Final Results

THORPE (FW) PLC
29 September 1999


The following consolidated results for the year ended 30 June 1999 were
announced today:

Abridged financial information
  
                                                         1999    1998
                                                        £'000   £'000

Turnover-continuing operations                          25410   26659         


Operating profit - continuing operations                 2510    3606
Profit on sale of fixed asset investments                 397       -
Interest receivable and similar income                    481     436

Profit on ordinary activities before taxation            3388    4042
Taxation on profit on ordinary activities                1036    1240

Profit on ordinary activities after taxation             2352    2802

Dividends                     - interim paid              196     194
                              - special paid             1304       -
                              - final proposed            488     485
                              - total                    1988     679

Retained profit                                           364    2123

Earnings per share:                                      18.1p   21.7p

Dividends per share           - interim                  1.50p   1.50p
                              - special                 10.00p      -
                              - final                    3.75p   3.75p
                              - total distribution      15.25p   5.25p

AGM                     04-Nov-99
Dividend payment date   11-Nov-99
Ex-dividend date        11-Oct-99
Record date             15-Oct-99

The above financial information does not constitute statutory accounts within
the meaning of Section 240(5) of the Companies Act 1985.  The statutory
accounts have not been delivered to the Registrar of Companies but will be
delivered in due course.                                                      
                                                                       
The Auditors have given an unqualified report on the statutory accounts and
their report does not contain a statement under either section 237 (2)
(Accounting records) or 237 (3) (Information and Explanations) of the 
Companies Act 1985.                                                           

                                             
CHAIRMAN'S STATEMENT

The turnover of the group was £25,410,000 as compared to £26,659,000 last
year.  This produced a profit before tax of £3,388,000 whereas last year the
figure was £4,042,000.  The Board are recommending a final dividend of 3.75p
which when included with the paid interim dividend (excluding the special
dividend) makes a total of 5.25p for the year.

It is, of course, disappointing to report reduced turnover and profit figures
but the year under review has been a difficult one for manufacturing industry
and coupled with the high value of the pound sterling it has not been possible
for the Group to escape the effects of what has technically been a recession. 
In fact, my Interim Statement in March did warn of this situation.

Despite the market conditions the Group was still able to show that the
operating profit produced a return on sales of nearly 10%.  

Our cash position remains strong despite the payment of a special dividend in
May and the purchase of Sugg Lighting business.

Thorlux Lighting

Thorlux Lighting felt the full impact of the economic downturn with reduced
order input particularly in the latter months of the financial year.  Market
conditions were difficult and orders harder to win against the competition and
inevitably margins were put under pressure.

The high value of the pound sterling also made the winning of export orders
difficult despite the efforts of our export sales team and the many visits
they have made overseas to see our agents and customers.

We have used this quieter time to make substantial investments in the business
and in particular to implement our new ERP (Enterprise Resource Planning)
system.  This has gone well and we can now start to see the benefits, such as
reduced inventory with improved deliveries and customer service.  We will
continue to bring onstream further features of the system over the next few
months.   Overall it will yield significant savings and enable us to deal with
increased turnover without incurring higher fixed costs.  Labour savings have
been achieved and we have managed to avoid a redundancy exercise in
implementing the system but instead have relied on retirements and an
intensive and effective re-training program.  

During the year we have introduced seven entirely new product ranges and five
revised and updated ones.  We continue to place particular emphasis on energy
saving controls for lighting, which is important in view of the Government's
proposed new energy tax.  New developments underway include systems that will
significantly reduce installation times for office and commercial lighting
schemes.

Mackwell Electronics

Mackwell have enjoyed another successful year producing both record turnover
and profit figures for the Group.  This resulted from an increasing market
share in the UK, a successful export sales campaign and improved manufacturing
efficiency following capital investment in plant and machinery. 

Over the next year several new products are planned to be launched and this
will help Mackwell continue as a significant contributor to Group profits.

Compact Lighting

Compact Lighting also enjoyed a particularly good year increasing it's
turnover and profit, to new record figures.

During the year investment in metal working manufacturing plant was made and
this is now showing cost reductions and improved production flexibility.  The
lighting of retail stores tends to be a rapidly changing market and Compact
has proved itself to be an agile performer.

Philip Payne

Philip Payne maintained its performance over the year producing comparable
results to the previous one.  This was a commendable result as they operate in
a difficult market and suffered from the same pressures as Thorlux Lighting.

Sugg Lighting

Sugg Lighting joined the Group on 31st March 1999.  They manufacture a range
of traditional style lanterns and columns as well as more modern versions. 
Illustrations elsewhere in this report show typical products.

Management continuity has been maintained during the settling in process as
the executive team remains with the company.   We are however, in the process
of appointing a new Managing Director to lead the company forward into the
future.

Having been a member of the Group for only three months their contribution to
the results has been small this year but as they operate in an important niche
market, in future years it will add meaningfully to the Groups performance.

The Future

The performance of Thorlux as the largest member of the Group is clearly
important.  I can report that we have seen some signs of an improvement in the
market since the beginning of July with increased order input.  There is a
measure of confidence that this will continue and that over the year we will
have made significant steps to recover the position lost over the past twelve
months.  Likewise, I expect the other Group companies to show improving
results over the year.

ENQUIRIES to the Chairman: Colin Brangwin, FW Thorpe plc, Redditch
                           Tel: [phone]