22nd Sep 2016 08:07
LONDON (Alliance News) - Lighting systems supplier FW Thorpe PLC on Thursday reported growth in pretax profit and revenue in its financial year to the end of June, boosted by the acquisition of Lightronics.
The company said its pretax profit for the year to June 30 was GBP16.3 million, up from GBP14.4 million the year before. The result was boosted by the inclusion of Lightronics, a Dutch lighting systems and controls company in which FW Thorpe owns a majority stake, and by an improvement in profitability in the company's Thorlux unit.
Revenue increased to GBP88.9 million from GBP73.5 million, again boosted by Lightronics and a good performance in the firm's TRT Lighting arm, which makes road tunnel and street lighting. This offset a disappointing performance for the Compact retail lighting arm, and FW Thorpe said it is considering its options regarding that division.
Thorlux, FW Thorpe's largest business, continued to suffer as the company's end-markets transition away from older lighting technology to LED. The older products still drag on margins, but FW Thorpe said Thorlux has managed to withdraw an increasing number of these legacy lines.
FW Thorpe declared a 2.85 pence final dividend, up from 2.55p, taking its total payout to 6.05p from 3.65p a year earlier, including a special dividend paid with its interim results. Excluding the special payout, the company's total ordinary dividend rose 11%.
"We will continue to concentrate in stable areas and where we have 'advantage', be it our efficient durable products and systems for high energy cost markets, our reliable rugged industrial ranges for rugged industrial uses or whatever. However events play-out people will always need lights," said Chairman Andrew Thorpe.
Shares in FW Thorpe were up 4.1% at 254.19 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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