REG - Thorpe(F.W.) PLC - Interim Results
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RNS Number : 3928V Thorpe(F.W.) PLC 05 March 2026
INTERIM RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2025
FW Thorpe Plc - a group of companies that design, manufacture and supply
professional lighting systems - is pleased to announce its interim results for
the six months ended 31 December 2025.
Financial highlights:
Interim Interim
2026 (unaudited) 2025
(unaudited)
Revenue £81.7m £83.8m -2.4%
Operating profit (before acquisition adjustments)* £12.5m £12.6m -0.8%
Operating profit £11.6m £11.5m +0.3%
Profit before tax £11.6m £11.2m +3.1%
Basic earnings per share 7.86p 7.65p +2.7%
*Acquisition adjustments include amortisation of intangible assets.
· Interim dividend 1.81p (Interim 2025: 1.76p) - 2.8% increase
· Special dividend 2.60p (Interim 2025: nil)
· Revenues marginally lower, with operating profit steady
· Thorlux results dampened by lower performance in Germany
· Dutch segment similar to last year, supported by strong Famostar
performance
· Further growth at Zemper, profitable performance from TRT
· Strong cash flow generation with net cash from operating
activities of £14.3m (Interim 2025: £15.0m)
Note: This announcement contains inside information for the purposes of
Article 7 of Regulation 596/2014 (MAR).
For further information, please
contact:
FW Thorpe Plc
Mike Allcock - Non-Executive Chairman 01527 583200
Craig Muncaster - Chief Executive and Group Financial Director
Singer Capital Markets - Nominated Adviser
James Moat 020 7496 3000
CHAIRMAN'S INTERIM STATEMENT
For the interim period ended 31 December 2025, the Group delivered a stable
performance, broadly consistent with the prior year and in line with the
Board's expectations. Famostar and Zemper performed very well, the results for
the Group's UK operations were marginally ahead of last year's, whilst
Lightronics, and SchahlLED, fell short of expectations with the latter being
impacted by the widely acknowledged recession in its German industrial sector.
I am pleased that TRT continues to trade profitably, and it now looks to lift
margins to levels expected for other Group companies. The Board continues to
strive for a year where all companies in the Group nudge forward in unison.
The Board is continuing to invest across the Group, with a new commercial
director being sought for Lightronics, expected to be in post by the financial
year ending in June, whilst significant additional sales engineers are being
employed at SchahlLED to win market share and return to growth. The Group
continues investments in selling resources with Thorlux strengthening its
business development in the UK and additional sales engineers being recruited
for Norway, Spain and France. Zemper is investing to promote the sales of its
high-tech wireless emergency lighting system, SmartZ, in its local Spanish
market, and in additional sales engineers for its export territories.
The Group continues to invest in plant and machinery to reinforce its ongoing
efficiency drive and in support of the policy to manufacture locally. This
includes approval for a factory extension at Solite in Denton, Manchester, new
automatic laser welding machinery and automatic metal bending and punching
facilities at Thorlux, and new injection moulding machinery at Zemper in
Spain. Whilst these investments may marginally suppress profitability in the
short term, the Board continues to take a long-term view and is confident that
the Group can win more orders to bring back revenue growth, albeit currently
hampered by ongoing market conditions. This investment also supports our
customers' increasing desire for locally manufactured luminaires.
The Group's continued dedication to excellence in sustainability remains a key
focus, which generally appeals to discerning customers and reduces the Group's
operating costs as a by-product of its improved understanding and management
of efficiency and waste.
Whilst members of the Board have explored various acquisition opportunities,
none have so far met its requirements, and, as such, the Group's cash position
this year has continued to build. With that in mind, together with a strong
balance sheet and healthy, cash generative trading, the Board has approved an
increase to the interim dividend to 1.81p (Interim 2025; 1.76p) and, further,
a special dividend of 2.60p per share (Interim 2025: nil). The Group will
continue to buy back its own shares when considered appropriate.
With so many markets suffering challenging trading conditions, substantiated
by the Board's own market investigations of European listed peers and major
lighting components suppliers, the outlook for growth for the second half
remains a challenge, especially considering the strong second half achieved in
2024/25. All companies are targeted for growth, but each has its own slightly
different set of circumstances to manage.
