Interim Results

Thorpe(F.W.) PLC
20 March 2003

FW Thorpe plc - 20 March 2003

The following interim consolidated results for the half-year ended 31 December
2002 were announced today:



Chairman's Interim statement



The performance of the group for the first six months of the current financial
year has shown a significant improvement over the same period last year.  The
turnover was £16.4M as compared to £14.7M, and this resulted in an operating
profit of £1,354K (last year £622K), an increase of 118%.  With investment
income of £116K, the resultant profit before tax was £1,470K as compared to last
year's figure of £712K.



The interim dividend will be increased to 1.9p per share (2002: 1.8p) and will
be paid on 13 May 2003.



All our divisions have done well to improve their performance over last year.
Sugg Lighting, as I intimated in my year end statement, has some way to go
before it is able to make a contribution to the group's profit, however, the
revised management team is now in place and we expect to see an improvement in
the performance of this business over the coming months.



I anticipate that the current level of order input will be maintained over the
remaining months of this financial year subject to the uncertainties of the
current situation in the Middle East.



Colin Brangwin
Chairman





Abridged financial information




Consolidated Profit and Loss Account                Half year     Half year     Full year
                                                        ended         ended         ended 
                                                     31.12.02      31.12.01       30.6.02
                                                  (unaudited)   (unaudited)     (audited)
                                                        £'000         £'000         £'000

Turnover - continuing operations                       16,423        14,722        29,452

Operating profit - continuing operations                1,354           622         1,046

Interest receivable and similar income                    116            90           196

Profit on ordinary activities before                    1,470           712         1,242
taxation
Taxation on profit on ordinary activities               (441)         (209)         (513)

Profit on ordinary activities after taxation            1,029           503           729

Dividends                                               (222)         (210)         (701)

Retained profit for the period                            807           293            28

Earnings per ordinary share
    - ordinary                                           8.8p          4.3p          6.3p
    - diluted                                            8.5p          4.3p          6.2p


Dividends per share: interim                            1.90p         1.80p         1.80p
Dividends per share: final                                                          4.20p
Dividends per share: total distribution                                             6.00p





Group Balance Sheet                                     As at         As at         As at
                                                     31.12.02      31.12.01      30.06.02
                                                  (unaudited)   (unaudited)     (audited)
                                                        £'000         £'000         £'000
Fixed assets
Intangible assets                                           -           518             -
Tangible assets                                         8,788         9,313         9,022
Investments                                               244           244           244

                                                        9,032        10,075         9,266
Current assets
Stocks                                                  5,359         5,409         5,423
Debtors                                                 6,256         5,816         6,007
Investments                                                70            70            70
Cash at bank and in hand                                4,876         3,312         4,352

                                                       16,561        14,607        15,852

Creditors: amounts falling due                        (4,410)       (4,037)       (4,793)
 within one year


Net current assets                                     12,151        10,570        11,059


Total assets less current liabilities                  21,183        20,645        20,325


Creditors : amounts falling due after one                 (2)          (27)           (7)
year
Provisions for liabilities and charges
Deferred taxation                                       (414)         (449)         (414)


Net assets                                             20,767        20,169        19,904

Capital and reserves
Called up share capital                                 1,171         1,166         1,166
Capital Redemption Reserve                                135           135           135
Share premium account                                     411           360           360
Profit and loss account                                19,050        18,508        18,243


Equity shareholders' funds                             20,767        20,169        19,904







                                                    Half year     Half year     Full year
                                                        ended         ended         ended 
                                                     31.12.02      31.12.01       30.6.02
                                                  (unaudited)   (unaudited)     (audited)
Consolidated Cash Flow Statement                        £'000         £'000         £'000
Net cash inflow from operating activities:
Operating profit                                        1,354           622         1,046
Depreciation and amortisation of goodwill                 598           654         1,305
Goodwill impairment                                         -             -           503
Profit on sale of fixed assets                           (39)          (19)          (33)
Movements in working capital                            (594)           914         1,508

Net cash inflow from operating activities               1,319         2,171         4,329

Returns on investments and servicing of                   116            90           196
finance

Taxation                                                (143)         (191)         (844)

Capital expenditure and financial investment            (325)         (586)         (917)

Equity dividends paid                                   (492)         (490)         (700)

Cash inflow before use of liquid resources                475           994         2,064
and financing

Financing                                                  49          (16)          (46)

Increase in cash in the period                            524           978         2,018

Reconciliation of net cashflow to movement
in net funds
Increase in net cash                                      524           978         2,018
Movement in borrowings                                      6            15            46
Net funds at the beginning of the period                4,404         2,340         2,340

Net funds at the end of the period                      4,934         3,333         4,404






1.  The interim results to 31st December 2002 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 2002.  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 2002 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 1.9p per share (2001: 1.8p) and based
on 11,713,559 shares in issue at the announcement date.  The interim dividend
will be paid on Tuesday 13th May to shareholders on the register at the close of
business on Friday 28th March.  The shares become ex-dividend on Wednesday 26th
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
11,696,645 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 12,072,768.



7.  Copies of this report will be sent to shareholders on 25th March 2003.
Further copies may be obtained from the Company's registered office from that
date.





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

Tel: [phone]








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