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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 357.50 | 346.00 | 369.00 | 85,865 | 08:00:02 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Lighting Equipment, Nec | 176.75M | 21.93M | 0.1871 | 19.11 | 419.1M |
From Jul 2019 to Jul 2024
TIDMTFW
RNS Number : 7679H
Thorpe(F.W.) PLC
15 March 2018
F W Thorpe Plc
INTERIM RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2017
F W 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 2017.
Key points:
Hot Features
Premium
Interim Interim
2018 2017
-------------------- --------- --------- ----------
Revenue GBP53.2m GBP51.2m 3.8%
increase
Operating profit GBP7.8m GBP7.8m 0.7%
increase
Profit before tax GBP7.9m GBP7.8m 0.9%
increase
Basic earnings per 0.9%
share 5.43p 5.38p increase
-------------------- --------- --------- ----------
-- Performance of most Group companies was similar to the record figures of 2017
-- Famostar acquisition completed in December for initial consideration of EUR7.6m
-- Interim dividend increased to 1.40p (Interim 2017: 1.35p)
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 020 7496 3000
CHAIRMAN'S INTERIM STATEMENT
The Group started this financial year reasonably well, and at the halfway point had increased revenues by 3.8% and operating profit by 0.7%. Order income did not reach the record highs of 2016/17, making a further record-breaking full year result a challenge, as indicated in my update at the time of our AGM in November 2017.
Following the rebranding of Compact Lighting as Thorlux, Thorlux now has the benefit of additional retail revenue, which is now making a small contribution. Elsewhere, the majority of Group businesses performed in line with or ahead of last year, with the exception of TRT, where orders increased but margins reduced due to market pressure on selling prices. Improvements at TRT are underway for the second half of this financial year.
Certain overseas operations performed well, with a particularly positive contribution from those in the UAE and Australia. Lightronics delivered a large-scale project in Rotterdam and its performance is in line with that of last year.
Famostar, an emergency lighting specialist in the Netherlands, was welcomed to the Group. Within the Group, we see this as a complementary addition to the Lightronics operation, improving Lightronics' product offering and giving the opportunity to share Group technology in the future.
Having completed the new TRT factory and surface mount technology (SMT) electronics assembly line, the Group is now turning its attention to other areas. In January, the Group acquired the Lightronics factory and neighbouring property for EUR3.4m, providing a stable footing for expansion. On this site, the Group plans to build its European Application Centre, similar to the very successful Thorlux centre in the UK. It will showcase Lightronics, Thorlux and other Group products and systems.
Product development is a foundation of all Group businesses and continues apace. At Thorlux, additional SmartScan wireless lighting system features were launched, as planned. In addition, a raft of new and improved luminaires will appear on individual business websites before the end of the current financial year.
The results for the six months to 31 December 2017 allow for an increased dividend of 1.40p (Interim 2017: 1.35p), representing a 3.7% increase.
It remains a challenge to maintain last year's result, in spite of the interim performance. Revenue and profits should be bolstered by the addition of Famostar in the second half of the year; however, whilst the Group will endeavour to reach record levels, it seems unlikely.
Within the Group we will, of course, continue to work on and invest in projects that support our vision of stable long-term growth into the future.
Mike Allcock
Chairman
15 March 2018
F W Thorpe Plc
CONSOLIDATED INCOME STATEMENT
for the six months to 31 December 2017
31.12.17 31.12.16 30.06.17
(six (six (twelve
months months months
to) to) to)
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Revenue 53,170 51,236 105,448
------------ ------------ ----------
Operating Profit 7,829 7,775 18,422
Finance income 338 307 535
Finance costs (285) (272) (784)
Share of profit of joint
venture - - 178
------------ ------------ ----------
Profit before tax expense 7,882 7,810 18,351
Tax expense (1,598) (1,588) (3,851)
------------ ------------ ----------
Profit for the period from
continuing operations 6,284 6,222 14,500
Profit for the period 6,284 6,222 14,500
Dividend rate per share:
------ ------ ------
Interim 1.40p 1.35p 1.35p
Final - - 2.85p
------ ------ ------
Earnings per share - basic 5.43p 5.38p 12.54p
- diluted 5.39p 5.35p 12.47p
-------------------------------- ------ ------ -------
GROUP STATEMENT OF COMPREHENSIVE INCOME
for the six months to 31 December 2017
31.12.17 31.12.16 30.06.17
(six months (six months (twelve
to) to) months
to)
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Profit for the year 6,284 6,222 14,500
Other comprehensive income
Items that may be reclassified
to profit or loss
Revaluation of available-for-sale
financial assets
- Arising in period* 263 227 287
- Reclassified in period - - -
Exchange rate differences
on translation of foreign
operations
- Arising in period 159 192 657
- Reclassified in period - - -
Taxation (45) (43) 18
377 376 962
------------- ------------- ----------
Items that will not be
reclassified to profit
or loss
Actuarial loss on pension
scheme - - (1,211)
Movement on unrecognised
pension surplus - - 1,071
- - (140)
------------- ------------- ----------
Other comprehensive income
for the year, net of tax 377 376 822
Total comprehensive income
for the year 6,661 6,598 15,322
------------- ------------- ----------
All comprehensive income is attributable to the owners of the company.