Mike Allcock
Chairman
5 March 2026
FW Thorpe Plc
CONSOLIDATED INCOME STATEMENT
for the six months to 31 December 2025
31.12.25 31.12.24 30.06.25
(six months to) (six months to) (twelve months to)
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Revenue 81,741 83,761 175,221
Operating profit 11,575 11,537 32,057
Finance income 822 804 1,654
Finance expense (163) (404) (729)
Share of loss of joint ventures (669) (720) (1,360)
Profit before income tax 11,565 11,217 31,622
Income tax expense (2,482) (2,240) (6,210)
Profit for the period 9,083 8,977 25,412
Dividend rate per share:
Interim 1.81p 1.76p 1.76p
Final - - 5.36p
Special 2.60p - -
Earnings per share - basic 7.86p 7.65p 21.69p
- diluted 7.86p 7.65p 21.69p
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months to 31 December 2025
31.12.25 (six months to) 31.12.24 (six months to) 30.06.25
(twelve months to)
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Profit for the period 9,083 8,977 25,412
Other comprehensive income/(expense)
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign operations 1,540 (673) 887
1,540 (673) 887
Items that will not be reclassified to profit or loss
Revaluation of financial assets at fair value through other comprehensive 595 (93) 208
income *
Movement on associated deferred tax (149) 23 (52)
Reversal of deferred tax on disposed financial assets at fair value through - - 102
other comprehensive income
Actuarial loss on pension scheme ** - - (501)
Movement on unrecognised pension surplus ** - - 323
446 (70) 80
Other comprehensive income/(expense) for the period, net of tax 1,986 (743) 967
Total comprehensive income for the period 11,069 8,234 26,379
All comprehensive income is attributable to the owners of the company.
* The gain on the revaluation of financial assets at fair value through other
comprehensive income of £595,000 is due to the increase in market value of
these investments.
** No interim actuarial valuation undertaken
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 31 December 2025
As at As at As at
31.12.25 31.12.24 30.06.25
(unaudited) (unaudited) (audited)
Assets £'000 £'000 £'000
Non-current assets
Property, plant and equipment 39,493 37,610 39,351
Intangible assets 65,354 64,044 65,057
Investment properties 4,340 4,380 4,362
Financial assets at amortised cost 192 182 188
Equity accounted joint ventures 5,211 6,217 5,773
Financial assets at fair value through other comprehensive income 4,105 3,125 3,510
Deferred income tax assets 456 425 437
119,151 115,983 118,678
Current assets
Inventories 30,577 28,962 29,710
Trade and other receivables 29,306 33,497 36,168
Financial assets at amortised cost 1,600 1,372 1,600
Short-term financial assets 11,517 16,106 18,805
Cash and cash equivalents 46,383 37,147 42,983
Total current assets 119,383 117,084 129,266
Total assets 238,534 233,067 247,944
Liabilities
Current liabilities
Trade and other payables (34,266) (36,309) (39,247)
Financial liabilities (348) (561) (415)
Lease liabilities (957) (857) (910)
Current income tax liabilities (488) (1,201) (847)
Total current liabilities (36,059) (38,928) (41,419)
Net current assets 83,324 78,156 87,847
Non-current liabilities
Other payables (4,072) (5,204) (4,018)
Financial liabilities (722) (1,032) (829)
Lease liabilities (2,903) (3,168) (2,998)
Provisions for liabilities and charges (3,352) (3,365) (3,310)
Deferred income tax liabilities (5,379) (4,924) (5,577)
Total non-current liabilities (16,428) (17,693) (16,732)
Total liabilities (52,487) (56,621) (58,151)
Net assets 186,047 176,446 189,793
Equity attributable to owners of the company
Issued share capital 1,189 1,189 1,189
Share premium account 3,113 3,113 3,113
Capital redemption reserve 137 137 137
Foreign currency translation reserve 3,952 852 2,412
Retained earnings
At 1 July 182,942 170,823 170,823
Profit for the year attributable to owners 9,083 8,977 25,412
Other changes in retained earnings (14,369) (8,645) (13,293)
177,656 171,155 182,942
Total equity 186,047 176,446 189,793
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months to 31 December 2025
Share Capital Share Premium Capital Redemption Reserve Foreign Currency Translation Reserve Retained Earnings Total Equity
