Last checked at 10 Feb 2010 07:00
10 February 2010
Embargoed: 7.00am
Trifast plc
Q3 2009 Interim Management Statement
Trifast plc ("Trifast" or "the Company") publishes its Interim Management Statement covering the period October - December 2009, and a trading update to the date of this announcement as required by the UK Listing Authority Disclosure and Transparency Rules.
Q3 trading indicates that stability has been restored showing an improved position over the previous two quarters. Trifast has continued to witness an on-going improvement in its transactional sales run rates. The improved run rates, particularly in the Asian operations where the trading environment has steadily increased month-on-month, indicates recovering optimism from Trifast customers within some of the sectors the Company serves, such as electronic equipment and automotive.
Trifast continues to focus on working capital management and cash generation ensuring costs, inventories and debtors remain under tight control, but at the same time allowing sufficient scope for Trifast teams to compete effectively.
The Board remains confident that the Group will continue to sustain further progress in line with management expectations throughout the Q4 period ended March 2010.
As the Board has already indicated, its urgent "Phase 1" objective is to return the business back to strong levels of sustained profitability through lean logistics, targeted sales and marketing with on-going margin improvement.
In working closely with the Company's operational management, the Trifast Board has been extremely encouraged by their enthusiasm, willingness to change and adoption of a continuous improvement philosophy supported by "working smarter" in the key areas of service, supply chain, logistics, pricing and packaging.
As Trifast enter the next financial year in April 2010, it will be implementing "Phase 2" of its recovery and rebuild strategy which the Board looks forward to explaining to shareholders as part of its year-end results presentation scheduled to be announced in June 2010.
| Enquiries: |
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| Trifast plc | Citigate Dewe Rogerson |
| Malcolm Diamond, Executive Chairman | Fiona Tooley, Director |
| Telephone: +44 (0)1825 747366 | Keith Gabriel, Senior Account Manager |
| Mobile: +44 (0)7979 518493 (MMD) | Telephone: +44(0)121 362 4035 |
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| Arden Partners plc |
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| Richard Day |
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| Adrian Trimmings |
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| Tel: +44 (0)20 7614 5900 |
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Editors Note:
Ticker: TRI
Group website: 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.