Interim Results

Thorpe(F.W.) PLC
17 March 2005

FW Thorpe plc - 17 March 2005

The following interim consolidated results for the half-year ended 31 December
2004 were announced today:

CHAIRMAN'S INTERIM STATEMENT

Financial performance for the Group has again shown progress in the first six
months of our 2004/5 financial year. Turnover increased to £20.5m (2004:£17.8m)
being an increase of 15% and operating profit increased to £2.1m (2004:£1.7m), a
24% rise. Investment income of £ 0.21m (2004:£0.14m) brought the resultant
profit before tax to £2.3m compared to £ 1.9m for the corresponding period last
year.

The interim dividend to be paid on 10 May 2005 will be 2.5p (2004:2.2p), this
being an increase of 14% over the comparative figure.

Performance within the Group during this period has been mixed prompting your
Company to be pro-active in conducting reviews of certain areas of operation.
Reviews have included manufacturing production, where the rapid rate of increase
of output in recent years has led to inefficiencies, product areas to address
any viability issues of certain ranges, and a review to identify further 
improvements in sales channels for individual Group members.
Actions emanating from the above reviews and a continuing drive to bring new
products competitively to the market should underpin future growth prospects.

Order input for January and February gives us encouragement that trading levels
should be maintained for the rest of this financial period.

Andrew Thorpe
Chairman

17th March 2005

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

                         INTERIM CONSOLIDATED RESULTS


GROUP PROFIT AND LOSS ACCOUNT

                                         Half year   Half year      Full year
                                         ended       ended          ended
                                         31.12.04    31.12.03       30.6.04
                                         (unaudited) (unaudited)    (audited)
                                         £'000       £'000          £'000

Turnover - continuing operations         20,475      17,841         37,258
                                         ______      ______         ______

Operating Profit - continuing operations  2,103       1,740          5,020

Interest receivable and other income        214         138            342
                                         ______      ______         ______
Profit on ordinary
activities before taxation                2,317       1,878          5,362
Taxation on profit
on ordinary activities                     (695)       (563)        (1,479)
                                         ______      ______         ______
Profit on ordinary
activities after taxation                 1,622       1,315          3,883
                                         ______      ______         ______

Dividends                                  (300)       (259)        (1,014)
                                         ______      ______         ______

Retained profit for the period            1,322       1,056          2,869
                                         ______      ______         ______
Dividend rate per share:
Interim                                    2.5p        2.2p           2.2p
Final                                                                 6.4p
Earnings per share - basic                13.7p       11.2p          33.1p
- diluted                                 13.6p       11.0p          32.5p


                          INTERIM CONSOLIDATED RESULTS

GROUP BALANCE SHEET

                                         As at       As at          As at
                                         31.12.04    31.12.03       30.6.04
                                         (unaudited) (unaudited)    (audited)
                                         £'000       £'000          £'000

Fixed assets
Tangible assets                          9,539       8,949          9,343
Investments                                281         244            281
                                         _____       _____          _____
                                         9,820       9,193          9,624
Current assets
Stocks                                   6,596       5,728          6,599
Debtors                                  8,330       5,880          8,355
Investments                                 70          70             70
Cash at bank and in hand                 7,506       7,448          7,554
                                         ______      ______         ______
                                         22,502      19,126         22,578
Creditors: amounts falling due
within one year                          (5,772)     (4,987)        (7,053)
                                         _____       ______         ______

Net current assets                       16,730      14,139         15,525
                                         ______      ______         ______

Total assets less current liabilities    26,550      23,332         25,149
                                         ______      ______         ______

Provisions for liabilities and charges
Deferred taxation                          (403)       (428)          (403)
                                         ______      ______         ______
Net assets                               26,147      22,904         24,746
                                         ______      ______         ______
Capital and reserves
Called up share capital                  1,184        1,175          1,177
Capital Redemption Reserve                 135          135            135
Share premium account                      545          448            473
Profit and loss account                  24,283      21,146         22,961
                                         ______      ______         ______
Equity shareholders' funds               26,147      22,904         24,746
                                         ______      ______         ______



                          INTERIM CONSOLIDATED RESULTS

GROUP CASH FLOW STATEMENT
                                               Half year   Half year   Full year
                                               ended       ended       ended
                                               31.12.04    31.12.03    30.6.04
                                               (unaudited) (unaudited) (audited)
                                               £'000       £'000       £'000

Net cash inflow from operating activities
Operating profit                               2,103       1,740       5,020
Depreciation                                     536         562       1,168
Profit on sale of fixed assets                    (9)         (3)        (18)
Movements in working capital                    (531)         98       (1,791)
                                               ______      ______      ______
                                               2,099       2,397        4,379
Returns on investments and
servicing of finance                             214         138          342

Taxation                                        (959)       (405)      (1,230)

Capital expenditure and
financial investment                            (723)       (908)      (1,929)

Equity dividends paid                           (758)       (552)       (811)
                                                ______      ______      ______

Cash (outflow)/inflow before financing          (127)         670         751

Financing                                         79           36          61
                                               ______      ______      ______

(Decrease)/increase in cash                      (48)        706          812
                                               ______      ______      ______

Reconciliation of net cashflow to movement in
net funds

(Decrease)/increase in net cash                  (48)        706         812
Movement in borrowings                             -           4           7
Net funds at the beginning of the period       7,624       6,805       6,805
                                               ______      ______      ______
Net funds at the end of the period             7,576       7,515       7,624
                                               ______      ______      ______


Notes

1.       The interim results to 31st December 2004 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 2004. 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 2004
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 2.5p per share (2004: 2.2p) and
based on 11,838,876 shares in issue at the announcement date. The interim
dividend will be paid on Tuesday 10th May 2005 to shareholders on the register
at the close of business on Tuesday 29th March. The shares become ex-dividend on
Wednesday 23rd 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
11,812,768 (2004: 11,731,903) 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 (2004:
11,943,559).

7.       On 15th July 2004, 10,000 share options were exercised. On 21 September
56,876 share options were exercised. The option price for both transactions was
117p per share.

8.        Copies of this report will be sent to shareholders on 22nd March 2005.
Further copies may be obtained from the Company's registered office from that
date.
             THORLUX LIGHTING - www.thorlux.com
             MACKWELL ELECTRONICS - www.mackwell.co.uk
             COMPACT LIGHTING - www.compact-lighting.co.uk
             PHILIP PAYNE - www.p-payne.co.uk
             SUGG LIGHTING - www.sugglighting.co.uk

F W Thorpe Group manufactures a comprehensive range of interior and exterior
quality lighting equipment for industrial and commercial applications.


ENQUIRIES to the Chairman: Andrew Thorpe, F W Thorpe Plc, Redditch.
Tel: [phone]





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