Last checked at 16 Feb 2011 07:00
Issued by Citigate Dewe Rogerson Ltd, Birmingham
Date: Wednesday 16 February 2011
Embargoed: 7.00am
Trifast plc
("Trifast" "TR" or "Group")
Interim Management Statement
The Board is pleased to provide the following Interim Management Statement covering the period 1 October 2010 to the date of this announcement.
Since the Group's Half-year results announcement issued on 16 November, 2010 we have continued to make steady progress against all of our stated objectives. The focus remains on a 'sales-led' strategy strongly underpinned by our determination to continue to develop the areas of 'self help' still available to us within our logistics efficiencies, purchasing, stock and vendor management.
Turning to Trifast's trading performance:-
v Within the UK and Mainland Europe, our business is increasing and we are benefiting from a number of new contract wins that have started to come on-stream. With sales revenue outperforming budget we are now prioritising on margin growth.
v TR Asia is performing above budget in both manufacturing and distribution. Exports out of the region have been adversely affected by the strength of the Singapore dollar and Taiwanese dollar, but overall growth is still encouraging.
v Group net debt remains at similar levels to that last announced at the Half-year. Control of cash and working capital focus is key particularly given that turnover growth is increasing our need to extend our stock range.
Overall, given the solid trading position and the number of initiatives and opportunities identified, the Board remains confident that despite continued headwinds from both freight costs and foreign exchange Trifast will continue to make good progress both commercially and strategically throughout 2011.
The Group expects to announce Preliminary Results for the year ending 31 March 2011 in mid-June and the Board looks forward to reporting further progress at this time.
Enquiries: | ||
Trifast plc | Citigate Dewe Rogerson | Arden Partners plc |
Malcolm Diamond MBE, Executive Chairman Jim Barker, Chief Executive |
Fiona Tooley, Director |
Richard Day |
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 5900 |
Mobile: +44 (0) 7785 703523 (FT) |
Editors Note:
LSE 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.