Lighting specialist FW Thorpe (TFW) made further inroads into overseas markets last year by acquiring Dutch lighting group Lightronics in April. But the group's core Thorlux Lighting business is internationalising on its own, too - even without Lightronics' contribution, export revenues were up a fifth on the previous year.
However, chairman Andrew Thorpe - grandson of the company's founder - said performance overseas was "patchy in nature", as while some of its agents increased their business others reduced it. Mr Thorpe said this reinforced the need for the group to establish its own offices abroad. Nonetheless, group operating profit grew nearly 17 per cent to £13.7m.
The ongoing shift towards light emitting diode (LED) technology boosted the performance of Thorlux Lighting. Other bright spots included street and road tunnel lighting specialist TRT Lighting, which generated £4m in revenue and became profitable after little more than two years' trading. Clean-room lighting specialist Solite Europe also managed to increase revenues by more than a quarter despite moving to a new factory. Compact Lighting, which manufactures display and retail lighting systems, enjoyed a change in fortunes during the second half, with revenues up a quarter thanks to a broader product range.
FW THORPE (TFW) | ||||
|---|---|---|---|---|
| ORD PRICE: | 190p | MARKET VALUE: | £226m | |
| TOUCH: | 188-195p | 12-MONTH HIGH: | 193p | LOW: 122p |
| DIVIDEND YIELD: | 1.9% | PE RATIO: | 19 | |
| NET ASSET VALUE: | 70p | NET CASH: | £19.2m | |
| Year to 30 June | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2011 | 52.8 | 11.6 | 7.2 | 1.76 |
| 2012 | 55.6 | 12.7 | 8.5 | 1.94 |
| 2013 | 55.3 | 11.5 | 8.1 | 3.00 |
| 2014 (restated) | 61.4 | 12.6 | 8.7 | 3.25 |
| 2015 | 73.5 | 14.4 | 9.9 | 3.65 |
| % change | +20 | +14 | +14 | +12 |
Ex-div: 22 Oct Payment: 19 Nov | ||||
