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Our Purpose

Provide technically advanced lighting solutions that deliver long-term lowest cost of ownership.

Our Vision

Maintain a consistently respected and profitable organisation with an environmental conscience.

Our Values

Integrity

Honesty

Longevity

Financial Highlights

Operational Highlights

Revenue surpassed last year’s high, supported by SmartScan sales, Famostar and Services

Results dampened by impact of COVID-19 in last quarter of the financial year and the lower margins for Services

Operating cash generated remained strong at £19.4m

Solid recovery at the start of 2020/21, operating performance in line with the start of 2019/20

Investment case

01

A well-positioned portfolio of companies across seven different countries

02

Innovative products with market-leading technology

03

Strong profit margins and robust balance sheet

Operational Performance

Operational Performance

Overview

Revenue £113.3m +2.4% (2019: £110.6m)

FW Thorpe Plc encompasses individual companies that concentrate on particular market sectors and geographical locations. The companies provide the Group with diversity as well as risk mitigation by not directly competing and by being complementary.

Thorlux Lighting

Revenue £68.8m, +4% (2019: -4%)

If it had not been for the COVID-19 pandemic, a comment you will see frequently through this year’s annual report, Thorlux would have achieved record revenues and improved operating profit in 2019/20. New orders appear to be holding up at present, with July close to 2019 levels and the total for 2019/20 ahead of last year’s.

Philip Payne

Revenue £2.7m, -20% (2019: +2%)

Before COVID-19, Philip Payne was on target to deliver yet another set of positive results in keeping with last year. The impact in the final quarter included low levels of activity in both March and April, with improved performance in June. Maintaining operations during this time was crucial and enabled the company to support a number of the NHS Nightingale projects. As Philip Payne moves into 2020/21, there have been early signs of a return to pre-COVID levels of business.

Solite

Revenue £2.7m, -21% (2019: -5%)

The Solite business is driven by projects providing cleanroom lighting solutions to the pharmaceutical and healthcare sectors. Clearly the downturn in the last quarter suppressed revenue, significantly impacting operating profit for the year. On the positive side, the reduced ability to dispatch products during the last quarter provides an increased order backlog to start the new financial year.

Portland Lighting

Revenue £2.4m, -17% (2019: -10%)

Of all Group companies, Portland was hardest hit by the fallout from the pandemic. The combination of Portland supplying customers that have fast-turnaround, easily delayed projects, as well as supplying the retail and hospitality sectors, resulted in weeks of minimal revenue. To mitigate the damage, Portland has utilised its manufacturing expertise to support other areas of the Group that are enjoying stronger order books, avoiding the need for those companies to employ temporary labour to meet demand. At the time of writing, in September 2020, the last two months have seen an improvement and a return to profitability.

TRT Lighting

Revenue £9.8m, +14% (2019: -1%)

Despite COVID-19, TRT has managed to improve both revenue and operating profit this year. During the first couple of months of lockdown, customers were unable to take delivery of outstanding orders, and revenue was heavily impacted. TRT responded well in June, as customer demand returned and shipments recovered to normal levels.

Lightronics

Revenue £23.0m, -3% (2019: +12%)
(constant currency —3% (+12%)

Lightronics had another solid set of results, although revenue was lower than last year; however, this was its first slight step backwards since joining the Group in 2015. The company was largely unaffected by COVID-19, since operational measures were put in place in the early phases to enable Lightronics to continue to service its customers during the last quarter. In fact, June operating results were some of the strongest on record.

Famostar

Revenue £8.8m, +12% (2019: +12%)
(constant currency +12% (+13%)

Famostar has been the standout performer for the Group this year, following on from a strong performance last year. As at Lightronics, performance seemed unhampered by COVID-19 in the final quarter, actions having been taken in the initial stages of the outbreak to protect operations and ensure continued supply to customers.

Back to Overview

Chairman's Statement

Financial Performance

Strategy In Action: SmartScan – New Features

Building designers and developers are under increasing environmental and legislative pressure to reduce their carbon footprint while providing high demand essential logistics space within increasingly challenging environments. Taking this into account, the highly successful SmartScan wireless lighting management system has been upgraded with the addition of new features, including air quality sensing and occupancy profiling.

Strategy in Action: Opening of the Light Quality Experience Centre

On 5 March 2020, the new Light Quality Experience Centre opened at the Redditch head office. The new attraction forms part of the Application Centre and demonstrates the science behind light and the influence of light on our mental and physical well-being.

Strategy in Action: Multi-million pound investment in new machinery

In 2019/20, Thorlux made a multi-million pound investment in four new metal-forming machines which have increased capacity and modernised the manufacturing process.

Strategy in Action: Lightronics opens European Application Centre

A prison cell, a classroom, a hospital ward, a railway platform and a car park – you can find it all at the new experience centre at Lightronics in Waalwijk.

Strategy in Action: Portland Lighting Moves to New Premises

After nearly 17 years at the old Walsall Enterprise Park site, Portland Lighting moved a short distance to brand new premises at Reedswood Park during November 2019.