We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|---|---|
12.50 | 3.20% | 403.00 | 400.00 | 406.00 | 404.00 | 381.00 | 395.00 | 71,894 | 16:35:10 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Lighting Equipment, Nec | 176.75M | 21.93M | 0.1844 | 21.91 | 480.5M |
TIDMTFW
RNS Number : 6336S
Thorpe(F.W.) PLC
18 March 2021
INTERIM RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2020
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 2020.
Financial highlights:
Interim Interim 2021 (unaudited) 2020 (unaudited) -------------------------- ------------------ ------------------ ------ Revenue GBP56.4m GBP57.4m -1.8% Operating profit GBP7.7m GBP7.5m +2.2% Profit before tax GBP7.4m GBP7.4m -% Basic earnings per share 5.05p 5.04p +0.2% -------------------------- ------------------ ------------------ ------ -- Interim dividend 1.49p (Interim 2020: 1.46p) - 2.1% increase -- Strong start to the year by Thorlux, supported by some large project orders -- Netherlands performance - strong recovery following fire at Lightronics back in September -- Other companies - reduced revenue at overseas sales offices -- Net cash generated from operating activities - GBP8.0m (Interim 2020: GBP6.2m)
Note: This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014 (MAR).
For further information, please contact:
FW 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 Steve Pearce/James Moat 020 7496 3000
CHAIRMAN'S INTERIM STATEMENT
Despite the challenging economic backdrop, the Group delivered a resilient performance, with revenue reducing only marginally at the half year compared with last year, and a pleasing marginal increase in profitability at an operating level.
Whilst much of the business community suffers serious ongoing uncertainty caused by the Covid pandemic, now compounded by Brexit-related operational difficulties, it is also pleasing for the Group to report a strong order performance, mainly attributed to its largest division, Thorlux Lighting, with support from TRT Lighting and Famostar. Understandably, elsewhere, orders are struggling to reach the levels of previous years, but all the main manufacturing companies achieved profitable results at the half-year point. Covid and Brexit are presenting some barriers to export sales, which are likely to resolve over time.
As reported in last autumn's Chairman's Statement, Lightronics suffered a devastating fire on 23 September 2020. Fortunately no one was hurt, but unfortunately the fire destroyed the majority of Lightronics' manufacturing facility and all of the recently completed European Application Centre, requiring the building to be completely demolished. Giving credit to the local management team, remarkably, within only a few weeks, manufacturing commenced at a rented property close by. The latest update is that the site is now cleared and ready for reconstruction of the new improved facility, insurance claims are proceeding in accordance with expectations, and production output and efficiency is recovering to near normal levels. I would like to congratulate the whole team for their tremendous professionalism, and I would also like to thank Lightronics' customers for their support during this time.
Following the Lightronics' fire, the Board has completed an independent enhanced fire risk review of all its operations, and actions are continuing to do everything possible to manage and mitigate risks of this nature.
Covid planning and employee safety remain a priority. The Group still has around 200 employees working from home, with a successful IT infrastructure helping to facilitate their excellent performance under the circumstances. For those attending work, all the Group's Covid-secure factories in the UK have installed infra-red temperature testing at entrances, and, furthermore, all employees are tested at regular intervals using fast-response lateral flow test kits. Despite the Group's rigorous planning and strict adherence to guidelines, shortly after Christmas the TRT facility in Redditch experienced significant disruption. Other sites, although not as seriously affected, are coping with ongoing daily difficulties as best they can.
Capital investment has been significantly reduced compared to prior periods; however, the Board recently approved the roll-out of solar PV installations on the roofs of other UK group companies, in addition to the recently completed and very successful Thorlux scheme, reported in the 2019 Annual Report and Accounts. The Group expects to generate at least 40% of the electricity consumed on these sites, saving both cost and carbon emissions, further underpinning the Group's sustainability credentials and wish to continually improve in this area.
