Interim Results

Thorpe(F.W.) PLC
18 March 2004


FW Thorpe plc - 18 March 2004

The following interim consolidated results for the half-year ended 31 December
2003 were announced today:


Chairman's Interim statement


The Group financial performance has shown a further improvement with a turnover
for the six months to December 2003 of £17.8M (2003: £16.4M) an increase of
8.6%.  Operating profit for the half year was £1.7M (£1.4M) being an increase of
28%.  Investment income increased the resultant net profit before tax to £1.9M
from £1.5M for the comparable period.


To reflect the above an interim dividend of 2.2p per share (2003:1.9p) will be
paid on 11th May 2004.


All Companies within the Group continue to trade on a growth path including our
Sugg Lighting subsidiary where losses are still on a reducing trend.


The Company has continued to fund investment where thought pertinent with
capital expenditure for the six months rising to £0.9M (2003:£0.3M).  This
investment has included the completion of a new shop floor extension for
Mackwell Electronics Ltd. The Company has also placed an order for a new
integrated sheet metal piercing/bending line for Thorlux Lighting to provide
additional sheet metal processing capacity.



Generally our market seems firm, at present, and so it is expected that current
levels of trading should be maintained over the remainder of the year.



Andrew Thorpe

Chairman





Abridged financial information



Consolidated Profit and Loss  Half year ended  Half year ended  Full year ended
Account                             31.12.03         31.12.02         30.6.03
                                 (unaudited)      (unaudited)        (audited)
                                       £'000            £'000            £'000
Turnover - continuing                 17,841           16,423           32,677
operations

Operating profit - continuing          1,740            1,354            3,487
operations

Interest receivable and                  138              116              245
similar income

Profit on ordinary activities          1,878            1,470            3,732
before taxation
Taxation on profit on                   (563)            (441)          (1,110)
ordinary activities

Profit on ordinary activities          1,315            1,029            2,622
after taxation

Dividends                               (259)            (222)            (773)

Retained profit for the                1,056              807            1,849
period

Earnings per ordinary share
- ordinary                              11.2p             8.8p            22.4p
- diluted                               11.0p             8.5p            21.8p

Dividends per share:                     2.2p             1.9p             1.9p
interim
Dividends per share: final                                                 4.7p
Dividends per share: total                                                 6.6p
distribution



Group Balance Sheet                          As at          As at        As at
                                          31.12.03       31.12.02     30.06.03
                                       (unaudited)    (unaudited)    (audited)
                                             £'000          £'000        £'000
Fixed assets
Tangible assets                              8,949          8,788        8,601
Investments                                    244            244          244

                                             9,193          9,032        8,845
Current assets
Stocks                                       5,728          5,359        6,196
Debtors                                      5,880          6,256        6,303
Investments                                     70             70           70
Cash at bank and in hand                     7,448          4,876        6,742

                                            19,126         16,561       19,311

Creditors: amounts falling due              (4,987)        (4,410)      (5,919)
within one year

Net current assets                          14,139         12,151       13,392

Total assets less current                   23,332         21,183       22,237
liabilities

Creditors : amounts falling due after            -             (2)           -
one year
Provisions for liabilities and
charges
Deferred taxation                             (428)          (414)        (428)

Net assets                                  22,904         20,767       21,809

Capital and reserves
Called up share capital                      1,175          1,171        1,171
Capital Redemption Reserve                     135            135          135
Share premium account                          448            411          411
Profit and loss account                     21,146         19,050       20,092

Equity shareholders' funds                  22,904         20,767       21,809





                                Half year ended Half year ended Full year ended
                                      31.12.03        31.12.02        30.06.03 
                                    (unaudited)     (unaudited)       (audited)
Consolidated Cash Flow                    £'000           £'000         £'000
Statement
Net cash inflow from operating
activities:
Operating profit                          1,740           1,354          3,487
Depreciation                                562             598          1,193
Profit on sale of fixed assets               (3)            (39)           (62)
Movements in working capital                 98            (594)          (415)

Net cash inflow from operating            2,397           1,319          4,203
activities

Returns on investments and                  138             116            245
servicing of finance

Taxation                                   (405)           (143)          (677)

Capital expenditure and financial          (908)           (325)          (710)
investment

Equity dividends paid                      (552)           (492)          (714)

Cash inflow before use of liquid            670             475          2,347
resources and financing

Financing                                    36              49             43

Increase in cash in the period              706             524          2,390

Reconciliation of net cashflow to
movement in net funds
Increase in net cash                        706             524          2,390
Movement in borrowings                        4               6             11
Net funds at the beginning of the         6,805           4,404          4,404
period

Net funds at the end of the               7,515           4,934          6,805
period




1.  The interim results to 31st December 2003 have been prepared on an
historical cost basis consistent with the accounting policies adopted in the
Group statutory accounts for the year ended 30th June 2003.  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 30th June 2003 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 2.2p per share (2003: 1.9p) and based
on 11,748,000 shares in issue at the announcement date.  The interim dividend
will be paid on Tuesday 11th May to shareholders on the register at the close of
business on Friday 26th March.  The shares become ex-dividend on Wednesday 24th
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
11,731,903 (2003: 11,696,645) 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 (2003:12,072,768).


7.  On 25 September 2003, 34,441 share options were exercised at 117p per share.


8.  Copies of this report will be sent to shareholders on 24th March 2004.
Further copies may be obtained from the Company's registered office from that
date.



ENQUIRIES to the Chairman: Andrew Thorpe, F W Thorpe Plc, Redditch.

Tel: [phone]











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