TIDMTRI
RNS Number : 5662F
Trifast PLC
11 July 2023
Tuesday, 11 July 2023 07.00hrs
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.
Trifast plc
(Trifast, TR or the Company)
Annual results for the year ended 31 March 2023
Publication of the 2023 Annual report and financial
statements
Trifast publishes the Group's audited Annual report and
Financial statements for the year ended 31 March 2023. The
following information contained within this announcement is a
summary extracted from the Group's audited FY2023 Annual report and
financial statements. The publication can be read in full via this
link:
http://www.rns-pdf.londonstockexchange.com/rns/5662F_1-2023-7-10.pdf
"My role is not to fundamentally change the corporate strategy
but to align this strategy with greater focus. The task is building
on TR's reputation as a trusted and reliable partner by
accelerating the pace of execution and creating an aligned
leadership team with the skills and necessary capabilities, visions
and drive to maximise 50 more years of success"
Scott Mac Meekin, Interim CEO
Key operational highlights
* After a challenging period, TR is now focused on
continuing its momentum to deliver profitable growth
and its medium-term aspirations
* Strong revenue growth of 9.1% at Constant exchange
rate (CER) (organic: 7.3%; acquisition: 1.8%; 11.8%
at Actual exchange rate (AER))
* Pass through of inflationary cost successfully
concluded by January 2023 with some key customers
* Growth momentum sustained in FY23 Q4; along with
record level of contract wins for the year totalling
GBP25.6m
* Underlying profit before tax reduces to GBP9.3m at
AER resulting in underlying diluted earnings per
share of 5.13p
* Comprehensive UK operational improvement plan
developed, annualised savings in excess of GBP5m
* Gross stock levels reduced by more than GBP10m during
Q4 although flat year on year
* Reflecting confidence in the future, proposing final
dividend of 1.50p per share, up 7.1% over 2022
* Post year end - new banking facilities with a
combined limit of GBP120m
Group financial performance
CER CER AER AER AER
Underlying measures: FY23 change FY23 change FY22
------------------------------------- --------- -------- ---------- ---------- ----------
Revenue GBP238.5m 9.1% GBP244.4m 11.8% GBP218.6m
Gross profit % 25.3% (140)bps 25.3% (140)bps 26.7%
Underlying operating profit
(UOP)(1) GBP11.2m (24.1)% GBP12.0m (18.7)% GBP14.7m
Underlying operating profit
%(1) 4.7% (200)bps 4.9% (180)bps 6.7%
Underlying profit before tax(1) GBP8.6m (37.7)% GBP9.3m (32.4)% GBP13.8m
Underlying diluted earnings
per share (1) - - 5.13p (36.9)% 8.13p
Adjusted leverage ratio(1,3) - - 2.19x 0.92x 1.27x
Adjusted net debt(1,2) - - GBP(38.0)m GBP(14.2)m GBP(23.8)m
Return on capital employed (ROCE)(1) - - 5.4% (290)bps 8.3%
Total dividend - - 2.25p 7.1% 2.10p
------------------------------------- --------- -------- ---------- ---------- ----------
GAAP measures
Operating (loss) /profit - - GBP(0.0)m (100.1)% GBP11.6m
Operating (loss) / profit % - - (0.0)% (530)bps 5.3%
(Loss) / profit before tax - - GBP(2.7)m (125.4)% GBP10.6m
Diluted (loss) / earnings per
share - - (2.12)p (132.3)% 6.56p
1.Before separately disclosed items (see note 1)
2.Adjusted net debt is stated excluding the impact of IFRS 16 Leases.
Including right-of-use lease liabilities, net debt increases by GBP(15.8)m
to GBP(53.8)m (FY22: net debt increases by GBP(13.7)m to GBP(37.5)m)
3.Adjusted leverage ratio is calculated using adjusted net debt against
adjusted underlying EBITDA
Note:
Unless stated otherwise, amounts and comparisons with prior year are
calculated at constant currency (Constant Exchange Rate (CER)).
Where reference is made to 'underlying' this is defined as being before
separately disclosed items.
Reference links:
The Board believe that the 2023 Annual report gives a fair and
balanced review of the Trifast business and its strategy for the
future. For ease of reference, the following links will be of
interest:
To read more about: Refer
to:
------------------------------------------ -----------------------
Where we operate Page 3
Our strategy for growth Pages 8-15
Key strategic and performance Pages 18-21
indicators
Our business model Page 16-17
Our sectors Page 22
-23
Board and leadership structure Pages 68-70
Stakeholder engagement Page 24-31
Presentation of results webcast
The Company is holding a 'live' presentation via the Investor
Meet Company platform (IMC). The session will start at 11.30am
today. To register and join the event please follow the link:
https://www.investormeetcompany.com/trifast-plc/register-investor
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.
To read more on our 50 years of progress please refer to pages
4-5 of the 2023 Annual report.
The 2023 Sustainability Report is available on the Company
website.
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: 213800WFIVE6RWK3CR22
Trifast plc
Annual results for the year ended 31 March 2023
Extracts from the letter to shareholders from the Non-executive
Chair, Jonathan Shearman
Introduction
In this, TR's 50th anniversary year, it is only right to express
our gratitude to 'the Mikes' (Timms and Roberts). We joined with
them on 4 June this year to celebrate the Company's 'birth' and it
is a privilege for me and the team to be involved in the business
today. Trifast has experienced a significant amount of change and
evolution since 1973. Over the last 12 months, we have once again
seen this, some of which has been encouraging and some of which has
been challenging but necessary for the business and its future.
Simplifying and better aligning the business will provide the
foundations for a bright and rewarding future for all of our
stakeholders.
Dividend policy
Our focus on growth allows us to remain committed to a
progressive dividend policy that shares the benefit of ongoing
profitable growth with our shareholders.
Reflecting our confidence in the prospects for the business, the
Board is proposing an increased final dividend of 1.50p (FY22:
1.40p). This, together with the interim dividend of 0.75p (paid on
14 April 2023), brings the total for the year to 2.25p per share,
an increase of 7.1% on the prior year (FY22: 2.10p). The final
dividend, subject to shareholder approval at the AGM, will be paid
on 13 October 2023 to shareholders on the register at the close of
business on 29 September 2023. The ordinary shares will become
ex-dividend on 28 September 2023. The dividend cover is currently
2.3x, however the Board continues to consider that an appropriate
future level of dividend cover is in the range of 3.0x to 4.0x.