This half year has been particularly difficult to manage with so many adverse head winds. I would like to congratulate the whole team for what has been achieved so far in such unusual and challenging circumstances and thank them for their support in keeping manufacturing almost entirely operational and satisfying customer demands, thus helping keep customers' infrastructure projects active.
As a result of this solid performance and strong balance sheet, the Board has approved an increased dividend of 1.49p (interim 2020: 1.46p) for the six months to 31 December 2020.
Supported by the Group's healthy order book, I foresee a steady second-half performance better than expected at the start of the pandemic.
I wish all stakeholders continued good health and I look forward to the conclusion of the vaccination programme signalling a return to business as usual. The Board certainly has an appetite to return to a trajectory of sustained and profitable growth, and to that end board members hope that the recent impacts on the economy long term will not restrict us from achieving our goals.
Mike Allcock
Chairman
18 March 2021
FW Thorpe Plc
CONSOLIDATED INCOME STATEMENT
for the six months to 31 December 2020
31.12.20 31.12.19 30.06.20 (six months (six months (twelve to) to) months to) (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 Revenue 56,374 57,412 113,342 Operating profit 7,653 7,489 16,332 Finance income 364 402 708 Finance costs (650) (527) (1,097) Profit before tax expense 7,367 7,364 15,943 Tax expense (1,489) (1,505) (2,629) ------------- ------------- ---------- Profit for the period 5,878 5,859 13,314 Dividend rate per share: ------ ------ ------ Interim 1.49p 1.46p 1.46p Final - - 4.20p ------ ------ ------ Earnings per share - basic 5.05p 5.04p 11.45p - diluted 5.03p 5.02p 11.40p -------------------------------- ------ ------ -------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months to 31 December 2020
31.12.20 31.12.19 30.06.20 (six months (six months to) to) (twelve months to) (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 Profit for the period 5,878 5,859 13,314 Other comprehensive income Items that may be reclassified to profit or loss Exchange rate differences on translation of foreign operations (30) (558) 229 (30) (558) 229 ------------- ------------- ---------- Items that will not be reclassified to profit or loss Revaluation of financial assets at fair value through other comprehensive income * 403 168 (834) Actuarial loss on pension scheme - - (2,039) Movement on unrecognised pension surplus - - 1,869 Taxation (6) (29) 13 397 139 (991) ------------- ------------- ---------- Other comprehensive income for the year, net of tax 367 (419) (762) Total comprehensive income for the year 6,245 5,440 12,552 ------------- ------------- ----------
All comprehensive income is attributable to the owners of the company.
* The gain on the revaluation of financial assets at fair value through other comprehensive income of GBP403,000 is due to the increase in market value of these investments.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 31 December 2020
As at As at As at 31.12.20 31.12.19 30.06.20 (unaudited) (unaudited) (audited) Assets GBP'000 GBP'000 GBP'000 Non-current assets Property, plant and equipment 26,924 30,317 30,574 Intangible assets 20,368 20,811 21,032 Investment property 1,982 1,997 1,987 Loans and receivables - 2,919 1,800 Equity accounted investments - 936 - Financial assets at fair value through other comprehensive income 4,175 3,838 3,772 Deferred tax assets - 2 - ------------ ------------ ---------- 53,449 60,820 59,165 Current assets Inventories 20,664 25,121 25,296 Trade and other receivables 26,457 21,568 21,256 Financial assets at amortised cost 1,800 - 625 Short-term financial assets 25,596 24,542 18,580 Cash and cash equivalents 39,471 27,438 44,422 ------------ ------------ ---------- Total current assets 113,988 98,669 110,179 Total assets 167,437 159,489 169,344 ------------ ------------ ---------- Liabilities Current liabilities Trade and other payables (33,205) (19,102) (36,185) Lease liabilities (238) (82) (220) Current tax liabilities (150) (274) (831) ------------ ------------ ---------- Total current liabilities (33,593) (19,458) (37,236) Net current assets 80,395 79,211 72,943 Non-current liabilities Other payables (73) (13,442) (67) Lease liabilities (464) (565) (417) Provisions for liabilities and charges (2,732) (2,375) (2,721) Deferred tax liabilities (626) (786) (601) ------------ ------------ ---------- Total non-current liabilities (3,895) (17,168) (3,806) ------------ ------------ ---------- Total liabilities (37,488) (36,626) (41,042) ------------ ------------ ---------- Net assets 129,949 122,863 128,302 ------------ ------------ ---------- Equity attributable to owners of the company Issued share capital 1,189 1,189 1,189 Share premium account 1,799 1,526 1,526 Capital redemption reserve 137 137 137 Foreign currency translation reserve 2,734 1,977 2,764 Retained earnings -------------------------------------- ------------ ------------ ---------- At 1 July 122,686 117,036 117,036 Profit for the year attributable to owners 5,878 5,859 13,314 Other changes in retained earnings (4,474) (4,861) (7,664) -------------------------------------- ------------ ------------ ---------- 124,090 118,034 122,686 ------------ ------------ ---------- Total equity 129,949 122,863 128,302 ------------ ------------ ----------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months to 31 December 2020
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 2019 1,189 1,266 137 2,535 117,036 122,163 -------------------------------- --------- --------- ------------ ------------- ---------- ---------- Adjustment on first time adoption of IFRS16 (net of tax) - - - - (265) (265) Restated balance at 30 June 2019 1,189 1,266 137 2,535 116,771 121,898 -------------------------------- --------- --------- ------------ ------------- ---------- ---------- Comprehensive income Profit for six months to 31 December 2019 - - - - 5,859 5,859 Other comprehensive income - - - (558) 139 (419) -------------------------------- --------- --------- ------------ ------------- ---------- ---------- Total comprehensive income - - - (558) 5,998 5,440 Transactions with owners Share options exercised - 260 - - - 260 Dividends paid to shareholders - - - - (4,770) (4,770) Share-based payment charge - - - - 35 35 Total transactions with owners - 260 - - (4,735) (4,475) Comprehensive income Profit for six months to 30 June 2020 - - - - 7,455 7,455 Actuarial loss on pension scheme - - - - (2,039) (2,039) Movement on unrecognised pension surplus - - - - 1,869 1,869 Revaluation of financial assets at fair value through other comprehensive income - - - - (1,002) (1,002) Movement on associated deferred tax - - - - 110 110 Impact of deferred tax rate change - - - - (68) (68) Exchange rate differences on translation of foreign operations - - - 787 - 787 Total comprehensive income - - - 787 6,325 7,112 Transactions with owners Dividends paid to shareholders - - - - (1,698) (1,698) Share-based payment charge - - - - 25 25 Total transactions with owners - - - - (1,673) (1,673) Balance at 30 June 2020 1,189 1,526 137 2,764 122,686 128,302 -------------------------------- --------- --------- ------------ ------------- ---------- ---------- Comprehensive income Profit for six months to 31 December 2020 - - - - 5,878 5,878 Other comprehensive income - - - (30) 397 367 -------------------------------- --------- --------- ------------ ------------- ---------- ---------- Total comprehensive income - - - (30) 6,275 6,245 Transactions with owners Share options exercised - 273 - - - 273 Dividends paid to shareholders - - - - (4,895) (4,895) Share-based payment charge - - - - 24 24 Total transactions with owners - 273 - - (4,871) (4,598) Balance at 31 December 2020 1,189 1,799 137 2,734 124,090 129,949 -------------------------------- --------- --------- ------------ ------------- ---------- ----------
CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months to 31 December 2020
31.12.20 31.12.19 30.06.20 (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 7,367 7,364 15,943 Adjustments for - Depreciation charge 1,746 1,491 3,221 - Depreciation of investment property 10 9 19 - Amortisation of intangibles 1,260 1,276 2,577 - Profit on disposal of property, plant and equipment (46) (41) (118) - Impairment of property, plant and equipment due to fire 3,214 - - - Net finance expense/(income) 286 125 389 - Retirement benefit contributions in excess of current and past service charge (129) (124) (170) - Share-based payment charge 703 419 1,211 - Research and development expenditure credit (130) (149) (249) - Effects of exchange rate movements 281 537 (219) Changes in working capital - Inventories 4,634 387 238 - Trade and other receivables (5,546) 49 571 - Payables and provisions (3,898) (2,178) (182) ------------------------------------------------ ------------------------- ------------- ---------------- Cash generated from operations 9,752 9,165 23,231 Tax paid (1,738) (2,958) (3,848) Cash flow from investing activities Purchase of property, plant and equipment (1,464) (5,521) (6,988) Proceeds from sale of property, plant and equipment 86 83 212 Purchase of intangibles (768) (1,099) (1,719) (Purchase)/sale of financial assets at fair value through other comprehensive income (5) (61) (61) Proceeds from sale of other financial assets at fair value through profit and loss - 387 387 Property rental and similar income 26 6 92 Dividend income 87 111 187 Net withdrawal/(deposit) of short-term financial assets (7,016) 1,941 7,903 Interest received 101 164 322 Net receipt of loan notes 805 597 1,156 ------------------------------------------------ Net cash generated from/(used in) investing activities (8,148) (3,392) 1,491 Cash flow from financing activities Net proceeds from the issuance of ordinary shares 273 260 260 Proceeds from loans 198 121 192 Repayment of borrowings - (1,124) (203) Settlement of lease liabilities - - (1,011) Payment of lease liabilities (129) - (265) Payment of lease interest (18) - (36) Dividends paid to company shareholders (4,895) (4,770) (6,468) ------------------------------------------------ Net cash used in financing activities (4,571) (5,513) (7,531) ------------------------------------------------ ------------------------- ------------- ---------------- Effects of exchange rate changes on cash (246) (671) 272 ------------------------------------------------ ------------------------- ------------- ---------------- Net increase/(decrease) in cash and cash equivalents (4,951) (3,369) 13,615 Cash and cash equivalents at the beginning of the period 44,422 30,807 30,807 ------------------------------------------------ Cash and cash equivalents at the end of the period 39,471 27,438 44,422 ------------------------------------------------ ------------------------- ------------- ----------------
Notes to the Interim Financial Statements
1. Basis of preparation
The consolidated interim financial statements for the six months to 31 December 2020 have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and international financial reporting standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union, IFRIC interpretations and the AIM Rules for Companies.
The figures for the period to 31 December 2020 and the comparative period to 31 December 2019 have not been audited or reviewed and are therefore disclosed as unaudited. The figures for 30 June 2020 have been extracted from the financial statements for the year to 30 June 2020, 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 2020 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 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 businesses in the Netherlands, Lightronics and Famostar, are material subsidiaries and disclosed separately as Netherlands companies.
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 L.L.C, Thorlux Australasia PTY Limited and Thorlux Lighting GmbH.
