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© Reuters.
UK lighting systems group, FW Thorpe, announced on Thursday an operating profit growth of 13% for fiscal 2023, reaching £27.8 million ($36.0 million), up from the previous year. The company also reported a rise in pretax profit to £21.9 million ($27.0 million), a significant increase from the prior year’s £20.1 million.
The firm’s revenue also saw an upward trend, surging to £176.75 million, largely attributed to the acquisitions of Zemper and SchahlLED, both companies specializing in lighting solutions.
Despite these positive financial results, FW Thorpe anticipates slower growth for the current fiscal year due to a lower order book and slowing projects, particularly in underperforming companies.
In the stock market, FW Thorpe’s share price experienced a dip of 7.2%, falling to 360 pence. However, demonstrating confidence in their financial position, the company’s board raised the final dividend from 4.61 pence to 4.84 pence per share, offering a slight compensation for shareholders amid the share price drop.
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