Last checked at 10 Aug 2010 07:00
Issued by Citigate Dewe Rogerson Ltd, Birmingham
Date: Tuesday 10 August 2010
Embargoed 7am
Trifast plc
Q1 Interim Management Statement
and
Trading Update - Reflecting a strong recovery in trends and expectations
Trifast plc ('Group' or 'TR or Company')publishes its Interim Management Statement covering the period to date 1 April-9 August 2010, and a Trading update for the 18-weeks to the date of this announcement as required by the UK Listing Authority Disclosure and Transparency Rules.
·; Q1 Interim Management Statement
As the Company indicated in its Preliminary announcement issued on 16 June 2010, the uplift in the last quarter of the previous financial year continued into Q1 of the current financial year ending March 2011. Group revenue for the three months ended 30 June 2010 was 28% ahead of the same period last year; gross margins remained at levels similar to those of the second half of last financial year.
·; Trading Update - improving trends continue reflecting a strong recovery and ahead of expectations
Overall, for the year to date, we have continued to witness an improvement in trading and business opportunities despite some caution still prevailing across certain global economies.
TR Asia remains buoyant in terms of both manufacturing and distribution. Due to increasing manufacturing demand and visibility the Board has authorised the restoration of capital expenditure in this region.
Around the rest of the world in general, TR is also witnessing demand and enquiries increasing across both its transactional and global sales. The Group's focus remains "sales-led" with margin improvement whilst retaining its tight control on cash as the business starts to build up stocks profiled to new customer requirements.
In its 'rebuild' phase, the Directors remain confident that Trifast will continue to make good strategic progress throughout the remainder of the financial year. However, the Group continues to be mindful of the number of external macro-factors which could slow global and UK economic recovery such as the significant increases in freight and raw material costs.
Taking all of this into account trading to date is strong; as a result, the Group will significantly exceed market expectations for the current year.
·; 2010 Annual Financial Report and Annual General Meeting
The Group's Annual Financial Report for the year ended 31 March 2010 together with associated documents are being posted on 18 August 2010 to shareholders listed on the Register as at 30 July 2010, following which it can also be viewed on the Company's website www.trifast.com. The Group's Annual General Meeting is to be held on 21 September 2010 at Trifast House, Bellbrook Park, Uckfield, East Sussex TN22 1QW.
Other than as noted above, there have been no material events or transactions between 1 April 2010 and the date of this announcement.
| Enquiries: |
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| Trifast plc | Citigate Dewe Rogerson | Arden Partners plc |
| Malcolm Diamond MBE, Executive Chairman Jim Barker, Chief Executive | Fiona Tooley, Director Keith Gabriel, Senior Account Manager | Richard Day Adrian Trimmings |
| Mark Belton, Group Finance Director |
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| Telephone: +44 (0)1825 747366 | Telephone: +44(0)121 362 4035 | Tel: +44 (0)20 7614 5900 |
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| Mobile: +44 (0) 7785 703523 (FT) |
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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.