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Welcome to our
Year in Review 2018

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Highlights anchor

Financial Highlights

Operational Highlights

  • Revenue and operating profit growth driven driven by acquisition of Famostar B.V.
  • Strong performance from existing overseas sales offices
  • Continued investment in the Group – development of high technology lighting, purchase of the Lightronics facility in the Netherlands and a new printed circuit board line at TRT Lighting

Operational Performance

Overview

FW Thorpe Plc encompasses individual companies that concentrate on particular market sectors and geographical locations. The companies are chosen to be complementary and non-competing, offering both diversity as well as risk mitigation.

The companies within the Group are affected differently by market trends and economic impacts within their respective markets. The continuing development and market adoption of LED and lighting controls technology means that the companies can share the benefits of product and technical expertise to differentiate themselves from the competition.

Overall Group performance was ahead of last year’s, helped by the acquisition of Famostar midway through the year and because of continued new product introductions, investment in manufacturing facilities and sales into new markets. This progress is underpinned by the development of market-leading lighting equipment and the delivery of excellent customer service.

Click onTouch the Group Segmental Performance chart for further information on each company.

Thorlux Lighting

Revenue £68.6m, -1%

Results are disappointing when compared with last year’s; however, they need to be viewed in the context of the record results achieved in 2016/17. The integration of the Compact business bolstered revenue but affected operating costs, leading to revenue marginally below that of last year. On a positive note, SmartScan continued to deliver, supporting order income during the year.

Philip Payne

Revenue £3.4m, +11%

The relationship between Philip Payne and its core client base continues to be the key unique selling point of the business. Philip Payne’s ability to modify standard designs to meet architectural requirements differentiates its range from those of competitors, which are generally produced in higher volume and often imported. In another good set of results for the business, both revenue and operating profit increased over last year’s.

Solite

Revenue £3.6m, +3%

2017/18 was another year of growth for Solite, albeit at a slower pace than during the last two years. Operating profit has also moved forward during the year; it has now achieved solid growth in the last three financial years.

Portland Lighting

Revenue £3.3m, –4%

Portland is renowned within the Group for its unique route to market and its stellar return on sales. Revenue declined again this year, and whilst return on sales percentage is still the highest in the Group, profits have dipped slightly.

TRT Lighting

Revenue £8.6m, -2%

For the first time since its inception, TRT failed to grow this past year. Following a difficult finish to the 2016/17 financial year, the business responded positively to increased price competition and the commoditisation of the basic street light offering. Prices have dropped, which has necessitated a dramatic increase in volume to keep revenues close to those of the previous year, but has resulted in a lower operating profit for 2017/18.

Lightronics

Revenue £21.1m, +8% (constant currency +9%)

This business delivered another good result as Lightronics builds on the success from previous years. Orders, sales and profit have all grown again this year, although at a slower rate. In addition, the Lightronics management discovered and supported the opportunity to acquire the Famostar business in December. Famostar will be reported on separately in future (View case study) and is now managed by the Lightronics team.

Back to Overview

Operational Performance

Overview

FW Thorpe Plc encompasses individual companies that concentrate on particular market sectors and geographical locations. The companies are chosen to be complementary and non-competing, offering both diversity as well as risk mitigation.

The companies within the Group are affected differently by market trends and economic impacts within their respective markets. The continuing development and market adoption of LED and lighting controls technology means that the companies can share the benefits of product and technical expertise to differentiate themselves from the competition.

Overall Group performance was ahead of last year’s, helped by the acquisition of Famostar midway through the year and because of continued new product introductions, investment in manufacturing facilities and sales into new markets. This progress is underpinned by the development of market-leading lighting equipment and the delivery of excellent customer service.

Touch the logos for further information on each company

Chairman's Statement

I am pleased to report the continued success and profitability of all our remaining businesses, and especially our acquisitions.

Financial Performance

Revenue increased by 4.0% to £109.6m with operating profit showing an improvement of 5.7% to £19.5m, benefiting from the inclusion of six months of the Famostar business