Thorpe Regulatory News (TFW)

25 Mar 2009 07:00



F W Thorpe Plc

INTERIM RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2008

KEY POINTS:

Turnover increased by 9% to £27.6M (2007 £25.3M)  

Operating profits up to £4.2M (2007: £4.0M)

Profit before tax increased by 5% to £4.8M (2007: 4.5M) 

Interim dividend increased to 4.1p (2007: 3.9p) up 5% 

Basic earnings per share 29.1p (2007: 26.9p) up 8%

For further information please contact:

CHAIRMAN'S INTERIM STATEMENT

Group revenue for the six months to 31 December 2008 increased 9% to £27.6M from £25.3M. Resulting profit before taxation has increased by 5% to £4.8M from £4.5M for the equivalent period last year.

An interim dividend of 4.1p (2008: 3.9p) will be paid on 12 May 2009 to shareholders on the register on 17 April 2009. This is an increase of 5% on last year's corresponding dividend.

The business has been increasingly difficult to manage over the last few months of credit crisis due to the varying effects on different parts of the Group of rapid changes in the value of Sterling against the Dollar and the Euro, the steep decline in retail sales, and quick realignment of commodity prices from their only recent very high peaks. The effects, as I have said, vary throughout the different companies within the Group but it is pertinent to mention that not only does the Group purchase items such as electronic components in Dollars, but it also exports a considerable amount of goods sold in Euros.

Potential order volumes will no doubt be hit by the current malaise, but our wide spread of product offerings and our cover of a wide variety of home and export markets have held us in good stead so far.

To update on some capital expenditure projects, Sugg Lighting are, at this moment, moving into a smaller factory, recently purchased by the Group, in Horsham which is some 9 miles from their current leased property in Crawley. The process continues in putting together our carbon off-setting project and the purchase has been completed of the 215 acres of land in Monmouthshire. Negotiation of the many and varied governmental control procedures that seem to be required is underway and we are on track to plant our first trees, some plantings of which have already been 'purchased' by our customers.

In regard to the remainder of the year, one will have to keep an open mind with things so difficult to predict at present. Although the balance sheet remains strong, investment income will fall away rapidly in the 2nd half of the financial year in line with the reduction in interest rates.

Andrew Thorpe

Chairman

25 March 2009

F W Thorpe PLCMerse Road

North Moons MoatRedditch

Worcs. 

B98 9HH

CONSOLIDATED INCOME STATEMENT 

for the six months to 31 December 2008

Earnings per share for profit attributable to the equity holders of the company during the period

CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSES 

for the six months to 31 December 2008

CONSOLIDATED BALANCE SHEET 

as at 31 December 2008

CASH FLOW STATEMENT 

for the six months to 31 December 2008

Notes to the Interim Financial Statements 1. Basis of Preparation

The consolidated interim financial statements for the six months to 31 December 2008 have been prepared in accordance with the recognition and measurement principles of applicable International Financial Reporting Standards (IFRS) in issue as adopted by the European Union (EU) and International Financial Reporting Standards as issued by the International Accounting Standards Board and the Alternative Investment Market (AIM) Rules for Companies.

The figures for the period to 31 December 2008 and the comparative period to 31 December 2007 have not been audited or reviewed and are therefore disclosed as unaudited. The figures for 30 June 2008 have been extracted from the financial statements for the year to 30 June 2008, 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 1985.

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.

The accounting policies set out in the financial statements for the year ended 30 June 2008 have been applied consistently throughout the Group during the period. 

2. Statement of changes in equity

3. Earnings per share

The earnings per share is calculated on profit after taxation and the weighted average number of ordinary shares in issue of 11,904,863 (2007: 11,904,394) during the period. For diluted earnings per share, the weighted average of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. The adjusted weighted average number of ordinary shares is calculated at 11,927,799 (2007: 11,928,429).

4. Purchase of own shares

On 13 October 2008 the company purchased 20,000 of its own shares at a price of 497.5 pence per share, and cancelled with immediate effect.

5. Dividend

The interim dividend is at the rate of 4.1p per share (2008: 3.9p), and, based on 11,893,559 shares in issue at the announcement date the dividend will amount to £488,000 (2008: £465,000). The interim dividend will be paid on Tuesday 12 May to shareholders on the register at the close of business on 17 April 2009 and the shares become ex-dividend on 15 April 2009.

6. Availability of interim statement

Copies of this report are being sent to shareholders and will also be available from the company's registered office or on the company's website from 9 April 2009.