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Trifast plc - Annual General Meeting - July 2018

Leading international specialists in the engineering, manufacturing and distribution of high quality, industrial fastenings to major global assembly industries.


ANNUAL GENERAL MEETING (Meeting)

At today’s Meeting (12noon 25 July 2018), Chairman, Malcolm Diamond MBE made the following statement on behalf of the Board to shareholders present:
 
“The year to March 2018 delivered another year of strong growth and ongoing investment across all our regions. Trifast remains financially well positioned to pursue its ‘invest and grow’ strategy.
 
“As the business has grown, Trifast has invested both in its manufacturing and distribution footprint. Our latest acquisition PTS, completed at the start of the new financial year, has settled well into the Group and brings new products and technical expertise, further enhancing our portfolio offering on a global basis.
 
“As an international business with over 70% of our revenues now being generated outside the UK, a very well-balanced geographical and sector spread of activities, together with a robust balance sheet, good banking relationships and access to facilities means the Group is in a great position to keep moving forward.”
 
“Shareholders will have also read in our 2018 Annual Report about Project Atlas and the key drivers of this initiative. The scale and scope of this multi-year investment programme will further integrate our global business to create the Trifast of tomorrow, ensuring we are able to continue to meet and exceed the ever-evolving needs of our 40+ and growing Multinational OEM customers. With our proven track record of profitable investment, this is a very exciting time for Trifast as a business. The Board is fully committed to this multi-year project and we look forward to providing regular updates as we progress.”
 
“The current financial year has started well across our business, matched by a robust pipeline of opportunities in place. Despite prevailing external macroeconomic factors and the well documented diesel-led temporary reductions in UK automotive manufacturing volumes, we have the flexibility to keep moving forward and therefore the Board remains confident of delivering on its expectations for the year ahead.
 
“The Group’s next Trading Update will be released on the 26 September 2018 ahead of the Half-yearly report for the period ending 30 September 2018 which are due for release in mid-November.”

RESULT OF ANNUAL GENERAL MEETING (Meeting)

All resolutions put to Members at today’s Meeting were duly passed on a show of hands. The resolution proxy votes will be provided on the Group’s website, www.trifast.com. In accordance with Listing Rule 9.6.2R, a copy of the resolutions passed as Special Business at the AGM will be submitted to the National Storage Mechanism (NSM) and available for inspection at www.morningstar.co.uk/uk/nsm.

DIVIDEND

Following shareholder approval today, a final dividend of 2.75p per share will be paid on 12 October 2018 to shareholders on the register at the close of business on 14 September 2018. It is encouraging to see that, over the last five years, dividends have grown from 0.80p to 3.85p, equating to a compound annual growth rate (‘CAGR’) of 37%.

Further enquiries please contact:


Trifast plc

Malcolm Diamond MBE, Non-Executive Chairman
Mark Belton, Chief Executive Officer
Clare Foster, Chief Financial Officer
Tel: +44 (0) 1825 747630
Email: corporate.enquiries@trifast.com
 

Peel Hunt LLP Stockbroker & financial adviser

Mike Bell
Tel: +44 (0)20 7418 8900
 

TooleyStreet Communications IR & media relations

Fiona Tooley
Tel : +44 (0)7785 703523
Email: fiona@tooleystreet.com

For further information on Trifast plc please visit our investors website: www.trifast.com