REG - Trifast PLC - Final Results
10/07/2025 07:00
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RNS Number : 4379Q Trifast PLC 10 July 2025
10 July 2025
TRIFAST PLC
FULL YEAR 2025 RESULTS
Audited results for the year ended 31 March 2025
Full year profit performance in line with expectations*, driven by margin
recovery and strong initial progress on our medium-term Recover, Rebuild,
Resilience strategy
Trifast plc ('Trifast' or the 'Group', LSE: TRl.L), the international
specialist in the design, engineering, manufacture, and distribution of
high-quality engineered fastenings, today announces its audited results for
the full year ended 31 March 2025 ('FY2025' or 'FY25').
Key financial highlights
· Strong performance in FY25, driven by good progress on strategic and self-help
initiatives, despite market headwinds
· Revenue down 2.7% to £227.4m (CER) and down 4.4% to £223.4m (AER) (FY24:
£233.7m), with weak industrial market conditions in the UK and Europe
partially offset by growth in Smart Infrastructure and North American focus
markets
· Significant growth in Underlying EBIT to £15.6m (CER) (FY24: £11.9m), with
EBIT margin increasing to 6.8% (CER) (FY24: 5.1%), demonstrating successful
execution of our strategic initiatives and supporting our confidence in the
Group's ability to achieve > 10% EBIT margin in the medium term
· Achieved targeted cost savings of c. £3.0m, with further initiatives
identified to drive incremental benefits in FY26 and beyond
· Underlying profit before tax increased by £4.5m to £11.0m (CER), driven by
strong EBIT performance and reduced interest costs
· Return to profit before tax of £4.9m (AER) (FY24: loss of £0.8m), driven by
the improved underlying performance, supported by lower finance costs and a
reduction in separately disclosed items
· Continued strengthening of balance sheet through focus on working capital and
cash generation, resulting in adjusted net debt/underlying EBITDA ratio of
0.97x (FY24: 1.30x)
· Significant increase in underlying ROCE to 8.1% (FY24: 5.7%) driven by margin
expansion, disciplined capital allocation and working capital efficiency
· Dividend maintained at FY24 levels (1.80p per share) to prioritise margin
enhancement and support long term growth
Key operational and strategic highlights
· Successfully delivered first stage of our Recover, Rebuild, Resilience
transformation
· Good progress across our four strategic initiatives - margin management,
focussed growth, operational efficiency and organisational effectiveness
· Strategy and Transformation workstreams launched within all businesses,
contributing to FY25 success and creating momentum into FY26
· Several key projects delivered in FY25 and new best practices have laid
foundations for standardising ways of working
· Progress in our three key target end markets
· Automotive - strong growth in North America
· Smart infrastructure - fastest growth sector reflecting strategic focus,
strong in Asia and North America
· Medical equipment - investing to build our capabilities and skills in line
with expected longer-term delivery
· Profitable growth in North America, Europe and Asia, although UK & Ireland
EBIT contracted due to subdued demand reflecting weak industrial PMI backdrop.
Outlook
Focus remains on self-help levers to offset the revenue headwinds and achieve
further margin improvement
Trading headwinds have continued to persist into Q1 FY26 due to:
· Macroeconomic headwinds impacting a number of industrial markets, with
particular Automotive sector softness
· US tariffs on steel and aluminium, disrupting sourcing and costs
· The weakening USD.
· We have built-in resilience to counter the impact of the tariffs and softer
demand:
· Our geographic diversification and global manufacturing footprint
· Many of our components have critical positions within their customers' complex
supply chains
· We have worked closely with customers to navigate the challenges - including
pricing - and making sure their supply chains are protected, and supply
continues.
We are a stronger business than we were when we commenced our Recover, Rebuild
and Resilience journey and have positive momentum coming into FY26. We are
confident that we can remain on track to achieve our medium-term target of
EBIT margin >10%.
We continue to actively look at investments, such as bolt-on acquisitions in
target end markets and regions to drive the EBIT growth.
Iain Percival, CEO of Trifast, said:
"We continue to effectively navigate the current global challenges and
economic conditions by focusing on our key objectives of margin management,
focused growth, organisational effectiveness and operational efficiency, all
of which are supporting improved returns despite the mixed demand backdrop.
I want to thank all Trifast employees for their contribution in helping
deliver a successful year."
*Consensus forecasts for FY25 prior to this announcement were: underlying EBIT
of £14.6m and underlying PBT of £10.3m (AER).
Forward Looking Statements
This document may contain certain forward-looking statements. The
forward-looking statements reflect the knowledge and information available to
the Company during the preparation and up to the publication of this document.
By their very nature, these statements depend upon circumstances and relate to
events that may occur in the future thereby involve a degree of uncertainty.
Therefore, nothing in this document should be construed as a profit forecast
by the Company.
The following information contained within this announcement is a summary
extracted from the Group's audited financial statements and Annual report
2025.
Unless stated otherwise, amounts and comparisons with prior year are
calculated at constant currency (Constant Exchange Rate (CER)). Where
reference is made to 'underlying' this is defined as being before separately
disclosed items.
Summary of Group's FY25 financial performance
£m CER(2) CER(2) AER(2) AER(2) AER(2)
Underlying measures FY25 change FY25 Change FY24
Revenue £227.4m (2.7)% £223.4m (4.4)% £233.7m
Gross profit % 28.4% 300bps 28.3% 299bps 25.4%
Underlying EBIT(1) £15.6m 30.3% £14.9m 24.5% £11.9m
Underlying EBIT %(1) 6.8% 173bps 6.7% 155bps 5.1%
EBIT £10.0m 117.0% £9.4m 103.6% £4.6m
EBIT % 4.4% 244bps 4.2% 224bps 2.0%
Underlying profit before tax(1) £11.0m 69.3% £10.4m 59.1% £6.5m
Underlying diluted earnings per share(1) - - 4.31p 166.0% 1.62p
Dividend per share - - 1.80p - 1.80p
Adjusted leverage ratio(1,3) - - 0.97x 0.33x 1.30x
Adjusted net debt(1,3) - - £(17.4)m (17.1)% £(21.0)m
Return on capital employed (ROCE)(1) - - 8.1% 240bps 5.7%
GAAP measures - -
Profit/(loss) before tax - - £4.9m 724.6% £(0.8)m
Diluted earnings/(loss) per share - - 0.77p 123.4% (3.29)p
1. Before separately disclosed items (see note 1 of this announcement)
2. CER being Constant Exchange Rate, calculated by translating the FY2025
figures by the average FY2024 exchange rate, and AER is actual exchange rate
3. Adjusted leverage ratio is calculated using adjusted net debt against
adjusted underlying EBITDA. Adjusted metrics exclude the impact of IFRS 16
Leases (see note 1 of this announcement)
FY25 Results presentation
An in-person and virtual presentation for analysts will be held at 08:30 A.M.