Board and Senior Management changes
In November 2022, we announced that Darren Hayes-Powell and
Louis Eperjesi were both joining the Board as Chief Financial
Officer and Non-Executive Director, respectively. The Company is
already benefiting from their contributions and counsel. In
addition, Dan Jack, who joined Trifast in June 2020, was promoted
to Chief Operating Officer. Scott Mac Meekin, previously a
Non-executive director, stepped in as interim Chief Executive
Officer in February 2023, following the resignation of Mark Belton.
Scott's pace, approach and immense sector knowledge is proving
extremely insightful, and feedback from customers, employees and
stakeholders has been positive.
In August our previous CFO, Clare Foster, also, left the
business. We take this opportunity to thank Clare and Mark for the
contributions to the Group and wish them well in their future
endeavours.
Annual General Meeting
The forthcoming AGM in September will be the final time I will
be seeking re-election. Together with the Board, I now feel that
the baton can be safely passed to the next Chair.
People
I acknowledge that this has been a year of change and
disruption, and it has resulted in some hard decisions having to be
made. Over the last 50 years, many colleagues have contributed to
TR's growth and I thank all of them around the world for their
personal and collective contribution, including during this
challenging period. They make Trifast what it is and they will
continue to drive us forward into our future.
Finally, having navigated the many challenges of the last few
years, I am encouraged that we now have a Board and leadership
structure with the experience and capabilities to support the
business and capitalise on the many opportunities that lie
ahead.
To read the Chair's letter in full please refer to page 4 of the
2023 Annual report.
Extracts from the Review by the Interim Chief Executive Officer,
Scott Mac Meekin
Introduction
When the Board asked me to step into this role in February this
year, I took the opportunity without hesitation. As interim CEO, my
role is not to fundamentally change the corporate strategy, but to
align this strategy with greater focus. I see my task as building
on TR's reputation as a trusted and reliable partner by
accelerating the pace of execution and creating an aligned
leadership team with the skills and necessary capabilities, visions
and drive to maximise 50 more years of success.
Operating background in FY23
Throughout the year we witnessed macroeconomic and geopolitical
elements impacting the business directly and through our suppliers
and customers. We encountered extraordinary input cost increases,
which combined to pressure several of our customer segments, in
particular the health & home sector.
This 'mixed' environment, coupled with a host of corrective
actions, implemented throughout the year, and a full year
contribution from our Falcon acquisition, resulted in a reasonable
start to FY23 across all regions in terms of volume.
However, during the first half, this was accompanied by
challenges specifically at TR VIC, our Italian operation, and the
loss of a full two months trading due to Covid-19 in our China
operations, both of which impacted our margins.
During the second half of the year, the business enjoyed a
gradual return towards more normal levels of lead times, freight
costs and raw material costs, though, by Q4, several of our
businesses were further affected by the changing
macroenvironments.
More detail on the operating background is contained within the
CFO's Financial review.
Significant changes in FY23
-- Global wins: The year under review saw new highs for both
revenue and contract wins, the latter, significantly within the
automotive and energy, tech & infrastructure sectors. This
momentum included both of our North American businesses.
-- Revenue growth : In FY23 we saw revenue growth in Europe and
North America. Asia operations recorded moderate growth in the year
and was even able to overcome the impacts of the national shutdown
in China.
-- Dynamic pricing : During the year, several major customers'
multi-year contracts were due for renegotiation. It is satisfying
to report that the team has, in partnership with these key
accounts, successfully renewed these contracts which now
incorporate a flexible price mechanism that will automatically
adapt for extraordinary up or downside changes in a broad basket of
input prices. This is a significant step towards building in a more
dynamic pricing model for the business as a whole.
-- Customer centricity : We have recently launched a global
programme designed to help us focus our resources more acutely on a
well-defined set of market segments and key customers. This
programme is a comprehensive review of our existing and potential
customer engagements, providing our teams across the Group with a
clear and standardised lens. This initiative will assist us in
determining the optimal customers and prospects for us to partner
with, and what are the most effective services and products for
each unique customer.
-- Our IT journey - beyond Atlas : I am happy to say that, after
a long period of transformation and learning, the Group has now
proven they are able to roll out our finance and operations
solutions using Microsoft D365 together with our standard operating
procedures (SOPs) and data templates. The availability of key data
from the completed implementations has provided the basis for many
of our recent decisions and will continue to be a key strategic
part of our development road map.
Going forward
Following my appointment, I agreed an initial 100-day plan with
the Board, which largely flowed from the key points instigated in
the previous quarter, namely reduction of working capital and
therefore debt and the execution of a cost reduction programme
focused on the UK.
By the end of the financial period, we had introduced quarterly
sprints, with Sprint 2 having started in June. A significant
objective of this process is to implement a much tighter focus
allowing us to postpone or sequence the many other, albeit
important, competing tasks, allowing for faster execution of those
tasks agreed as priorities within any sprint.
Most importantly, the people of TR
The most important part of Trifast is its people. They are
renowned worldwide for their tireless commitment to customer
service and reliability, priding themselves on delivering excellent
product, service and quality. As part of a key driver of our future
success, we intend to enhance our training and leadership efforts.
Our mission is to implement a 'winning team' programme over the
next 24 months consisting of three fundamental elements:
-- Building a climate for action
-- Competencies for success
-- Commitment to results
Outlook
As we said in April's update, the Group's business foundations
remain strong, and there is significant potential to be realised
during the coming years. We are also mindful that the short-term
macro-economic outlook remains challenging.
We continue to take meaningful steps across a range of
operational and financial initiatives, including an on-going
reduction in working capital, a focus of Sprint 2 being further
integration of Asia into the Group and improved utilisation of our
in-house manufacturing.
We have added further new contract wins in the year to date,
especially in our North American and European regions, alongside an
increasingly healthy pipeline. These, together with the initial
benefits from our operational improvement programmes, support the
Board's continued expectation in delivering an improvement in
performance in FY24, albeit weighted towards the second half of the
year.
The Company looks forward to updating shareholders of further
progress over the coming year.
To read the CEO review in full please refer to page 6 of the
2023 Annual report.
Trifast plc
Annual results for the year ended 31 March 2023
Financial review by the Chief Financial Officer, Darren
Hayes-Powell
FY23 presented well-documented challenges for the Group,
however, our focus on our immediate priorities in Q4 showed a
positive boost. This, combined with robust growth in the second
half, enabled us to deliver revenues up 9.1% CER to GBP238.5m (AER:
11.8% to GBP244.4m; FY22: GBP218.6m). 7.3% of that growth was
organic, with the remaining 1.8% reflecting five months' trading
from TR Falcon.
