Thorpe Regulatory News (TFW)

28 Mar 2006 07:30

Thorpe(F.W.) PLC28 March 2006 F W Thorpe Plc INTERIM RESULTS 2006 CHAIRMAN'S INTERIM STATEMENT Group financial performance has shown further progress in the first half of our2005/2006 financial year with a 6.4% increase in Group turnover to £21.8Mproducing a 27.1% increase in operating profit to £2.7M. Investment income of£267K (2005: £183K) brought the resulting profit before tax to £3.0M compared to£2.3M for the previous corresponding period. The interim dividend to be paid on 9th May 2006 will be increased by 20% to 3.0p(2005: 2.5p). The Group performance in the first six months of the financial year has beenencouraging with only the retail lighting sector showing any cause for concern.Total exposure here is limited and promising efforts are being made to increasethe number of customers to replace business from those who are currently quiet.Sugg Lighting is currently trading at only a small loss and your Directors arestill pursuing options in this regard. Export sales are also encouraging throughout the Group with further Thorluxinvestment in overseas personnel imminent. At this stage your Group would expect trading levels to continue as at presentfor the rest of the financial year. The Company successfully transferred the trading of its Shares to theAlternative Investment Market of the London Stock Exchange ("AIM") on 6thJanuary 2006 and after an initial dip the Share price has made steady progress. Andrew ThorpeChairman 28th March 2006 F W Thorpe PLCMerse RoadNorth Moons MoatRedditchWorcs.B98 9HH INTERIM CONSOLIDATED RESULTS GROUP PROFIT AND LOSS ACCOUNT Half year Half year Full year ended Ended Ended 31.12.05 31.12.04 30.6.05 (unaudited) Restated - Note 1 Restated - Note 1 £'000 £'000 £'000 Turnover - continuing operations 21,793 20,475 41,572 ______ ______ ______ Operating Profit - continuing operations 2,743 2,158 5,511 Interest receivable and other income 267 183 378 ______ ______ ______ Profit on ordinary activities before taxation 3,010 2,341 5,889 Taxation on profit on ordinary activities (903) (695) (1,479) ______ ______ ______ Profit on ordinary activities after taxation 2,107 1,646 4,410 ______ ______ ______ Dividend rate per share: Interim 3.0p 2.5p 2.5p Final 7.5p Earnings per share - basic 17.8p 13.9p 37.3p - diluted 17.6p 13.8p 36.9p INTERIM CONSOLIDATED RESULTS GROUP BALANCE SHEET As at As at As at 31.12.05 31.12.04 30.6.05 (unaudited) Restated - Note 1 Restated - Note 1 £'000 £'000 £'000Fixed assetsTangible assets 9,149 9,539 9,335Investments 258 281 258 ______ ______ ______ 9,407 9,820 9,593Current assetsStocks 6,573 6,596 7,267Debtors 7,916 8,025 10,148Investments 70 70 70Cash at bank and in hand 11,399 7,506 8,414 ______ ______ ______ 25,958 22,197 25,899Creditors:Amounts falling due within one year (4,613) (5,443) (6,168) ______ ______ ______ Net current assets 21,345 16,754 19,731 ______ ______ ______ Total assets less current liabilities 30,752 26,574 29,324 ______ ______ ______Provisions for liabilities and chargesOnerous lease obligation (200) - (200)Deferred taxation (711) (403) (711) ______ ______ ______ Net assets excluding pension liability 29,841 26,171 28,413 ______ ______ ______ Pension liability (3,462) (2,319) (3,296) ______ ______ ______ Net assets 26,379 23,852 25,117 ______ ______ ______ Capital and reservesCalled up share capital 1,188 1,184 1,184Capital Redemption Reserve 135 135 135Share Premium account 587 545 545Profit and loss account 24,469 21,988 23,253 ______ ______ ______Equity shareholders' funds 26,379 23,852 25,117 ______ ______ ______ INTERIM CONSOLIDATED RESULTS GROUP CASH FLOW STATEMENT Half year Half year Full year ended ended ended 31.12.05 31.12.04 30.6.05 (unaudited) Restated - Note 1 Restated - Note 1 £'000 £'000 £'000Net cash inflow from operating activitiesOperating profit 2,743 2,158 5,511Depreciation 549 536 1,148Profit on sale of fixed assets (8) (9) (31)Movements in working capital 1,039 (555) (2,327) ______ ______ ______ 4,323 2,130 4,301Returns on investments and servicingof finance 267 183 378 Taxation (405) (959) (1,758) Capital expenditure and financialinvestment (355) (723) (1,086) Equity dividends paid (891) (758) (1,054) ______ ______ ______ Cash inflow/(outflow) before financing 2,939 (127) 781 Financing 46 79 79 ______ ______ ______ Increase/(decrease) in cash 2,985 (48) 860 ______ ______ ______ Reconciliation of net cashflow to movementin net fundsIncrease/(decrease) in net cash 2,985 (48) 860Net funds at the beginning of the period 8,484 7,624 7,624 ______ ______ ______ Net funds at the end of the period 11,469 7,576 8,484 ______ ______ ______ Notes 1. The interim results to 31st December 2005 have been prepared in accordance with UK GAAP and are consistent with the accounting policies adopted in the Group statutory accounts for the year ended 30th June 2005 apart from the adoption of FRS 21 'Events after the balance sheet date' and FRS 17 'Retirement benefits'. The adoption of FRS 21 has resulted in dividends proposed at the balance sheet date not being recognised as a liability. The interim accounts are neither audited nor reviewed. The interim accounts are not full accounts within the meaning of Section 240 of the Companies Act 1985. 2. The comparative profit and loss account for the year to 30th June 2005 has been extracted from the audited financial statements and these accounts have been filed with the Registrar of Companies. These accounts have been adjusted for the adoption of FRS 21 and FRS 17. 3. The interim taxation charge is based on the anticipated rate for the financial year. 4. The interim dividend is at the rate of 3p per share (2005: 2.5p) and based on 11,878,076 shares in issue at the announcement date. The interim dividend will be paid on Tuesday 9th May 2006 to shareholders on the register at the close of business on Friday 7th April. The shares become ex-dividend on Wednesday 5th April. Following the adoption of FRS 21, the dividends charged in each period reflect only those paid rather than those paid and proposed as previously permitted under UK GAAP. As a result, the dividend charged for the year ended 30 June 2005 and half year to 31 December 2004 have been restated to remove the final dividend of £888,000 and interim dividend of £300,000 respectively from the profit and loss account and from creditors. The final dividend has then been reflected in the profit and loss account for the six months to 31 December 2005. 5. The earnings per share is calculated on profit on ordinary activities after taxation and the weighted average number of ordinary shares in issue of 11,860,555 (2005: 11,812,768) 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 11,943,559 (2005: 11,943,559). 6. On 20 September 2005, 23,000 share options were exercised. On 23 September 2005, 16,200 share options were exercised. The option price for both transactions was 117p per share. 7. Copies of this report will be sent to shareholders on 5 April 2006. Further copies may be obtained from the Company's registered office or on the Company's website from that date. This information is provided by RNS The company news service from the London Stock Exchange