* The profit on items that may be reclassified to profit or loss of GBP263,000 is due to the increase in market value of available for sale financial assets.
CONSOLIDATED BALANCE SHEET
as at 31 December 2017
As at As at As at
31.12.17 31.12.16 30.06.17
(unaudited) (unaudited) (audited)
Assets GBP'000 GBP'000 GBP'000
Non-Current Assets
Property, plant and equipment 19,666 17,570 18,837
Intangible assets 22,873 15,465 15,927
Investment property 2,133 2,219 2,163
Loans and receivables 6,306 4,340 3,058
Equity accounted investments 936 936 936
Available for sale financial
assets 3,893 3,574 3,630
Deferred tax assets 9 32 19
------------ ------------ ----------
55,816 44,136 44,570
Current assets
Inventories 20,913 20,847 22,592
Trade and other receivables 22,607 17,210 18,995
Other financial assets
at fair value through profit
or loss 389 389 389
Loans and receivables - - 750
Short term financial assets
- deposits 9,856 12,767 16,981
Cash and cash equivalents 28,417 22,957 24,678
------------ ------------ ----------
Total current assets 82,182 74,170 84,385
Total Assets 137,998 118,306 128,955
------------ ------------ ----------
Liabilities
Current liabilities
Trade and other payables (18,056) (15,804) (17,826)
Current tax liabilities (2,015) (1,667) (1,606)
------------ ------------ ----------
Total current liabilities (20,071) (17,471) (19,432)
Net current assets 62,111 56,699 64,953
Non-current liabilities
Retirement benefit deficit - - -
Other payables (11,463) (4,811) (5,774)
Provisions for liabilities
and charges (1,619) (1,171) (1,537)
Deferred tax liabilities (706) (785) (920)
------------ ------------ ----------
Total non-current liabilities (13,788) (6,767) (8,231)
------------ ------------ ----------
Total liabilities (33,859) (24,238) (27,663)
------------ ------------ ----------
Net assets 104,139 94,068 101,292
------------ ------------ ----------
Equity attributable to
owners of the company
Issued share capital 1,189 1,189 1,189
Share premium account 902 656 656
Capital redemption reserve 137 137 137
Foreign currency translation
reserve 2,422 1,798 2,263
Retained earnings 99,489 90,288 97,047
------------ ------------ ----------
Total equity 104,139 94,068 101,292
------------ ------------ ----------
GROUP STATEMENT OF CHANGES IN EQUITY
for the six months to 31 December 2017
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
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
----------------------------------- --------- --------- ------------ ------------- ---------- ---------
Comprehensive income
Profit for six months
to 30 June 2017 - - - - 8,278 8,278
Actuarial loss on
pension scheme - - - - (1,211) (1,211)
Movement on unrecognised
pension surplus - - - - 1,071 1,071
Revaluation of available-for-sale
financial assets - - - - 60 60
Movement on associated
deferred tax - - - - (7) (7)
Impact of deferred
tax rate change - - - - 68 68
Exchange rate differences
on translation of
foreign operations - - - 465 - 465
Total comprehensive
income - - - 465 8,259 8,724
Transactions with
owners
Dividends paid to
shareholders - - - - (1,561) (1,561)
Share-based payment
charge - - - - 61 61
Total transactions
with owners - - - - (1,500) (1,500)
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
----------------------------------- --------- --------- ------------ ------------- ---------- ---------
GROUP STATEMENT OF CASH FLOWS
for the six months to 31 December 2017
31.12.17 31.12.16 30.06.17
(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 7,882 7,810 18,351
Adjustments for
- Depreciation charge 997 781 1,697
- Amortisation of intangibles
& investment property 1,313 947 2,302
- Profit on disposal of property,
plant and equipment (45) (44) (119)
- Finance (income)/expense (53) (35) 249
- Retirement benefit contributions
in excess of current and
past service charge (53) (73) (140)
- Share of profit from joint
venture - - (178)
- Share-based payment expense 166 122 337
- Research and development
expenditure credit (123) (126) (233)
- Effects of exchange rate
movements 120 (78) 113
Changes in working capital
- Inventories 2,623 (1,919) (3,646)
- Trade and other receivables (2,469) 4,116 2,156
- Payables and provisions (94) (1,042) 1,491
------------------------------------ ------------- ------------- ----------
Cash generated from operations 10,264 10,459 22,380
Tax paid (1,351) (1,823) (3,840)
Cash flow from investing
activities
Purchase of property, plant
and equipment (1,848) (3,302) (5,400)
Proceeds from sale of property,
plant and equipment 79 134 262
Purchase of intangibles (939) (782) (2,148)
Purchase of subsidiary (net
of cash acquired) (5,922) - 240
Purchase of investment property - (122) (100)
Net sale/(purchase) of available
for sale financial assets - 1 5
Property rental and similar
income 27 29 31
Dividend income 94 104 210
Net sale/(purchase) of deposits 7,125 2,143 (2,071)
Interest received 202 124 393
Net (issue)/receipt of loans
notes (118) 710 1,090
Net cash (used in)/generated
from investing activities (1,300) (961) (7,488)
Cash flow from financing
activities
Net proceeds from the issuance
of ordinary shares 248 - -
Dividends paid to company
shareholders (4,114) (3,297) (4,858)
Net cash used in financing
activities (3,866) (3,297) (4,858)
------------- ------------- ----------
Effects of exchange rate
changes on cash (8) 284 189
Net increase/(decrease) in
cash and cash equivalents 3,739 4,662 6,383
Cash and cash equivalents
at the beginning of the period 24,678 18,295 18,295
Cash and cash equivalents
at the end of the period 28,417 22,957 24,678
------------- ------------- ----------
Notes to the Interim Financial Statements
1. Basis of Preparation
The consolidated interim financial statements for the six months to 31 December 2017 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 2017 and the comparative period to 31 December 2016 have not been audited or reviewed and are therefore disclosed as unaudited. The figures for 30 June 2017 have been extracted from the financial statements for the year to 30 June 2017, 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 2017 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. During the period, Compact Lighting Limited has been incorporated into the Thorlux segment further to previous announcements. 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 Philip Payne Limited, Solite Europe Limited, Portland Lighting Limited, TRT Lighting Limited, Thorlux LLC, Thorlux Australasia PTY Limited and Famostar B.V.