By the end of FY23, we had successfully achieved most of our
price increase programme, incorporating a flexible pricing
mechanism with our key customers, and we are pleased to report that
in March 2023 our margins improved.
This growth reflected persistent demand in most of our
underlying markets and was achieved through focused sales
initiatives across a number of sectors.
Gross profit has reduced to 25.3% (AER: 25.3%; FY22: 26.7%) as
the positive impact of higher revenues has been offset by the lag
in pass-through of cost factors due to freight, higher electricity
and raw material cost deltas. During the final quarter of 2023 the
flexible pricing mechanisms with key customers were agreed to
ensure costs were fairly passed on to our end customer. Supply
chain and energy challenges are now stabilising across most of the
world allowing a normalisation of our cost deltas we have faced in
HY1, although this is still working its way through stock holdings
in the first half of FY24.
Underlying operating profit reduced by GBP3.5m to GBP11.2m (AER:
GBP12.0m; FY22: GBP14.7m) due to investments in overheads relating
to recruitment, Project Atlas (Microsoft D365) BAU costs as well as
inflationary cost impacts. As a result of the increased overhead
levels, we commenced a strategic review of operations and function
costs that is anticipated during FY24 to start delivering savings
in excess of GBP5m per annum.
Gross inventory levels at c.GBP97m (AER: c.GBP99m; FY22:
c.GBP98m) are back in line with FY22, reflecting a more balanced
trade position and a significant reduction from HY1 levels of
GBP107m. The continued reduction in gross stock levels will remain
a key focus in FY24. The inventory provision in FY23 was c.GBP8m
(FY22: c.GBP9m).
Adjusted net debt has risen to GBP38.0m (HY23: GBP40.4m; FY22:
GBP23.8m) as underlying cash inflow of GBP11.5m has been more than
offset by a reduction in creditors (GBP11.7m), capex, Atlas
investments (GBP7.3m) and other amounts including interest, tax,
dividends and FX.
Following these cash movements, our leverage ratio, calculated
in line with the banking agreement, at 31 March 2023 was 2.19x
(FY22: 1.27x). Whilst this is higher than historically, it remains
within our covenant range of < 3.0x and therefore continues to
provide flexibility. Facility headroom as of 31 March 2023 was
GBP10.2m (FY22: c.GBP29.3m), as stated before an additional GBP40m
accordion option.
Revenue
We have seen a mixed performance across the regions with Europe
and North America showing strong growth whilst the UK remains flat
and Asia has shown small growth. Across our key market sectors, the
majority have seen strong growth, most notably in light vehicle,
with only distributors and health & home showing reductions
year-on-year.
Europe has seen a 10.4% increase to GBP89.0m (AER: 9.8% to
GBP88.4m; FY22: GBP80.6m). This was driven by strong growth across
the heavy vehicle sector, predominantly in our Swedish operation,
as well as robust growth in light vehicle driven by our entities in
Holland and Spain. Germany continues to grow strongly in the
general industrial sector supported by transfer of business from
the UK in the distributors sector. TR VIC, Italy, has seen a
reduction in revenue year-on-year, mostly from the health &
home sector due to the downturn in customer sentiment and the
indirect impact the Ukraine conflict is having on some of our
customers.
In Asia, we have seen a revenue increase of 2.6% to GBP56.8m
(AER: 9.1% to GBP60.4m; FY22: GBP55.4m). Growth in the region was
hampered by China imposing Covid-19 lockdowns at the start of FY23,
impacting our operations in Shanghai, a key health & home
customer in our Singaporean entity undertaking a significant
de-stocking exercise which resulted in a flat year-on-year position
for the sector. The light vehicle sector has shown a significant
uplift in business in Malaysia and Thailand.
Trading levels in the UK businesses have been impacted
differently, with light vehicle showing strong growth, offset by a
reduction in distributors due to the transfer of business to TR
Kuhlmann, Germany. In our biggest trading entity, TR Fastenings,
UK, we have seen strong growth in energy, tech & infrastructure
and general industrial offset by a fall in health & home.
We have seen the highest growth from our North American
business, 50.3% to GBP26.6m (AER: 68.8% to GBP29.9m; FY22:
GBP17.7m) with investment in new leadership quickly helping to
co-ordinate our legacy and acquired businesses. Organic growth has
driven 28.5% of this as new platform builds in the light vehicle
sector come online and energy, tech & infrastructure sales gain
momentum. TR Falcon has provided 21.8% acquisition growth to the
region. It has also performed well organically in the period, with
revenues running ahead of expectation. Whilst this has started from
a low base, the ability to now take advantage of global customers
has enabled this business to perform.
Underlying operating profit
Underlying operating margins reduced by 200bps, to 4.7% (FY22:
6.7%) resulting in operating profit of GBP11.2m (AER: GBP12.0m;
FY22: GBP14.7m).
As a Group we have been impacted by the macroeconomic
environment, most notably raw material, freight and energy deltas,
but as we finished FY23 the positive impact of stronger sales and
aligned pricing gives us a good base moving forward. Key
investments include Project Atlas business-as-usual costs now
roll-out is underway (including amortisation of GBP0.5m), further
investments into our Group functions and targeted recruitment into
our commercial and compliance teams.
Towards the end of FY23 we commenced a strategic review of
operations and functions to identify specific measures that could
support profitability without adversely impacting our growth
momentum or customer service levels. The output of this review
shows expected savings during FY24 rising to an annualised saving
in excess of c.GBP5m.
In North America we have seen an improvement in year-on-year
margins from a negative position of (0.4)% in FY22 to a positive
margin of 3.9% (AER: 4.2%), as very strong sales growth has driven
operational gearing gains, and following the acquisition of TR
Falcon in August 2021.
Our European region has fallen, recording a reduction of 140bps
to 3.4% margin (AER: 3.3%; FY22: 4.8%), as sales growth gains are
more than offset by gross margin pressures due to the delays in the
pass-through of inflationary cost pressures, most notably energy.
Cost increases have impacted underlying operating profits across
all regions and are now stabilising as pricing negotiations are
becoming an everyday and key part of doing business.
