Last checked at 11 Aug 2011 12:19
Thursday, 11 August 2011
Trifast plc('Trifast' or 'the Company')
Annual General Meeting
Interim Management Statement & Trading Update
At today's Annual General Meeting, Malcolm Diamond, Executive Chairman, addressed shareholders and all Resolutions were duly passed. Details of the proxy votes will be provided on the Group's website, www.trifast.com or on request from the Company Secretary.
The Company also issued the following Interim Management Statement which covers the period from 1 April to 30 June 2011 and a Trading Update to the date of this announcement.
The Board is encouraged by the business performance which has seen revenue growth over the comparable period last year and more importantly a solid increase in profitability. Even with the traditionally quieter weeks of summer and the potential fragility of some economies and industries, we are continuing to witness further business opportunities in our key market sectors.
In-house manufacturing and strong sector focus underpins Trifast's powerful customer offering both locally and globally. Trifast's business models in both Europe and Asia are now well defined and firmly established. This year, we are looking to consolidate and then grow our customer support and logistics resource in the USA by initiating the restructure of our business teams to separate OEM sales and distribution into a new warehouse in Houston, and our Branded Products team into a new warehouse just outside Boston.
Looking forward; as we highlighted in both our 2011 published Report & Accounts and presentations in June, our focus in this new financial year will be on:-
·; Selective contract price increases
·; Improved sourcing
·; Growth within Branded Products and TR Direct (transactional sales)
·; Increased sales focus on our USA and China operations
As a Board, we are delighted to report that there has already been progress in all these areas which has had a positive impact not only on our teams around the globe but also on some of our key financial KPI objectives.
Continued focus on working capital management to support the growth mentioned above has ensured net debt remains at similar levels to those reported in our 2011 published Report & Accounts and is in-line with Management expectations.
Building from a firm foundation and given this positive start to the year, the Directors remain confident about Trifast's prospects and look forward to updating shareholders further on its performance at the Half-year stage.
Enquiries:
| ||
Trifast plc
| Citigate Dewe Rogerson | Arden Partners plc |
Malcolm Diamond MBE, Executive Chairman
Jim Barker, Chief Executive |
Fiona Tooley, Director | |
Mark Belton, Group Finance Director | Keith Gabriel, Senior Account Manager
| Adrian Trimmings |
Telephone: +44 (0) 1825 747366 | Telephone: +44(0) 121 362 4035 | Tel: +44 (0) 20 7614 5920 |
Mobile: +44 (0) 7785 703523 (FT) |
Editors Note:
LSE Ticker: TRI
www.trifast.com
Trifast's trading business TR Fastenings is a leading international manufacturer and distributor of industrial fastenings to the assembly industries, with operations in Europe, the Americas and Asia. For more information, please visit www.trfastenings.com.