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FW Thorpe sees small increase in FY sales in tough market

By BFN News | 08:48 AM | Thursday 19 September, 2019


FW Thorpe reported a marginal increase in full-year revenue as tough market conditions in the first half offset 'excellent' order recovery in the second half of the year. Operating profit before disposals slumped 9.3% to £17.6m while revenue increased 0.9% to £110.6m and pre-tax profit remained flat at £19.6m for the 12 months to 30 June 2019. However. the company said that despite ongoing uncertain economic conditions in the UK, orders closed ahead of the previous year, adding that it had entered the new financial year with a healthy order book. It generated 21.6m in net cash from operating activities, an increase of 4.1% on 2018. The company said it would pay a total interim and final dividend of 5.53p, an increase of 2.4% year on year. Looking forward, the company said it had 'some plans' to mitigate the impact of Brexit, adding that current uncertainty 'only serves to weigh on our customers' confidence to invest in capital projects'. 'We can only hope that, whatever the outcome over the next few months, any downturn in some sectors will be offset by some reinvigoration in government-led investment,' said chairman Mike Allcock. At 8:48am: (LON:TFW) Thorpe F W PLC share price was -2p at 300p Story provided by StockMarketWire.com

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