Thorpe (F.W.)

TFW · AIM · Technology · mcap £280m · 250.0p

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Financials · LTM to 30 Jun 26

Source: results 01 Oct 26 ↗

Revenue: £173m
Operating profit: £31.8m
Net income: £27.1m
Free cash flow: £21.1m
Net cash: £47.2m
Market cap: £280m
EV / EBIT: 7.2×
FCF yield: +7.5%
Price / book: 1.4×

Latest half-year · H1 Dec 25 vs H1 Dec 24 results 05 Mar 26 ↗

Revenue: £81.7m
Operating profit: £11.6m
Net income: £9.1m
Cash from operations: £14.3m

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

As reported Key figures

Income statement Balance sheet Cash flow

Annual Half-yearly

Every line as the company printed it, newest first – each period in the latest version the company published (restated figures where a later report restated them), in its own currency and units. Italic = calculated (H2 = full year − first half). The column headings link to the announcements.

Latest report: FY Jun 26 (twelve months to 30 Jun 26), published 01 Oct 26 · read the results ↗

	FY Jun 26 source	FY Jun 25 source
Continuing operations
Revenue	172,947	175,221
Cost of sales	(87,852)	(91,086)
Gross profit	85,095	84,135
Distribution costs	(25,255)	(22,374)
Administrative expenses	(28,512)	(30,210)
Other operating income	471	506
Operating profit	31,799	32,057
Finance income	1,489	1,654
Finance expense	(258)	(729)
Share of loss of joint ventures	(608)	(1,360)
Profit before income tax	32,422	31,622
Income tax expense	(5,351)	(6,210)
Profit for the year	27,071	25,412
Basic and diluted earnings per share Note	2026 pence	2025 pence
– Basic	23.72	21.69
– Diluted	23.72	21.69

	H2 Jun 26 calc.	H1 Dec 25£'000 source	H2 Jun 25 calc.	H1 Dec 24£'000 source
Revenue	91,206	81,741	91,460	83,761
Operating profit	20,224	11,575	20,520	11,537
Finance income	667	822	850	804
Finance expense	(95)	(163)	(325)	(404)
Share of loss of joint ventures	61	(669)	(640)	(720)
Profit before income tax	20,857	11,565	20,405	11,217
Income tax expense	(2,869)	(2,482)	(3,970)	(2,240)
Profit for the period	–	9,083	–	8,977
Interim	–	1.81p	–	1.76p
Final	–	-	–	-
Special	–	2.60p	–	-
Earnings per share - basic	–	7.86p	–	7.65p
- diluted	–	7.86p	–	7.65p

	30 Jun 26 source	30 Jun 25 source
Assets
Non-current assets
Property, plant and equipment	39,787	39,351
Intangible assets	64,355	65,057
Investments in subsidiaries	–	–
Investment properties	4,317	4,362
Financial assets at amortised cost	114	188
Equity accounted joint ventures	5,205	5,773
Financial assets at fair value through other comprehensive income	4,069	3,510
Deferred income tax assets	376	437
Total non-current assets	118,223	118,678
Current assets
Inventories	29,522	29,710
Trade and other receivables	36,939	36,168
Financial assets at amortised cost	1,676	1,600
Short-term financial assets	8,267	18,805
Cash and cash equivalents	47,176	42,983
Total current assets	123,580	129,266
Total assets	241,803	247,944
Liabilities
Current liabilities
Trade and other payables	(29,860)	(39,247)
Financial liabilities	(262)	(415)
Lease liabilities	(945)	(910)
Current income tax liabilities	(181)	(847)
Total current liabilities	(31,248)	(41,419)
Net current assets	92,332	87,847
Non-current liabilities
Other payables	(3,273)	(4,018)
Financial liabilities	(591)	(829)
Lease liabilities	(2,666)	(2,998)
Provisions for liabilities and charges	(3,100)	(3,310)
Deferred income tax liabilities	(5,387)	(5,577)
Total non-current liabilities	(15,017)	(16,732)
Total liabilities	(46,265)	(58,151)
Net assets	195,538	189,793
Equity
Issued share capital	1,189	1,189
Share premium account	3,113	3,113
Capital redemption reserve	137	137
Foreign currency translation reserve	2,490	2,412
Retained earnings
At 1 July	182,942	170,823
Profit for the year attributable to the owners	27,071	25,412
Other changes in retained earnings	(21,404)	(13,293)
Total retained earnings	188,609	182,942
Total equity	195,538	189,793

