The increasing popularity of light emitting diode (LED) technology helped lighting specialist FW Thorpe (TFW) deliver a robust full-year performance. Indeed, its core Thorlux unit boosted sales by 11 per cent year on year, while sign lighting maker Portland Lighting and clean-room lighting specialist Solite also made solid progress.
LED sales now generate over half of group revenue, and exports - which represent 13 per cent of sales - are rising, too. While Thorlux has traditionally been a strong exporter, with offices in Ireland, Australia and Germany, new marketing techniques are being initiated to drive export growth further. This export push should be helped by the recent opening of an Abu Dhabi sales office.
But Chairman Andrew Thorpe reckons more can be done to improve the group's market position, especially regarding product recognition in international markets. He also looks forward to a time when LED technology becomes the market standard. That's because there remains a preference among some customers for traditional fluorescent light products, forcing the company to produce around twice the number of product variations as in the past. This "tends to soak up energies that could be more fruitfully spent looking forward", reckons Mr Thorpe.
| FW THORPE (TFW) | ||||
|---|---|---|---|---|
| ORD PRICE: | 135p | MARKET VALUE: | £161m | |
| TOUCH: | 131-140p | 12-MONTH HIGH: | 150p | LOW: 106p |
| DIVIDEND YIELD: | 2.4%† | PE RATIO: | 16 | |
| NET ASSET VALUE: | 65p | NET CASH: | £33.5m* | |
| Year to 30 Jun | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2010 | 47.0 | 10.7 | 6.61 | 1.67 |
| 2011 | 52.8 | 11.6 | 7.18 | 1.76 |
| 2012 | 55.6 | 12.7 | 8.48 | 1.94 |
| 2013 | 55.3 | 11.5 | 8.12 | 3.00 |
| 2014 | 62.9 | 12.4 | 8.72 | 3.25† |
| % change | +14 | +8 | +7 | +8 |
Ex-div: 23 Oct Payment: 20 Nov †Excludes special dividend of 1.5p *Includes £15.6m of short-term financial assets | ||||
