1st Oct 2020 11:34
(Alliance News) - Worcestershire-based lighting systems firm FW Thorpe PLC on Thursday said its profit fell on rising costs, despite annual revenue climbing.
In the year to June 30, revenue rose 2.4% to GBP113.3 million from GBP110.6 million. Pretax profit slipped 19% however, to GBP15.9 million from GBP19.6 million.
Distribution costs inched up 1.9% to GBP13.4 million and administrative expenses rose 3.3% to GBP20.5 million.
Also hurting earnings was the non-repeat of a GBP1.9 million profit on disposal of property booked a year earlier.
"There were notable performances across the group: at Thorlux, TRT Lighting and Famostar. Thorlux experienced excellent order levels throughout the year, especially for larger special projects in the rail and healthcare sectors," FW Thorpe said.
The company raised its payout by 2.4% to 5.66 pence per share from 5.53p.
Shares in the company were 4.8% lower at 291.44p each in London on Thursday morning.
By Eric Cunha; [email protected]
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