	30 Jun 26 source	31 Dec 25£'000 source	30 Jun 25 source	31 Dec 24£'000 source
Assets
Non-current assets
Property, plant and equipment	39,787	39,493	39,351	37,610
Intangible assets	64,355	65,354	65,057	64,044
Investments in subsidiaries	–	–	–	–
Investment properties	4,317	4,340	4,362	4,380
Financial assets at amortised cost	114	192	188	182
Equity accounted joint ventures	5,205	5,211	5,773	6,217
Financial assets at fair value through other comprehensive income	4,069	4,105	3,510	3,125
Deferred income tax assets	376	456	437	425
Total non-current assets	118,223	119,151	118,678	115,983
Current assets
Inventories	29,522	30,577	29,710	28,962
Trade and other receivables	36,939	29,306	36,168	33,497
Financial assets at amortised cost	1,676	1,600	1,600	1,372
Short-term financial assets	8,267	11,517	18,805	16,106
Cash and cash equivalents	47,176	46,383	42,983	37,147
Total current assets	123,580	119,383	129,266	117,084
Total assets	241,803	238,534	247,944	233,067
Liabilities
Current liabilities
Trade and other payables	(29,860)	(34,266)	(39,247)	(36,309)
Financial liabilities	(262)	(348)	(415)	(561)
Lease liabilities	(945)	(957)	(910)	(857)
Current income tax liabilities	(181)	(488)	(847)	(1,201)
Total current liabilities	(31,248)	(36,059)	(41,419)	(38,928)
Net current assets	92,332	83,324	87,847	78,156
Non-current liabilities
Other payables	(3,273)	(4,072)	(4,018)	(5,204)
Financial liabilities	(591)	(722)	(829)	(1,032)
Lease liabilities	(2,666)	(2,903)	(2,998)	(3,168)
Provisions for liabilities and charges	(3,100)	(3,352)	(3,310)	(3,365)
Deferred income tax liabilities	(5,387)	(5,379)	(5,577)	(4,924)
Total non-current liabilities	(15,017)	(16,428)	(16,732)	(17,693)
Total liabilities	(46,265)	(52,487)	(58,151)	(56,621)
Net assets	195,538	186,047	189,793	176,446
Equity
Issued share capital	1,189	1,189	1,189	1,189
Share premium account	3,113	3,113	3,113	3,113
Capital redemption reserve	137	137	137	137
Foreign currency translation reserve	2,490	3,952	2,412	852
Retained earnings
At 1 July	182,942	182,942	170,823	170,823
Profit for the year attributable to owners	–	9,083	–	8,977
Profit for the year attributable to the owners	27,071	–	25,412	–
Other changes in retained earnings	(21,404)	(14,369)	(13,293)	(8,645)
Total retained earnings	188,609	177,656	182,942	171,155
Total equity	195,538	186,047	189,793	176,446

	FY Jun 26 source	FY Jun 25 source
Cash flows from operating activities
Cash generated from operations	37,383	40,081
Tax paid	(6,549)	(6,841)
Net cash inflow from operating activities	30,834	33,240
Cash flows from investing activities
Purchases of property, plant and equipment	(5,558)	(5,601)
Proceeds from sale of property, plant and equipment	321	404
Purchases of intangible assets	(3,188)	(2,782)
Payment of deferred consideration on a joint venture	–	(813)
Purchase of investment property	–	(5)
Proceeds from sale of financial assets at fair value through other comprehensive income	617	706
Purchases of financial assets at fair value through other comprehensive income	(200)	(250)
Property rental and similar income received	54	70
Dividend income received	179	276
Net withdrawal of short-term financial assets	10,588	203
Interest received	1,272	1,305
Receipts from loans receivable	–	–
Issue of loans receivables	(48)	(649)
Net cash inflow/(outflow) from investing activities	4,037	(7,136)
Cash flows from financing activities
Net proceeds from the issuance of ordinary shares	–	25
Purchase of own shares	(11,775)	(3,135)
Addition of lease liabilities	–	5
Repayment of borrowings	(400)	(1,219)
Principal element of lease payments	(1,016)	(890)
Payment of interest	(223)	(243)
Payment of redemption liability to non-controlling interests	(5,588)	–
Payments to non-controlling interests	(700)	(470)
Dividends paid to Company’s shareholders	(11,139)	(10,958)
Net cash outflow in financing activities	(30,841)	(16,885)
Net increase in cash in the year	4,030	9,219
Cash and cash equivalents at beginning of year	42,983	33,943
Effects of exchange rate changes on cash	163	(179)
Cash and cash equivalents at end of year	47,176	42,983
Notes
1 Basis of preparation
2 Segmental Analysis
(a) Operating segments
Year to 30 June 2026
Revenue to external customers	–	172,947
Revenue to other Group companies	(12,354)	–
Total revenue	(12,354)	172,947
EBITDA	93	41,763
Depreciation and amortisation and impairment	–	9,964
Operating profit before acquisition adjustments	(525)	33,032
Operating profit	93	31,799
Net finance income	1,231	–
Share of loss of joint ventures	(608)	–
Profit before income tax	32,422	–
Year to 30 June 2025
Revenue to external customers	–	175,221
Revenue to other Group companies	(10,294)	–
Total revenue	(10,294)	175,221
EBITDA	721	41,612
Depreciation and amortisation and impairment	–	9,555
Operating pr ofit before acquisition adjustments	21,263	–

