Thorpe(F.W.) PLC
16 July 2002
FW Thorpe plc
Trading Statement
Trading for the 12 months ended 30 June 2002 shows sales for the Group down 11%
over the previous year. The Group has been experiencing particular trading
difficulties in its most recently acquired subsidiary and this is presently
subject to an impairment review but it is too early to assess what precise
impact this may have on the profits for the year. We estimate that Group profit
before taxation arising from trading (subject to the effect of the impairment
review) will be reduced by approximately £2 million compared with the previous
year.
The core business of the Group continues to perform and management is making
significant efforts to control and turn round the results of this subsidiary.
The directors consider this situation to be a short-term difficulty and, as the
balance sheet remains strong, it is unlikely to affect the Group's ability to
maintain its dividend policy. Current prospects for the Group's lighting
products in the commercial, industrial and retail display markets are
encouraging.
The board has fixed the date of 19 September 2002 for a meeting of the directors
to approve the preliminary announcement of the annual results for the year ended
30 June 2002.
Colin Brangwin
Chairman
16 July 2002
Further information:
FW Thorpe plc
Andrew Thorpe
Peter Mason
01527 583200
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