LONDON, June 13, 2017 /PRNewswire/ --
Trifast plc (LSE Premium Listing: Ticker: TRI), leading
international specialists in the engineering, manufacturing and
distribution of high quality, industrial fastenings to major global
assembly industries announces Preliminary results for the year
ended 31 March, 2017:
'Moving forward with
growth'
"Our FY2017 trading
performance across the business has delivered another record
breaking financial year
with results, ahead of our
expectations. Dividend for the year is 3.50p per share, an increase
of 25.0%," says Mark Belton, CEO, Trifast
plc.
KEY FINANCIALS
Year ended Year ended Year ended
31 March 31 March 31 March Change Change
Continuing operations 2017 at CER 2017 at AER 2016 CER[*] AER^
Total Group revenue GBP172.6m GBP186.5m GBP161.4m +7.0% +15.6%
Gross profit % 31.1% 31.1% 29.7% +140bps +140bps
Underlying operating profit* GBP18.6m GBP21.0m GBP16.8m +10.9% +25.2%
Operating profit GBP15.6m GBP17.9m GBP13.9m +12.5% +28.8%
Underlying profit before tax* GBP18.1m GBP20.5m GBP16.0m +13.2% +28.1%
Profit before tax GBP15.1m GBP17.3m GBP13.1m +15.4% +32.6%
Underlying diluted earnings per
share* 11.28p 12.82p 9.99p +12.9% +28.3%
Diluted earnings per share 8.97p 10.40p 8.50p +5.5% +22.4%
Dividend:
- final proposed 2.50p 2.00p +25.0%
- interim 1.00p 0.80p +25.0%
- total for the year 3.50p 2.80p +25.0%
Net debt GBP6.4m GBP16.0m -GBP9.6m
Return on capital employed
(ROCE)* 19.9% 18.5% +140bps
*Before separately disclosed
items (see note 2)
[*]Constant exchange rate (CER)
^Actual exchange rate (AER)
- Total revenue increase of 7.0% at Constant Exchange Rate (CER),
15.6% at Actual Exchange Rate (AER)
- Revenue to multinational OEMs up 10.0% at CER
- At 31.1%, gross margin exceeds 30.0% for the first time in our
history
- Underlying profit before tax increases by 13.2% at CER, 28.1%
at AER
- Significant FX tailwinds add £2.4m to underlying profit before
tax
- Ongoing investment for growth in our sales and operations
around the world
- TR España - a base to grow from in one of Europe's most vibrant economies
- TR Kuhlmann continues to perform above expectations
- Strong cash conversion reduces net debt to £6.4m (normalised
£7.6m)
- Capital investment of £2.9m increases our manufacturing
capacity and capabilities, with more to follow
- Total dividend of 3.50p, an increase of 25.0% on the prior
year
"The current financial year has started well and, with a robust
pipeline in place, there is no indication this will change. The
additional investments we are making in our people across the
world, including into our global and local sales teams, mean the
Group is in a good position to move forward. There are, of course,
some macroeconomic factors we cannot fully mitigate, including
movements in foreign currency and the ongoing volatility in the raw
materials markets, as well as the wider potential implications of
Brexit on our business and the UK economy. However, taking the
Group as a whole, with our geographical diversity, our balanced
sector mix and our clear strategies for growth, we remain
optimistic about the Group's prospects," says Mark Belton,
CEO.
"I have had the absolute privilege in witnessing first the
recovery, and now the ongoing underlying growth and development of
what I regard as a uniquely dynamic, professional and caring
organisation that has every reason to feel confident, but not in
any way complacent, about its future prosperity,"
says Malcolm Diamond MBE, Non-Executive
Chairman.
To read the 2017 Annual results News release follow the link to
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/TRI/13257891.html.
Or via the website: http://www.trifast.com
To listen to the CEO:
https://www.brrmedia.co.uk/broadcasts-embed/593a56823c44ba3b802feafa/event/?livelink=true&player_only=true
About Us
Trifast is a leading international specialist in the
engineering, manufacturing and distribution of high quality
industrial fastenings to major global assembly industries. We are a
24/7 'full service provider' offering 'end-to-end' support to all
our customers. Our success and ongoing growth is based on a unique
mix of high quality manufacturing, sourcing know-how and adaptable,
reliable global logistics. Key sectors are automotive, domestic
appliances, electronics and distributors. The Group employs
c. 1,200 staff across 27 global locations across the UK,
Europe, Asia and the USA.
For more information, please visit
Group website: http://www.trifast.com
LinkedIn:
http://www.linkedin.com/company/tr-fastenings
Twitter: http://www.twitter.com/trfastenings
Facebook: http://www.facebook.com/trfastenings