Welcome to our 2023
Annual Report

Revenue

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, as they do not compete with one another and are complementary. The companies within the Group can be affected differently by trends and economic impacts within their respective markets. The continuing development and market adoption of LED lighting and controls technology allows Group companies to share the benefits of their product and technical expertise, differentiating themselves from competitors.

Revenue

Fortunes for Portland were mixed this year. Traditional outdoor sign lighting sales were down, and the development of a new selection of products to target the road and traffic sign market has yet to deliver the growth planned. However, with a new dedicated person now leading the road safety division, there were some promising signs as the Group closed the financial year and started 2023/24.

Revenue

Another respectable performance this year built on the results of last year. Operating profit has again improved but was dampened by investments in sales and marketing resource, planning for the future and working with both Famostar and Zemper to develop the UK market.

Revenue

Another year of growth for Solite was delivered by a combination of clean-room and bespoke projects. Operating profits also rose as sales price increases and material cost management yielded some benefits. This operating profit performance, returning the business closer to pre-pandemic levels, is especially pleasing.

Revenue

TRT’s revenue bounced back this year. Selling prices started to improve in the second half of the year and, whilst the operating profit performance continues to be below the standards set by the Group, it is a solid improvement on last year’s results.

Revenue

(Constant currency +3% (+25%))

Having delivered many years of double digit and profitable growth, the business has taken a “pause for breath”. The business continues to target certain customer activity, embed SmartScan technology into its product offering, and develop Thorlux product sales into the Dutch market.

Revenue

Zemper joined FW Thorpe in September 2021. Since becoming part of the Group, Zemper has delivered a solid financial performance. Revenues are derived primarily from the local Spanish market, France and Belgium. The business also supplies a wide variety of export markets.

Revenue

(Constant currency +10% (+2%))

(exc. Thorlux)

Whilst revenue has grown this year, operating results for Lightronics are a little disappointing. Margins were squeezed in the first half of the year; however, the business continues to deliver a very respectable ratio of operating profit to sales.

Revenue

This was another record year in terms of revenue and operating profit, with service levels returning to normal. Orders, as expected, were lower than last year, with less activity in certain sectors; however, this allowed manufacturing to catch up, returning the outstanding order book to more realistic and manageable levels.

SchahlLED is included in the Thorlux segment this year. The Group is pleased to welcome SchahlLED, having worked together for many years selling Thorlux energy saving solutions into the German market, targeting the industrial and logistics sectors. Initial performance has been as expected, adding £17m to revenues and a solid operating profit return before acquisition related accounting adjustments.