TIDMTRI
RNS Number : 1279I
Trifast PLC
31 March 2020
The information contained within this announcement
is deemed by the Company to constitute inside information
stipulated under the Market Abuse Regulation (EU) No. 596/2014.
Upon the publication of this announcement via the Regulatory
Information Service, this inside information is now considered to
be in the public domain.
London, Tuesday 31 March 2020
Trifast plc
(Trifast, Group or TR)
"Holding the world together"
International specialist in the design, engineering, manufacture
and distribution
of high quality industrial and Category 'C' fastenings
principally to major global assembly industries
Directorate changes and Market update
In line with its ongoing succession planning, Trifast announces
the following changes:
Appointment of new Chair
Ø As announced on 19 November 2019, following a long &
successful career with TR, today, Malcolm Diamond MBE retires from
the business. On behalf of all stakeholders and colleagues from
around the world, the Directors would like to acknowledge his
relentless support, commitment and mentorship over his 45-year
career in industry. We wish him and his family well for the future.
Jonathan Shearman, Non-Executive Director will assume the role of
Chair w ith effect from 1 April. The Directors look forward to
continuing to work with Jonathan in his new role. Since he joined
TR, he has provided wise counsel and has gained a valuable deep
understanding of the business at both Board and operational
level.
Director retirements
Ø After 30 years of service at TR, Glenda Roberts has chosen to
retire from the PLC Board, which she joined in 2010, and so steps
down as a Director of the Company today. Over a long and successful
career, she has established a thriving team who together have
driven TR's global sales and marketing strategy. During the next
12-month period she will be providing mentorship, guidance and
support to TR's operational teams around the business as a Director
on the newly formed Operational Executive Board (see below for
further details). Thereafter, Glenda plans to spend more time with
her family but will remain available to undertake project work for
TR.
Later in the year, we look forward to welcoming a new addition
to the Operational Executive Board. An established industry expert,
with over 25 years within the global fastener OEM market, who will
take on the role of Global Sales and Commercial Director.
Ø Neil Warner , Senior Independent Director, who joined us in
2015 has informed the Board of his intention to retire from the
Company and not seek re-election at the next Annual General
Meeting. On behalf of the Board we would like to thank Neil for his
invaluable contribution over his five-year tenure and wish him a
long and happy retirement with his family.
New NED PLC Board appointments
Ø With effect from 1 April 2020, Claire Balmforth will join
Trifast as a Non-Executive Director and Chair of the Remuneration
Committee. Claire brings extensive operational experience having
worked in FTSE250 companies within the retail, B2B and financial
services sectors. She also brings significant knowledge of
leadership, customer-focused cultures, and human resources,
including employee engagement. She is currently a Non-Executive
Director and Remuneration Committee Chair of Safestore Holdings plc
and a Member of both Retail and People & Remuneration
Committees at the British Heart Foundation.
Ø With effect from 30 July 2020, Clive Watson will join Trifast
as a Non-Executive Director, Chair of the Audit and Risk Committee
and Senior Independent Director. Having qualified as a chartered
accountant with Arthur Andersen, Clive moved into industry, where,
over his career, he worked for several international, companies in
the UK and overseas gaining extensive experience in a variety of
senior finance roles. In 2019 Clive retired as Group Finance
Director of Spectris plc, a position held since 2006; he was also,
formerly the Senior Independent Non-Executive Director and Audit
Chair of Spirax-Sarco Engineering plc. He is currently a
Non-Executive Director at Breedon Group plc, discoverIE Group plc
(Audit and Risk Chair) and Kier Group plc (Audit and Risk
Chair).
Formation of an Operational Executive Board
Part of the strategy to drive the business forward has been to
bring together a strong senior leadership team at an operational
level below the PLC Board. As of 1 April 2020, this includes the
creation of an Operational Executive Board. Functioning with
Executive representation from the PLC Board, this global and
cross-functional team will form the foundation of strategic
leadership within the business.
Further details on its members, and how this structure will
operate, will be contained within the 2020 Annual Report.
Mark Belton, CEO commented:
"I would personally like to acknowledge the contribution,
service and support given to the business and our global teams over
many years, which have seen us successfully develop and train the
next generation of Trifast's leaders. We wish Malcolm, Glenda and
Neil every happiness in the future."
"We are delighted to welcome, and very fortunate to have, two
new NEDs joining us, who bring extensive skills and insight to the
Board. Claire has significant experience as Remuneration Chair, as
well as her wider HR and operational expertise, which will provide
valuable support within the PLC Board. Clive also brings
significant financial expertise and experience in transformational
strategy and shareholder engagement to Trifast, gained over a
33-year career within industry. Both these appointments will
contribute positively to TR as it enters a pivotal time in its
history."
Market update
For the current financial year, trading is expected to be
broadly in line with market expectations. Thereafter, we consider
it prudent to remove earnings guidance for the year ending 31 March
2021 until such time as we have a much clearer view on the full
impact of Covid-19. The Directors have been and continue to work
closely with our staff to ensure their safety and well-being, this
remains our priority. In addition, much work has been undertaken
with customers and our supplier base to minimize supply chain risks
as far as possible.
Despite the rapidly changing developments regarding Covid-19,
our business remains solid and the fundamentals of the business
model and strategy are unchanged. As a Group we continue to be cash
generative, with a strong balance sheet and significant headroom
following the recently renegotiated facilities . This, coupled with
a continued pipeline of new wins, means the Board remains
optimistic about the medium to long term future of the Group. A
further update will be provided during April as part of our normal
schedule of announcements.
Ms Claire Balmforth
Current Directorships:
Appointed 2016: Non-Executive Director Safestore
Holdings plc
Mr Clive Watson
Current Directorships:
Appointed 2019: Non-Executive Director, discoverIE
Group plc
Appointed 2019: Non-Executive Director, Breedon
Group plc
Appointed 2020: Non-Executive Director, Kier Group
plc
Directorships in the last five years:
NED, Spirax-Sarco Engineering plc (2009-2019)
GFD, Spectris plc (UK) (2006-2019)
There are no other disclosures to be made in respect of Claire
Balmforth or Clive Watson, pursuant to Listing Rule 9.6.13R
Enquiries please contact:
---------------------------------------
Trifast plc
Mark Belton, Chief Executive Officer
Clare Foster, Chief Financial Officer
Office: 44 (0) 1825 747630
Email: corporate.enquiries@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
Email: fiona@tooleystreet.com
Editors' note:
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LSE Premium Listing: Ticker: TRI
LEI number: 213800WFIVE6RUK3CR22
Group website: www.trifast.com
About us:
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 c. 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
LinkedIn : www.linkedin.com/company/tr-fastenings
Twitter: www.twitter.com/trfastenings
Facebook : www.facebook.com/trfastenings
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END
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