FW Thorpe plc

11/19/2020 | Press release | Distributed by Public on 11/19/2020 09:21

AGM Statement

19 November 2020

FW Thorpe Plc

Annual General Meeting statement

At the Annual General Meeting of FW Thorpe Plc to be held at 3.15pm today, Chairman, Mike Allcock, publishes the following statement:

'I am pleased to report that during the first few months of the 2020/21 financial year, despite the significant issues generally in the global economy, orders and revenue remain broadly similar when compared to the same period last year.

As mentioned in my recent full-year statement, the Lightronics factory was significantly fire damaged on 23 September. Within a few days, local management had secured a new temporary production facility, and it was operational swiftly with only a minimal impact upon customer service. Insurance assessments have now allowed for an initial payment to be made, with funds deployed to replace damaged stock and production equipment. The areas worst affected have been demolished, and rebuilding plans are underway.

Whilst management is satisfied with the current order situation, with order books around the Group generally healthy, both the COVID-19 pandemic effect and Brexit transition concerns are foremost in our minds. We plan for the future carefully, but at this present time we remain cautious about the Group's second-half performance.'

For further information, please contact:

FW Thorpe Plc

Mike Allcock - Chairman and Joint Chief Executive Tel: 01527 583200

Craig Muncaster - Joint Chief Executive and Group Financial Director

N+1 Singer - Nominated Adviser and Broker

Steve Pearce /James Moat Tel: 020 7496 3000