17th Mar 2005 09:49
Thorpe(F.W.) PLC17 March 2005 FW Thorpe plc - 17 March 2005 The following interim consolidated results for the half-year ended 31 December2004 were announced today: CHAIRMAN'S INTERIM STATEMENT Financial performance for the Group has again shown progress in the first sixmonths of our 2004/5 financial year. Turnover increased to £20.5m (2004:£17.8m)being an increase of 15% and operating profit increased to £2.1m (2004:£1.7m), a24% rise. Investment income of £ 0.21m (2004:£0.14m) brought the resultantprofit before tax to £2.3m compared to £ 1.9m for the corresponding period lastyear. The interim dividend to be paid on 10 May 2005 will be 2.5p (2004:2.2p), thisbeing an increase of 14% over the comparative figure. Performance within the Group during this period has been mixed prompting yourCompany to be pro-active in conducting reviews of certain areas of operation.Reviews have included manufacturing production, where the rapid rate of increaseof output in recent years has led to inefficiencies, product areas to addressany viability issues of certain ranges, and a review to identify further improvements in sales channels for individual Group members.Actions emanating from the above reviews and a continuing drive to bring newproducts competitively to the market should underpin future growth prospects. Order input for January and February gives us encouragement that trading levelsshould be maintained for the rest of this financial period. Andrew ThorpeChairman 17th March 2005 F W Thorpe PLCMerse RoadNorth Moons MoatRedditchWorcsB98 9HH INTERIM CONSOLIDATED RESULTS GROUP PROFIT AND LOSS ACCOUNT Half year Half year Full year ended ended ended 31.12.04 31.12.03 30.6.04 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Turnover - continuing operations 20,475 17,841 37,258 ______ ______ ______ Operating Profit - continuing operations 2,103 1,740 5,020 Interest receivable and other income 214 138 342 ______ ______ ______Profit on ordinaryactivities before taxation 2,317 1,878 5,362Taxation on profiton ordinary activities (695) (563) (1,479) ______ ______ ______Profit on ordinaryactivities after taxation 1,622 1,315 3,883 ______ ______ ______ Dividends (300) (259) (1,014) ______ ______ ______ Retained profit for the period 1,322 1,056 2,869 ______ ______ ______Dividend rate per share:Interim 2.5p 2.2p 2.2pFinal 6.4pEarnings per share - basic 13.7p 11.2p 33.1p- diluted 13.6p 11.0p 32.5p INTERIM CONSOLIDATED RESULTS GROUP BALANCE SHEET As at As at As at 31.12.04 31.12.03 30.6.04 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Fixed assetsTangible assets 9,539 8,949 9,343Investments 281 244 281 _____ _____ _____ 9,820 9,193 9,624Current assetsStocks 6,596 5,728 6,599Debtors 8,330 5,880 8,355Investments 70 70 70Cash at bank and in hand 7,506 7,448 7,554 ______ ______ ______ 22,502 19,126 22,578Creditors: amounts falling duewithin one year (5,772) (4,987) (7,053) _____ ______ ______ Net current assets 16,730 14,139 15,525 ______ ______ ______ Total assets less current liabilities 26,550 23,332 25,149 ______ ______ ______ Provisions for liabilities and chargesDeferred taxation (403) (428) (403) ______ ______ ______Net assets 26,147 22,904 24,746 ______ ______ ______Capital and reservesCalled up share capital 1,184 1,175 1,177Capital Redemption Reserve 135 135 135Share premium account 545 448 473Profit and loss account 24,283 21,146 22,961 ______ ______ ______Equity shareholders' funds 26,147 22,904 24,746 ______ ______ ______ INTERIM CONSOLIDATED RESULTS GROUP CASH FLOW STATEMENT Half year Half year Full year ended ended ended 31.12.04 31.12.03 30.6.04 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Net cash inflow from operating activitiesOperating profit 2,103 1,740 5,020Depreciation 536 562 1,168Profit on sale of fixed assets (9) (3) (18)Movements in working capital (531) 98 (1,791) ______ ______ ______ 2,099 2,397 4,379Returns on investments andservicing of finance 214 138 342 Taxation (959) (405) (1,230) Capital expenditure andfinancial investment (723) (908) (1,929) Equity dividends paid (758) (552) (811) ______ ______ ______ Cash (outflow)/inflow before financing (127) 670 751 Financing 79 36 61 ______ ______ ______ (Decrease)/increase in cash (48) 706 812 ______ ______ ______ Reconciliation of net cashflow to movement innet funds (Decrease)/increase in net cash (48) 706 812Movement in borrowings - 4 7Net funds at the beginning of the period 7,624 6,805 6,805 ______ ______ ______Net funds at the end of the period 7,576 7,515 7,624 ______ ______ ______ Notes 1. The interim results to 31st December 2004 have been prepared on anhistorical cost basis consistent with the accounting policies adopted in theGroup statutory accounts for the year ended 30th June 2004. They are neitheraudited nor reviewed. 2. The Company has no recognised gains and losses other than thoseincluded in the profit above and therefore no separate statement of recognisedgains and losses has been presented. 3. The comparative profit and loss account for the year to 30th June 2004is an extract from the Group statutory accounts. These accounts have been filedwith the Registrar of Companies and included an unqualified audit report. 4. The interim taxation charge is based on the anticipated rate for thefinancial year. 5. The interim dividend is at the rate of 2.5p per share (2004: 2.2p) andbased on 11,838,876 shares in issue at the announcement date. The interimdividend will be paid on Tuesday 10th May 2005 to shareholders on the registerat the close of business on Tuesday 29th March. The shares become ex-dividend onWednesday 23rd March. 6. The earnings per share is calculated on profit on ordinary activitiesafter taxation and the weighted average number of ordinary shares in issue of11,812,768 (2004: 11,731,903) during the period. For diluted earnings per sharethe weighted average of ordinary shares in issue is adjusted to assumeconversion of all dilutive potential ordinary shares. The adjusted weightedaverage number of ordinary shares is calculated at 11,943,559 (2004:11,943,559). 7. On 15th July 2004, 10,000 share options were exercised. On 21 September56,876 share options were exercised. The option price for both transactions was117p per share. 8. Copies of this report will be sent to shareholders on 22nd March 2005.Further copies may be obtained from the Company's registered office from thatdate. THORLUX LIGHTING - www.thorlux.com MACKWELL ELECTRONICS - www.mackwell.co.uk COMPACT LIGHTING - www.compact-lighting.co.uk PHILIP PAYNE - www.p-payne.co.uk SUGG LIGHTING - www.sugglighting.co.uk F W Thorpe Group manufactures a comprehensive range of interior and exteriorquality lighting equipment for industrial and commercial applications. ENQUIRIES to the Chairman: Andrew Thorpe, F W Thorpe Plc, Redditch.Tel: 01527 583200 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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