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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 | -1.76% | 390.50 | 381.00 | 400.00 | 12,491 | 16:35:29 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Lighting Equipment, Nec | 176.75M | 21.93M | 0.1844 | 21.56 | 472.77M |
From Apr 2019 to Apr 2024
TIDMTFW
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:
Hot Features
Premium
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
IR URAWRKWAOUAR
(END) Dow Jones Newswires
March 21, 2019 03:00 ET (07:00 GMT)
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