Trifast PLC Trading Update & Notice of Half-year results
RNS Number : 4603Q
21 October 2019
(Trifast, Group or TR)
"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
London, Monday, 21 October 2019: Trifast plc (Main market LSE
Symbol: TRI) issues the following unaudited Trading Update ahead of
the Group's Half-year results for the six months ended 30 September
2019 and which are scheduled to be announced on Tuesday 19 November
The challenging market environment highlighted in our Annual
General Meeting update on 24 July 2019 has continued into Q2 of
FY2020, with end markets across a number of sectors remaining weak,
particularly in the automotive sector. This has led to some reduced
volumes to existing builds across the UK, Europe and Asia. As well
as lead times on production schedules moving out on a number of new
The impact of this weakness has reduced revenue levels with a
corresponding reduction in gross and operating margins against a
semi-fixed cost base. As a result, following a review of our
year-to-date results and an update to our forecasts for HY2, the
Board has concluded that in the absence of further market
deterioration, the Group's underlying profit before tax in FY2020
is expected to be approximately GBP22m.
Notwithstanding the current high levels of uncertainty, we are
pleased to report that our pipeline of new wins remains
reassuringly solid and activity levels around the Group continue to
be encouraging across all sectors. Both our USA region and our
latest UK acquisition, PTS, have continued to perform exceptionally
well in the first half of the year, comfortably delivering double
digit revenue growth.
As ever, the search for the next acquisition remains an
important objective for us. In fact, in a less certain world we are
starting to see the number of potential M&A opportunities
increase. And with new GBP80m Group banking facilities secured, we
are very well placed to take advantage of this. Supporting our
growth ambition, we have been working closely with external
advisors in key geographies to help build the pipeline that will
drive our ongoing M&A aspirations.
Project Atlas, our Group-wide investment programme to build the
Trifast of tomorrow remains on time and on budget, and we expect to
get our first pilot site live on the new system by the end of this
Our cross-functional Brexit team which has been in place for the
last three years has completed its contingency planning. We
currently consider that both the operational and financial impact
of any Brexit scenario will be manageable in the short-term.
Although longer term implications for the wider UK economy are less
easy to predict.
Despite the short-term end market weaknesses and macroeconomic
uncertainty, the strong long-term fundamentals of our business
model and strategy remain unchanged.
Trifast is a global business serving a broad and balanced range
of sectors and geographies, generating c.70% of revenues and
profits outside of the UK and with no one customer representing
greater than 7% of revenue. We are a full service provider to our
multinational customers, delivering reliable product engineering,
quality and supply, via flexible global logistics solutions. In the
long term, it is these core skills that will continue to allow us
to increase market share across a wide customer base, and put us in
a good position to keep moving forward and delivering on our future
With the long-term fundamentals of the business intact, the
Board remains committed to its ongoing investment driven growth
strategy and is optimistic for the long-term future.
The Directors look forward to providing the next update at the
time of the Group's Half-year results in November 2019.
Enquiries please contact:
Malcolm Diamond MBE, Non-Executive Chairman
Mark Belton, Chief Executive Officer
Clare Foster, Chief Financial Officer
Office: +44 (0) 1825 747630
Peel Hunt LLP
Stockbroker & financial adviser
Tel: +44 (0)20 7418 8900
IR & media relations
Tel : +44 (0)7785 703523
Email : email@example.com
LSE Premium Listing: Ticker: TRI
LEI number: 213800WFIVE6RUK3CR22
Group website: www.trifast.com
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.1300 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
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
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(END) Dow Jones Newswires
October 21, 2019 02:00 ET (06:00 GMT)
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