Last checked at 22 Apr 2010 07:00
Issued by Citigate Dewe Rogerson Ltd, Birmingham
Thursday 22 April 2010
Embargoed: 7.00am
Trifast plc
Pre-close update
For the year ended 31 March 2010
The Board of Trifast plc ("Trifast" or "the Company") publishes the following pre-close update ahead of its Preliminary results for the year ended 31 March 2010.
The recovering optimism witnessed in our Q3 period by customers within some of the sectors we serve such as electronic equipment and automotive has continued. This, together with our implemented 'Phase 1' recovery strategy instigated by the Board has seen the Group improve its market positioning significantly by the end of March 2010.
From a trading position, it is pleasing to report Group revenue in Q4 (Jan-March 2010) was ahead of the improved Q3 (Sept-December 2009) reported in February. In addition, it is very encouraging that, in the last month of the financial year ended 31 March 2010, all 21 business units traded profitably; this is ahead of management expectations, underpinning our confidence that TR's recovery can be sustained.
With banking facilities firmly in place, our on-going focus remains on working capital and cash management: this has seen debt levels continuing to reduce, but at the same time allowing sufficient scope for Trifast teams to compete effectively.
The Board remains confident that the Group will make further progress during this new financial year as we implement "Phase 2" of our growth strategy, details of which will form part of its year-end results presentation scheduled to shareholders in June 2010.
The Trifast Board are keen to acknowledge the enthusiasm and willingness of the TR teams around the world; they have all embraced our continuous improvement and "working smarter" philosophy in the key areas of service, supply chain, logistics, pricing and packaging.
The Directors are confident that TR remains on target with its three-phase strategy and stated objective to return the business back to stronger levels of profitability through lean logistics, targeted sales and marketing with on-going margin improvement, and we look forward to reporting on our progress over the next year.
It is anticipated that the Group's Preliminary results will be announced on Wednesday 16 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 | |
| Richard Day | |
| Adrian Trimmings | |
| Tel: +44 (0)20 7614 5900 |
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.