FW Thorpe TFW

	A	B	C	D
1	£'000	30 Jun 2012	30 Jun 2011	change
2	Revenue	55,559	52,833	5%
3	Operating profit	11,850	11,252
4	- tax @ 24%	2,844	2,700
5	After-tax operating profit	9,006	8,552	5%
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7	Non-current assets	23,064	15,947
8	- goodwill	2,903	285
9	+ current assets	53,701	54,736
10	- payables	9,072	11,307
11	Operating capital	64,790	59,091
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13	Return on capital	14%	14%
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15	Market capitalisation	123,100
16	- cash and equivalents	14,120	14,236	-1%
17	Enterprise value	108,980
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19	Earnings yield	8%
20	Expressed as a PE	12
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22	Stalwart
23	Manufactures lighting equipment, mostly sold in UK to industrial and commercial customers
24	Biggest company is Thorlux, manufactures complete luminaires (lighting units)
25	Other companies supply particular markets: retail, pubs, sign lighting, cleanrooms, decorative/heritage
26	5y revenue growth 4% CAGR, op 7% CAGR
27	AGM statement Nov 10 warned of more moderate sales performance
28	Possible causes: Long expected effect of constrained public spending, customers delaying decisions until pros and cons of LED technology are better understood
29	Flourescent lights still cheaper, and 50,000 hour lamps match life expectancy of LED
30	Developing outdoor sign lighting through acquisition of Portland in 2012 fy and outdoor LED lighting (road/tunnel) through establishment of TRT
31	Chairman and joint ce, Andrew Thorpe is grandson of founder, owns about 23% of shares
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