22 September 2017
By Maynard Paton
Quick update on FW Thorpe (TFW).
Event: Preliminary results for the twelve months to 30 June 2017 published 21 September 2017
Summary: Yet again this lighting specialist has delivered a very satisfactory annual performance, with revenue and profit attaining fresh all-time highs and the dividend lifted for the fifteenth consecutive year. Although the group’s largest division appears to be performing very well, other subsidiaries did not enjoy the very best of second halves. Management comments about 2018 seemed quite cautious, too. The accounts remain in pristine condition, but I am mindful of the shares trading at a rich multiple. I continue to hold.