The UK businesses fell by 310bps to 6.6% margin (FY22: 9.7%) as
it has been impacted greatly by the macroeconomic slowdown combined
with stock write-downs and the transfer of distribution business to
Germany. As the inventory is coming back to lower levels, we do not
expect this to continue. We anticipate the margin recovering
towards the medium term target as costs reduce due to operational
improvement programme.
All of our regions are showing underlying operating profits,
with Asia continuing to bring in the highest returns at 15.5% (AER:
15.7%; FY22: 12.9%). The majority of this improvement has come from
trading and efficiencies in our distribution and contract
business.
Operating profit (at AER)
At a Group level, operating profit reduced by GBP11.6m to a loss
of <GBP0.1m (FY22: GBP11.6m). Outside of the factors mentioned
in underlying operating profit (GBP2.7m), the reduction is caused
by the recognition of a restructuring and related charges
(GBP4.2m), the impairment of goodwill in TR VIC (GBP2.9m),
settlement for loss of office (GBP1.1m) and an increase in Project
Atlas costs (GBP0.7m).
The restructuring and related charges relates to the
centralisation of multi-site distribution centres into a National
Distribution Centre (NDC) in the Midlands and the closure of our UK
manufacturing site in Uckfield, for TR Fastenings, our largest
subsidiary. Costs within the figure of GBP4.2m include redundancy
costs in respect of a downsizing of personnel and impairment of
non-current assets due to the closure of certain offices and
warehouses. This was approved by the Board in March 2023 and is
expected to be completed by March 2024. We have excluded these
costs from our underlying results, to reflect the size and one-off
nature of this project. Further details can be found in Note 1 to
this announcement.
Net financing costs (at AER)
Net interest costs have increased to GBP2.7m (FY22: GBP1.0m) as
average gross debt (including IFRS 16) has increased to GBP80.9m
(FY22: average GBP44.4m). Net marginal interest rates (net of
commitment fees) have increased. Post year-end the Group has signed
a new revolving credit facility (RCF) agreement, supported by a UK
export finance - export development guarantee (UKEF - EDG)
agreement to allow the Group flexibility on future cash
investments.
This combined facility limit of GBP120m, with the same lenders,
provides strength and support to enable the Group to meet its
future strategic growth plans. Interest margins have increased in
line with market conditions and will now be within a range of
2.10-3.60% compared to 1.10-2.20% under the previous RCF.
Taxation (at AER)
The underlying effective tax rate (ETR) is higher at 25.6%
(FY22: underlying effective tax rate: 19.1%). The main reason for
this is an increase in the amount of tax on dividends. Despite
recording a loss before tax at statutory level, there still remains
a tax charge as some significant accounting entries in the year
(e.g. TR VIC impairment of goodwill and aborted acquisition costs)
have no tax credit associated to them. Removing these one-off
accounting entries, the effective tax rate is 35.7%, which is still
high due to the low profit before tax relative to the increase in
the amount of tax on dividends. Subject to future tax changes and
excluding prior year adjustments, our normalised underlying ETR is
expected to remain in the range of c.20-25% going forward.
Underlying diluted earnings per share (AER)
Reflecting the challenging performance as explained above, our
underlying PBT at AER is down 32.4% to GBP9.3m (FY22: GBP13.8m).
This, coupled with the increase in our underlying effective tax
rate, has resulted in a reduction in underlying diluted earnings
per share (EPS) of 36.9% to 5.13p at AER (FY22: 8.13p).
Net debt (AER)
The Group's adjusted net debt has increased by GBP14.2m to
GBP38.0m (FY22: GBP23.8m). An increase in working capital
contributed to GBP7.2m of this as a decrease in creditors, due to
ongoing stock reductions, was only partially offset by other
working capital movements. A major focus will remain on working
capital management, reducing the inventory levels and managing
debtors accordingly.
Capital expenditure in the period amounted to GBP7.3m (FY22:
GBP6.3m), including GBP3.0m in relation to increasing capacity at
our Italian operations as well as GBP2.6m on Project Atlas.
Including the impact of IFRS 16 Leases, the Group's net debt
position was GBP53.8m (FY22: GBP37.5m).
Return on capital employed (at AER)
As at 31 March 2023, the Group's shareholders' equity decreased
to GBP135.9m (FY22: GBP139.1m). The GBP(3.2)m reduction reflects a
decrease in retained earnings of GBP(6.1)m, a movement on own
shares held reserve of GBP0.5m, and a foreign exchange reserve gain
of GBP2.4m. With this reduced asset base and lower profits, our
ROCE has reduced by 290bps to 5.4% (FY22: 8.3%). At 31 March 2023,
the number of ordinary shares held by the Employee Benefit Trust
(EBT) to honour future equity award commitments was 1,896,098
shares (FY22: 2,194,470 shares).
Outlook
There can be no doubt that this has been a very challenging
year, particularly with macro-level supply chain issues and
inflationary cost pressures. However, the recent performance,
together with renewed focus, starts to give us confidence on
achieving our plans in FY24.
In Q4 FY23, the Group achieved its key immediate priorities
together with robust future orders received. Our record-breaking
order book of GBP25.6m together with a focused, customer engagement
programme allows us to work towards our medium-term objectives.
Our price increase programme for some of our key customers
ensures price mechanisms are in place to manage future key cost
drivers as our ongoing way of doing business. This, combined with
our focused drive on working capital, especially inventory
management, ensures we manage our customer expectations at
controlled and appropriate levels. Our target for FY24 is to
achieve a balanced inventory level with a continued focus to reduce
further through innovative tools.
We have prepared for the future by renegotiating debt
facilities, which will allow us to grow through organic and
acquisition investments. This is in two forms: first, renegotiation
of our RCF to GBP70m; and second, with a new UKEF-EDG supported
debt facility of GBP50m. This combined facility will allow us the
flexibility to invest and grow the business in the key sectors on a
global basis.
In support of our ongoing growth journey and developing the
foundations for the future we are targeting our capex on
sustainable opportunities combined with short financial payback
periods. FY24 is key to complete the revised roll-out for our
business transformation D365 project by the end of the year.
As a result of this we are confident in the medium term that we
can return to our KSI targets for both UOP% and ROCE.
There can be no doubt that the macroeconomic, finance markets
and geopolitical environment continue to present challenges in the
short term. Notwithstanding this, we are confident with the
fundamentals of the business and our position across the globe to
deal with macro-level issues, while continuing to invest for growth
for the medium term. Consequently, the Board remains committed to
the Group's strategic journey and medium-term profitable growth
aspirations.