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. The CODM reviews the performance of the business by considering the key profit measure of operating profit, including the impact of associated contingent consideration arrangements, and considers that none of the other operating segments are of sufficient size and distinction to be reviewed separately when making Group wide strategic decisions. 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 Netherlands Other Inter- Total Companies Companies Segment Continuing Adjust- Operations ments GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Six months to 31 December 2020 Revenue to external customers 33,470 14,986 7,918 - 56,374 Revenue to other Group companies 1,157 148 2,887 (4,192) - ------------------------------- -------- ------------ ---------- -------- -------------- Total revenue 34,627 15,134 10,805 (4,192) 56,374 ------------------------------- -------- ------------ ---------- -------- -------------- Operating profit 4,918 1,691 684 360 7,653 ------------------------------- -------- ------------ ---------- -------- -------------- Finance income 364 Finance expense (650) ------------------------------- -------- ------------ ---------- -------- -------------- Profit before tax expense 7,367 =============================== ======== ============ ========== ======== ============== Six months to 31 December 2019 (restated) Revenue to external customers 32,363 15,485 9,564 - 57,412 Revenue to other Group companies 1,740 86 1,931 (3,757) - ------------------------------- -------- ------------ ---------- -------- -------------- Total revenue 34,103 15,571 11,495 (3,757) 57,412 ------------------------------- -------- ------------ ---------- -------- -------------- Operating profit 4,839 1,470 951 229 7,489 Finance income 402 Finance expense (527) ------------------------------- -------- ------------ ---------- -------- -------------- Profit before tax expense 7,364 =============================== ======== ============ ========== ======== ============== Year to 30 June 2020 Revenue to external customers 65,615 31,340 16,387 - 113,342 Revenue to other Group companies 3,164 234 4,021 (7,419) - ------------------------------- -------- ------------ ---------- -------- -------------- Total revenue 68,779 31,574 20,408 (7,419) 113,342 ------------------------------- -------- ------------ ---------- -------- -------------- Operating profit 10,150 4,125 1,412 645 16,332 ------------------------------- -------- ------------ ---------- -------- -------------- Net finance income (389) Profit before tax expense 15,943 =============================== ======== ============ ========== ======== ============== 3. Insurance claim resulting from fire at the premise of Lightronics Participaties B.V.
On 23 September 2020 the facilities of Lightronics Participaties B.V. were damaged by fire. This resulted in the destruction of the majority of Lightronics' manufacturing facility and the recently completed European Application Centre, requiring the building to be completely demolished.
The figures reflected in these financial statements are not final, as the full extent of the damage is being assessed. The financial statements reflect the best estimate of the associated impairment and reimbursement from insurance proceeds and the figures will be trued up by year end, but this is unlikely to lead to a material change to the figures reported.
The cost of replacing these assets has been estimated to be EUR4.4m (GBP3.9m) excluding any consequential loss. EUR2.6m (GBP2.3m) of this value is for the refurbishment of the building and EUR1.8m (GBP1.6m) for replacement of plant, equipment and inventory.
A claim for reimbursement has been filed with the insurers and an estimate for the incremental costs relating to refurbishment and a temporary shift of operations to other locations has been established. The Group has assessed the insurance reimbursement receivable of EUR3.6m (GBP3.2m) to meet the requirements to be recognised as a contingent asset within trade receivables.
As at the date of this interim statement, EUR0.75m (GBP0.67m) has been received from the insurers for replacing inventory and agreement reached in principle for the replacement of the property, plant and equipment.
The table below details what is included in these financial statements for this event:
EUR (EUR'000) GBP (GBP'000) Costs incurred Impairment of freehold land and buildings (2,576) (2,315) Impairment of plant and equipment (1,000) (899) Impairment of inventory (775) (696) -------------- -------------- Total impairment (4,351) (3,910) -------------- -------------- Reimbursement claim Insurance reimbursement receivable * 3,603 3,238 Reimbursement received to date 748 672 -------------- -------------- Total claim 4,351 3,910 -------------- --------------
* Included in trade and other receivables in the Consolidated Statement of Financial Position
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 116,426,119 (Interim 2020: 116,215,549) 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 116,862,079 (Interim 2020: 116,779,815) during the period.
5. Dividend
The interim dividend is at the rate of 1.49p per share (Interim 2020: 1.46p) and based on 116,551,808 shares in issue at the announcement date the dividend will amount to GBP1,737,000 (Interim 2020: GBP1,698,000). The interim dividend will be paid on 23 April 2021 to shareholders on the register at the close of business on 6 April 2021, and the shares become ex-dividend on 1 April 2021.
A final dividend for the year ended 30 June 2020 of 4.20p (2019: final 4.10p) per share, amounting to GBP4,895,000 (2019: GBP4,770,000) was paid on 26 November 2020.
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 7 April 2021.
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.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IR UBUKRAAUOAAR
(END) Dow Jones Newswires
March 18, 2021 03:00 ET (07:00 GMT)
1 Year Thorpe (f.w.) Chart |
1 Month Thorpe (f.w.) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions