Trading Update and Notice of Annual Results
Trifast (LSE Premium Listing: Ticker: TRI), leading international specialists in the engineering, manufacturing and distribution of high quality industrial fastenings to major global assembly industries, issues the following unaudited Trading update ahead of the Group’s Annual Financial Results, which will be announced on Tuesday, 14 June 2016.
- Despite some slowness in the UK, the Group’s markets in Asia and mainland Europe have remained strong
- The order pipeline is very encouraging especially within automotive and the other key sectors we serve. Sales enquiries remain brisk through our TR portal and this underpins our operational teams’ confidence in the continuing growth of the business
- Our offering on an international scale remains an attractive USP to many OEMs and, as a result, we have successfully extended our relationship with a number of our multi-national OEM customers by serving more plants and widening the product ranges we currently supply
- Following the Group’s major investment programme in automation in Asia, Europe and the UK last year, we are pleased to report that we are now seeing an improvement in UK productivity, whilst our operations in Italy, Malaysia and Taiwan have also benefitted from this programme and giving them the opportunity to further extend sales and marketing initiatives on a domestic and global basis
- Kuhlmann, our German business acquired in October 2015 has performed well and slightly ahead of management expectations. VIC in Italy once again has had a solid year and contributed strongly (on a constant currency basis) to our performance. We are encouraged by the many opportunities they have in their respective domestic and export markets
- The succession in CEO leadership in October was executed seamlessly and the new team structure has settled in well. We firmly believe that the operational teams and their leaders have the extensive experience and skills set to maintain and deliver our key strategic drivers while at the same time, further refining operational processes, data systems and personal accountability at senior management level
- The foundations of our long term strategy for business expansion stays firmly on track. As a Board, we have reviewed a number of bolt-on acquisitions although to date we have not identified any that fully meet our strict criteria. We do however continue the search for suitable opportunities and also to broaden our reach and geographies to complement the Group’s existing global, product and sector footprint.
- Youinvest, 'Broker Forecast - finnCap issues a broker note on Trifast PLC' - 19.04.16
- Proactive Investors, 'Trifast chair focused on over delivering on growth targets' - 21.04.16
- Proactive Investors, 'Family focused Trifast locks down growth plans' - 25.04.16
Peel Hunt LLP
For further information on Trifast plc please visit our investors website: www.trifast.com