To read the Financial review in full please refer to page 50 of
the 2023 Annual report.
Trifast plc
The notes on pages 139-197 of the 2023 Annual Report form part
of these financial statements.
Consolidated income statement
Annual results for the year ended 31 March 2023
Annual 2023 2022
report note GBP000 GBP000
------------------------------------------ ------------ --------- ---------
Continuing operations
Revenue 3, 35 244,391 218,618
Cost of sales (182,462) (160,189)
------------------------------------------ ------------ --------- ---------
Gross profit 61,929 58,429
Other operating income 4 510 565
Distribution expenses (6,727) (5,296)
------------------------------------------ ------------ --------- ---------
Administrative expenses before separately
disclosed items (43,728) (38,952)
Acquired intangible amortisation 2, 13 (1,798) (1,593)
Project Atlas 2 (1,722) (1,041)
Restructuring and related charges 2 (4,235) -
Impairment of goodwill 2, 13 (2,926) -
Settlement for loss of office 2 (1,050) -
Aborted acquisition costs 2 (261) -
Acquisition costs 2, 36 - (508)
------------------------------------------ ------------ --------- ---------
Total administrative expenses (55,720) (42,094)
Operating (loss) / profit 5, 6, 7 (8) 11,604
------------------------------------------ ------------ --------- ---------
Financial income 8 158 31
Financial expenses 8 (2,842) (1,018)
------------------------------------------ ------------ --------- ---------
Net financing costs (2,684) (987)
------------------------------------------ ------------ --------- ---------
(Loss) / profit before taxation 3 (2,692) 10,617
Taxation 9 (174) (1,640)
------------------------------------------ ------------ --------- ---------
(Loss) / profit for the year
(attributable to equity shareholders of
the Parent Company) (2,866) 8,977
------------------------------------------ ------------ --------- ---------
(Loss) / earnings per share
Basic 25 (2.12)p 6.61p
Diluted 25 (2.12)p 6.56p
------------------------------------------ ------------ --------- ---------
Consolidated statement of comprehensive income
for the year ended 31 March 2023
2023 2022
GBP000 GBP000
---------------------------------------------------------- ------- ------------
(Loss) / profit for the year (2,866) 8,977
Other comprehensive income for the year:
Items that may be reclassified subsequently to profit
or loss:
Exchange differences on translation of foreign operations 4,053 2,907
Loss on a hedge of a net investment taken to equity (1,655) (147)
---------------------------------------------------------- ------- ------------
Other comprehensive income recognised directly
in equity 2,398 2,760
---------------------------------------------------------- ------- ------------
Total comprehensive (expense) / income recognised
for the year
(attributable to the equity shareholders of the
Parent Company) (468) 11,737
---------------------------------------------------------- ------- ------------
Consolidated statement of changes in equity
for the year ended 31 March 2023
Share Share Merger Own Translation Retained Total
capital premium reserve shares held reserve earnings equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
---------------------------------------------- ------- ------- ------- ----------- ----------- -------- -------
Balance at 31 March 2022 6,804 22,512 16,328 (3,487) 12,284 84,704 139,145
---------------------------------------------- ------- ------- ------- ----------- ----------- -------- -------
Total comprehensive expense for the year:
Loss for the year - - - - - (2,866) (2,866)
Other comprehensive income for the year - - - - 2,398 - 2,398
---------------------------------------------- ------- ------- ------- ----------- ----------- -------- -------
Total comprehensive expense recognised for the
year - - - - 2,398 (2,866) (468)
---------------------------------------------- ------- ------- ------- ----------- ----------- -------- -------
Issue of share capital 1 18 - - - - 19
Share-based payment transactions (net of tax) - - - - - 5 5
Movement in own shares held - - - 470 - (470) -
Dividends - - - - - (2,812) (2,812)
---------------------------------------------- ------- ------- ------- ----------- ----------- -------- -------
Total transactions with owners 1 18 - 470 - (3,277) (2,788)
---------------------------------------------- ------- ------- ------- ----------- ----------- -------- -------
Balance at 31 March 2023 6,805 22,530 16,328 (3,017) 14,682 78,561 135,889
---------------------------------------------- ------- ------- ------- ----------- ----------- -------- -------
Consolidated statement of changes in equity
for the year ended 31 March 2022
Share Share Merger Own Translation Retained Total
capital premium reserve shares held reserve earnings equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
---------------------------------------------- ------- ------- ------- ----------- ----------- -------- -------
Balance at 31 March 2021 6,802 22,461 16,328 (595) 9,524 77,284 131,804
---------------------------------------------- ------- ------- ------- ----------- ----------- -------- -------
Total comprehensive income for the year:
Profit for the year - - - - - 8,977 8,977
Other comprehensive income for the year - - - - 2,760 - 2,760
---------------------------------------------- ------- ------- ------- ----------- ----------- -------- -------
Total comprehensive income recognised for the
year - - - - 2,760 8,977 11,737
---------------------------------------------- ------- ------- ------- ----------- ----------- -------- -------
Issue of share capital 2 51 - - - - 53
Share-based payment transactions (net of tax) - - - - - 742 742
Movement in own shares held - - - (2,892) - (143) (3,035)
Dividends - - - - - (2,156) (2,156)
---------------------------------------------- ------- ------- ------- ----------- ----------- -------- -------
Total transactions with owners 2 51 - (2,892) - (1,557) (4,396)
---------------------------------------------- ------- ------- ------- ----------- ----------- -------- -------
Balance at 31 March 2022 6,804 22,512 16,328 (3,487) 12,284 84,704 139,145
---------------------------------------------- ------- ------- ------- ----------- ----------- -------- -------
Note: Company statement of changes in equity can be found on
pages 134 to 135 of the Annual report.