BST today at the office of Peel Hunt, 100 Liverpool Street, London EC2M 2AT.
Please contact companysecretariat@trifast.com for details.
The Company will also be presenting the FY25 results via the Investor Meet
Company platform on 10 July 2025 at 11:15 A.M. BST. To register for the
presentation, please use this
link: https://www.investormeetcompany.com/trifast-plc/register-investor
(https://www.investormeetcompany.com/trifast-plc/register-investor)
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.
Enquiries:
Trifast plc
Iain Percival, Chief Executive Officer
Kate Ferguson, Chief Financial Officer
Christopher Morgan, Company Secretary
Office: +44 (0) 1825 747630
Email: corporate.enquiries@trifast.com
(mailto:corporate.enquiries@trifast.com)
Shareholders: companysecretariat@trifast.com
(mailto:companysecretariat@trifast.com)
Peel Hunt LLP (Stockbroker & financial adviser)
Mike Bell
Charlotte Sutcliffe
Tel: +44 (0)20 7418 8900
Editors' notes
About Trifast plc (LSE Main listing: symbol: TRI)
In 2023, TR celebrated 50 years of business with a proud heritage of serving
customers with engineered fastening supply chain solutions. Specialising in
the design, engineering, manufacture, and distribution of high-quality
engineered fastenings and Category 'C' components principally for 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 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.65 countries across a wide range of industries, including Automotive,
Smart Infrastructure and Medical Equipment. 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
Trifast plc
Annual results for the year ended 31 March 2025
http://www.rns-pdf.londonstockexchange.com/rns/4379Q_1-2025-7-9.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/4379Q_1-2025-7-9.pdf)
Extracts from the letter to the shareholders from the Non-Executive Chair,
Serena Lang
FY25 performance
I am delighted to report an excellent full-year performance by the Group.
Led by our committed Executive Leadership Team (ELT), Trifast has built on the
strategy presented last year to shareholders, and has continued with the
business transformation, giving us a strong platform for future success.
Governance
The Board remains focused on ensuring that the Principles of the UK Corporate
Governance Code are applied. My introduction to the governance report on pages
50 to 57 of the Annual Report 2025 sets out how the Board has complied with
the Principles of the UK Corporate Governance Code 2018 throughout the
financial year ended 31 March 2025, and where we have already started to
incorporate the Principles of the 2024 Code, which will apply to Trifast plc
from 1 April 2025.
Our people
The Board would like to thank all Trifast employees for their commitment to
ensuring we meet our customer requirements and their relentless drive to
innovate and adapt to changing customer needs. Our ELT and management teams
have demonstrated an outstanding ability to combine market knowledge with
customer engagement and innovation to consistently deliver high-quality
products and services to the market.
The Group has a clear strategy and a direct line of sight for further value
creation opportunities. I look forward to our future with confidence as we
continue to build on the significant progress of our strategy and the
continued transformation of this Company as part of our Rebuild and Resilience
journey.
Dividend
The Board are recommending a final dividend for the year ended 31 March 2025
of 1.20p.
Our continued focus on growth through the transformation process allows the
Board to monitor our dividend policy and adjust where it is prudent to do so.
We continue to encourage shareholders to elect for the Dividend Reinvestment
Plan, which we launched last year and is proving a success with many
shareholders already.
Finally, on behalf of the Board, I would like to thank our colleagues,
suppliers, customers, and investors for their continued support. Your Board
has the right balance of skills and expertise to continue to support and
challenge management as we move forward in the Rebuild phase of Trifast. We
can also confirm that this Annual Report, taken as whole, is fair, balanced,
and understandable and provides the information necessary to assess the
Company's position, performance, business model and strategy.
To read the Chair's letter in full please refer to page 3 of the Annual Report
2025
Trifast plc
Annual results for the year ended 31 March 2025
Extracts from CEO review by Iain Percival
In last year's Annual Report, I set out our new purpose, vision, values and
business strategy and, 12 months on, I am pleased to report to you on the
significant progress and momentum delivered in the year ended 31 March 2025.
Having visited every Trifast location during the year, taking those
opportunities to engage with our teams, sharing our new strategy and
discussing what it meant to them, I am proud of our collective achievements
and results, and I want to thank all of our employees for their contribution
to a successful year.
There is no doubt that FY25 was a challenging year for the Company and
employees, particularly from an external market perspective.
The continued economic impacts from geopolitical tensions and conflicts and
continued high inflation and exchange rates led to nearly all of our
industrial end markets experiencing negative growth. Despite that, Trifast's
performance illustrates that the execution of our strategy is delivering
profitable growth and margin improvement in line with our Recover, Rebuild,
Resilience ambition of >10% EBIT margin over the medium term.
Our people
Our people are at the centre of our business, and in FY25 we embarked on
making a significant shift in the Company's health and safety culture. We
rolled out training and engagement sessions to our Senior Leadership Team,
which has already delivered a positive and tangible change in our reporting of
safety observations, near miss occurrences and safety incidents.
The collective goal that 'we all go home safe every day' is paramount and,
whilst it is disappointing to report that we had sixteen lost time or
recordable accidents last year, it is also important to note that we are now
truly seeing the baseline of our current performance and operational risk
environment. Through the awareness and engagement of our teams in health and
safety, coupled with a structured improvement plan at every location, and new
environment, health and safety standards launched in the year, we expect to
see continued reduction in the number and severity of incidents going forward.
Given the amount of change across our organisation and the wider economic
environment, it is also pleasing to report that our annual employee engagement
survey recorded positive increases in the overall participation response (from
61% in FY24 to 89%) and average engagement score (from 6.7 to 7.0), with all
Trifast locations completing at least two of the three improvement actions
identified from the previous survey. This is incredibly pleasing to me as CEO,
and the Senior Management, and an endorsement of the changes we are making.
I am pleased that we have continued to strengthen the Executive Leadership
Team, with the external appointments of Grainne Lawlor as Chief Technology
Officer and Clare Taylor as Chief People & Transformation Officer.
