Thorpe(F.W.) PLC AGM Statement (2366I)
November 22 2018 - 6:45AM
UK Regulatory
TIDMTFW
RNS Number : 2366I
Thorpe(F.W.) PLC
22 November 2018
22 November 2018
FW Thorpe Plc
Annual General Meeting statement
At the Annual General Meeting of FW Thorpe Plc to be held at
3.15pm today, Chairman, Mike Allcock, will make the following
statement:
"Last financial year we achieved another set of record results
but my September statement referred to the challenges in
maintaining these for the current financial year. Orders for our
main business, Thorlux Lighting, were slow in the first quarter but
have started to recover in October and November. Whilst other parts
of the Group continue to perform well, we presently expect the
interim results for the Group to be lower than the same period last
year, with operating profit around ten percent lower.
At this time, it is difficult to accurately predict second half
performance, but we are unlikely to close the gap and the full year
results are likely to be lower than last year. We have already
taken mitigating steps with the closure of our Portsmouth
manufacturing facility and other headcount reductions and we will
see these cost benefits in the second half of the financial
year.
As cautioned during my recent Annual Report statement, the UK
lighting industry, as a whole, is experiencing a downturn resulting
in challenging trading conditions. We will continue to drive the
business for the long-term in spite of the current political,
economic, and market headwinds, by continuing to invest in product
development and considering acquisition opportunities where
appropriate".
Note: This announcement contains inside information for the
purposes of Article 7 of Regulation 596/2014 (MAR).
For further information, please contact:
FW Thorpe Plc
Mike Allcock - Chairman and Joint Chief Executive Tel: 01527
583200
Craig Muncaster - Joint Chief Executive and Group Financial
Director
N+1 Singer - Nominated Adviser
Richard Lindley / James Moat / Harry Mills Tel: 020 7496
3000
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END
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