Interim Results

Thorpe(F.W.) PLC
27 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 and
February orders lead us to be cautiously optimistic in regard to trading for the
rest of the financial year.'

For further information please contact:



F W Thorpe plc.
Andrew Thorpe -  Chairman                                           01527 583200
Peter Mason - Joint Chief Executive and Finance Director            01527 583200

Brewin Dolphin Securities  Limited -  Nominated Adviser
Ian 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 has
increased 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 was
11% 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) an
increase of 8%.

Most Group subsidiaries have produced an improved performance over the period
and although the largest, Thorlux, has 'taken a breather', current trading and a
number of new product introductions suggest an improved performance, here, over
the rest of the period.

Sugg Lighting, reported a year ago as trading at only a small loss suffered a
further drop in fortunes, and, despite strenuous efforts to sell the company,
this proved not possible. Your Board has, therefore, decided to reduce the
business back to its core products requiring only 10 positions within the
company as opposed to its recent count of 28 positions. Redundancy procedures
have already been undertaken and those personnel occupying the redundant
positions have already left or are currently working their notice periods. Our
business plan shows that, excepting for the factory rental for which provisions
have already been made, this action will result in a small profitable lighting
company.

January and February orders lead us to be cautiously optimistic in regard to
trading for the rest of the financial year.

Andrew Thorpe
Chairman

27 March 2007


F W Thorpe PLC
Merse Road
North Moons Moat
Redditch
Worcs.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                                                    -                  -              1,414
Deferred tax                                                      -                  -              (424)
                                                             ______             ______            ______

Total recognised gains and losses for the                     2,333              2,107              6,186
period
                                                             ______             ______            ______


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              £'000
Fixed assets
Tangible assets                                              9,976               9,149              9,907
Investments                                                    258                 258                258
                                                           ______              ______              ______
                                                            10,234               9,407             10,165
Current assets
Stocks                                                       7,012               6,573              7,005
Debtors                                                      8,375               7,916             10,075
Investments                                                     70                  70                 70
Cash at bank and in hand                                    12,586              11,399             11,848
                                                           ______              ______              ______
                                                            28,043              25,958             28,998
Creditors:
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 charges
Onerous 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 reserves
Called up share capital                                      1,190               1,188              1,188
Capital Redemption Reserve                                     135                 135                135
Share Premium account                                          607                 587                586
Profit 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              £'000
Net cash inflow from operating activities
Operating profit                                             2,984              2,743              6,877
Depreciation                                                   545                549              1,216
Profit 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              7,134
Returns on investments and servicing
of finance                                                     349                267                597

Taxation                                                      (795)              (405)            (1,338)

Capital expenditure and financial
investment                                                    (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 movement
in net funds
Increase in net cash                                           738              2,985              3,434
Net 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 in
accordance with UK GAAP and are consistent with the accounting policies adopted
in the Group statutory accounts for the year ended 30th June 2006.  The interim
accounts are neither audited nor reviewed.  The interim accounts are not full
accounts within the meaning of Section 240 of the Companies Act 1985.

2.       The comparative profit and loss account for the year to 30th June 2006
has been extracted from the audited financial statements and these accounts have
been filed with the Registrar of Companies.

3.       The interim taxation charge is based on the anticipated rate for the
financial 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 will
amount to £387,000, (2005: £356,000).  The interim dividend will be paid on
Tuesday 8th May 2007 to shareholders on the register at the close of business on
Tuesday 10th April.  The shares become ex-dividend on Wednesday 4th April.

5.       The earnings per share is calculated on profit on ordinary activities
after taxation and the weighted average number of ordinary shares in issue of
11,888,250 (2005: 11,860,555) 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 (2005:
11,943,559).

6.       On 27 September 2006, 19,500 share options were exercised at an option
price 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 the
Company's website from that date (www.fwthorpe.co.uk).








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