	H2 Jun 26 calc.	H1 Dec 25£'000 source	H2 Jun 25 calc.	H1 Dec 24£'000 source
Profit before tax	–	11,565	–	11,217
Depreciation of property, plant and equipment	–	2,798	–	2,548
Depreciation of investment property	–	23	–	23
Amortisation of intangible assets	–	2,079	–	2,291
Fair value adjustment on redemption liability	–	-	–	-
Profit on disposal of property, plant and equipment	–	(50)	–	(38)
Loss on disposal of intangible assets	–	-	–	4
Net finance income	1,890	(659)	–	(400)
Retirement benefit contributions less service charge	–	(11)	–	(133)
Share of joint venture loss	–	669	–	720
Share based payment charge	–	314	–	320
Research and development expenditure credit	–	(103)	–	(181)
Effects of exchange rate movements	–	(433)	–	1,817
- Increase in inventories	–	(605)	–	(276)
- Decrease in trade and other receivables	–	7,289	–	2,658
- Decrease in payables and provisions	–	(5,289)	–	(2,546)
Cash generated from operations	19,796	17,587	22,057	18,024
Tax paid	(3,274)	(3,275)	(3,823)	(3,018)
Net cash inflow from operating activities	16,522	14,312	18,234	15,006
Purchases of property, plant and equipment	(3,226)	(2,332)	(3,660)	(1,941)
Proceeds from sale of property, plant and equipment	201	120	297	107
Purchases of intangible assets	(1,907)	(1,281)	(1,225)	(1,557)
Payment of deferred consideration on a joint venture	-	-	(2)	(811)
Purchases of investment property	–	(1)	–	-
Proceeds from sale of financial assets at fair value through Other Comprehensive Income	617	-	167	539
Purchases of financial assets at fair value through Other Comprehensive Income	(200)	-	(250)	-
Property rental and similar income	–	48	–	38
Dividend income received	93	86	176	100
Net withdrawal of short-term financial assets	3,235	7,353	(2,590)	2,793
Interest received	626	646	631	674
Issue of loans receivable	–	(26)	–	(395)
Net cash inflow/(outflow) from investing activities	(576)	4,613	(6,683)	(453)
Net proceeds from the issuance of ordinary shares	-	-	-	25
Purchases of own shares	–	(8,980)	–	-
Addition of lease liabilities	(23)	23	(42)	47
Proceeds from borrowings	–	-	–	18
Repayment of borrowings	(203)	(197)	(377)	(842)
Principal element of lease payments	(518)	(498)	(453)	(437)
Payment of interest	(108)	(115)	(112)	(131)
Payments to non-controlling interests	(700)	-	(1)	(469)
Dividends paid to company shareholders	–	(6,149)	–	(8,895)
Net cash outflow from financing activities	–	(15,916)	–	(10,684)
Net increase in cash and cash equivalents	–	3,009	–	3,869
Cash and cash equivalents at the beginning of the period	–	42,983	–	33,943
Effects of exchange rate changes on cash	(228)	391	486	(665)
Cash and cash equivalents at the end of the period	–	46,383	–	37,147

	FY Jun 26	FY Jun 25
Revenue to operating profit
Revenue	172.9	175.2
Gross profit	85.1	84.1
Operating profit	31.8	32.1
Depreciation (owned assets)	–	5.1
Amortisation	–	4.4
Share-based payments	0.6	0.7
Operating profit to net income
Finance costs	–	(0.7)
Profit before tax	32.4	31.6
Tax	(5.4)	(6.2)
Net income (owners)	27.1	25.4
Per share
EPS basic	23.7p	21.7p
EPS diluted	23.7p	21.7p

