REG - Trifast PLC - Trading update and Notice of Half-year results

TrifastAnnouncement

22/10/2024 07:00

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RNS Number : 0258J  Trifast PLC  22 October 2024

 This announcement contains inside information for the purposes of Article 7
of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.  Upon the publication of this announcement via the Regulatory
Information Service, this inside information is now considered to be in the
public domain.

 

 

 

 

 

Trifast plc

(Trifast, Group, or Company)

 

Trading update and notice of Half-year results

 

 

London, Tuesday, 22 October 2024: Trifast (LSE: Main Market symbol: TRI)
provides the following update for the six months ended 30 September 2024
(Period) ahead of the publication of its interim results.

 

Trading update

The Group's overall performance in the first half of FY25 has been in line
with management expectations. Notwithstanding a reduction in revenue of c.3.1%
year on year in the Period, reflecting softer demand conditions in several end
markets, it is encouraging to report that our gross margin has improved by
c.150 bps.

 

Underlying operating costs have been well managed in the Period, reflecting
the ongoing progress we are making including from our self-help initiatives,
as we enact our strategy of Recover, Rebuild and Resilience. We are also
pleased to report that we remain on track to achieve the phased cost savings
of c.£3m from our operational improvement programme which has included a 10%
reduction in non-operating headcount and the completion of the consolidation
of the UK facilities into the National Distribution Centre in the West
Midlands.

 

Pre IFRS 16 net debt was c.£15.8m at 30 September 2024 (H1 FY24: £27.8m), a
reduction of £12.0m in the past year.  The Group retains a strong liquidity
position, with over £78.0m of the Group's £120.0m banking facilities
undrawn, and covenant leverage has further improved to c.0.95x (H1 FY24:
1.56x).

 

Outlook

Despite ongoing global macro-economic and geopolitical uncertainties, which
are expected to contribute to subdued demand in the second half, Trifast
continues to demonstrate that its margin management and working capital
efficiency programmes are delivering. As a result, the Board's expectations
for the year ending 31 March 2025 are unchanged.(1)

 

Notice of Half year results

The Group's Half-year report for the period ended 30 September 2024 is
scheduled to be published on Tuesday, 19 November 2024 via the Regulatory News
Service (RNS). The report will also be available on the Group website at
www.trifast.com (http://www.trifast.com) .

 

There will be the opportunity to join a 'live' presentation and listen to the
Trifast CEO, Iain Percival and CFO, Kate Ferguson presenting the HY results
and updating on the progress being made around the Group's Recover, Rebuild,
Resilience strategy underway. The session will start at 11.30am. Questions can
be submitted pre-event via the IMC dashboard up until 9.00am the day before
the meeting or at any time during the presentation.

 

To register for the event, please follow this link:

https://www.investormeetcompany.com/trifast-plc/register-investor
(https://www.investormeetcompany.com/trifast-plc/register-investor)

 

Further information regarding the above programme of events can be obtained by
contacting either Peel Hunt or TooleyStreet Communications (details below).

 

 

Note: (1) Prior to this announcement consensus market forecasts are: revenue
£238.5m and adjusted EBIT £15.0m

Trifast plc | Equity research (trfastenings.com)
(https://www.trfastenings.com/investors/equity-research)

 

 

 Further enquiries please contact:
 Trifast plc
 Iain Percival, CEO                      Tel: +44 (0) 1825 747630

 Kate Ferguson, CFO                      Email: corporate.enquiries@trifast.com

                                       (mailto:corporate.enquiries@trifast.com)
 Christopher Morgan, Company Secretary

                                         Shareholders: Companysecretariat@trifast.com
                                         (mailto:Companysecretariat@trifast.com)

 Peel Hunt LLP (Stockbroker & financial adviser)
 Mike Bell /Charlotte Sutcliffe          Tel: +44 (0) 20 7418 8900

 TooleyStreet Communications, (IR & media relations)
 Fiona Tooley                            Tel: +44 (0) 7785 703523

                                         Email: fiona@tooleystreet.com (mailto:fiona@tooleystreet.com)

 

 About Trifast plc

Founded in 1973, Trifast is a leading international specialist in the design,
engineering, manufacture, and distribution of high-quality industrial
fastenings and Category 'C' components principally to major global assembly
industries. As an international business we can provide customer support from
across key regions in the UK & Ireland, Asia, Europe and North America. In
addition to our service locations, we operate several manufacturing facilities
focused on high volume cold forged fasteners and special parts. We have also
established Engineering & innovation centres to support R&D and
customer collaboration across the world. The Group supplies to customers in
c.70 countries across a wide range of industries, including automotive, smart
infrastructure, medical equipment, distributors and other.  As a full-service
provider to multinational OEMs and Tier 1 companies spanning several sectors,
we deliver comprehensive support to our customers across every requirement,
from concept design through to technical engineering consultancy,
manufacturing, supply management and global logistics.

 

We have defined a clear purpose and vision:

To sustainably drive our customers' success by simplifying their fastener
supply chain and supporting them in their technical requirements through our
world-class engineering and manufacturing capabilities.

 

For more information, visit:

TRIFAST PLC TRI Stock | London Stock Exchange
(https://www.londonstockexchange.com/stock/TRI/trifast-plc/company-page)

website: www.trifast.com (http://www.trifast.com)

LinkedIn: www.linkedin.com/company/tr-fastenings
(http://www.linkedin.com/company/tr-fastenings)

X: www.x.com/trfastenings (http://www.x.com/trfastenings)

Facebook: www.facebook.com/trfastenings (http://www.facebook.com/trfastenings)

 

Note: Trifast, TR and TR Fastenings are registered trademarks of the Company.
LEI number: 213800WFIVE6RWK3CR22

 

 

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