FW Thorpe (TFW) H1 2025 earnings summary

Executive summary

• Revenue for the six months to 31 December 2024 rose 1.4% year-over-year to £83.8m, with operating profit up 3.0% to £11.5m and profit before tax up 4.6% to £11.2m.

• Thorlux and Zemper delivered strong growth, while most UK companies improved; Dutch subsidiaries underperformed versus last year.

• The order book remains robust, and revenue is slightly ahead of the prior year; Board expects a marginal profit improvement for FY 2025.

Financial highlights

• Net cash from operating activities increased to £15.0m from £14.0m year-over-year.

• Basic EPS rose 4.7% to 7.65p; interim dividend increased 3.5% to 1.76p per share.

• Profit for the period was £8.98m, up from £8.57m year-over-year.

• Total comprehensive income for the period was £8.23m, down from £9.01m in the prior year due to negative other comprehensive income.

Outlook and guidance

• Rising wage and National Insurance costs are expected but will be offset by material cost reductions and efficiency gains.

• Board anticipates a marginal improvement in profit for the year ending June 2025.