Both Grainne and Clare bring significant functional and business
transformation experience to the Company. Additionally, we were delighted to
confirm the appointment of Kate Ferguson as Executive Director and Chief
Financial Officer in September. Kate's financial experience is already proving
to be an asset to both the Board and ELT. Finally, in July this year I can
confirm that Eva Pitts will join us as our North America Managing Director.
Eva will be based out of our facility in Houston, Texas and joins us from ITW,
a global multi-industry manufacturer. She brings significant commercial and
general management experience to our North American team.
Customers and supply chain
I have enjoyed meeting with many of our customers and supply chain partners
over the year. Hearing about their respective challenges and motivations
first-hand has allowed the Company to adapt, align and better partner where we
can. In this way, the Trifast teams continue to provide great quality and
service.
These conversations also have convinced me more than ever, that our core value
proposition of supply chain simplification, manufacturing and engineering
excellence is a winning combination and that we deliver significant value to
our customers through our continued focus on each of these elements.
Performance
We said that FY25 would be a year of fiscal progress, and I am delighted that
we can celebrate and recognise the achievement of the first phase of our plan.
The Recover phase has been about changing the trajectory of our business from
negative to positive. Our gross and underlying EBIT margins have improved to
28.3% and 6.7% (FY24: 25.4% and 5.1%) and our continued focus on working
capital has enabled us to also reduce net debt and leverage to 0.97x (FY24:
1.30x). We achieved these results by driving our four key strategic
initiatives of margin management, focused growth, organisation effectiveness
and operational efficiency throughout the year.
In our first year of strategy execution, it is great to see meaningful
progress in all four key strategic initiatives.
Margin management
We said we needed to address underperforming customer relationships
professionally and, in some cases, accept that we exit unprofitable business.
Additionally, we have addressed customer relationships where the value we
provide is not reflected in the price paid and, in many cases, our data-driven
approach has ensured positive progress whilst retaining strategic
relationships. We have also collaborated with our supplier partners, ensuring
equally, that we are driving value and efficiency from those long-term
relationships.
Whilst we are conscious that there remains more to do, it is encouraging to
see the results of these actions and efforts reflected in improvements in both
our gross margin and underlying EBIT.
Focused growth
Targeting the three core markets of automotive, smart infrastructure and
medical equipment, it has been good to see our commercial and engineering
teams actively engage with customers in these markets, driving more than 90%
of our new business wins. Shifting momentum and balancing our portfolio to
these three markets over the mid-term remains our objective and, in
particular, whilst we remain committed to profitable growth technologies in
automotive, we are focused on increasing our market shares in smart
infrastructure and medical equipment to achieve a better overall balance in
our portfolio.
Organisation effectiveness
Throughout FY25 we have driven a significant amount of self-help actions by
challenging and transforming our organisation design and capability to reflect
our new business strategy. More than 30% of our wider Senior Leadership Team
(ELT and SLT) are new to Trifast in the past 18 months, reflecting our
ambition to deliver a OneTR culture and organisation, with the right skills in
the right place. We also continue to strengthen our global operations with
consistent business processes and internal controls.
Whilst transformation and restructuring are difficult, it is something we have
tackled transparently and professionally with those involved, as we seek to
deliver the Recover, Rebuild, Resilience journey. Our leaner, fitter and more
capable organisation is well positioned to manage the continued
transformation, and the actions taken this year have contributed to the
overall margin improvement.
Operational efficiency
One of Trifast's strengths is our customer-focused culture. We have a passion
for delivering customer excellence. However, we also recognise that given the
previous business model approach of standalone entities, we were leaving
opportunity for leveraging best practice and optimising the investment made
into our D365 ERP platform and not building a strong complimentary operational
excellence culture. Through OneTR, we have put in place balanced scorecards of
operational metrics for distribution and manufacturing and are using the
global operations leadership to leverage and drive operational efficiency
improvements across our business. We completed the consolidation of our UK
distribution footprint into our purpose-built National Distribution Centre in
April 2024 and since then have achieved stabilisation of operational
performance and delivery of the committed financial benefits from this
project.
Sustainability
Our commitment to being a responsible business has not changed, and I am
delighted to see business initiatives such as renewable energy sourcing and
solar power at our TR Italy manufacturing facility. We are also implementing
environmental initiatives such as packaging material improvements and
logistics efficiencies for FY26. We have set ourselves stretching medium-term
targets which will require us to be innovative and engage with our supply
partners as we continue to reduce our carbon intensity in line with our stated
commitments.
Looking ahead positively
As we look to the future, despite continuing external market challenges, we
remain confident in delivering our mid-term ambitions. We still have much to
accomplish, especially through self-help actions in our four key strategic
initiatives and continued focus on delivering the strategy. We are determined
to improve our safety performance and engagement for those working with us and
remain committed to being a responsible business within our communities and be
a company that everyone is proud to be associated with. I remain positive and
excited about this journey and am looking forward to leading Trifast
colleagues through another year of success and achievement. I am also
looking forward to meeting our shareholders at our AGM in September.
To read the CEO review in full please refer to pages 4-5 of the Annual Report
2025
Trifast plc
Annual results for the year ended 31 March 2025
Extracts from the financial review by our CFO, Kate Ferguson
Recover, Rebuild, Resilience
During FY25 we successfully completed the 'Recover' phase, showing positive
results and strong cash generation. As we move into the 'Rebuild' phase, we
are focused on enhancing operational efficiency and productivity, with initial
benefits already being realised. Looking ahead, the 'Resilience' phase aims to
build long-term sustainability and resilience in our business. We remain
confident in delivering our mid‑term margin and returns ambitions, and we
are committed to innovation and responsible investment to reduce our
environmental impact.
Key financials
Unless stated otherwise, current year comparisons with prior year are
calculated at constant exchange rates (CER) and where we refer to
'underlying,' this is defined as being before separately disclosed items. CER
calculations have been calculated by translating the FY25 figures by the
average FY24 exchange rate.
Dividend policy
As a Board, we are proposing the final dividend in FY25 at 1.20p (FY24:
1.20p). This, together with the interim dividend of 0.60p (paid on 10 April
2025), brings the total for the year to 1.80p per share (FY24: 1.80p). The
final dividend, subject to shareholder approval at the AGM, will be paid on 10
October 2025 to shareholders on the register at the close of business on 12
September 2025. The ordinary shares will become ex-dividend on 11 September
2025. The underlying dividend cover is currently 2.4x, the Board considers
that an appropriate future level of underlying dividend cover is in the range
of 3.0x to 4.0x.
