FW Thorpe (TFW) H1 2026 earnings summary

Executive summary

• Revenue for the six months to December 2025 was £81.7m, down 2.4% year-over-year, with operating profit steady at £11.6m.

• Profit before tax increased by 3.1% to £11.6m, and basic EPS rose 2.7% to 7.86p.

• Interim dividend increased by 2.8% to 1.81p, with a special dividend of 2.60p declared.

• Strong cash flow from operating activities at £14.3m.

• Zemper and Famostar delivered standout performances, and TRT achieved profitability.

Financial highlights

• Operating profit before acquisition adjustments was £12.5m, nearly flat year-over-year.

• Net cash from operating activities was £14.3m, compared to £15.0m in the prior year.

• Total comprehensive income for the period was £11.1m, up from £8.2m in the prior year.

• Net assets increased to £186.0m from £176.4m a year earlier.

• Basic EPS was 7.86p, up from 7.65p year-over-year.

Outlook and guidance

• Second half expected to be weighted, with continued investment in sales, product development, and manufacturing.

• Board expects challenging trading conditions to persist in the second half, especially given a strong comparative period last year.

• Ability to hold additional stock to mitigate supply chain risks, supported by a strong balance sheet.

• All companies are targeted for growth, but each faces unique market circumstances.