Last checked at 22 Nov 2018 12:45
22 November 2018
FW Thorpe Plc
Annual General Meeting statement
At the Annual General Meeting of FW Thorpe Plc to be held at 3.15pm today, Chairman, Mike Allcock, will make the following statement:
"Last financial year we achieved another set of record results but my September statement referred to the challenges in maintaining these for the current financial year. Orders for our main business, Thorlux Lighting, were slow in the first quarter but have started to recover in October and November. Whilst other parts of the Group continue to perform well, we presently expect the interim results for the Group to be lower than the same period last year, with operating profit around ten percent lower.
At this time, it is difficult to accurately predict second half performance, but we are unlikely to close the gap and the full year results are likely to be lower than last year. We have already taken mitigating steps with the closure of our Portsmouth manufacturing facility and other headcount reductions and we will see these cost benefits in the second half of the financial year.
As cautioned during my recent Annual Report statement, the UK lighting industry, as a whole, is experiencing a downturn resulting in challenging trading conditions. We will continue to drive the business for the long-term in spite of the current political, economic, and market headwinds, by continuing to invest in product development and considering acquisition opportunities where appropriate".
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 - Chairman and Joint Chief Executive Tel: 01527 583200
Craig Muncaster - Joint Chief Executive and Group Financial Director
N+1 Singer - Nominated Adviser
Richard Lindley / James Moat / Harry Mills Tel: 020 7496 3000