Group performance(1,2)
£m CER FY25 CER Change AER FY25 AER FY24 AER Change
UK & Ireland Revenue 72.2 (6.9)% 72.2 77.5 (6.9)%
EBIT 2.9 (13.2)% 2.9 3.4 (13.5)%
EBIT % 4.1% (30)bps 4.1% 4.4% (31)bps
Europe Revenue 81.4 (7.6)% 78.8 88.0 (10.5)%
EBIT 7.3 22.9% 6.9 5.9 16.9%
EBIT % 9.0% 222bps 8.8% 6.7% 206bps
Asia Revenue 52.6 1.0% 51.5 52.1 (1.0)%
EBIT 9.1 13.6% 8.8 8.0 10.6%
EBIT % 17.3% 191bps 17.2% 15.4% 180bps
North America Revenue 33.7 15.2% 33.1 29.2 13.3%
EBIT 3.1 98.6% 3.0 1.6 93.7%
EBIT % 9.2% 384bps 9.1% 5.3% 377bps
Central Costs Revenue (12.5) (5.4)% (12.2) (13.2) (7.7)%
EBIT (6.8) (1.3)% (6.8) (6.9) (1.2)%
Group Revenue 227.4 (2.7)% 223.4 233.7 (4.4)%
EBIT 15.6 30.3% 14.9 11.9 24.5%
EBIT % 6.8% 173bps 6.7% 5.1% 155bps
1. Revenue by regions include intercompany sales which are eliminated in
the Central costs line
2. EBIT is before separately disclosed items (see note 1 of this
announcement)
Despite a challenging macroeconomic and geopolitical environment, trading
remains resilient with EBIT in line with expectations and EBIT margins
improving and on track with our strategic ambitions.
Revenue is down approx. 4.4%, or 3.7% excluding the impact of the sale of
Norway (c.£1.8m), driven by reduced demand especially in the automotive
sector, UK and Europe and our strategic decision to exit some 1,000 mainly
transactional customers with low profitability.
Pricing and sourcing improvements have more than offset volume reductions with
a 300bps (CER) improvement in gross margin.
We achieved incremental savings in excess of £3.0m from operational
improvement programmes and managed operating overheads tightly to offset the
impact of salary and cost inflation. Further benefits from consolidation of
facilities into the NDC are expected in FY26.
Underlying PBT increased to £10.4m (FY24: £6.5m), due to strong EBIT
performance and reduction in interest costs.
UK & Ireland
Revenue (CER) was £72.2m, a 6.9% decline from last year (FY24: £77.5m)
following the removal of approximately 1,000 non-core business accounts and
the further transfer of European revenue to localised TR locations. Although
we saw overall automotive customer demand soften through niche auto OEM, there
was encouraging growth in Tier 1 and 2 customers. There was continued growth
in data centre and power distribution customer volumes in our smart
infrastructure segment and positive momentum in our medical equipment
customers.
The region's EBIT decreased to £2.9m (FY24: £3.4m) at a margin of 4.1%, down
30bps from last year.
Europe
Revenue (CER) declined to £81.4m (FY24: £88.0m) during the year. Throughout
the year, revenue across the eurozone faced significant challenges,
particularly in the unpredictable automotive sector, where new business wins
were postponed. Smart infrastructure was more consistent and our investment in
Hungary delivered double digit growth, with further smart infrastructure
business secured and invoiced from our manufacturing plant in Italy. Germany
has continued its delivery of consistent EBIT with supply chain improvements.
The regions EBIT margin % has increased 222bps to 9.0% due to cost control,
efficiency improvements and targeted customer price increases delivered during
the year. Notably, our Italian operations delivered a significant uplift in
profitability, with EBIT increasing by £1.8m to £2.4m (FY24: £0.6m) and
margins improving from 2.2% to 8.6%, reflecting the benefits of ongoing local
operational improvements.
Asia
The Asia region had a strong overall performance with CER revenue in line with
last year at £52.6m (FY24: £52.1m), working against volatile market
conditions but still delivering significant EBIT contribution of £9.1m (FY24:
£8.0m). Singapore led the performance due to a mixture of increased demand
with technology customers and new intercompany business linked with
TR North America.
EBIT margin was 17.3% (FY24: 15.4%), reflecting the FY25 focus on margin
management activities to increase profitability on existing and new business.
Improvements were made in all focused growth sectors.
New business development activity in our focused growth sectors will be the
key driver for growth in FY26. We are encouraged by the higher levels of sales
enquiries coming into India and Thailand, and the Group focus on driving more
intercompany business into the TR factories in Singapore, Malaysia and Taiwan.
North America
North America has seen strong organic CER revenue growth at 15.2%
year-on‑year to £33.7m (FY24: £29.2m), driven by customer demand in both
automotive and smart infrastructure markets as well as the successful
onboarding of new profitable growth from our pipeline.
Overall, margins also improved significantly year-on-year with EBIT margin up
to 9.2% (FY24: 5.3%) driven by the first year of execution of a number of
strategic initiatives and, in particular, driving efficiencies to manage costs
enabling stronger EBIT drop through from the incremental volume growth.
We have and will continue to invest in the region to build capability and
resilience; adding dedicated engineering resource and our investment in
Microsoft D365 ERP implementation in our Houston facility at the end of FY24
are examples of delivering our core value proposition to ensure continued
strategic execution of our ambition of driving profitable focused growth in
the world's largest industrial market.
Central costs
Central reported a CER EBIT loss of £6.8m (FY24: £6.9m) driven by overhead
savings from restructuring programmes which was partially offset by higher
bonus accruals and share-based payment charges, reflecting our efforts to
incentivise staff in achieving strategic initiatives. Additionally, central
operations had a lower exchange gain in the current year as compared to the
prior year.