	H2 Jun 26	H1 Dec 25	H2 Jun 25	H1 Dec 24
Revenue to operating profit
Revenue	91.2	81.7	91.5	83.8
Operating profit	20.2	11.6	20.5	11.5
Depreciation (owned assets)	–	2.8	2.6	2.5
Amortisation	–	2.1	2.1	2.3
Share-based payments	0.3	0.3	0.4	0.3
Operating profit to net income
Finance costs	–	(0.2)	(0.3)	(0.4)
Profit before tax	20.9	11.6	20.4	11.2
Tax	(2.9)	(2.5)	(4.0)	(2.2)
Net income (owners)	18.0	9.1	16.4	9.0
Per share
EPS basic	15.9p	7.9p	14.0p	7.6p
EPS diluted	15.9p	7.9p	14.0p	7.6p

	FY Jun 26	FY Jun 25
Operating activities
Cash from operations	30.8	33.2
Interest paid	(0.2)	(0.2)
Tax paid	(6.5)	(6.8)
Investing activities
Capex (PP&E)	(5.6)	(5.6)
Capex (intangibles)	(3.2)	(2.8)
Financing activities
Lease principal paid	(1.0)	(0.9)
Dividends paid	(11.1)	(11.0)
Share buybacks	(11.8)	(3.1)
Shares issued	–	0.0

	H2 Jun 26	H1 Dec 25	H2 Jun 25	H1 Dec 24
Operating activities
Cash from operations	16.5	14.3	18.2	15.0
Interest paid	(0.1)	(0.1)	(0.1)	(0.1)
Tax paid	(3.3)	(3.3)	(3.8)	(3.0)
Investing activities
Capex (PP&E)	(3.2)	(2.3)	(3.7)	(1.9)
Capex (intangibles)	(1.9)	(1.3)	(1.2)	(1.6)
Financing activities
Lease principal paid	(0.5)	(0.5)	(0.5)	(0.4)
Dividends paid	(5.0)	(6.1)	(2.1)	(8.9)
Share buybacks	(2.8)	(9.0)	(3.1)	0.0
Shares issued	–	0.0	0.0	0.0

	30 Jun 26	30 Jun 25
Non-current assets
Other intangibles	–	65.1
Property, plant & equipment	39.8	39.4
Investment property	4.3	4.4
Associates & JVs	5.2	5.8
Other investments	4.1	3.5
Non-current assets	118.2	118.7
Current assets
Inventories	29.5	29.7
Trade receivables	36.9	36.2
Cash	47.2	43.0
Current assets	123.6	129.3
Total assets	241.8	247.9
Current liabilities
Trade payables	29.9	39.2
Borrowings, current	–	0.4
Lease liabilities, current	0.9	0.9
Current liabilities	31.2	41.4
Non-current liabilities
Borrowings, non-current	–	0.8
Lease liabilities, non-current	2.7	3.0
Non-current liabilities	15.0	16.7
Total liabilities	46.3	58.2
Equity
Total equity	195.5	189.8

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Other intangibles	–	65.4	65.1	64.0
Property, plant & equipment	39.8	39.5	39.4	37.6
Investment property	4.3	4.3	4.4	4.4
Associates & JVs	5.2	5.2	5.8	6.2
Other investments	4.1	4.1	3.5	3.1
Non-current assets	118.2	119.2	118.7	116.0
Current assets
Inventories	29.5	30.6	29.7	29.0
Trade receivables	36.9	29.3	36.2	33.5
Cash	47.2	46.4	43.0	37.1
Current assets	123.6	119.4	129.3	117.1
Total assets	241.8	238.5	247.9	233.1
Current liabilities
Trade payables	29.9	34.3	39.2	36.3
Borrowings, current	–	0.3	0.4	0.6
Lease liabilities, current	0.9	1.0	0.9	0.9
Current liabilities	31.2	36.1	41.4	38.9
Non-current liabilities
Borrowings, non-current	–	0.7	0.8	1.0
Lease liabilities, non-current	2.7	2.9	3.0	3.2
Non-current liabilities	15.0	16.4	16.7	17.7
Total liabilities	46.3	52.5	58.2	56.6
Equity
Total equity	195.5	186.0	189.8	176.4

Read automatically from each results announcement. Check the source before relying on a figure.

Company filings. Not investment advice.