Thorpe F W
Website:
Thorpe F W
Index:
AIM
EPIC: TFW
Supersector:
Industrial Goods and Services
Sector:
Electronic and Electrical Equipment
Subsector:
Electrical Components and Equipment
Market Cap:
£287.43M
Payout Frequency: Semi-Annual
Thorpe F W Dividend Analysis and Summary
Key Dividend Details
- Declared dividends: Interim 1.81p per share (+2.8% YoY) and a Special 2.60p per share.
- Ex-dividend date: 12/03/2026
- Record date: 13/03/2026
- Payment date: 02/04/2026
- Cash outlay: Interim £2.048m and Special £2.942m (based on 113,161,908 shares); total c. £4.99m.
- Context: FY2025 regular dividends totalled 7.12p (1.76p interim + 5.36p final); no FY2025 special (FY2024 special was 2.50p).
Dividend sustainability and growth
- Coverage (near-term): H1 FY2026 basic EPS 7.86p; covers the regular interim ~4.3x and the combined interim+special (4.41p) at ~1.8x. This indicates the regular dividend is very well covered; the special is funded by surplus cash.
- Cash and balance sheet support: Strong operating cash flow (£14.3m) and cash & equivalents of £46.4m, with minimal financial liabilities; ample headroom to fund both dividends and capex.
- Growth trajectory: The regular interim is up +2.8% YoY, broadly in line with H1 EPS growth (+2.7%). Regular dividend growth appears steady and supported by earnings and cash generation.
- Capital allocation: Management cites a lack of qualifying M&A targets; cash build has driven the special dividend and ongoing buybacks (£9.0m in H1). This indicates disciplined capital return while maintaining investment in operations.
How financial performance supports the dividend
- Resilient profits: H1 revenue down 2.4% but operating profit flat and PBT up 3.1%; EPS up 2.7%, underpinning the regular dividend increase.
- Cash generation: Net cash from operations of £14.3m readily covers the proposed dividends (~£5.0m) and capex (~£3.6m total PP&E + intangibles in H1).
- Balance sheet strength: Net cash position remains robust, providing a buffer against trading headwinds and supporting ongoing shareholder returns.
Structural or policy items that could impact future dividends
- Special dividend is opportunistic and linked to surplus cash from restrained M&A; not indicative of a permanent step-up in the regular dividend policy.
- Share buybacks continue “when appropriate,” reducing share count and supporting per-share dividend capacity over time.
- Operational adjustments: Thorlux Lighting GmbH merged into SchahlLED and closure of Thorlux Lighting LLC. These are housekeeping rather than major structural shifts; no evident adverse impact on dividend policy.
- Ongoing investment in capacity and sales resources (UK, Netherlands, Spain, etc.) may modestly suppress short-term margins but should support medium-term growth and dividend resilience.
Risks and flags to dividend stability
- End-market weakness: German industrial recession weighing on SchahlLED; management flags a challenging H2 outlook versus strong prior-year comps.
- JV losses continue (H1 share of loss £0.67m), though not material to cash funding capacity.
- Investment-led margin pressure near term as the Group expands sales teams and upgrades manufacturing; manageable given cash strength.
- FX and multi-country operations introduce some earnings variability, partly mitigated by diversified mix and strong cash reserves.
