Mon, 25th Sep 2017 07:00
('Trifast', the 'Group' 'TR' or 'Company')
Leading international specialists in the engineering, manufacturing and distribution
of high quality, industrial fastenings to major global assembly industries
"HOLDING THE WORLD TOGETHER"
NOTICE OF HALF-YEAR RESULTS
LONDON: MONDAY, 25 SEPTEMBER 2017: The Board of Trifast issues the following unaudited trading update ahead of the Group's Half-year results for the six months ended 30 September 2017 and which are scheduled to be announced on Tuesday 14 November 2017.
As we reported at our AGM in July, following the all-time record year for the Group, the dynamics of our business continue to match management expectations regarding our KPIs of revenue, overheads and margins across all our business teams in the UK, mainland Europe and Asia.
The positive benefits of our extensive capital investment programme are now tangibly revealing themselves. For example, TR VIC in Italy has just installed its £1 million new heat treatment plant, along with additional production plant for more complex value-add components supported by new automated inspection and packing machines. This substantial expansion allows us to access further the growth market sectors within Europe.
We continue to identify and evaluate appropriate target acquisitions, including two international fastener related businesses this year; however, as a result of conducting our own due diligence through many site visits and negotiations, we ultimately withdrew from both due to their lack of strategic future proofing.
The negative impact of currency fluctuations on input costs continues to be broadly balanced by the benefits of translational effects, as 70% of our trading is overseas. Clearly, this equation is monitored daily by colleagues in sales, procurement and finance, and to date has not adversely distorted our budgets.
Currently, it is becoming almost routine to acknowledge the prevailing global financial and political uncertainties that we now all work with; however, we still believe that the prosperity of Trifast remains firmly the responsibility of our management and staff who remain optimistic about our ability to deliver the results that our stakeholders expect.
Our visibility and order pipeline remains very encouraging, whilst our balance sheet is strong. Accordingly, the Board is confident that the Group will deliver its expectations for the year ending 31 March 2018.
We look forward to updating our shareholders further on our performance at the time of our results in November.
Enquiries please contact:
Malcolm Diamond MBE, Non-Executive Chairman
Mark Belton, Chief Executive Officer
Clare Foster, Chief Financial Officer
Thereafter: +44 (0) 1825 747630
Peel Hunt LLP (Stockbroker & financial adviser)
Tel: +44 (0) 20 7418 8900
TooleyStreet Communications (IR & media relations)
Tel: +44 (0) 7785 703523
LSE Premium Listing: Ticker: TRI
LEI REFERENCE: 213800WFIVE6RWK3CR22
About us: Trifast is a leading international specialist in the engineering, manufacturing and distribution of high quality industrial fastenings to major global assembly industries. We are a 24/7 'full service provider' offering 'end-to-end' support to all our customers. Our success and ongoing growth is based on a unique mix of high quality manufacturing, sourcing know-how and adaptable, reliable global logistics. Key sectors are automotive, domestic appliances, electronics and distributors. The Group employs c.1,200 staff across 27 global locations across the UK, Europe, Asia and the USA.
For more information, please visit
Group website: www.trifast.com
The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.