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.
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.
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
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)
Share of loss in -
joint venture
Profit before tax
expense 7,882
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
Year to 30 June
2017
Revenue to external
customers 65,323 19,243 20,882 - 105,488
Revenue to other
group companies 3,794 304 4,364 (8,462) -
--------------------------- -------- ------------ ---------- -------- -----------
Total revenue 69,117 19,547 25,246 (8,462) 105,448
--------------------------- -------- ------------ ---------- -------- -----------
Operating Profit 14,162 2,372 2,163 (275) 18,422
--------------------------- -------- ------------ ---------- -------- -----------
Finance expense (249)
Share of profit
in joint venture 178
Profit before tax
expense 18,351
Comparative periods for the Other Companies segment include Compact Lighting Limited. For the current period Compact Lighting Limited is incorporated in the Thorlux segment following the reorganisation of this business in July 2017.
3. Investment in Subsidiary
In December 2017, the Group acquired 100% of the share capital of Famostar B.V., an emergency lighting specialist in the Netherlands. The company was acquired by Lightronics Participaties B.V. for an initial consideration of EUR7.6m (circa GBP6.8m) with an estimated additional EUR0.5m (GBP0.4m) payable subject to performance conditions relating to EBITDA in 2017 and 2018. Based on current best estimates, a further EUR2.7m (GBP2.4m) could be payable to the holders of share appreciation rights in Lightronics Participaties B.V. which is subject to future performance conditions linked to a significant increase in EBITDA over the next three years.
Amounts recognised in respect of this acquisition are:
EUR,000
Total identifiable assets 2,674
Goodwill 8,156
---------------------------------------------- --------
Total purchase consideration 10,830
---------------------------------------------- --------
Total purchase consideration satisfied
by:
Cash 7,600
Contingent consideration: Famostar 500
Contingent consideration: Share appreciation
rights 2,730
---------------------------------------------- --------
Total consideration 10,830
---------------------------------------------- --------
Net cash flow arising on acquisition
Cash consideration 7,600
Less cash in subsidiary acquired (931)
---------------------------------------------- --------
Cash outflow on acquisition 6,669
---------------------------------------------- --------
A fair value exercise has not yet been performed on the acquired assets and liabilities; this will be undertaken for the current financial year-end. The outcome of this exercise may result in changes to the fair value of the acquired assets and liabilities, as well as associated goodwill.
Unaudited results for the year ended 31st December 2017 showed revenues of EUR7.7m, and profit before tax of EUR1.3m. This acquisition is expected to make a minor contribution to Group profits for the current financial year.
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 115,750,590 (Interim 2017: 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 116,502,118 (Interim 2017: 116,347,665) during the period.
5. Dividend
The interim dividend is at the rate of 1.40p per share (Interim 2017: 1.35p), and based on 115,875,590 shares in issue at the announcement date the dividend will amount to GBP1,622,000 (Interim 2017: GBP1,562,000). The interim dividend will be paid on 12 April 2018 to shareholders on the register at the close of business on 23 March 2018, and the shares become ex-dividend on 22 March 2018.
A final dividend for the year ended 30 June 2017 of 3.55p (2016: final of 2.85p) per share, amounting to GBP4,114,000 (2016: GBP3,297,000) was paid on 30 November 2017.
6. Events after the Balance Sheet Date
In January 2018, the Group acquired the property in the Netherlands occupied by its subsidiary, Lightronics Participaties B.V. for EUR3,400,000.
7. 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 2018.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR USSWRWWAOAAR
(END) Dow Jones Newswires
March 15, 2018 03:00 ET (07:00 GMT)
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