20th Sep 2018 09:45
LONDON (Alliance News) - Lighting system manufacturer FW Thorpe PLC raised its dividend Thursday after full-year revenue and profit grew in a "credible" performance in tough markets, yet cautioned such a result will be difficult to repeat in the new year.
For the year ended June, pretax profit widened 6.5% to GBP19.6 million from GBP18.4 million the year prior. This was after revenue rose 4.0% to GBP109.6 million from GBP105.4 million the year before.
"This result is very credible, particularly against the backdrop of softer market conditions reported by some of our mainstream competitors," Thorpe Chairman Mike Allcock said.
Thorpe proposed a 4.00 pence per share final dividend, up 13% from 3.55p the year prior. For the full year, the dividend rose 10% to 5.40p from 4.90p the year before.
"Over the last few years, we have actively divested and re-organised those parts of the group that have not contributed for many years, either financially or technically, and which we felt had no long-term future within the group," Allcock added. "We have also endeavoured to add businesses that give us access to new territories and the potential to share technology to develop market-leading products for our customers. I am pleased to report the continued success and profitability of all our remaining businesses, and especially our acquisitions."
"Whilst we have strengthened the position of the group by restructuring loss making operations, diversifying the business through acquisitions and investing in product innovation, this year's excellent performance will be difficult to replicate as we contend with ongoing economic uncertainty, government instability and exchange rate volatility," Allcock cautioned.
Shares in Thorpe were 4.5% lower at 300.00 pence on Thursday.
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