TIDMTRI
RNS Number : 0255R
Trifast PLC
24 October 2023
Trifast plc
(Trifast, Group or the Company)
Half year trading update and notice of results
London, Tuesday, 24 October 2023: Trifast (LSE: Main Market
symbol: TRI) provides the following update for the six months ended
30 September 2023 ("HY24"), ahead of the publication of its interim
results.
HY24 trading update
First half trading has been resilient in what has been a
challenging macro-economic and geopolitical environment. Revenues
for HY24 were down by c.2% year-on-year (c.1% down at constant
exchange rates) driven by reduced demand mainly in health &
home and our distribution channels, partially offset by light &
heavy vehicle growth. With a strong pipeline of contracted wins we
continue to see benefit from our focused customer and market
segment programmes.
Our initiatives on gross margin enhancement have delivered a
100bps year-on-year improvement and the focus on working capital
efficiency has helped reduce net debt by GBP10m to c.GBP28m, from
GBP38m as at 31 March 2023, improving our banking covenant leverage
ratio to c.1.6x (FY23: 2.19x).
We are pleased to report that we are already seeing some initial
benefit from the consolidation of UK facilities into the
purpose-built National Distribution Centre in the West Midlands,
with cost savings to date being c.GBP0.2m. We remain on track to
achieve completion by the end of the financial year and expect
delivery of benefits in line with our business case.
Outlook
As previously guided, the financial year ending 31 March 2024
("FY24") will be weighted to the second half. Whilst we remain
confident in the delivery of our revenue pipeline generation,
margin improvement and working capital plans, we are mindful of the
elevated uncertainty over demand conditions as a result of ongoing
macro-economic challenges and recent global geopolitical unrest.
Based on current demand visibility and the further contribution of
our own recovery plans, the Board's expectations for FY24 are
unchanged.
Looking ahead, the Group's business foundations remain strong
and w hilst the short-term trading environment continues to be
uncertain and challenging, the execution of the commercial and
operational improvement programmes underpin the Board's expectation
in delivering significantly stronger future performance. Led by the
recently appointed CEO, the newly structured Executive team is
maintaining its focus and pace to achieve its aspirations of a
return to growth and double-digit EBIT margins over the
medium-term.
Notice of Half-year results
The Group's Half-year report for the period ended 30 September
2023 is scheduled to be released on Tuesday, 21 November 2023 via
the Regulatory News Service (RNS). The Report will also be
published on the Company's website at www.trifast.com .
The Company is also planning to hold a 'live' presentation via
the Investor Meet Company platform (IMC). The session will start at
11.30am on the same day. The CEO Iain Percival, CFO Darren
Hayes-Powell and COO Dan Jack will host this event. Questions can
be submitted pre-event via the IMC dashboard up until 9.00am the
day before the meeting or at any time during the presentation.
Further enquiries please contact:
Trifast plc
Christopher Morgan, Company Secretary Email: corporate.enquiries@trifast.com
Tel: +44 (0) 1825 747630 Shareholders: Companysecretariat@trifast.com
Peel Hunt LLP (Stockbroker & financial adviser)
Mike Bell
Tel: +44 (0) 20 7418 8900
TooleyStreet Communications (IR &
media relations) Email: fiona@tooleystreet.com
Fiona Tooley
Tel: +44 (0)7785 703523
Notes:
Market consensus
Current market consensus compiled by the Company for the year
ending 31 March 2024
is an underlying profit before tax of c.GBP12.0m.
To read more visit: Trifast plc | Equity research
(trfastenings.com)
Half-year results presentations and roadshow
1. The analysts presentation will be held at 10.00am on Tuesday 21 November.
2. Investors who already follow Trifast on the IMC platform will
automatically receive an invitation to join the IMC event. To sign
up to Investor Meet Company and add to meet Trifast please follow
the link:
https://www.investormeetcompany.com/trifast-plc/register-investor
.
3. Further information regarding the Trifast roadshow programme
can be obtained by contacting either Peel Hunt or TooleyStreet
Communications (details below).
About Trifast plc (TR)
Founded in East Sussex in 1973, 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.
The Group supplies to customers in c.70 countries across a wide
range of industries, including light vehicle, heavy vehicle, health
& home, energy, tech, & infrastructure (ET&I), general
industrial and distributors. As a full-service provider to
multinational OEMs and Tier 1 companies spanning several sectors,
we deliver comprehensive support to our customers across every
requirement, from concept design through to technical engineering
consultancy, manufacturing, supply management and global
logistics.
As an international business we are able to provide 24/7
customer support from across key regions in the UK, Asia, Europe
and North America. In addition to our service locations, we operate
a number of manufacturing facilities focused on high volume cold
forged fasteners and special parts. We have also established
Technical & Innovation Centres to support R&D and customer
collaboration 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
TR Annual Report 2023:
https://www.trfastenings.com/investors/reports-and-presentations
TR Sustainability Report 2023:
https://www.trfastenings.com/investors/reports-and-presentations
Trifast, TR and TR Fastenings are registered trademarks of the
Company
LEI number: 213800WFIVE6RWK3CR22
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END
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October 24, 2023 02:05 ET (06:05 GMT)
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