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 30 June 2024 1,189 3,088 137 1,525 170,823 176,762
Comprehensive income
Profit for six months to 31 December 2024 - - - - 8,977 8,977
Other comprehensive income - - - (673) (70) (743)
Total comprehensive income - - - (673) 8,907 8,234
Transactions with owners
Shares issued from exercised options - 25 - - - 25
Share based payment charge - - - - 320 320
Dividends paid to shareholders - - - - (8,895) (8,895)
Total transactions with owners - 25 - - (8,575) (8,550)
Balance at 31 December 2024 1,189 3,113 137 852 171,155 176,446
Comprehensive income
Profit for six months to 30 June 2025 - - - - 16,435 16,435
Actuarial loss on pension scheme - - - - (501) (501)
Movement on unrecognised pension surplus - - - - 323 323
Revaluation of financial assets at fair value through other comprehensive - - - - 301 301
income
Movement on associated deferred tax on financial assets at fair value through - - - - (75) (75)
other comprehensive income
Reversal of deferred tax on disposed - - - - 102 102
financial assets at fair value through
other comprehensive income
Exchange rate differences on translation of foreign operations - - - 1,560 - 1,560
Total comprehensive income - - - 1,560 16,585 18,145
Transactions with owners
Share based payment charge - - - - 400 400
Purchase of own shares - - - - (3,135) (3,135)
Dividends paid to shareholders - - - - (2,063) (2,063)
Total transactions with owners - - - - (4,798) (4,798)
Balance at 30 June 2025 1,189 3,113 137 2,412 182,942 189,793
Comprehensive income
Profit for six months to 31 December 2025 - - - - 9,083 9,083
Other comprehensive income - - - 1,540 446 1,986
Total comprehensive income - - - 1,540 9,529 11,069
Transactions with owners
Share based payment charge - - - - 314 314
Purchase of own shares - - - - (8,980) (8,980)
Dividends paid to shareholders - - - - (6,149) (6,149)
Total transactions with owners - - - - (14,815) (14,815)
Balance at 31 December 2025 1,189 3,113 137 3,952 177,656 186,047
CONSOLIDATED STATEMENT OF CASH FLOWS
for the six months to 31 December 2025
31.12.25 31.12.24 30.06.25
(six months to) (six months to) (twelve months to)
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Cash flows from operating activities
Profit before tax 11,565 11,217 31,622
Depreciation of property, plant and equipment 2,798 2,548 5,129
Depreciation of investment property 23 23 46
Amortisation of intangible assets 2,079 2,291 4,380
Fair value adjustment on redemption liability - - (1,177)
Profit on disposal of property, plant and equipment (50) (38) (191)
Loss on disposal of intangible assets - 4 26
Net finance income (659) (400) (925)
Retirement benefit contributions less service charge (11) (133) (178)
Share of joint venture loss 669 720 1,360
Share based payment charge 314 320 720
Research and development expenditure credit (103) (181) (280)
Effects of exchange rate movements (433) 1,817 267
Changes in working capital
- Increase in inventories (605) (276) (607)
- Decrease in trade and other receivables 7,289 2,658 625
- Decrease in payables and provisions (5,289) (2,546) (736)
Cash generated from operations 17,587 18,024 40,081
Tax paid (3,275) (3,018) (6,841)
Net cash inflow from operating activities 14,312 15,006 33,240
Cash flows from investing activities
Purchases of property, plant and equipment (2,332) (1,941) (5,601)
Proceeds from sale of property, plant and equipment 120 107 404
Purchases of intangible assets (1,281) (1,557) (2,782)
Payment of deferred consideration on a joint venture - (811) (813)
Purchases of investment property (1) - (5)
Proceeds from sale of financial assets at fair value through Other - 539 706
Comprehensive Income
Purchases of financial assets at fair value through Other Comprehensive Income - - (250)
Property rental and similar income 48 38 70
Dividend income received 86 100 276
Net withdrawal of short-term financial assets 7,353 2,793 203
Interest received 646 674 1,305
Issue of loans receivable (26) (395) (649)
Net cash inflow/(outflow) from investing activities 4,613 (453) (7,136)
Cash flows from financing activities
Net proceeds from the issuance of ordinary shares - 25 25
Purchases of own shares (8,980) - (3,135)
Addition of lease liabilities 23 47 5