Statements of financial position
at 31 March 2023
Group Company
---------------- ----------------
Annual report note 2023 2022 2023 2022
------------------
GBP000 GBP000 GBP000 GBP000
-------------------------------------------- ------------------ ------- ------- ------- -------
Non-current assets
Property, plant, and equipment 10, 11 19,417 20,297 6 2,216
Right-of-use assets 12 14,395 12,757 36 40
Intangible assets 13, 14 40,451 42,981 7,854 7,027
Equity investments 15 - - 42,298 42,298
Non-current trade and other receivables 19 - - 76,848 66,344
Deferred tax assets 16, 17 4,289 2,787 998 724
-------------------------------------------- ------------------ ------- ------- ------- -------
Total non-current assets 78,552 78,822 128,040 118,649
-------------------------------------------- ------------------ ------- ------- ------- -------
Current assets
Inventories 18 90,948 88,933 - -
Trade and other receivables 19 61,906 60,520 3,754 1,888
Assets classified as held for sale 10, 11 2,130 - 2,130 -
Cash and cash equivalents 26 31,798 26,741 640 604
-------------------------------------------- ------------------ ------- ------- ------- -------
Total current assets 186,782 176,194 6,524 2,492
-------------------------------------------- ------------------ ------- ------- ------- -------
Total assets 3 265,334 255,016 134,564 121,141
-------------------------------------------- ------------------ ------- ------- ------- -------
Current liabilities
Trade and other payables 21 35,332 45,249 2,395 1,569
Right-of-use liabilities 12, 20, 26 3,498 3,028 21 19
Provisions 23 2,809 - 396 -
Tax payable 2,560 2,455 - -
-------------------------------------------- ------------------ ------- ------- ------- -------
Total current liabilities 44,199 50,732 2,812 1,588
-------------------------------------------- ------------------ ------- ------- ------- -------
Non-current liabilities
Other interest-bearing loans and borrowings 20, 26 69,825 50,507 69,825 50,507
Right-of-use liabilities 12, 20, 26 12,315 10,683 17 23
Provisions 23 1,443 1,088 - -
Deferred tax liabilities 16, 17 1,663 2,861 - -
-------------------------------------------- ------------------ ------- ------- ------- -------
Total non-current liabilities 85,246 65,139 69,842 50,530
-------------------------------------------- ------------------ ------- ------- ------- -------
Total liabilities 3 129,445 115,871 72,654 52,118
-------------------------------------------- ------------------ ------- ------- ------- -------
Net assets 135,889 139,145 61,910 69,023
-------------------------------------------- ------------------ ------- ------- ------- -------
Equity
Share capital 6,805 6,804 6,805 6,804
Share premium 22,530 22,512 22,530 22,512
Merger reserve 16,328 16,328 16,328 16,328
Own shares held (3,017) (3,487) (3,017) (3,487)
Reserves 14,682 12,284 - -
Retained earnings 78,561 84,704 19,264 26,866
-------------------------------------------- ------------------ ------- ------- ------- -------
Total equity 135,889 139,145 61,910 69,023
-------------------------------------------- ------------------ ------- ------- ------- -------
The loss after tax for the Company is GBP4.3m (FY22:
GBP4.1m).
Statements of cash flows
for the year ended 31 March 2023
Group Company
------------------- ------------------
Annual
report
note 2023 2022 2023 2022
-------
GBP000 GBP000 GBP000 GBP000
---------------------------------------------- ------- --------- -------- -------- --------
Cash flows from operating activities
(Loss) / profit for the year (2,866) 8,977 (4,325) (4,106)
Adjustments for:
10, 11,
Depreciation and amortisation 13, 14 5,471 4,125 638 84
Right-of-use asset depreciation 12 3,640 3,131 23 19
Unrealised foreign currency gain (50) (34) (43) (45)
Financial income 8 (158) (31) (1,268) (155)
Financial expense (excluding right-of-use
liabilities) 8 2,412 692 2,383 683
Right-of-use liabilities' financial
expense 8, 12 430 326 1 -
Loss on sale of property, plant,
and equipment, intangibles and
investments 149 6 9 145
Dividends received - - (7,434) (3,358)
Equity settled share-based payment
charge 24 772 (398) 325
Impairment of goodwill 2, 13 2,926 - - -
Impairment of right-of-use assets
and property, plant, and equipment 2, 10,
on restructuring 11, 12 1,426 - - -
Taxation expense / (income) 9 174 1,640 (300) (13)
---------------------------------------------- ------- --------- -------- -------- --------
Operating cash inflow / (outflow)
before changes in working capital
and provisions 13,578 19,604 (10,714) (6,421)
Change in trade and other receivables 1,644 (5,950) (536) 916
Change in inventories 215 (31,716) - -
Change in trade and other payables (11,739) 2,922 661 299
Change in provisions 2,792 - 396 -
---------------------------------------------- ------- --------- -------- -------- --------
Cash generated from / (used in)
operations 6,490 (15,140) (10,193) (5,206)
---------------------------------------------- ------- --------- -------- -------- --------
Tax paid (3,529) (2,757) - -
---------------------------------------------- ------- --------- -------- -------- --------
Net cash generated from / (used
in) operating
activities 2,961 (17,897) (10,193) (5,206)
---------------------------------------------- ------- --------- -------- -------- --------
Cash flows from investing activities
Proceeds from sale of property,
plant, and equipment 27 36 - -
Interest received 138 31 366 196
Acquisition of property, plant 10, 11,
and equipment and intangibles 13, 14 (5,625) (5,248) (1,394) (1,481)
Acquisition of subsidiary, net
of cash acquired - (5,847) - -
Lending to subsidiary undertakings - - (9,897) (21,638)
Repayment by subsidiary undertakings - - 2,125 -
Dividends received - - 7,434 3,358
---------------------------------------------- ------- --------- -------- -------- --------
Net cash used in investing activities (5,460) (11,028) (1,366) (19,565)
---------------------------------------------- ------- --------- -------- -------- --------
Cash flows from financing activities
Purchase of own shares 24 - (3,035) - (3,035)
Proceeds from the issue of share
capital 24 19 53 19 53
Proceeds from new loan 16,423 32,980 16,423 32,980
Repayment of loans from subsidiaries - - - (4,248)
Repayment of right-of-use liabilities 12 (3,792) (2,977) (24) (19)
Dividends paid 24 (2,812) (2,156) (2,812) (2,156)
Interest paid (2,477) (805) (2,011) (456)
---------------------------------------------- ------- --------- -------- -------- --------
Net cash generated from financing
activities 7,361 24,060 11,595 23,119
---------------------------------------------- ------- --------- -------- -------- --------
Net change in cash and cash equivalents 4,862 (4,865) 36 (1,652)
Cash and cash equivalents at 1
April 26,741 30,265 604 2,256
Effect of exchange rate fluctuations
on cash held 195 1,341 - -
---------------------------------------------- ------- --------- -------- -------- --------
Cash and cash equivalents at
31 March 31,798 26,741 640 604
---------------------------------------------- ------- --------- -------- -------- --------
Notes to the Annual Results Announcement
1. Underlying profit before tax and separately disclosed
items
FY23 Annual report Note 2023 2022
note GBP000 GBP000
----------------------------------------------------------- ----------------------- ------- -------
Underlying profit before tax 9,300 13,759
Separately disclosed items within administrative expenses:
Acquired intangible amortisation 13 (1,798) (1,593)
Project Atlas (1,722) (1,041)
Restructuring and related charges (4,235) -
Impairment of goodwill 13 (2,926) -
Settlement for loss of office (1,050) -
Aborted acquisition costs (261) -
Acquisition costs 36 - (508)
----------------------------------------------------------- ----------------------- ------- -------
(Loss) / profit before tax (2,692) 10,617
----------------------------------------------------------- ----------------------- ------- -------
FY23 Annual report Note 2023 2022
note GBP000 GBP000
----------------------------------------------------------- ----------------------- ------- -------
Underlying EBITDA 19,297 20,409
Separately disclosed items within administrative expenses:
Project Atlas (1,722) (1,041)
Restructuring and related charges (4,235) -
Impairment of goodwill 13 (2,926) -
Settlement for loss of office (1,050) -
Aborted acquisition costs (261) -
Acquisition costs 36 - (508)
----------------------------------------------------------- ----------------------- ------- -------
EBITDA 9,103 18,860
----------------------------------------------------------- ----------------------- ------- -------
Acquired intangible amortisation 13 (1,798) (1,593)
Depreciation and non-acquired amortisation (7,313) (5,663)
----------------------------------------------------------- ----------------------- ------- -------
Operating (loss) / profit (8) 11,604
----------------------------------------------------------- ----------------------- ------- -------
In addition to the above, there were GBP0.4m separately
disclosed items in relation to VIC patent box claims set against
the tax charge in FY22.
Recurring items
Intangible amortisation relating to acquisitions has been
separately disclosed so as to present the trading performance of
the respective entities with a charge on a comparable basis to
other entities in the Group.
Event-driven items
Project Atlas is a multi-year investment into our IT
infrastructure and underlying business processes. As a consequence
of the work undertaken to date on this project, we have incurred
direct costs of GBP1.7m in FY23 (FY22: GBP1.0m), largely relating
to the project team and the ongoing roll out. We have excluded
these costs from our underlying results, to reflect the unusual
scale and one-off nature of this project. The cost has been
excluded in order to provide shareholders with a better
understanding of our underlying trading performance during this
period of investment. This investment will be recorded as a
combination of capital expenditure and separately disclosed items,
dependent on accounting convention. The financial impact of the
work undertaken to date on this project totals direct costs of
GBP2.6m in FY23 (cumulatively GBP17.4m) of which GBP0.9m has been
recognised (cumulatively GBP7.9m) as intangible assets on the
balance sheet. Out of the GBP7.9m recognised as intangible assets
on the balance sheet, GBP6.6m has been capitalised in relation to
the sites which have gone live on the new IT system.
Restructuring and related charges of GBP4.2m are a result of a
strategic review of operations and functions initiated in Q4 FY22
and approved by the Board on 28 March 2023. The charges include
costs in respect of a down-sizing of personnel primarily within the
UK due to the centralisation of multi-site distribution centres
into a national distribution centre (NDC) in the Midlands and the
closure of our UK manufacturing site in Uckfield. These efficiency
initiative results in restructuring costs including redundancies.
The charges also include impairment of non-current assets due to
the closure of certain offices and warehouses within the UK
directly related to the restructuring programme initiative and
setting up the NDC. The closure of the offices/warehouses and
redundancies would happen over the financial year FY24 and is
planned to be completed by 31 March 2024. We have excluded these
costs from our underlying results, to reflect the size and one-off
nature of this project.
Impairment of goodwill of GBP2.9m relates to the TR VIC SPA cash
generating unit. We have excluded these costs from our underlying
results both due to their size and incidence.
Settlement for loss of office costs of GBP1.0m (FY22: GBPnil)
were recognised in the year due to the CFO and CEO leaving the
Group with immediate effect on 31 August 2022 and 18 February 2023
respectively. The costs include payment in lieu of notice,
compensation for loss of office and loss of contractual benefits.
We have excluded these costs from our underlying results both due
to their size and incidence.
Aborted acquisition costs of GBP0.3m (FY22: GBPnil) were
incurred in the year in relation to a potential target which was
aborted in July 2022. They are excluded from underlying results to
help provide a better understanding of the trading performance of
the Group.
Acquisition costs of GBPnil (FY22: GBP0.5m) were incurred in the
year. In FY22, GBP0.5m of costs were incurred in relation to the
acquisition of TR Falcon on 31 August 2021. They were excluded from
underlying results to help provide a better understanding of the
trading performance of the Group in relation to the acquisition of
Falcon on 31 August 2021.
Management removes the event-driven costs and certain
non-trading items discussed above to allow the reader of the
accounts to understand the underlying trading performance of the
Group. Further reconciliations of underlying measures to GAAP
measures can be found in note 32 in the Annual report.
2. Operating segmental analysis
Segment information is presented in the consolidated financial
statements in respect of the Group's geographical segments. This
reflects the Group's management and internal reporting structure,
and the operating basis on which individual operations are reviewed
by the Chief Operating Decision Maker (the Executive Committee).
Performance is measured based on each segment's underlying
operating result as included in the internal management reports
that are reviewed by the Chief Operating Decision Maker. This is
used to measure performance as management believes that such
information is the most relevant in evaluating the results of
certain segments relative to other entities that operate within the
industry.
Inter-segment pricing is determined on an arm's length basis.
Segment results, assets and liabilities include items directly
attributable to a segment as well as those that can be allocated on
a reasonable basis.
Goodwill and intangible assets acquired on business combinations
are included in the region to which they relate.
Geographical operating segments:
The Group is comprised of the following main geographical
operating segments:
UK
Europe: includes Norway, Sweden, Hungary, Ireland, Holland,
Italy, Germany, Spain and Poland
North America: includes USA and Mexico
Asia: includes Malaysia, China, Singapore, Taiwan, Thailand,
India and Philippines.
In presenting information on the basis of geographical operating
segments, segment revenue and segment assets are based on the
geographical location of our entities across the world and are
consolidated into the four distinct geographical regions, which the
Executive Committee (the "EC") uses to monitor and assess the
Group. Interest is reported on a net basis rather than gross as
this is how it is presented to the Chief Operating Decision Maker.
All material non-current assets are located in the country the
relevant Group entity is incorporated in.
