Interim Results

Thorpe(F.W.) PLC
20 March 2001


At a board meeting held today, the Directors approved the following
announcement:

FW THORPE PLC
INTERIM CONSOLIDATED RESULTS 2001
GROUP PROFIT AND LOSS ACCOUNT
                                     Half year       Half year      Full year
                                         ended           ended          ended
                                      31.12.00        31.12.99        30.6.00
                                    (unaudited)     (unaudited)      (audited)
                                          £000            £000           £000

Turnover - continuing operations        16,468          13,497         27,173
                                        ______          ______         ______
Operating Profit-continuing operations   1,082             661          2,702

Interest receivable                        100             182            315
                                        ______          ______         ______
Profit on ordinary
activities before taxation               1,182             843          3,017

Taxation on profit 
on ordinary activities                    (358)           (252)        (1,004)
                                        ______          ______         ______
Profit on ordinary 
activities after taxation                  824             591          2,013
                                        ______          ______         ______
Dividends                                 (210)           (180)          (682)
                                        ______          ______         ______

Retained profit for the period             614             411          1,331
                                        ______          ______         ______
Dividend rate per share:      
       Interim                            1.80p           1.50p          1.50p
       Final                                                             4.20p
Earnings per share                        6.90p           4.50p         16.00p

GROUP BALANCE SHEET
                                        As at           As at           As at
                                     31.12.00        31.12.99         30.6.00
                                   (unaudited)     (unaudited)       (audited)
                                         £000            £000            £000
Fixed assets:
Intangible assets                         548             577             563
Tangible assets                         9,128           7,160           7,749
Investments                               244             244             244
                                       ______          ______          ______

                                        9,920           7,981           8,556

Current assets:
Stocks                                  6,093           3,998           5,476
Debtors                                 6,682           5,177           6,644
Investments                               790           4,236           2,866
Cash at bank and in hand                  477           1,952           1,058
                                       ______          ______          ______

                                       14,042          15,363          16,044
Creditors:
amounts falling due within one year    (4,655)         (4,007)         (5,534)
                                       ______          ______          ______
Net current assets                      9,387          11,356          10,510
                                       ______          ______          ______
Total assets less current liabilities  19,307          19,337          19,066
                                       ______          ______          ______
Creditors:
amounts falling due after one year        (12)            (27)            (18)
Provisions for liabilities and charges:
Deferred taxation                        (436)           (410)           (436)
                                       ______          ______          ______
Net assets                             18,859          18,900          18,612
                                       ______          ______          ______

Capital and reserves:
Called up share capital                 1,166           1,302           1,198
Capital Redemption Reserve                136               -             104
Share premium account                     360             360             360
Profit and loss account                17,197          17,238          16,950
                                       ______          ______          ______
                                       18,859          18,900          18,612
                                       ______          ______          ______

GROUP CASH FLOW STATEMENT
                                     Half year       Half year      Full year
                                         ended           ended          ended
                                      31.12.00        31.12.99        30.6.00
                                    (unaudited)     (unaudited)      (audited)
                                         £000            £000            £000
Net cash inflow from operating activities:
Operating profit                        1,082             661           2,702
Depreciation and amortisation of goodwill 612             581           1,099
Profit on sale of fixed assets             (4)            (28)            (48)
Movements in working capital           (1,320)            (27)         (1,322)
                                       ______          ______          ______

                                          370           1,187           2,431
Returns on investments and 
servicing of finance                      100             182             315

Taxation                                 (276)              -          (1,170)

Capital expenditure and
financial investment                   (1,972)           (183)         (1,255)

Equity dividends paid                    (503)           (488)           (668)
                                       ______          ______          ______
Cash (outflow)/inflow before use of
liquid resources and financing         (2,281)            698            (347)

Management of liquid resources          2,076            (143)          1,226

Financing                                (376)            (14)         (1,232)
                                       ______          ______          ______
(Decrease)/increase in cash              (581)            541            (353)
                                       ______          ______          ______

Reconciliation of net cashflow to movement in net funds:

(Decrease)/increase in net cash          (581)            541            (353)
Movement in liquid resources           (2,076)            143          (1,226)
Movement in borrowings                      9              14              24
Net funds at beginning of the period    3,889           5,444           5,444
                                       ______          ______          ______
Net funds at end of the period          1,241           6,142           3,889
                                       ______          ______          ______ 
     

CHAIRMAN'S INTERIM STATEMENT
I am pleased to be able to report a successful half-year for the Group.

Group turnover was £16,468K as compared to £13,497K last year, an increase of
22%, and the operating profit was £1,082K as compared to £661K last year, an
increase of 64%.  The investment income was significantly lower at £100K due
to spending on our capital investment program and increased working capital
arising from the higher turnover.  The total profit before tax was £1,182K
(previous year £843K) and the interim dividend will be 1.8p per share, which
compares with 1.5p last half year.

In my end of year statement I referred to the improved order position and this
was reflected throughout the period under review across all divisions
resulting in the performance that has been achieved.  I am pleased to report
that a significant amount of this business was Export, in particular to Europe
and the Far East.  Strong divisional performances came from Thorlux Lighting,
Mackwell Electronics and Philip Payne; Compact Lighting and Sugg Lighting have
also shown progress.

Compact Lighting and Mackwell Electronics have completed their moves into
larger premises and are well set up for future growth.

Business confidence has, in general, suffered somewhat since the beginning of
the New Year and this has had some effect on our order book, but despite this
I anticipate a profitable second half performance.



Colin Brangwin
Chairman


Notes:
1. The interim results to 31 December 2000 have been prepared on an historical
cost basis consistent with the accounting policies adopted in the Group
statutory accounts for the year ended 30 June 2000.  They are neither audited
nor reviewed.

2. The Company has no recognised gains and losses other than those included in
the profit above and therefore no separate statement of recognised gains and
losses has been presented.

3. The comparative profit and loss account for the year to 30 June 2000 is an
extract from the Group statutory accounts.  These accounts have been filed
with the Registrar of Companies and included an unqualified audit report.

4. The interim taxation charge is based on the anticipated rate for the
financial year.

5. The interim dividend is at the rate of 1.8p per share (1999: 1.50p) and
based on 11,661,813 shares in issue at the announcement date.  The interim
dividend will be paid on Tuesday 15 May 2001 to shareholders on the register
at the close of business on Friday 30th March.  The shares become ex-dividend
on Wednesday 28th March.

6. The earnings per share is calculated on profit on ordinary activities after
taxation and the weighted average number of ordinary shares in issue of
11,931,254 during the period.  There is no material difference between the
earnings per share disclosed and that calculated on the fully diluted basis.

7. In December 2000 the Company repurchased and subsequently cancelled 313,500
ordinary shares representing 2.6% of the ordinary shares in issue at the time.
 The cost of the repurchase (£367,000) has been reflected in the profit and
loss reserve.

8. Copies of this report were sent to shareholders on 26 March 2001.  Further
copies may be obtained from the Company's registered office from that date. 

ENQUIRIES TO THE CHAIRMAN: COLIN BRANGWIN tel:[phone]


F W Thorpe PLC
Merse Road
North Moons Moat
Redditch
Worcs
B98 9HH