Proceeds from borrowings - 18 -
Repayment of borrowings (197) (842) (1,219)
Principal element of lease payments (498) (437) (890)
Payment of interest (115) (131) (243)
Payments to non-controlling interests - (469) (470)
Dividends paid to company shareholders (6,149) (8,895) (10,958)
Net cash outflow from financing activities (15,916) (10,684) (16,885)
Net increase in cash and cash equivalents 3,009 3,869 9,219
Cash and cash equivalents at the beginning of the period 42,983 33,943 33,943
Effects of exchange rate changes on cash 391 (665) (179)
Cash and cash equivalents at the end of the period 46,383 37,147 42,983
Notes to the Interim Financial Statements
1. Basis of preparation
The consolidated interim financial statements for the six months to 31
December 2025 have been prepared in accordance with the AIM Rules for
Companies, UK adopted International Accounting Standards and with the
requirements of the Companies Act 2006 as applicable to companies reporting
under those standards, with future changes being subject to endorsement by the
UK Endorsement Board.
The figures for the period to 31 December 2025 and the comparative period to
31 December 2024 have not been audited or reviewed and are therefore disclosed
as unaudited. The figures for 30 June 2025 have been extracted from the
financial statements for the year to 30 June 2025, which have been delivered
to the Registrar of Companies. The interim financial statements do not
constitute statutory accounts within the meaning of the Companies Act 2006.
The financial statements are presented in Pounds Sterling,
rounded to the nearest thousand.
The interim financial statements are prepared under the
historical cost convention, modified by the revaluation of certain current and
non-current investments at fair value through profit or loss and through other
comprehensive income.
The accounting policies set out in the financial statements
for the year ended 30 June 2025 have been applied consistently throughout the
Group during the period.
2. Segmental analysis
The segmental analysis is presented on the same basis as that used for
internal reporting purposes. For internal reporting FW Thorpe is organised
into ten operating segments, based on the products and customer base in the
lighting market - the largest business is Thorlux, which manufactures
professional lighting systems for the industrial, commercial and controls
markets. The businesses of Lumen Intelligence Holding GmbH, SchahlLED
Lighting GmbH and Thorlux Lighting Limited are included in this segment in
accordance with the Group's internal reporting. The businesses in the
Netherlands, Lightronics and Famostar, are material subsidiaries and disclosed
separately as Netherlands companies. The businesses in the Zemper Group are
also material and disclosed separately as Zemper Group.
The five remaining continuing operating segments have been aggregated into the
"other companies" segment based on their size, comprising the entities Philip
Payne Limited, Solite Europe Limited, Portland Lighting Limited, TRT Lighting
Limited and Thorlux Australasia PTY Limited. The number of operating segments
has reduced by two compared to the prior year as Thorlux Lighting LLC has been
closed and Thorlux Lighting
GmbH merged into SchahlLED Lighting GmbH.
FW Thorpe's chief operating decision-maker (CODM) is the Group Board. The
Group Board reviews the Group's internal reporting in order to monitor and
assess the performance of the operating segments for the purpose of making
decisions about resources to be allocated. The CODM reviews the performance
of the business by considering the key profit measure of operating profit,
including the impact of associated contingent consideration arrangements, and
considers that none of the other operating segments are of sufficient size and
distinction to be reviewed separately when making Group wide strategic
decisions. Assets and liabilities have not been segmented which is
consistent with the Group's internal reporting.
Inter-segment adjustments to operating profit consist of property rentals on
premises owned by FW Thorpe Plc, adjustments to profit related to stocks held
within the Group that were supplied by another segment.
