Interim Results

Thorpe(F.W.) PLC
28 March 2006

                                 F W Thorpe Plc

                              INTERIM RESULTS 2006


CHAIRMAN'S INTERIM STATEMENT


Group financial performance has shown further progress in the first half of our
2005/2006 financial year with a 6.4% increase in Group turnover to £21.8M
producing a 27.1% increase in operating profit to £2.7M.  Investment income of
£267K (2005: £183K) brought the resulting profit before tax to £3.0M compared to
£2.3M for the previous corresponding period.

The interim dividend to be paid on 9th May 2006 will be increased by 20% to 3.0p
(2005: 2.5p).

The Group performance in the first six months of the financial year has been
encouraging with only the retail lighting sector showing any cause for concern.
Total exposure here is limited and promising efforts are being made to increase
the number of customers to replace business from those who are currently quiet.
Sugg Lighting is currently trading at only a small loss and your Directors are
still pursuing options in this regard.

Export sales are also encouraging throughout the Group with further Thorlux
investment in overseas personnel imminent.

At this stage your Group would expect trading levels to continue as at present
for the rest of the financial year.

The Company successfully transferred the trading of its Shares to the
Alternative Investment Market of the London Stock Exchange ('AIM') on 6th
January 2006 and after an initial dip the Share price has made steady progress.


Andrew Thorpe
Chairman

28th March 2006

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
                                                        31.12.05            31.12.04             30.6.05
                                                      (unaudited)  Restated - Note 1   Restated - Note 1
                                                           £'000               £'000               £'000

Turnover - continuing operations                          21,793              20,475              41,572
                                                          ______              ______              ______

Operating Profit - continuing operations                   2,743               2,158               5,511

Interest receivable and other income                         267                 183                 378
                                                          ______              ______              ______

Profit on ordinary activities before taxation              3,010               2,341               5,889

Taxation on profit on ordinary activities                   (903)               (695)             (1,479)
                                                          ______              ______              ______

Profit on ordinary activities after taxation               2,107               1,646               4,410
                                                          ______              ______              ______


Dividend rate per share:
     Interim                                                 3.0p                2.5p                2.5p
     Final                                                                                           7.5p

Earnings per share - basic                                  17.8p               13.9p               37.3p
                   - diluted                                17.6p               13.8p               36.9p




                          INTERIM CONSOLIDATED RESULTS


GROUP BALANCE SHEET


                                                          As at                 As at               As at
                                                       31.12.05              31.12.04             30.6.05
                                                     (unaudited)    Restated - Note 1   Restated - Note 1
                                                          £'000                 £'000               £'000
Fixed assets
Tangible assets                                           9,149                 9,539               9,335
Investments                                                 258                   281                 258
                                                        ______                 ______              ______
                                                          9,407                 9,820               9,593
Current assets
Stocks                                                    6,573                 6,596               7,267
Debtors                                                   7,916                 8,025              10,148
Investments                                                  70                    70                  70
Cash at bank and in hand                                 11,399                 7,506               8,414
                                                        ______                 ______              ______
                                                         25,958                22,197              25,899
Creditors:
Amounts falling due within one year                      (4,613)               (5,443)             (6,168)
                                                        ______                 ______              ______

Net current assets                                       21,345                16,754              19,731
                                                        ______                 ______              ______

Total assets less current liabilities                    30,752                26,574              29,324
                                                        ______                 ______              ______
Provisions for liabilities and charges
Onerous lease obligation                                   (200)                    -                (200)
Deferred taxation                                          (711)                 (403)               (711)
                                                        ______                 ______              ______

Net assets excluding pension liability                   29,841                26,171              28,413
                                                        ______                 ______              ______

Pension liability                                        (3,462)               (2,319)             (3,296)
                                                        ______                 ______              ______

Net assets                                               26,379                23,852              25,117
                                                        ______                 ______              ______

Capital and reserves
Called up share capital                                   1,188                 1,184               1,184
Capital Redemption Reserve                                  135                   135                 135
Share Premium account                                       587                   545                 545
Profit and loss account                                  24,469                21,988              23,253
                                                        ______                 ______              ______
Equity shareholders' funds                               26,379                23,852              25,117
                                                        ______                 ______              ______



                          INTERIM CONSOLIDATED RESULTS


GROUP CASH FLOW STATEMENT
                                                        Half year           Half year           Full year
                                                            ended               ended               ended
                                                         31.12.05            31.12.04             30.6.05
                                                       (unaudited)  Restated - Note 1   Restated - Note 1
                                                            £'000               £'000               £'000
Net cash inflow from operating activities
Operating profit                                            2,743               2,158               5,511
Depreciation                                                  549                 536               1,148
Profit on sale of fixed assets                                 (8)                 (9)                (31)
Movements in working capital                                1,039                (555)             (2,327)
                                                           ______              ______              ______
                                                            4,323               2,130               4,301
Returns on investments and servicing
of finance                                                    267                 183                 378

Taxation                                                     (405)               (959)             (1,758)

Capital expenditure and financial
investment                                                   (355)               (723)             (1,086)

Equity dividends paid                                        (891)               (758)             (1,054)
                                                           ______              ______              ______

Cash inflow/(outflow) before financing                      2,939                (127)                781

Financing                                                      46                  79                  79
                                                           ______              ______              ______

Increase/(decrease) in cash                                 2,985                 (48)                860
                                                           ______              ______              ______

Reconciliation of net cashflow to movement
in net funds
Increase/(decrease) in net cash                             2,985                 (48)                860
Net funds at the beginning of the period                    8,484               7,624               7,624
                                                           ______              ______              ______

Net funds at the end of the period                         11,469               7,576               8,484
                                                           ______              ______              ______



Notes

1.   The interim results to 31st December 2005 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 2005 apart from the
     adoption of FRS 21 'Events after the balance sheet date' and FRS 17 
     'Retirement benefits'.  The adoption of FRS 21 has resulted in dividends 
     proposed at the balance sheet date not being recognised as a liability.  
     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 2005 has 
     been extracted from the audited financial statements and these accounts 
     have been filed with the Registrar of Companies.  These accounts have been 
     adjusted for the adoption of FRS 21 and FRS 17.

3.   The interim taxation charge is based on the anticipated rate for the
     financial year.

4.   The interim dividend is at the rate of 3p per share (2005: 2.5p) and based 
     on 11,878,076 shares in issue at the announcement date.  The interim 
     dividend will be paid on Tuesday 9th May 2006 to shareholders on the 
     register at the close of business on Friday 7th April.  The shares become 
     ex-dividend on Wednesday 5th April.  Following the adoption of FRS 21, the 
     dividends charged in each period reflect only those paid rather than those 
     paid and proposed as previously permitted under UK GAAP.  As a result, the 
     dividend charged for the year ended 30 June 2005 and half year to 31 
     December 2004 have been restated to remove the final dividend of £888,000 
     and interim dividend of £300,000 respectively from the profit and loss 
     account and from creditors.  The final dividend has then been reflected in 
     the profit and loss account for the six months to 31 December 2005.

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
     11,860,555 (2005: 11,812,768) 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 20 September 2005, 23,000 share options were exercised.  On 23 September 
     2005, 16,200 share options were exercised.  The option price for both
     transactions was 117p per share.

7.   Copies of this report will be sent to shareholders on 5 April 2006. Further 
     copies may be obtained from the Company's registered office or on the 
     Company's website from that date.



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