18th Sep 2014 07:58
LONDON (Alliance News) - F W Thorpe PLC Thursday proposed a special dividend, in addition to raising its total dividend as improvement across its businesses and strong LED sales helped to lift its pretax profit in the year to end-June.
The lighting equipment manufacturer proposed a special dividend of 1.50 pence per share, in addition to raising its total dividend to 3.25 pence from 3.00 pence the year before.
The lighting equipment manufacturer posted a pretax profit of GBP12.4 million, up from GBP11.5 million in the previous year, as revenue rose to GBP62.9 million from GBP55.3 million, although this growth was partly offset by higher operating expenses.
LED sales drove revenue growth in its industrial and commercial lighting systems company Thorlux Lighting, and sign lights maker Portland Lighting, and new LED products also boosted clean-room lighting systems company Solite. LED sales are over 50% of the company's output, F W Thorpe said, although it noted that many customers still request traditional fluorescent or high intensity discharge lighting solutions company.
Export sales made up 13% of revenues, as Thorlux instigated new marketing techniques, and some of the smaller group companies, such as exit signage company Philip Payne, began exporting.
However, the company's retail and display lighting company Compact continued to struggle, although it saw revenue rise, as customers in its target market were reluctant to invest. Its struggling heritage lantern maker and re-furbisher Sugg Lighting reduced its operating lost by 71%.
Despite posting an improved performance, F W Thorpe said that its aim is to "always try and do substantially better than the last year", and noted that it had not been as successful in achieving this aim as it would have liked.
The company was optimistic for its future noting that "bright points remain, however, with all subsidiaries moving forward and even last year's two laggards making good progress."
Shares in F W Thorpe were trading up 5.4% at 136.43 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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