Whilst the % increase in EPS may be not quite as high in previous years, Thorpe has generated significantly more cash than in the previous year, some of which has been invested in securities which makes sense given the current very low interest rates on cash deposits.
The strategic move towards generating business in the EU has been rewarded with a significant growth in sales revenue, accompanied by a more modest increase in the UK.
From comments in the text of the report, sales in Spain (via the new associate Company) have yet to take off but may be poised to in the coming years. It seems that the Dutch subsidiary products are quite popular in the UK (more aesthetically pleasing but higher priced than those made in the UK.) Maybe robbing Peter to pay Paul but product diversification is no bad thing. and one of Thorpe's great strengths in its chosen lighting markets.
So a nice increase in the divi, well covered and great level of diversification in its chosen fields. One gets the impression that Thorpe management are not exactly overjoyed by Brexit referring the the difficulties of generating sales in the the likes of India, China and Brazil said to be highly protected compared with the great successes just across the Channel.
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