income 75
Share of profit
in joint venture (1)
Profit before tax
expense 16,269
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. Investment in Subsidiary
On 1 July 2016 the Group acquired 49% of the share capital of Thorlux Australasia PTY Limited for a nominal sum.
Previously Thorlux Australasia was a joint venture with a local partner and we therefore now own 100% of the company. This will give us the ability to exercise full control over the operations with a view to improving the operating results going forward.
The Group has fully consolidated the results of Thorlux Australasia in the figures for December 2016.
4. 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 115,675,590 (Interim 2016: 115,675,590) 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 116,347,665 (Interim 2016: 115,791,614) during the period.
5. Dividend
The interim dividend is at the rate of 1.35p per share (Interim 2016: 1.20p), and based on 115,675,590 shares in issue at the announcement date the dividend will amount to GBP1,562,000 (Interim 2016: GBP1,388,000). The interim dividend will be paid on 6 April 2017 to shareholders on the register at the close of business on 24 March 2017, and the shares become ex-dividend on 23 March 2017.
A final dividend for the year ended 30 June 2016 of 2.85p (2015: final of 2.55p) per share, amounting to GBP3,297,000 (2015: GBP2,950,000) was paid on 24 November 2016.
6. 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 31 March 2017.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UVSBRBOAOAAR
(END) Dow Jones Newswires
March 16, 2017 03:00 ET (07:00 GMT)
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