Common
UK Europe North America Asia amounts Total
March 2023 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------------------ -------- -------- ------------- -------- -------- ---------
Revenue
Revenue from external
customers 77,857 85,362 29,657 51,515 - 244,391
Inter-segment revenue 6,032 3,077 271 8,893 - 18,273
------------------------------ -------- -------- ------------- -------- -------- ---------
Total revenue 83,889 88,439 29,928 60,408 - 262,664
------------------------------ -------- -------- ------------- -------- -------- ---------
Underlying operating
result 5,509 2,915 1,256 9,473 (7,169) 11,984
Net financing costs (367) (643) (593) 28 (1,109) (2,684)
------------------------------ -------- -------- ------------- -------- -------- ---------
Underlying segment
result 5,142 2,272 663 9,501 (8,278) 9,300
Separately disclosed
items (11,992)
------------------------------ -------- -------- ------------- -------- -------- ---------
Loss before tax (2,692)
------------------------------ -------- -------- ------------- -------- -------- ---------
Specific disclosure
items
Depreciation and amortisation (2,279) (3,500) (902) (1,770) (660) (9,111)
Government support
income - - - - - -
Assets and liabilities
Non-current asset additions 1,101 5,832 1,082 2,222 1,412 11,649
Segment assets 74,423 82,259 27,426 69,475 11,751 265,334
Segment liabilities (23,247) (16,817) (3,612) (13,608) (72,161) (129,445)
------------------------------ -------- -------- ------------- -------- -------- ---------
Common
UK Europe North America Asia amounts Total
March 2022 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
------------------------------ -------- -------- ------------- -------- -------- ---------
Revenue
Revenue from external
customers 77,056 78,482 17,535 45,545 - 218,618
Inter-segment revenue 6,805 2,089 191 9,805 - 18,890
------------------------------ -------- -------- ------------- -------- -------- ---------
Total revenue 83,861 80,571 17,726 55,350 - 237,508
------------------------------ -------- -------- ------------- -------- -------- ---------
Underlying operating
result 8,122 3,858 (72) 7,123 (4,285) 14,746
Net financing costs (125) (169) (107) (58) (528) (987)
------------------------------ -------- -------- ------------- -------- -------- ---------
Underlying segment
result 7,997 3,689 (179) 7,065 (4,813) 13,759
Separately disclosed
items (3,142)
------------------------------ -------- -------- ------------- -------- -------- ---------
Profit before tax 10,617
------------------------------ -------- -------- ------------- -------- -------- ---------
Specific disclosure
items
Depreciation and amortisation (2,184) (2,731) (554) (1,685) (102) (7,256)
Government support
income - - - 76 8 84
Assets and liabilities
Non-current asset additions 1,962 3,269 1,381 54 1,481 8,147
Segment assets 74,479 81,125 22,472 65,593 11,347 255,016
Segment liabilities (25,929) (20,339) (4,389) (13,243) (51,971) (115,871)
------------------------------ -------- -------- ------------- -------- -------- ---------
There were no material differences in Europe and North America
between the external revenue based on location of the entities and
the location of the customers. Of the UK external revenue, GBP12.0m
(FY22: GBP16.2m) was sold into the European market. Of the Asian
external revenue, GBP5.8m (FY22: GBP9.0m) was sold into the North
American market and GBP7.6m (FY22: GBP9.8m) was sold into the
European market.
Within Europe, TR VIC has revenue of GBP27.3m (FY22: GBP28.3m)
and non-current assets of GBP11.7m (FY22: GBP13.1m).
Within Asia, TR Formac Singapore has revenue of GBP20.4m (FY22:
GBP20.3m) and non-current assets of GBP4.5m (FY22: GBP4.4m).
Revenue is derived solely from the manufacture and logistical
supply of industrial fasteners and Category 'C' components.
3. 2023 Annual report
The Annual report and financial statements for the year ended 31
March 2023 were approved by the Board of Directors on 10 July
2023.
In addition to the link on the front of this announcement to a
pdf of the 2023 Annual report, a copy together with the Notice of
Meeting will in due course be available to view and download from
the Company website at www.trifast.com .
The documents will also be uploaded to the National Storage
Mechanism at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
The financial information set out in this release does not
constitute the Group's statutory Report and Accounts for the years
ended 31 March 2023 or 2022. However, it is derived from the 2023
Report and Accounts
http://www.rns-pdf.londonstockexchange.com/rns/5662F_1-2023-7-10.pdf
.
The Report and Accounts for 2022 has been delivered to the
Registrar of Companies and those for 2023 will be delivered in due
course. The external auditor has reported on the 2023 Report and
Accounts; the report was (i) unqualified, (ii) did not include
references to any matters to which the external auditor drew
attention by way of emphasis without qualifying the reports and
(iii) did not contain statements under section 498(2) or (3) of the
Companies Act 2006.
The Independent auditor's report to the members of Trifast plc
can be read on pages 122 to 129 of the 2023 Annual report.
4. Annual General Meeting (AGM)
The Annual General Meeting will be held at 11.30am on Friday, 15
September 2023 at Peel Hunt LLP, 100 Liverpool Street, London, EC2M
2AT.
The Notice of Meeting, which includes special business to be
transacted at the AGM together with an explanation of the
resolutions to be considered at the meeting, will be made available
on the Company website around 18 July, and communicated directly to
shareholders.
Any questions relating to the 2023 Annual report can be sent to:
The Company Secretary, Trifast plc, Trifast House, Bellbrook Park,
Uckfield, East Sussex TN22 1QW, alternatively email:
Companysecretariat@trifast.com .
Further enquiries please contact:
Trifast plc
Scott Mac Meekin, Interim Chief Executive Tel: +44 (0) 1825 747630
Officer Email: corporate.enquiries@trifast.com
Darren Hayes-Powell, Chief Financial Shareholders: Companysecretariat@trifast.com
Officer
Christopher Morgan, Company Secretary
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
Email: fiona@tooleystreet.com
Forward Looking Statement
This document may contain certain forward-looking statements.
The forward-looking statements reflect the knowledge and
information available to the Company during the preparation and up
to the publication of this document. By their very nature, these
statements depend upon circumstances and relate to events that may
occur in the future thereby involve a degree of uncertainty.
Therefore, nothing in this document should be construed as a profit
forecast by the Company.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
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END
FR GPURWMUPWGRU
(END) Dow Jones Newswires
July 11, 2023 02:00 ET (06:00 GMT)
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