Trifast PLC ANNUAL GENERAL MEETING - STATEMENT TO SHAREHOLDERS (6482Z)
22 Septiembre 2020 - 1:00AM
UK Regulatory
TIDMTRI
RNS Number : 6482Z
Trifast PLC
22 September 2020
Tuesday, 22 September 2020
Trifast plc
(Trifast, Group or Company)
Leading international specialists in the design, engineering,
manufacture and distribution
of high quality industrial and Category 'C' components
principally to major global assembly industries
"Our fastenings enable innovation today to build a better
tomorrow"
ANNUAL GENERAL MEETING - STATEMENT TO SHAREHOLDERS
ANNUAL GENERAL MEETING (Meeting)
At today's Meeting (12 noon), Non-Executive Chair, Jonathan
Shearman will make the following statement on behalf of the
Board:
"In the year to 31 March 2020 (FY2020), we experienced
challenging market conditions, more latterly compounded by the
outbreak of a global pandemic. Given this, we were pleased to
maintain revenues above GBP200m, with an operating profit margin of
9%.
We have consistently paid testament to our people, and it is
worth doing so again. I remain delighted to witness how, during the
past months, our teams have pulled together and supported each
other in a truly Group fashion. We continue to prioritise the
welfare of our staff and operational working practices have been
adjusted, across all our locations, to ensure a safe working
environment.
Elsewhere, swift and effective action ensured the impact of
COVID-19 has been limited and we are also proud to have supported
our customers through such a difficult time. A further part of this
action was the equity raise undertaken in June. We thank
shareholders for their continued support which gives the Board the
capability to accelerate the Group's performance as its markets
recover, as well as confidence to continue with our strategic
plans.
The effects of the global pandemic unsurprisingly, dominated the
early months of FY2021. In trading terms, during Q1, this led to a
general reduction in industrial volumes and a meaningful reduction
in year-on-year revenue. As we approach the end of Q2, we are
pleased to report that each of the months from April to July saw a
sequential increase in revenue before a seasonally quieter August.
Furthermore, the Board is encouraged that as a result, H1 revenue
has been slightly ahead of our FY2021 base case assumptions
(previously reported as FY2021 revenue c.16% below prior year).
There can be no doubt that the macroeconomic environment remains
unpredictable. However, we are pleased to report that our pipeline
and activity levels around the Group remain encouraging. Additional
prospects for growth are being actively targeted with a number
already secured, and further business development activity underway
across several sectors including electric vehicle, 5G and
medical.
As we said in the Annual Report, we continue to plan for the
future so as to ensure TR is in the best possible position to make
the most of the current uncertain times but more importantly to
move rapidly forward when more stability returns to the global
environment."
NOTICE OF HALF-YEAR RESULTS
The Company looks forward to updating shareholders further on
progress at our next trading update to be released in October,
ahead of half-yearly results which are currently scheduled for
Tuesday, 24 November 2020. Further information on this event will
be added to the website in due course .
Further enquiries please contact:
Trifast plc
Jonathan Shearman, Non-Executive Chair
Mark Belton, Chief Executive Officer
Clare Foster, Chief Financial Officer
Tel: +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:
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' component s principally to major global assembly industries.
TR employs c .1,300 people across 33 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, with no one customer
representing greater than 7% of revenue. 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
https://www.londonstockexchange.com/stock/TRI/trifast-plc/our-story
The 2020 Annual Report can be viewed and downloaded on the Company's
website at http://www.trifast.com/investors/our-reports/ .
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END
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