TIDMTRI
RNS Number : 4973P
Trifast PLC
18 February 2021
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
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be in the public domain.
Thursday, 18 February 2021
Trifast plc
(Trifast or Group)
Leading international specialist in the design, engineering,
manufacture, and distribution
of high quality industrial and Category 'C' components
principally to major global assembly industries
"Our fasteners enable innovation today to build a better
tomorrow"
TRADING UPDATE
"Year-on-year growth returns to all regions in Q3"
London, Thursday, 18 February 2021 :Trifast plc (Main market LSE
Symbol: TRI) issues the following unaudited Trading Update covering
the Q3 financial period and up to the date of this
announcement.
Following a return to year-on-year growth in September 2020, the
Group has seen trading levels continue to strengthen, with Group
revenues up c.5% year-on-year in the four-month period to the end
of January 2021 (at CER). As always, March represents a key trading
month for the Group, however at present run rates, we expect FY2021
revenues to exit slightly ahead of current market
expectations.(1)
Performance in the domestic appliances sector has remained
strong through the period and particularly so in Europe, which has
led this region to demonstrate the fastest recovery within the
Group. Encouragingly, increased trading volumes in this market are
forecast to continue across a range of key customers at least for
the short-term.
Automotive volumes have largely continued to recover,
particularly in Europe and the USA, as existing platforms come back
on- line and a number of deferred new builds start production.
Semi-conductor shortages have led to volume reductions on some
specific builds, although to date this has not proved to be a
widespread issue. In the electronics sector, we are continuing to
see new opportunities in UVC lamps, 5G, switchgear and battery
charging technology (EV).
Recovery in Asia is proving more mixed particularly on the
automotive side as domestic automotive manufacturing volumes remain
lower in Malaysia and exports to automotive distributors from our
Taiwanese operations continue to be subdued. To date, increased
domestic appliances sales have helped to offset the impact of this
and support year-on-year regional growth.
Pre-Brexit stock piling, in our other distributor business, led
to a strong December in the UK region. However, border issues have
created logistical challenges since 1 January on the EU distributor
side (c.5% of Group revenues). We are working closely with affected
customers to appropriately manage this.
The current container freight issues are increasing transport
costs around the world. Furthermore, a global shortage of steel as
manufacturing volumes recover, is causing raw material pricing and
lead time pressures for both our internal and third party
manufacturers. This is creating additional margin pressure which we
are working hard to mitigate.
PROJECT ATLAS
Our Group-wide investment programme to build the Trifast of
tomorrow continues to progress at pace. We stand ready to roll-out
to our next two distribution sites as soon as travel restrictions
allow.
DIVIDENDS
As part of our Capital Allocation policy and reflective of the
strong recovery demonstrated by the Group through the second half
of the year, the Board is pleased to report that it is our
intention to reinstate dividend payments with the recommendation of
a final dividend for FY2021. This decision reflects management's
continued confidence in the Group's long-term strategy for
growth.
SUMMARY
The Group's continued recovery, in addition to a strong pipeline
and high activity levels, provides a solid base for the business to
move forward. As a full-service provider to our multinational
customers, delivering reliable product engineering, quality and
supply, via flexible global logistics solutions, we believe it is
these core skills that will allow us to maintain growth by
increasing market share across a wide customer base.
Note:
1. Company compiled consensus shows market revenue expectations
of c.GBP172m
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 32 business locations within the
UK, Asia, Europe, and the USA including seven 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
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