TIDMTRI
RNS Number : 4765D
Trifast PLC
20 October 2022
Trifast plc
(Trifast, Group or Company)
leading international specialist in the design, engineering,
manufacture, and distribution
of high-quality industrial fastenings and Category 'C'
components principally to major global assembly industries
Trading Update
&
Notice of Half-yearly results
London, Thursday, 20 October 2022: The Board of Trifast issues
the following unaudited update covering the Group's financial half
year period ended 30 September 2022, ahead of the publication of
its 2023 Half-year results.
Key points in HY1:
Ø Group revenue ahead of comparable period c.GBP120m
(H1FY22: GBP103.7m AER)
Ø Continued mixed demand backdrop across our key end
market sectors and international footprint
Ø Additional contract wins in the period totalling
GBP12m, reflecting market share gains and commercial focus
on faster growing niches
Ø Underlying operating profit impacted by inflationary
pressures and pricing recovery lag
Ø Stocks increased in short-term ensuring ongoing continuity
of supply for new and existing business
Ø General activity levels and opportunities provide
confidence for the medium-term
Overview
The first half of the 2023 financial year has proved to be one
of challenge and opportunity against the global uncertainties
surrounding industrial markets . As a Group, we have continued to
experience a mixed demand picture across our diversified end market
and geographic footprint. Whilst our operations in Asia and US have
produced a solid performance and slightly ahead of expectations, we
have experienced, as a result of weakened consumer demand, a
slowdown in particular within the Health & home sector in the
UK and Europe. Volumes have improved across our other key markets
with Light vehicle and General industrial showing the strongest
growth over the same period last year, followed by the Distributors
and Energy, tech & infrastructure sectors.
We are focussing on both cost management and pricing actions to
mitigate the impact of ongoing, significant, inflationary cost
increases. This includes ongoing pricing negotiations with a number
of our key OEM customers. In a number of cases, these negotiations
are taking an extended period to conclude and so this activity will
continue into the second half and consequently we will not see a
significant contribution from these until later in the financial
year.
We continue to make good progress on our strategic growth
initiatives through a mix of customer service, technical
innovation, investment and capturing key commercial opportunities.
New contract wins secured in the last financial period are
beginning to feed through and, in addition, we have secured during
H1FY23 a further GBP12m of contractual wins across our key sectors
with the largest uplift being in Light vehicle, all of which is
very encouraging.
Given the commodity and supply chain challenges we have all
faced in the last few years, Group inventory levels have been held
above pre-pandemic levels. Inventory value has increased during the
first half, reflecting a mix of foreign exchange, commodity price
increases, and the need not only to ensure ongoing continuity of
supply to our key global OEM customers, but also the ability to
service new contracts secured in the latter part of the last
financial year and the new wins mentioned above which have been and
are coming on stream over the course of the next few months.
Although inventories remain above historic levels, we are working
hard to reduce these over the second half of the year.
Business outlook summary
With inflationary costs remaining elevated as a result of
external factors highlighted, we are focussed on initiative-taking
steps to mitigate the impact of these on our margins and
profitability through a mix of operational efficiencies and profit
enhancements.
As set out at the time of our FY2022 results, we continue to
believe that the Group's FY2023 profitability will be weighted
towards the second half of the year. Reflecting the continued
commercial momentum the Board currently expects FY2023 Group
revenue to be slightly ahead of its previous expectations. However,
g iven the short-term headwinds from the ongoing inflationary
pressures as well as some tactical growth investment, the Board
currently expect that the Group's underlying profitability for the
year ending 31 March 2023 will be around 10% below current market
consensus.*
As a Group, we continue to see significant scope to build the
business and we remain confident in the fundamentals of our
business model over the medium term once we see market confidence
return for a sustained global economic recovery.
Notice of Half-year results and presentations
The Group is scheduled to release its 2023 Half year report on
Tuesday, 22 November 2022 at 07.00 hrs via the Regulatory News
Service, and there will be an analyst conference online at 9.15am
GMT.
The Company will also hold a presentation via the Investor Meet
Company platform (IMC) on Thursday, 24 November 2022 at 11.30am
GMT. Investors who follow Trifast on the IMC platform will
automatically be invited to join the session. To register for the
session, you may follow this link:
https://www.investormeetcompany.com/trifast-plc/register-investor
Both sessions will be hosted by CEO Mark Belton, and Interim CFO
Andrew Cooksey and a recording of the presentation will be
available on the Company's website to view and download.
* Prior to this announcement Bloomberg-compiled consensus
expectations for adjusted profit before income tax and separately
disclosed items, for the year ending 31 March 2023 is GBP16.3m.
Further enquiries please contact:
Trifast plc
Jonathan Shearman, Chair
Mark Belton, Chief Executive Officer
Christopher Morgan, Company Secretary
Tel: +44 (0) 1825 747630
Email: corporate.enquiries@trifast.com
Shareholders: Companysecretariat@trifast.com
Peel Hunt LLP (Stockbroker & financial adviser)
Mike Bell
Tel: +44 (0) 20 7418 8900
TooleyStreet Communications, (IR & media relations)
Fiona Tooley
Tel: +44 (0)7785 703523
or Email: fiona@tooleystreet.com
Editors' notes
About Trifast plc
"Innovation today for a better tomorrow - Growing sustainably, together"
Trifast (TR) is a leading international specialist in the design,
engineering, manufacture, and distribution of high-quality industrial
fastenings and Category 'C' components principally to major global
assembly industries. We supply to c. 5,000 customers in c.75 countries
across a wide range of industries, including Light vehicle, Heavy
vehicle, Health & Home, Energy, Tech and Infrastructure (ET&I), General
industrial and Distributors. As a full-service provider to multinational
OEMs and Tier 1 companies spanning several sectors, TR delivers comprehensive
support to its customers from concept design through to technical
engineering consultancy, manufacturing, supply management and global
logistics. The Group employs c.1,300 people across 34 business locations
within the UK, Asia, Europe, and the USA including seven high-volume,
high-quality, and cost-effective manufacturing sites and three technical
& innovation centres across the world.
For more information, visit:
TRIFAST PLC TRI Stock | London Stock Exchange
Our website: www.trifast.com
LinkedIn: www.linkedin.com/company/tr-fastenings
Twitter: www.twitter.com/trfastenings
Facebook: www.facebook.com/trfastenings
Note
Trifast, TR and TR Fastenings are registered trademarks of the Company.
LEI number: 213800WFIVE6RUK3CR22
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR. Upon the
publication of this announcement via the Regulatory Information
Service, this inside information is now considered to be in the
public domain.
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