20th Sep 2013 08:52
LONDON (Alliance News) - F W Thorpe PLC Friday showed decreases in revenue and pretax profits in the recent year, as poor performances from two subsidiaries damped results.
For the year ended June 30, the lighting-equipment manufacturer posted revenues of GBP55.3 million, down from GBP55.6 million in the previous year. It had a pretax profit of GBP11.6 million, down from GBP12.7 million in the previous year.
More positively for shareholders, the company declared a dividend of 3.0 pence, up 55% from 1.94 pence in 2012. F W Thorpe said the increase was intended to reinstate an annual payout more in line with the firm's historical payment levels.
The company said that its figures had been "a little disappointing", with two of its subsidiaries performing particularly badly.
Compact Lighting Limited had suffered a poor year, F W Thorpe said, with curtailed sales and customers delaying refurbishment plans hampering performance. It said that it had re-established a sales force for the company, and was confident that this will improve performance in the current financial year.
Trading for Sugg Lighting Limited had deteriorated throughout 2013, but had been salvaged by cash injections. Thorpe says that Sugg is trading profitably in the new year, helped by changes in management at the company.
Meanwhile, a third subsidiary, Thorlux Lighting, entered the period with a reduced order book, the company said, and despite efforts to improve performance it missed the previous year's profit figures by a narrow margin.
The company said that it believed drastic action taken to improve its subsidiaries will render them profitable for the current year.
F W Thorpe shares were trading down 2.3% at 115.25 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Thorpe