Image source: © 2025 Krish Capital Pty. Ltd.

Highlights

  • TFW’s revenue remained largely unchanged at GBP 175.2m, compared with GBP 175.8m in FY24.
  • Operating profit increased 4.7% to GBP 32.1m from GBP 30.6m in the previous year.
  • Total dividend proposed at 7.12p per share, up 5.0% from FY24.

FW Thorpe PLC (LSE:TFW), a provider of professional lighting solutions, released preliminary results for the year ending 30 June 2025. Group revenue was GBP 175.2m, marginally lower than GBP 175.8m in FY24. Operating profit rose to GBP 32.1m, while profit before tax climbed 5.9% to GBP 31.6m. Basic earnings per share reached 21.69p, compared to 20.73p in the prior year.

Operating profit before acquisition-related adjustments, which includes amortisation of intangible assets and fair value changes on redemption liabilities, grew 1.7% to GBP 32.9m. Cash flow from operating activities was GBP 33.2m, down from GBP 41.4m in FY24, reflecting the absence of a GBP 7.4m one-off working capital benefit recorded the previous year.

Dividend Update

The Board recommended a total dividend of 7.12p per share, a 5.0% increase from 6.78p in FY24. The final dividend is set at 5.36p, up 5.5% from 5.08p.

Operational Highlights

Thorlux Lighting in the UK and Zemper in Spain and Belgium contributed significantly to the results. Lightronics and SchahlLED posted lower performance compared to prior periods, while Portland Lighting’s traffic division mitigated declines in its traditional sign lighting business. TRT Lighting returned to profitability early in FY26. Solite and Philip Payne achieved operating profit increases of 67% and 46%, respectively.

Zemper introduced its Smart Z wireless technology and ALIOTH dynamic signage system. The Firefly luminaire, developed jointly with Thorlux and Philip Payne, now offers battery life exceeding ten years and is available in multiple regions.

Sustainability and Infrastructure

The Group planted 82,000 trees at its Brook Woodland carbon offset site, supported by a GBP 1.3m grant from the UK Forestry Commission. Investments in HVO-compatible vehicles are expected to reduce carbon emissions by up to 90% and improve fuel efficiency by 15%. Thorlux, TRT, Zemper, and Lightronics operate at least one fully electric delivery van each, with 78% of Thorlux’s fleet now electric or hybrid.

Management Comments

Chairman Mike Allcock stated, “Overall, operating profit performance grew marginally to GBP 33m before acquisition adjustments, achieving a 19% return on sales.” CEO Craig Muncaster added that FY26 started with comparable revenues and order books, alongside targeted plans to enhance underperforming units.

Share Performance of FW Thorpe

The company is currently trading at GBX 308.10 per share and up by 0.36% from its previous close of GBX 307.