FW Thorpe (TFW) investor relations material

Executive summary

• FY26 revenue was £172.9m, down 1.3% YoY; operating profit was £31.8m, down 0.8%, while profit before tax rose 2.5% to £32.4m.

• Zemper, Famostar and Solite were standout performers; weaker results at Lightronics and SchahlLED offset gains elsewhere.

• Basic EPS rose 9.4% to 23.72p, supported by improved profit after tax and share buybacks.

Financial highlights

• Revenue was £172.947m vs £175.221m; gross profit increased to £85.095m from £84.135m.

• Operating profit was £31.799m vs £32.057m; adjusted for acquisition-related items, operating profit was £33.0m vs £32.9m, up 0.4%.

• Profit before tax rose to £32.422m from £31.622m; net income increased to £27.071m from £25.412m.

• Net cash from operating activities was £30.8m vs £33.2m; net assets increased £5.8m to £195.5m.

• Revenue from services rose to £8.4m from £8.2m; R&D spend was £4.806m, including £2.870m capitalised.

Outlook and guidance

• FY27 orders were ahead of the prior-year level at the statement date, but overall performance was marginally lower.

• Growth recovery depends on progress at SchahlLED and Lightronics; sales initiatives may take 12 months or more to deliver meaningful results.

• Cost pressures are expected to continue, with less scope for further efficiency gains after completed synergy projects.

• Zemper entered FY27 with a strong order book; TRT’s largest-ever order will be delivered over the next two trading years.

• The Board remains open to acquisitions, but no target had met its criteria; the proposed final dividend is 5.53p per share.