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LONDON (Alliance News) - Lighting equipment company FW Thorpe PLC Thursday posted a rise in pretax profit in the first half of its financial year, as revenue was lifted by continued growth in LED product sales, and it raised its interim dividend as a result.
The maker of lighting systems for offices, retail and industrial premises as well as roads and tunnels posted a pretax profit of GBP5.8 million for the six months to end-December, up from GBP5.4 million a year before, as revenue rose to GBP32.6 million from GBP29.6 million, with LED products now making up about 58% of its revenue.
FW Thorpe proposed an interim dividend of 1.10 pence, up from 1.05 pence a year before.
FW Thorpe said that most of its subsidiaries are performing well, although it opted to sell its heritage and decorative lighting business Sugg Lighting for a nominal consideration in February.
Although the company's growth is coming from LED products, it said that Thorlux Lighting, in particular, still suffers from the parallel demand for substantial quantities of "old technology" products.
"Measured and careful steps are being taken to withdraw these older products where possible without disruption to customer sentiment or causing stock obsolescence," it said
It has continued to invest in its road tunnel lighting company TRT Lighting, a new factory for its Solite Europe business for GBP1.4 million, and installing a second new LED circuit board line at Thorlux.
Shares in FW Thorpe are trading down 0.3% at 151.00 pence Thursday morning, having risen initially. The stock has risen nearly 15% over the past six months.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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