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FW Thorpe PLC on Thursday said it expects full-year profit to come in ahead of the previous year as it plans to mitigate wage related pressures through cost reductions and efficiency improvements.
The Worcestershire-based lighting systems firm said profit before tax grew 4.6% to £11.2 million for the six months ended December 31, from £10.7 million the prior year.
Revenue rose 1.4% to £83.8 million from £82.6 million, with Thorpe noting that growth at Thorlux and Zemper supported the increases in revenue and operating profit.
Thorlux revenue grew to £50.1 million, up 4.7% from £48.2 million the prior year. Zemper grew 13% to £10.2 million from £9.0 million.
For the interim period, operating profit improved 3.0% to £11.5 million from £11.2 million.
Thorpe said the majority of its UK companies realised an improved performance, but said the Dutch firms struggled to manage the strong performance of the prior year.
Revenue for the Netherlands firms fell 8.4% to £16.7 million from £18.2 million.
Thorpe declared an interim dividend of 1.76 pence, up 3.5% from the prior year’s 1.70p
Shares in Thorpe were up 3.9% at 311.80 pence on Thursday afternoon in London.
Looking forward, Thorpe said its order book ‘remains strong’, with revenue marginally ahead of last year. It added that rising costs, mainly owed to wage and national insurance inincreases,ill be offset by ‘material cost reductions and efficiency improvements.’
Thorpe expects a marginal improvement in profit for financial 2025.
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