Separately disclosed items
FY25 FY24
£m £m
Acquired intangible amortisation (1.7) (1.8)
Impairment of customer receivables on administration (1.0) -
Restructuring and transformation costs (2.6) (1.5)
Profit on disposal of a subsidiary 0.2 -
Impairment of non-current assets - (2.0)
Facilitation payment fraud (0.4) -
Project Atlas - (2.0)
Total (5.5) (7.3)
· Amortisation charges on intangible assets acquired on acquisitions in the
previous year's shown as separately disclosed consistent with previous years
· An impairment charge was recognised in Q1 following the insolvency (bankruptcy
under Swedish law) of a key customer
· Restructuring and transformation costs of £2.6m relate to key strategic
initiatives launched and reported in the FY24 Annual Report as part of the new
strategy, including margin management, focused growth, organisational
effectiveness and operational efficiencies. Primarily, costs incurred in
relation to transformation initiatives, include expenses associated with
restructuring programmes aimed at streamlining operations, reducing headcount
and other directly attributable costs linked to the execution of these
strategic changes. These charges include £0.9m provided towards a strategic
restructuring programme approved by the Board in March 2025, aimed at
streamlining operations across TR UK, Ireland and Trifast Overseas Holdings
· Profit on disposal of subsidiary relates to profit on the sale of Norway at
the beginning of the year
· Impairment of non-current assets of £2.0m in FY24 related to TR Hungary cash
generating unit
· Facilitation payment fraud relates to a £0.4m provision recognised in respect
of an external fraud incident involving an impersonation scam. Although
recovery efforts are ongoing, the criteria for recognising a receivable were
not met as at 31 March 2025
· Project Atlas in FY24 related to the implementation of D365 across selected
sites and impairment of 'customer engagement' software. Project Atlas is now
complete and hence no charge in the current year related to this phase of the
project
Net financing costs
Net interest costs decreased to £4.5m (FY24: £5.4m), primarily due to a
declining interest rate environment. Interest is incurred at an aggregate rate
based on EURIBOR, SONIA or SOFR, plus a margin ranging from 2.10% to 3.60%,
depending on the Group's leverage.
Commitment fees, amortisation of arrangement and extension fees increased to
£1.2m (FY24: £0.8m), reflecting the impact of covenant amendment fees paid
in FY25 and the full-year amortisation effect in FY25.
In addition, IFRS 16 lease-related interest contributed £1.0m (FY24: £0.8m)
to total net financing costs.
Our average borrowings (excluding IFRS 16 and arrangement fees) in the year
were £42.7m (FY24: £58.6m). The Group borrows in EUR and USD and therefore
has exposure to Euro and USD interest rates. No portion of interest rate
exposure is currently hedged, the Group manages 100% floating interest rates
on borrowings.
Profit before tax
Profit before tax increased to £4.9m (FY24: loss of £0.8m), primarily
reflecting an improvement in operating profit driven by margin management
initiatives.
The increase was further supported by lower finance costs and a reduction in
separately disclosed items compared to the prior year.
Operating cash flow (AER)
The Group generated operating cash flows before working capital changes of
£18.7m (FY24: £14.2m), an increase of £4.5m primarily driven by higher
profit after tax in FY25.
Working capital changes contributed a net inflow of £0.3m in FY25 (FY24:
£17.7m inflow), with the prior year benefiting significantly from a material
reduction in net inventory balances. Inventory levels have since stabilised at
a lower baseline, with a continued focus on inventory efficiency into FY26.
As a result, total operating cash flow after working capital changes was
£19.0m, representing an underlying cash conversion of 100.2% of underlying
EBITDA.
Banking facilities
The Group maintains a core £70.0m committed Revolving Credit Facility (RCF)
utilisable in EUR, GBP or USD with no pre‑determined currency limits. KBC
Bank NV committed to the facility on 3 July 2024 complementing our existing
lending group and strengthening banking capabilities for TR local operations
in Hungary.
Following a successful +1 application, the RCF has been extended to July 2027
with a further +1 option executable to 2028.
The RCF is drawn to £22.8m (€27.3m) as at 31 March 2025 under leverage and
interest cover covenants.
In addition to the RCF, the Group benefits from EDG UKEF funding of £50.0m,
maturing in 2028 with a three-year availability period, as at 31 March this
facility is drawn to £20.1m (€17.1m and $7.5m).
Adjusted net debt (AER)
At 31 March 2025, Group net debt was £17.4m (FY24: £21.0m) and available
cash and short‑term deposits was £24.3m (FY24: £20.9m).
A focus on working capital efficiency has helped the reduction in net debt,
driven by inventory and receivables, improving our banking covenant to 0.97x
against a limit of 3.0x.
1. Adjusted net debt is stated excluding the impact of IFRS 16 Leases.
Including right-of-use lease liabilities, net debt increases by £21.4m to
£38.8m (FY24: net debt increases by 18.4m to £39.4m)
2. Operating cash inflow is before working capital, taxation and cash
impact of the separately disclosed items (see note 32 of the Annual Report
2025 for further details)
Taxation (at AER)
The decrease in the underlying effective tax rate (UETR) to 44.0% (FY24:
66.6%) and the effective tax rate (ETR) to 78.9% (FY24: 462%) was principally
due to the utilisation of brought forward losses in the UK region that have
not previously been recognised. We continue not to recognise carried forward
losses in the UK region, however if we were to provide for deferred tax on
current year losses, the UETR would be 24.1%.
Subject to future tax changes, and excluding prior year adjustments, our
normalised underlying ETR is expected to remain in the range of c.20-25% going
forward.
Underlying diluted earnings per share (AER)
Our underlying PBT at AER is up 59.1% to £10.4m (FY24: £6.5m). This, coupled
with the decrease in our underlying effective tax rate, has resulted in an
increase in underlying diluted earnings per share (EPS) of 166.0% to 4.31p at
AER (FY24: 1.62p).
Return on capital employed (at AER)
The Group ROCE increased 240bps to 8.1% (FY24: 5.7%), reflecting higher profit
performance combined with reduced debt.
As at 31 March 2025, the Group's shareholders' equity decreased to £121.1m
(FY24: £124.2m). The £(3.1)m reduction reflects a decrease in retained
earnings of £(2.1)m, a movement on own shares held in reserve of £0.4m, and
a foreign exchange reserve loss £(1.4)m.
At 31 March 2025, the number of ordinary shares held by the Employee Benefit
Trust (EBT) to honour future equity award commitments was 1,145,315 shares
(FY24: 1,373,663 shares).
Shares in issue as at 31 March 2025 was 136,119,976 (excluding EBT:
134,974,661).
Outlook
Trading headwinds have persisted into Q1 FY26, driven by macroeconomic
pressures, softness in the automotive sector, US tariffs on steel and
aluminium, and USD weakness. However, our geographic diversification, global
manufacturing footprint, and close customer partnerships provide resilience.
