Thorpe Regulatory News (TFW)

27 Mar 2007 07:02

Thorpe(F.W.) PLC27 March 2007 F W Thorpe Plc INTERIM RESULTS TO 31 DECEMBER 2006 KEY POINTS: • Turnover increased by 7% to £23.4m (2005 £21.8m) • Operating profits up by 9% to £3.0 (2005: £2.7m) • Profit before tax increased by 11% to £3.3m (2005: 3.0m) • Interim dividend increased to 3.25p (2005: 3.0p) up 8% • Basic earnings per share 19.6p (2005: 17.8p) up 10% • Pension liability reduced to £1.1m (2005: £3.5m) • Sugg Lighting downsized to facilitate a return to profitability Andrew Thorpe, Chairman said," These are encouraging results and January andFebruary orders lead us to be cautiously optimistic in regard to trading for therest of the financial year." For further information please contact: F W Thorpe plc.Andrew Thorpe - Chairman 01527 583200Peter Mason - Joint Chief Executive and Finance Director 01527 583200 Brewin Dolphin Securities Limited - Nominated AdviserIan Stanway 0121 236 7000 F W Thorpe Plc INTERIM RESULTS TO 31 DECEMBER 2006 CHAIRMAN'S INTERIM STATEMENT Group turnover in the first six months of the 2006/7 financial year hasincreased to £23.4m, a 7% improvement over the corresponding period last year.This increased turnover has produced a 9% higher operating profit of £2.98m.Together with an increased investment income the resultant profit before tax was11% greater at £3.33m. (2005/6: £3.01m) The Interim Dividend to be paid on 8th May 2007 will be 3.25p (2006:3.00p) anincrease of 8%. Most Group subsidiaries have produced an improved performance over the periodand although the largest, Thorlux, has "taken a breather", current trading and anumber of new product introductions suggest an improved performance, here, overthe rest of the period. Sugg Lighting, reported a year ago as trading at only a small loss suffered afurther drop in fortunes, and, despite strenuous efforts to sell the company,this proved not possible. Your Board has, therefore, decided to reduce thebusiness back to its core products requiring only 10 positions within thecompany as opposed to its recent count of 28 positions. Redundancy procedureshave already been undertaken and those personnel occupying the redundantpositions have already left or are currently working their notice periods. Ourbusiness plan shows that, excepting for the factory rental for which provisionshave already been made, this action will result in a small profitable lightingcompany. January and February orders lead us to be cautiously optimistic in regard totrading for the rest of the financial year. Andrew ThorpeChairman 27 March 2007 F W Thorpe PLCMerse RoadNorth Moons MoatRedditchWorcs.B98 9HH INTERIM CONSOLIDATED RESULTS GROUP PROFIT AND LOSS ACCOUNT Half year to Half year to Full year to 31.12.06 31.12.05 30.6.06 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Turnover - continuing operations 23,418 21,793 44,204 ______ ______ ______ Operating Profit - continuing operations 2,984 2,743 6,877 Interest receivable and other income 349 267 543 ______ ______ ______ Profit on ordinary activities before taxation 3,333 3,010 7,420 Taxation on profit on ordinary activities (1,000) (903) (2,224) ______ ______ ______ Profit on ordinary activities after taxation 2,333 2,107 5,196 ______ ______ ______Dividend rate per share: Interim 3.25p 3.0p 3.0p Final 9.0p Special 12.0p Earnings per share - basic 19.6p 17.8p 43.8p - diluted 19.5p 17.6p 43.5p GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Half year to Half year to Full year to 31.12.06 31.12.05 30.6.06 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Profit after tax 2,333 2,107 5,196 Actuarial gain - - 1,414Deferred tax - - (424) ______ ______ ______ Total recognised gains and losses for the 2,333 2,107 6,186period ______ ______ ______ INTERIM CONSOLIDATED RESULTS GROUP BALANCE SHEET As at As at As at 31.12.06 31.12.05 30.6.06 (unaudited) (unaudited) (audited) £'000 £'000 £'000Fixed assetsTangible assets 9,976 9,149 9,907Investments 258 258 