Trifast Plc Interim Management Statement & Trading update - August 2012
The Board is pleased to provide the following Interim Management Statement covering the period 1 April 2012 to the date of this announcement.
As at the end of July trading has remained consistently ahead of budget with Automotive in the UK and Mainland Europe being the predominant driver, along with electronics in Asia also holding up well. Opportunities for introducing new customers to the newly acquired Power Steel factory in Malaysia are now starting to materialise as TR’s international sales team gain momentum in promoting high-end product capability into the Asian and Asean automotive sector. In addition, much of the TR Global sales teams initial quoting and sampling activities throughout Europe during 2011 is now being rewarded with an encouraging influx of new contract wins in recent months.
The ‘doomsday’ effect from the incessant flow of media negativity towards global economics is actually serving to motivate our people to becoming ‘fanatical’ about transactional margin improvement and removing wasteful activities and expenditure. The Company as a whole is relishing its successful recovery since early 2009 and has no intention of allowing its current dynamics to slip. For example, each business team is now competing with each other on achieving the highest percentage of trading profit reflected in cash. The focus on ‘Continuous Improvement’ is absolute, as is the objective to offer more product choice to existing loyal customers. As a result, two new extensive product ranges have now been sourced from low-cost manufacturers and will be promoted strongly in H2 of this financial year.
The business remains ‘on track’ with its ongoing margin improvement strategy; and with many new business opportunities becoming evident as a result of our focus on intense marketing around the world over the last three years, our new challenge is providing additional and appropriate resource, especially engineering personnel, in order to leverage best advantage. The Directors regard this as the core foundation to this, their second three-year strategic growth plan, and look forward to updating shareholders on progress at the AGM on 20 September, 2012 and throughout the year.
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