We enter FY26 with positive momentum, strengthened by our transformation
progress, and remain confident in achieving our medium-term EBIT margin target
of >10%, while continuing to explore targeted investments and bolt-on
acquisitions to support future growth.
To read the Financial review in full please refer to pages 18-22 of the Annual
Report 2025
Trifast plc
Annual results for the year ended 31 March 2025
The notes on pages 111-165 of the Annual Report 2025 form part of these
financial statements
Consolidated income statement
Annual results for the year ended 31 March 2025
Annual Report note 2025 2024
£000 £000
Continuing operations
Revenue 3, 35 223,466 233,671
Cost of sales (160,114) (174,404)
Gross profit 63,352 59,267
Other operating income 4 766 721
Distribution expenses (7,869) (6,633)
Administrative expenses before separately disclosed items (41,572) (41,321)
Acquired intangible amortisation 2, 13 (1,731) (1,780)
Project Atlas 2 - (2,079)
Restructuring and transformation costs 2 (2,575) (1,491)
Impairment of non-current assets 2, 10 - (1,964)
Profit on disposal of a subsidiary 2 247 -
Facilitation payment fraud 2 (384) -
Impairment of customer receivable upon administration 2 (1,006) -
Total administrative expenses (47,021) (48,635)
Share of gain/(loss) of associate accounted for using the equity method 36 199 (90)
Operating profit 5, 6, 7 9,427 4,630
Financial income 8 275 269
Financial expenses 8 (4,774) (5,688)
Net financing costs (4,499) (5,419)
Profit/(loss) before taxation 3 4,928 (789)
Taxation 9 (3,888) (3,651)
Profit/(loss) for the year
(attributable to equity shareholders of the Parent Company) 1,040 (4,440)
Profit/(loss) per share
Basic 25 0.77p (3.29)p
Diluted 25 0.77p (3.29)p
Consolidated statement of comprehensive income
for the year ended 31 March 2025
2025 2024
£000 £000
Profit/(loss) for the year 1,040 (4,440)
Other comprehensive (expense)/income for the year:
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations(1) (2,024) (5,075)
Gain on a hedge of a net investment taken to equity 675 889
Other comprehensive expense (1,349) (4,186)
Total comprehensive expense recognised for the year
(attributable to the equity shareholders of the Parent Company) (309) (8,626)
1. Net of cumulative foreign exchange loss of £0.1m (FY24: nil)
previously recognised in the foreign currency translation reserve reclassified
to profit or loss on disposal of a subsidiary. See note 2 of the Annual Report
2025 for further details.
Trifast plc
Annual results for the year ended 31 March 2025
Consolidated statement of changes in equity
for the year ended 31 March 2025
Share Share Merger Own Translation Retained Total
capital premium reserve shares held reserve earnings equity
£000 £000 £000 £000 £000 £000 £000
Balance at 31 March 2024 6,806 22,537 16,328 (2,194) 10,496 70,205 124,178
Total comprehensive income/(expense) for the year:
Profit for the year - - - - - 1,040 1,040
Other comprehensive expense for the year - - - - (1,349) - (1,349)
Total comprehensive (expense)/income recognised for the year - - - - (1,349) 1,040 (309)
Issue of share capital - - - - - - -
Share‑based payment transactions (net of tax) - - - - - 446 446
Movement in own shares held - - - 361 - (361) -
Dividends - - - - - (3,235) (3,235)
Total transactions with owners - - - 360 - (3,150) (2,789)
Balance at 31 March 2025 6,806 22,537 16,328 (1,833) 9,147 68,095 121,080
Consolidated statement of change in equity
for the year ended 31 March 2024
Share Share Merger Own Translation Retained Total
capital premium reserve shares held reserve earnings equity
£000 £000 £000 £000 £000 £000 £000
Balance at 31 March 2023 6,805 22,530 16,328 (3,017) 14,682 78,561 135,889
Total comprehensive expense for the year:
Loss for the year - - - - - (4,440) (4,440)
Other comprehensive expense for the year - - - - (4,186) - (4,186)
Total comprehensive expense recognised for the year - - - - (4,186) (4,440) (8,626)
Issue of share capital 1 7 - - - - 8
Share‑based payment transactions (net of tax) - - - - - (67) (67)
Movement in own shares held - - - 823 - (823) -
Dividends - - - - - (3,026) (3,026)
Total transactions with owners 1 7 - 823 - (3,916) (3,085)
Balance at 31 March 2024 6,806 22,537 16,328 (2,194) 10,496 70,205 124,178
Note: Company statement of changes in equity can be found on pages 106-107 of
the Annual Report 2025
Trifast plc
Statements of financial position
at 31 March 2025
Group Company
Annual Report note 2025 2024 2025 2024
£000 £000 £000 £000
Non‑current assets
Property, plant and equipment 10, 11 18,593 19,070 6 5
Right‑of‑use assets 12 20,283 16,450 30 55
Intangible assets 13, 14 33,397 36,275 5,359 6,097
Equity investments 15, 36 353 159 42,186 42,186
Non‑current trade and other receivables 19 - - 56,837 61,208
Deferred tax assets 16, 17 5,919 4,256 - 63
Total non‑current assets 78,545 76,210 104,418 109,614
Current assets
Inventories 18 70,912 73,403 - -
Trade and other receivables 19 55,288 59,039 2,077 3,623
Assets classified as held for sale 10, 11 - 623 - -
Cash and cash equivalents 26 24,258 20,884 590 910
Total current assets 150,458 153,949 2,667 4,533
Total assets 3 229,003 230,159 107,085 114,147
Current liabilities
Trade and other payables 21 34,589 36,218 3,081 1,660
Right-of-use liabilities 12, 20, 26 2,805 3,392 102 11
Other interest‑bearing loans and borrowings 20, 26 - - 4,547 6,447
Provisions 23 1,328 2,432 - 607
Liabilities classified
as held for sale 29 - 348 - -
Tax payable 2,443 2,167 - -
Total current liabilities 41,165 44,557 7,730 8,725
Non‑current liabilities
Other interest‑bearing loans and borrowings 20, 26 41,627 41,848 41,627 41,848
Right-of-use liabilities 12, 20, 26 18,513 15,031 - 99
Other payables 21 543 892 - -
Provisions 23 1,623 1,548 - -
Deferred tax liabilities 16, 17 4,452 2,105 - -
Total non‑current liabilities 66,758 61,424 41,627 41,947
Total liabilities 3 107,923 105,981 49,357 50,672
Net assets 121,080 124,178 57,728 63,475
Equity
Share capital 6,806 6,806 6,806 6,806
Share premium 22,537 22,537 22,537 22,537
Merger reserve 16,328 16,328 16,328 16,328
Own shares held (1,833) (2,194) (1,833) (2,194)
Translation reserves 9,147 10,496 - -
Retained earnings 68,095 70,205 13,890 19,998
Total equity 121,080 124,178 57,728 63,475
The loss after tax for the Company is £2.9m (FY24: profit after tax £4.6m).
