FW Thorpe (TFW) H2 2024 earnings summary

Executive summary

• Operating profit rose 10.1% to £30.6m, despite flat revenue at £175.8m, driven by efficiency gains and strong performance at Lightronics and Thorlux.

• Cash reserves increased to £52.9m, supporting a special dividend and potential acquisitions.

• Sustainability remains central, with validated SBTi net-zero targets and significant reductions in CO₂ emissions.

• Dividend per share increased 5% to 6.78p, with an additional special dividend of 2.5p.

Financial highlights

• Revenue: £175.8m, down 0.5% year-over-year.

• Operating profit: £30.6m, up 10.1% year-over-year.

• Basic EPS: 20.73p, up 10.7% year-over-year.

• Net cash from operations: £41.4m, up 29.8% year-over-year.

• Net assets: £176.8m, up 10.2% year-over-year.

• CO₂ emissions (Scopes 1, 2, 3): 212,912 tCO₂, down 10.2% year-over-year.

Outlook and guidance

• Modest group-wide growth expected, with larger companies well-positioned and smaller UK companies targeted for improvement.

• Cost pressures from labor inflation expected to ease; efficiency improvements remain a focus.

• Positive order books and stable leadership teams support a resilient outlook.