2. Segmental analysis (continued)
Thorlux Netherlands Zemper Other Inter- Total
Companies Group Companies Segment Continuing
Operations
£'000 £'000 £'000 £'000 £'000 £'000
Six months to 31 December 2025
Revenue to external customers 44,568 17,147 10,589 9,437 - 81,741
Revenue to other Group companies 2,042 76 539 2,336 (4,993) -
Total revenue 46,610 17,223 11,128 11,773 (4,993) 81,741
EBITDA 9,431 3,238 2,806 1,364 (364) 16,475
Depreciation and amortisation 2,454 523 1,268 655 - 4,900
Operating profit before acquisition adjustments 7,451 2,715 1,990 709 (364) 12,501
Operating profit 6,977 2,715 1,538 709 (364) 11,575
Net finance income 659
Share of loss of joint venture (669)
Profit before income tax 11,565
Acquisition adjustments includes amortisation for intangible assets.
Thorlux Netherlands Zemper Other Inter- Total
Companies Group Companies Segment Continuing
Operations
£'000 £'000 £'000 £'000 £'000 £'000
Six months to 31 December 2024
Revenue to external customers 48,777 16,564 10,120 8,300 - 83,761
Revenue to other Group companies 1,693 117 36 2,815 (4,661) -
Total revenue 50,470 16,681 10,156 11,115 (4,661) 83,761
EBITDA 9,618 3,211 2,388 899 283 16,399
Depreciation and amortisation 2,377 556 1,277 652 - 4,862
Operating profit before acquisition adjustments 7,762 2,760 1,547 247 283 12,599
Operating profit 7,241 2,655 1,111 247 283 11,537
Net finance income 400
Share of loss of joint venture (720)
Profit before income tax 11,217
Acquisition adjustments includes amortisation for intangible assets.
Thorlux Netherlands Zemper Other Inter- Total
Companies Group Companies Segment Continuing
Operations
£'000 £'000 £'000 £'000 £'000 £'000
Year to 30 June 2025
Revenue to external customers 101,011 34,348 21,372 18,490 - 175,221
Revenue to other Group companies 4,084 244 527 5,439 (10,294) -
Total revenue 105,095 34,592 21,899 23,929 (10,294) 175,221
EBITDA 24,905 7,339 5,322 3,325 721 41,612
Depreciation and amortisation 4,687 1,036 2,524 1,308 - 9,555
Operating profit before acquisition adjustments 21,263 6,408 3,671 2,017 (456) 32,903
Operating profit 20,218 6,303 2,798 2,017 721 32,057
Net finance income 925
Share of profit of joint ventures (1,360)
Profit before income tax 31,622
Acquisition adjustments includes amortisation for intangible assets of £2.0m
and gains on changes in fair value of redemption liability of £1.2m.
3. Earnings per share
The basic earnings per share is calculated on profit after
taxation and the weighted average number of ordinary shares in issue of
115,514,625 (Interim 2025: 117,340,447) during the period.
The diluted earnings per share is calculated on profit after
taxation and the weighted average number of potentially dilutive ordinary
shares in issue of 115,514,625 (Interim 2025: 117,362,566) during the period.
4. Dividend
The interim dividend of 1.81p per share (Interim 2025:
1.76p), based on 113,161,908 shares in issue at the announcement date the
dividend, will amount to £2,048,000 (Interim 2025: £2,065,000) and a special
dividend of 2.60p per share (Interim 2025: nil) will amount to £2,942,000
(Interim 2025: £nil). The interim and special dividends will be paid on 2
April 2026 to shareholders on the register at the close of business on 13
March 2026, and the shares become ex-dividend on 12 March 2026.
For the year ended 30 June 2025 , a final dividend of 5.36p (2024: 5.08p) per
share amounting to £6,149,000 (2024: £5,961,000) and a special dividend of
nil (2024: 2.50p) per share amounting to £nil (2024: £2,934,000) were paid
on 28 November 2025.
5. Availability of interim statement
Copies of the interim report are being sent to shareholders
and will also be available from the company's registered office or on the
company's website (www.fwthorpe.co.uk (http://www.fwthorpe.co.uk) ) from 16
March 2026.
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