Read more
Thorpe F W Annual Dividend Yield - 1.76%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 12/03/2026 |
02/04/2026 |
Interim |
1.8100p |
GBX |
| 12/03/2026 |
02/04/2026 |
Special |
2.6000p |
GBX |
Total (Annual Dividends Per Share):
4.41p
Dividend Yield =
Annual Dividends Per Share (4.41p)
÷ Share Price (251p)
= 1.76%
Thorpe F W Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 12/03/2026 |
02/04/2026 |
Interim |
1.8100p |
GBX |
| 12/03/2026 |
02/04/2026 |
Special |
2.6000p |
GBX |
| 30/10/2025 |
28/11/2025 |
Final |
5.36p |
GBX |
| 20/03/2025 |
17/04/2025 |
Interim |
1.76p |
GBX |
| 24/10/2024 |
29/11/2024 |
Special |
2.50p |
GBX |
| 24/10/2024 |
29/11/2024 |
Final |
5.08p |
GBX |
| 21/03/2024 |
19/04/2024 |
Interim |
1.70p |
GBX |
| 26/10/2023 |
24/11/2023 |
Final |
4.84p |
GBX |
| 23/03/2023 |
21/04/2023 |
Interim |
1.62p |
GBX |
| 27/10/2022 |
25/11/2022 |
Final |
4.61p |
GBX |
| 17/03/2022 |
01/04/2022 |
Interim |
1.54p |
GBX |
| 17/03/2022 |
01/04/2022 |
Special |
2.27p |
GBX |
| 28/10/2021 |
25/11/2021 |
Final |
4.31p |
GBX |
| 01/04/2021 |
23/04/2021 |
Interim |
1.49p |
GBX |
| 29/10/2020 |
26/11/2020 |
Final |
4.20p |
GBX |
| 02/04/2020 |
21/04/2020 |
Interim |
1.46p |
GBX |
| 31/10/2019 |
29/11/2019 |
Final |
4.10p |
GBX |
| 28/03/2019 |
18/04/2019 |
Interim |
1.43p |
GBX |
| 01/11/2018 |
29/11/2018 |
Final |
4.00p |
GBX |
| 22/03/2018 |
12/04/2018 |
Interim |
1.40p |
GBX |
| 26/10/2017 |
30/11/2017 |
Final |
3.55p |
GBX |
| 23/03/2017 |
06/04/2017 |
Interim |
1.35p |
GBX |
| 27/10/2016 |
24/11/2016 |
Final |
2.85p |
GBX |
| 24/03/2016 |
05/04/2016 |
Interim |
1.20p |
GBX |
| 24/03/2016 |
05/04/2016 |
Special |
2.00p |
GBX |
| 22/10/2015 |
19/11/2015 |
Final |
2.55p |
GBX |
| 26/03/2015 |
02/04/2015 |
Interim |
1.10p |
GBX |
| 23/10/2014 |
20/11/2014 |
Special |
1.50p |
GBX |
| 23/10/2014 |
20/11/2014 |
Final |
2.20p |
GBX |
| 09/04/2014 |
06/05/2014 |
Interim |
1.05p |
GBX |
| Year |
Interim |
Final |
Special |
Currency |
Total |
Change |
| 2024 |
1.700 |
5.080 |
2.500 |
GBX |
9.280 |
43.650 |
| 2023 |
1.620 |
4.840 |
|
GBX |
6.460 |
-23.270 |
| 2022 |
1.540 |
4.610 |
2.270 |
GBX |
8.420 |
45.170 |
| 2021 |
1.490 |
4.310 |
|
GBX |
5.800 |
2.470 |
| 2020 |
1.460 |
4.200 |
|
GBX |
5.660 |
2.350 |
| 2019 |
1.430 |
4.100 |
|
GBX |
5.530 |
2.400 |
| 2018 |
1.400 |
4.000 |
|
GBX |
5.400 |
10.200 |
| 2017 |
1.350 |
3.550 |
|
GBX |
4.900 |
-19.000 |
| 2016 |
1.200 |
2.850 |
2.000 |
GBX |
6.050 |
65.750 |
| 2015 |
1.100 |
2.550 |
|
GBX |
3.650 |
-23.150 |
| 2014 |
1.050 |
2.200 |
1.500 |
GBX |
4.750 |
|
Thorpe F W Dividend Calculator
Thorpe F W Dividend Growth
| Dividend Growth (1Y) |
4.6%
|
| Dividend CAGR (5Y) |
11.42%
|
| Years of Growth |
–
|
| Payout Ratio |
32.18%
|
| Buyback Yield |
0.93%
|
| Shareholder Yield |
3.77%
|
| P/E Ratio (TTM) | 11.57 |
|---|
| Forward P/E | – |
|---|
| P/FCF | 10.82 |
|---|
| Earnings Yield | 8.88% |
|---|
| FCF Yield | 9.24% |
|---|
| ROE | 14.08% |
|---|
| ROCE | 15.85% |
|---|
| Profit Margin | 14.73% |
|---|
| Operating Margin | 18.53% |
|---|
| Gross Margin | 47.41% |
|---|