FW Thorpe working harder for its supper

18th Mar 2010 08:03

Low interest rates hit investment income at lighting supplier FW Thorpe leading to a decline in pre-tax profits at the interim stage.While operating profit in the six months to 31 December 2009 rose to £4.56m from £4.16m in the second half of 2008, pre-tax profit eased to £4.68m from £4.75m. That was because finance income tumbled to £0.11m from £0.59m the year before.Revenue edged up to £28.25m from £27.56m in the second half of 2008. Chairman Andrew Thorpe says he expects revenues for the rest of the company’s financial year will remain roughly on a par with those seen a year earlier, with the economic environment ‘requiring us to work harder to earn our supper.’The company’s Mackwell Electronics unit, which purchases electrical components in dollars, is still labouring under the effects of a weak sterling/dollar exchange rate while Compact Lighting’s customers ‘are still being careful with their money and remaining moderated in their store refurbishment programmes.’Thorpe added that the group’s ‘new boy’, Solite Europe, is ‘showing promise’.The interim dividend has been held at 4.1p.