21st Mar 2016 09:42
LONDON (Alliance News) - Lighting systems manufacturer FW Thorpe PLC on Friday posted higher pretax profit and revenue for the first half of its financial year, driven by the acquisition of Lightronics, and declared a special dividend, boosting its shares.
FW Thorpe said its pretax profit for the six months to the end of December rose 14% to GBP6.6 million from GBP5.8 million, while revenue grew by 27% to GBP41.4 million from GBP32.6 million.
Both figures were driven higher by the acquisition of Lightronics, the Dutch lighting systems company in which FW Thorpe acquired a majority stake back in April 2015.
Taking out the Lightronics contribution, pretax profit grew 6.0%, while revenue rose 5.2%, FW Thorpe said.
Lightronics performed ahead of FW Thorpe's expectations in the first six months, helped by one-off projects, while sales across the rest of the business remained solid.
FW Thorpe will pay an interim dividend of 1.2 pence per share, up from 1.1p, and declared a 2.0p special payout given its better-than-anticipated cash position.
FW Thorpe shares were up 4.7% to 230.00.
By Sam Unsted; [email protected]; @SamUAtAlliance
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