Final Results

Thorpe(F.W.) PLC
20 September 2001

The following consolidated results for the year ended 30 June 2001 were
announced today:

Abridged financial information
  
                                                         2001    2000
                                                        £'000   £'000

Turnover-continuing operations                          33054   27173         


Operating profit - continuing operations                 3077    2702

Interest receivable and similar income                    153     315

Profit on ordinary activities before taxation            3230    3017
Taxation on profit on ordinary activities                 899    1004

Profit on ordinary activities after taxation             2331    2013

Dividends                     - interim paid              210     180
                              - final proposed            490     502
                              - total                     700     682

Retained profit                                          1631    1331

Earnings per share(ordinary)                             19.8p   16.0p
Earnings per share(diluted)                              19.7p   16.0p

Dividends per share           - interim                  1.80p   1.50p
                              - final                    4.20p   4.20p
                              - total distribution       6.00p   5.70p
GROUP BALANCE SHEET
                                        As at           As at
                                     30.06.01        30.06.00
                                 
                                         £000            £000 
Fixed assets:
Intangible assets                         533             563
Tangible assets                         9,347           7,749 
Investments                               244             244 
                                       ______          ______  

                                       10,124           8,556    

Current assets:
Stocks                                  5,452           5,476       
Debtors                                 7,830           6,644          
Investments                                70           2,866          
Cash at bank and in hand                2,334           1,058          
                                       ______          ______         

                                       15,686          16,044          
Creditors:
amounts falling due within one year    (5,447)         (5,534)         
                                       ______          ______          
Net current assets                     10,239          10,510          
                                       ______          ______          
Total assets less current liabilities  20,363          19,066          
                                       ______          ______          
Creditors:
amounts falling due after one year        (38)            (18)          
Provisions for liabilities and charges:
Deferred taxation                        (449)           (436)         
                                       ______          ______          
Net assets                             19,876          18,612          
                                       ______          ______          

Capital and reserves:
Called up share capital                 1,166           1,198           
Capital Redemption Reserve                135             104           
Share premium account                     360             360            
Profit and loss account                18,215          16,950          
                                       ______          ______          
                                       19,876          18,612          
                                       ______          ______          

GROUP CASH FLOW STATEMENT
                                                          Year           Year
                                                         ended          ended
                                                      30.06.01        30.6.00
                                    
                                                         £000            £000
Net cash inflow from operating activities:
Operating profit                                        3,077           2,702
Depreciation and amortisation of goodwill               1,233           1,099
Profit on sale of fixed assets                            (31)            (48)
Movements in working capital                           (1,155)         (1,322)
                                                       ______          ______

                                                        3,124           2,431
Returns on investments and 
servicing of finance                                      153             315

Taxation                                                 (974)         (1,170)

Capital expenditure and
financial investment                                   (2,769)         (1,255)

Equity dividends paid                                    (713)           (668)
                                                       ______          ______
Cash outflow before use of
liquid resources and financing                         (1,179)           (347)

Management of liquid resources                          2,796           1,226

Financing                                                (341)         (1,232)
                                                       ______          ______
Increase/(decrease) in cash                             1,276            (353)
                                                       ______          ______

Reconciliation of net cashflow to movement in net funds:

Increase/(decrease) in net cash                         1,276            (353)
Movement in liquid resources                           (2,796)         (1,226)
Movement in borrowings                                    (29)             24
Net funds at beginning of the period                    3,889           5,444
                                                       ______          ______
Net funds at end of the period                          2,340           3,889
                                                       ______          ______ 


AGM                     08-Nov-2001
Dividend payment date   15-Nov-2001
Ex-dividend date        26-Sep-2001
Record date             28-Sep-2001

The above financial information does not constitute statutory accounts within
the meaning of Section 240(5) of the Companies Act 1985.  The statutory
accounts have not been delivered to the Registrar of Companies but will be
delivered in due course.                                                      
                                                                       
The Auditors have given an unqualified report on the statutory accounts and
their report does not contain a statement under either section 237 (2)
(Accounting records) or 237 (3) (Information and Explanations) of the 
Companies Act 1985.                                                           

                                             
CHAIRMAN'S STATEMENT

The group achieved a new record turnover of £33.1m in the year under review as
compared to £27.2m last year which was an increase of 21.7%.  The operating
profit was £3.1m and showed a 15% increase over last year's figure of £2.7m. 
In a market, which is intensely competitive resulting in tight margins, I feel
we have done well.  The investment income was £153k and the total profit
before tax was £3.2m compared to last year's figure of £3.0m.

The Board is recommending a final dividend of 4.2p per share which, when
included with the paid interim dividend, makes a total for the year of 6p.

Little has changed in the market place since my last annual report. 
Competition for orders remains very high with the inevitable result that to
win an order, price is the over-riding factor.  The continuing high value of
the pound is affecting our export performance.

However, we continue to sell the advantages of our high specification products
and resist the market pressures to sell on price alone.

Review of Divisions

Thorlux Lighting
The company has enjoyed a steady input of orders throughout the year which
included two large export contracts which were won at very competitive
margins.  Our technical products led these sales emphasising the importance of
our development programme in bringing on stream new products on a regular
basis.

Further investment in the factory is in hand and this is important to ensure
that the lighting products we sell continue to be made in the most cost
effective manner.

Despite the difficulty of obtaining export orders, because of the high
sterling exchange rate and the global economic situation, our Export Director
and his team continue to visit our distributors around the world on a regular
basis to promote the company's name and its products.

Mackwell Electronics
It has been another successful year for Mackwell increasing its turnover and
profit.  I referred in last year's report to the impending purchase of an
adjoining factory to provide more production space.  This was completed in the
autumn and following an internal reorganisation of production facilities the
factory was well able to deal with the increased order input it received.

The company has built up a very creditable export market, not only in Europe
but also in the Middle East and Far East as well.

Compact Lighting
Compact Lighting has had a successful year with an improved performance
despite the inevitable disruption and costs of moving the whole business into
new premises.

The market for lighting products in the retail sector is somewhat volatile but
Compact has built up an effective team of people now and I am confident that
it will develop the business over the coming years.

Philip Payne
Again, the results show a healthy improvement over last year.  It has
strengthened its position in the market and I expect this progress to continue
in the current year.

The move into larger premises did not take place in the year under review but
it will happen over the next few months with possibly some minor disruption
and moving costs.

Sugg Lighting
Sugg Lighting's performance only showed a slight improvement over the previous
year but despite this, the signs are that business will enjoy a better order
input over the remainder of the current year.

A lot of work has taken place in improving the production facilities at
Crawley as well as strengthening the selling and marketing position.  The
costs associated with this have had the inevitable effect on the results this
year.  I am confident that we can build on that investment.
 


The Future 
We find ourselves at the moment in what is defined as a recession, certainly
in the manufacturing sector.  I do not expect the business to be unaffected by
this situation but nevertheless we have proved in the past that we can ride
out such situations reasonably well.  We have invested in new product
development as well as manufacturing facilities and the group has strong
financial resources.





ENQUIRIES to the Chairman: Colin Brangwin, FW Thorpe plc, Redditch
                           Tel: [phone]