Trifast plc
Statements of cash flows
for the year ended 31 March 2025
Group Company
Annual report note 2025 2024 2025 2024
£000 £000 £000 £000
Cash flows from operating activities
Profit/(loss) for the year 1,040 (4,440) (2,938) 4,663
Adjustments for:
Depreciation and amortisation 10, 11, 13, 14 5,386 5,616 724 710
Right‑of‑use asset depreciation 12 3,487 4,068 26 26
Unrealised foreign currency loss/(gain) 90 (248) (9) 1
Financial income 8 (275) (269) (1,084) (1,792)
Financial expense (excluding right‑of‑use liabilities) 8 3,758 4,893 4,211 4,914
Right‑of‑use liabilities' financial expense 8, 12 1,016 796 5 3
Profit on disposal of assets classified as held for sale - (2,014) - (2,014)
Share of (loss)/gain of associate accounted for using the equity method (199) - - -
Loss on sale of property, plant and equipment, intangibles and investments (26) (59) - -
Dividends received - - (7,082) (15,657)
Equity settled share‑based payment charge 426 (101) 428 1
Impairment of goodwill and intangible assets 2, 3, 13 - 1,476 - 1,476
Gain on termination of right‑of‑use liabilities and expense on lease back 2 - (454) - 44
Loans due to subsidiaries written back - - - (267)
Facilitation payment fraud 2 384 - - -
Investments and loans/debtors due from subsidiaries written off - - - 175
Gain on sale of disposal of a subsidiary 2 (247) - - -
Impairment of right‑of‑use assets and property, plant and equipment 2, 10, 11, 12 - 1,330 - -
Taxation expense 9 3,888 3,651 66 953
Operating cash inflow/(outflow) before changes in working capital and 18,728 14,245 (5,653) (6,764)
provisions
Change in trade and other receivables (313) (4) 1,731 1,037
Change in inventories 1,629 14,977 - -
Change in trade and other payables 49 3,593 801 (450)
Change in provisions (1,030) (900) (609) 214
Cash generated from/(used in) operations 19,063 31,911 (3,730) (5,963)
Tax paid (2,168) (3,335) (3) (10)
Net cash generated from/(used in) operating activities 16,895 28,576 (3,733) (5,973)
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 292 91 - -
Proceeds from sale of assets classified as held for sale 10 632 4,144 - 4,144
Interest received 283 265 877 804
Investment in an associate - (162) - -
Acquisition of property, plant and equipment and intangibles 10, 11, 13, 14 (3,422) (4,573) 12 (429)
Lending to subsidiary undertakings - - (2,192) (6,421)
Repayment by subsidiary undertakings - - 4,709 20,512
Dividends received - - 7,082 15,115
Net cash generated (used in)/from investing activities (2,215) (235) 10,488 33,725
Cash flows from financing activities
Proceeds from the issue of share capital 24 - 8 - 8
Repayment of external loans 33 - (116,500) - (116,500)
Proceeds from external loans 33 629 91,414 629 91,414
Proceeds from loans from subsidiaries - - 1,484 6,447
Repayment of loans from subsidiaries - - (2,566) -
Repayment of right‑of‑use liabilities 12 (4,404) (3,362) (11) (22)
Dividends paid 24 (2,426) (3,026) (2,426) (3,026)
Interest paid (4,672) (6,702) (4,185) (5,803)
Net cash generated (used in) financing activities (10,873) (38,168) (7,075) (27,482)
Net change in cash and cash equivalents 3,807 (9,827) (320) 270
Cash and cash equivalents at 1 April 20,884 31,798 910 640
Effect of exchange rate fluctuations on cash held (433) (1,087) - -
Cash and cash equivalents at 31 March 24,258 20,884 590 910
Trifast plc
Annual results for the year ended 31 March 2025
Summary notes to the annual results announcement
1. Underlying profit before tax and separately disclosed items
Annual report note 2025 2024
£000 £000
Underlying profit before tax 10,377 6,525
Separately disclosed items within administrative expenses
Acquired intangible amortisation 13 (1,731) (1,780)
Project Atlas - (2,079)
Restructuring and transformation costs (2,575) (1,491)
Impairment of non-current assets 13 - (1,964)
Impairment of customer receivable on administration (1,006) -
Facilitation payment fraud (384) -
Profit on disposal of a subsidiary 247 -
Profit/(loss) before tax 4,928 (789)
Annual report note 2025 2024
£000 £000
Underlying EBITDA 32 22,018 19,848
Separately disclosed items within administrative expenses
Project Atlas - (2,079)
Restructuring and transformation costs (2,575) (1,491)
Impairment of non-current assets 13 - (1,964)
Impairment of customer receivable on administration (1,006) -
Facilitation payment fraud (384) -
Profit on disposal of a subsidiary 247 -
EBITDA 18,300 14,314
Acquired intangible amortisation 13 (1,731) (1,780)
Depreciation, right of use assets and non‑acquired amortisation (7,142) (7,904)
Operating profit 9,427 4,630
2. Operating segmental analysis
Geographical operating segments
The Group is comprised of the following main geographical operating segments:
· UK & Ireland
· Europe: includes Sweden, Hungary, Holland, Italy, Germany and Spain
· North America
· Asia: includes Malaysia, China, Singapore, Taiwan, Thailand and India
In presenting information on the basis of geographical operating segments,
segment revenue and segment assets are based on the geographical location of
our entities across the world and are consolidated into the four distinct
geographical regions, which the Executive Leadership Team (the 'ELT') uses to
monitor and assess the Group. Interest is reported on a net basis rather than
gross as this is how it is presented to the Chief Operating Decision Maker.
All material non‑current assets are located in the country the relevant
Group entity is incorporated in.