258 ______ ______ ______ 10,234 9,407 10,165Current assetsStocks 7,012 6,573 7,005Debtors 8,375 7,916 10,075Investments 70 70 70Cash at bank and in hand 12,586 11,399 11,848 ______ ______ ______ 28,043 25,958 28,998Creditors:Amounts falling due within one year (6,406) (4,613) (6,851) ______ ______ ______ Net current assets 21,637 21,345 22,147 ______ ______ ______ Total assets less current liabilities 31,871 30,752 32,312 ______ ______ ______Provisions for liabilities and chargesOnerous lease obligation (471) (200) (471)Deferred taxation (322) (711) (412) ______ ______ ______ Net assets excluding pension liability 31,078 29,841 31,429 ______ ______ ______ Pension liability (1,121) (3,462) (1,329) ______ ______ ______ Net assets 29,957 26,379 30,100 ______ ______ ______ Capital and reservesCalled up share capital 1,190 1,188 1,188Capital Redemption Reserve 135 135 135Share Premium account 607 587 586Profit and loss account 28,025 24,469 28,191 ______ ______ ______Equity shareholders' funds 29,957 26,379 30,100 ______ ______ ______ INTERIM CONSOLIDATED RESULTS GROUP CASH FLOW STATEMENT Half year to Half year to Full year to 31.12.06 31.12.05 30.6.06 (unaudited) (unaudited) (audited) £'000 £'000 £'000Net cash inflow from operating activitiesOperating profit 2,984 2,743 6,877Depreciation 545 549 1,216Profit on sale of fixed assets (19) (8) (31)Excess pension scheme contributions - - (1,450)Movements in working capital 745 1,039 522 ______ ______ ______ 4,255 4,323 7,134Returns on investments and servicingof finance 349 267 597 Taxation (795) (405) (1,338) Capital expenditure and financialinvestment (595) (355) (1,757) Equity dividends paid (2499) (891) (1,247) ______ ______ ______ Cash inflow before financing 715 2,939 3,389 Financing 23 46 45 ______ ______ ______ Increase in cash 738 2,985 3,434 ______ ______ ______ Reconciliation of net cashflow to movementin net fundsIncrease in net cash 738 2,985 3,434Net funds at the beginning of the period 11,918 8,484 8,484 ______ ______ ______ Net funds at the end of the period 12,656 11,469 11,918 ______ ______ ______ Notes 1. The interim results to 31st December 2006 have been prepared inaccordance with UK GAAP and are consistent with the accounting policies adoptedin the Group statutory accounts for the year ended 30th June 2006. The interimaccounts are neither audited nor reviewed. The interim accounts are not fullaccounts within the meaning of Section 240 of the Companies Act 1985. 2. The comparative profit and loss account for the year to 30th June 2006has been extracted from the audited financial statements and these accounts havebeen filed with the Registrar of Companies. 3. The interim taxation charge is based on the anticipated rate for thefinancial year. 4. The interim dividend is at the rate of 3.25p per share (2005: 3.0p).Based on 11,897,576 shares in issue at the announcement date the dividend willamount to £387,000, (2005: £356,000). The interim dividend will be paid onTuesday 8th May 2007 to shareholders on the register at the close of business onTuesday 10th April. The shares become ex-dividend on Wednesday 4th April. 5. The earnings per share is calculated on profit on ordinary activitiesafter taxation and the weighted average number of ordinary shares in issue of11,888,250 (2005: 11,860,555) during the period. For diluted earnings per sharethe weighted average of ordinary shares in issue is adjusted to assumeconversion of all dilutive potential ordinary shares. The adjusted weightedaverage number of ordinary shares is calculated at 11,943,559 (2005:11,943,559). 6. On 27 September 2006, 19,500 share options were exercised at an optionprice of 117p per share. 7. Copies of this report will be sent to shareholders on 4th April 2007.Further copies may be obtained from the Company's registered office or on theCompany's website from that date (www.fwthorpe.co.uk). This information is provided by RNS The company news service from the London Stock Exchange