Trifast PLC AGM Statement
RNS Number : 5952G
24 July 2019
Wednesday, 24 July 2019
(Trifast, Group or Company)
"HOLDING THE WORLD TOGETHER"
Leading international specialists in the design, engineering,
manufacturing and distribution
of high quality industrial and Category 'C' fastenings
principally to major global assembly industries
-- STATEMENT TO SHAREHOLDERS
-- RESULT ANNUAL GENERAL MEETING
ANNUAL GENERAL MEETING (Meeting)
At today's Meeting (12 noon 24 July 2019), Chairman, Malcolm
Diamond MBE made the following statement on behalf of the Board to
"In the year to March 2019, the Group continued to perform well
across all our regions, delivering another year of solid growth.
Our latest acquisition PTS, completed in April 2018, has settled in
well, with double-digit year-on-year revenue progression.
Our ongoing investment in the US is continuing to reward us with
very strong growth and new business wins across both the automotive
and electronics sectors. We are also pleased to confirm that
Project Atlas remains on track and on budget.
As previously reported, at the start of this financial year the
Group signed new GBP80m banking facilities, providing c.GBP38m of
increased headroom and, potential access to an extra GBP40m of
accordion facilities. This gives TR the flexibility to continue to
invest and follow its strategic aims, while also giving both
security and tenure of long-term funding.
As ever, the search for the next acquisition remains an
important objective for us. Our internal acquisition team is
working closely with external advisors in a number of key
geographies to help drive our ongoing aspirations in M&A.
There can be no doubt that the macroeconomic environment has
become more volatile over the last twelve months and the associated
uncertainty has manifested in lead times on production schedules
moving out on a number of new business wins. This has impacted the
start to FY2020, also marked by some instances of subdued demand in
certain specific geographies as well as the ongoing automotive
slowdown. However, we are pleased to report that our pipeline
remains solid and activity levels around the Group continue to be
We will continue to monitor market conditions closely, but at
this early stage our expectation for the year ahead remain
Our next trading update is to be released in October ahead of
half-yearly results which are scheduled to be released on Tuesday,
19 November 2019."
RESULT OF ANNUAL GENERAL MEETING (Meeting)
All resolutions put to Members at today's Meeting were duly
passed on a show of hands. The resolution proxy votes will be
provided on the Group's website, www.trifast.com. In accordance
with Listing Rule 9.6.2R, a copy of the resolutions passed as
Special Business at the AGM will be submitted to the National
Storage Mechanism (NSM) and available for inspection at
We remain committed to a progressive dividend policy. As is
always the case, the actual dividend each year needs to take in to
account our on-going strategy of investment driven growth, any
acquisitions and the working capital requirements of a growing
business. It is worthy of note that, over the last five years
dividends have grown from 1.40p to 4.25p, equating to a compound
annual growth rate ('CAGR') of 24.9%.
Following shareholder approval today at the AGM, a final
dividend of 3.05p per share will be paid on 11 October 2019 to
shareholders on the register at the close of business on 13
Further enquiries please contact:
Malcolm Diamond MBE, Non-Executive Chairman
Mark Belton, Chief Executive Officer
Clare Foster, Chief Financial Officer
Tel: +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
Email : firstname.lastname@example.org
LSE Premium Listing: Ticker: TRI
LEI number: 213800WFIVE6RUK3CR22
Trifast plc (TR) is an international specialist in the design, engineering,
manufacture and distribution of high quality industrial and Category
'C' fastenings principally to major global assembly industries.
TR employs c.1,300 people across 32 business locations within the UK,
Asia, Europe and the USA including eight high-volume, high-quality and
cost-effective manufacturing sites across the world. TR supplies to over
5,000 customers in >75 countries worldwide.
As a full-service provider to multinational OEMs and Tier 1 companies
spanning several sectors, TR delivers comprehensive support to its customers
across every requirement, from concept design through to technical engineering
consultancy, manufacturing, supply management and global logistics.
For more information, visit
Investor website: www.trifast.com
Commercial website: www.trfastenings.com
Registered trademarks are shown in italic
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(END) Dow Jones Newswires
July 24, 2019 07:26 ET (11:26 GMT)