North Common
UK & Ireland Europe America Asia amounts Total
March 2025 £000 £000 £000 £000 £000 £000
Revenue
Revenue from external customers 69,126 77,171 32,978 44,191 - 223,466
Inter‑segment revenue (eliminated on consolidation) 3,036 1,659 131 7,356 - 12,182
Total revenue 72,162 78,830 33,109 51,547 - 235,648
Underlying operating result 2,927 6,926 3,008 8,846 (6,831) 14,876
Net financing costs (65) (916) (873) 462 (3,107) (4,499)
Underlying segment result 2,862 6,010 2,135 9,308 (9,938) 10,377
Separately disclosed items (1,201) (2,060) (381) (432) (1,375) (5,449)
Profit/(loss) before tax 1,661 3,950 1,754 8,876 (11,313) 4,928
Specific disclosure items
Depreciation and amortisation (2,357) (3,287) (840) (1,552) (837) (8,873)
Assets and liabilities
Non‑current asset additions 6,046 4,695 198 863 - 11,802
Non-current assets(1) 26,768 16,317 4,297 19,733 5,511 72,626
Segment assets 71,186 69,946 24,322 56,468 7,081 229,003
Segment liabilities (22,454) (20,041) (4,282) (10,497) (50,586) (107,860)
1. Non-current assets exclude financial instruments and deferred tax
North Common
UK & Ireland Europe America Asia amounts Total
March 2024 £000 £000 £000 £000 £000 £000
Revenue
Revenue from external customers 73,394 86,403 28,989 44,885 - 233,671
Inter‑segment revenue (eliminated on consolidation) 4,151 1,635 236 7,177 - 13,199
Total revenue 77,545 88,038 29,225 52,062 - 246,870
Underlying operating result 3,383 5,925 1,552 7,996 (6,912) 11,944
Net financing costs (485) (1,101) (1,096) 400 (3,137) (5,419)
Underlying segment result 2,898 4,824 456 8,396 (10,049) 6,525
Separately disclosed items (see note 2) (2,336) (2,552) (530) (207) (1,689) (7,314)
Profit/(loss) before tax 562 2,272 (74) 8,189 (11,737) (789)
Specific disclosure items
Depreciation and amortisation (2,634) (3,767) (825) (1,723) (735) (9,684)
Assets and liabilities
Non‑current asset additions 9,517 1,417 177 713 474 12,299
Non-current assets(1) 24,763 15,352 5,080 20,598 6,161 71,954
Segment assets 73,738 69,610 24,342 55,107 7,362 230,159
Segment liabilities (21,024) (17,990) (3,911) (11,861) (51,195) (105,981)
1. Non-current assets exclude financial instruments and deferred tax
There were no material differences in North America between the external
revenue based on location of the entities and the location of the customers.
Of the UK & Ireland external revenue, £6.2m (FY24: £7.3m) was sold into
the European market. Of the Asian external revenue, £4.4m (FY24: £5.3m) was
sold into the North American market and £3.2m (FY24: £4.5m) was sold into
the European market.
Within Europe, TR Italy has revenue of £27.0m (FY24: £28.2m) and
non‑current assets of £8.0m (FY24: £10.0m).
Within Asia, TR Formac Singapore has revenue of £19.9m (FY24: £18.7m) and
non‑current assets of £4.2m (FY24: £3.9m).
Revenue is derived solely from the manufacture and logistical supply of
industrial fasteners and Category 'C' components.
3. Going Concern
Current trading and forecasts show that the Group will continue to generate
positive EBITDA and generate cash. The banking facilities and covenants
(leverage and interest cover) that are in place provide appropriate headroom
against forecasts based on the current outlook. There are some headwinds in
the global economic environment including the impact of the tariffs and the
elevated interest rate environment; however, should there be adverse factors
beyond expectation, the Directors are confident, given the low levels of
leverage within the business and the expectation that this will reduce
further, that these would be mitigated.
As such, the Directors do not consider there to be material uncertainties
relating to events or conditions that may be relevant to the next 12 months
from signing of the annual financial statements, which cast doubt on the going
concern status. This is also the case after performing sensitivity analysis,
reverse stress testing scenarios to break point for the covenants and
understanding what this would equate to either increasing net debt
or reducing EBITDA. Thus, based on the stress testing performed (excluding
the impact of our potential
mitigating actions), a breach of covenant (interest cover) would only occur if
revenue for FY 2026 was to fall by 35% of the budgeted level. the Directors
have a reasonable expectation that the Group has adequate resources to
continue in operational existence for the foreseeable future and hence they
continue to adopt the going concern basis of accounting in preparing the
annual financial statements.
4. Annual report 2025 and Basis of preparation
The Annual report and financial statements for the year ended 31 March 2025
were approved by the Board of Directors on 9 July 2025.
In addition to the link on the front of this announcement to a pdf of the
Annual Report 2025, a copy of this report, together with the Notice of Meeting
will in due course be available to view and download from the Company website
at www.trifast.com. The documents will also be uploaded to the National
Storage Mechanism at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
The financial information set out in this release does not constitute the
Group's statutory Report and Accounts for the years ended 31 March 2025 or
2024 within the meaning of the section 434 of the Companies Act 2006. However,
it is derived from the Annual report 2025 (pdf attached to this announcement).
The statutory accounts for the year ended 31 March 2024 have been delivered to
the Registrar of Companies and those for 2025 will be delivered in due course.
The external auditor has reported on the 2025 Report and Accounts; the report
was (i) unqualified, (ii) did not include references to any matters to which
the external auditor drew attention by way of emphasis without qualifying the
reports and (iii) did not contain statements under section 498(2) or (3) of
the Companies Act 2006.
The Independent auditor's report to the members of Trifast plc can be read on
pages 96-101 of the Annual report 2025.
5. Annual General Meeting (AGM)
The Annual General Meeting will be held at Peel Hunt, 100 Liverpool Street,
London EC3M 2AT on 11 September 2025 at 12.00pm.
The Notice of Meeting, which includes special business to be transacted at the
AGM together with an explanation of the resolutions to be considered at the
meeting, will be made available on the Company website in due course and
communicated directly to shareholders.
Any questions relating to the Annual Report 2025 can be sent to: The Company
Secretary, Trifast plc, National Distribution Centre, Reedswood Park Road,
Walsall, WS2 8DQ, United Kingdom alternatively email:
Companysecretariat@trifast.com (mailto:Companysecretariat@trifast.com) .
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