TIDMTRI
RNS Number : 7348P
Trifast PLC
21 October 2021
Trifast plc
(Trifast, Group or TR)
"Our fastenings enable innovation today to build a better
tomorrow"
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
Trading update and Notice of half-year results
London, Thursday, 21 October 2021 : Trifast plc (LSE Main market
premium listing: symbol: TRI) issues the following unaudited
Trading update ahead of the Group's half-year results for the six
months ended 30 September 2021.
Mark Belton, Chief Executive Officer commented:
"There can be no doubt that this is both a very exciting and
challenging time to be in business and I would like to thank all
our teams for their ongoing support and dedication. The level of
demand in the market has never been higher and the opportunities we
are seeing both organically and non-organically have never been
greater."
TRADING UPDATE
Further to the update given to shareholders at the time of the
AGM in July 2021, the Board is pleased to report that overall
trading in the subsequent weeks has been in line with expectations
at both revenue and profit levels. After a strong rebound in
quarter one, we have continued to see solid year-on-year growth
into quarter two and expect to report first half revenues c.30% up
on 30 September 2020 and ahead of the 2019 pre-COVID comparative
period (at CER).
We are continuing to experience strong underlying demand in all
our key markets, particularly in health & home in Europe and
our UK and EU distributor sector. We have also continued to see
interesting opportunities develop in the electric vehicle (EV) and
energy, tech and infrastructure space. In the light vehicle sector,
a strong performance has led to further market share gains,
although this has been partially offset by the impact of the widely
reported semi-conductor supply side shortages. While localised
shutdowns have temporarily impacted trading levels in Malaysia.
Supply chain pressures, together with freight and other input
cost increases have remained challenging during the first half,
creating pent up demand in the market and reducing sales growth
rates in the short-term. In response to ongoing inflationary
pressures, the Group has implemented a co-ordinated price increase
programme. As a result of this we expect to exit the financial year
at more normalised gross margins, as inflationary increases are
passed on to customers. However, as already highlighted increased
costs have placed temporary pressure on margin recovery in the
first half.
Leveraging our strong financial position, we have increased
inventory levels over the first half-year to support sales growth
and to protect supply to customers in the face of extended lead
times and container shortages. We see this position stabilising
over the second half of the financial year, albeit at higher
levels, as we remain committed to ensuring reliable supply to all
our customers around the world.
AREAS OF STRATEGIC FOCUS
Project Atlas
Following successful implementation at two sites during the
half-year, roll out to our biggest trading subsidiary, TR
Fastenings Ltd (UK), is already underway. We look forward to
updating shareholders in greater detail as part of the half-year
report, including a reminder of our previously reported planned
timelines and expected returns.
Acquisitions
Having announced the value accretive acquisition of Falcon in
the USA on 1 September 2021, the Board is delighted with its
integration into the Group and the search for further acquisitions
continues apace.
SUMMARY
Despite the ongoing unpredictability in the macroeconomic
environment, the long-term fundamentals of our business model and
strategy remain unchanged. With strong momentum in contracts wins,
new order pipeline and general activity levels, the Board is
confident in the Group's outlook, with its full year FY2022
expectations unchanged.
NOTICE OF HALF-YEAR RESULTS
We look forward to providing a further update at the time of the
Group's half-year results which are scheduled to be released via
RNS on Tuesday, 23 November 2021. The Report will also be available
to view and download from the Company's website www.
trifast.com
HALF-YEAR RESULTS PRESENTATIONS
The Company will hold a virtual presentation of results for
financial analysts at 8.45am (BST) on Tuesday, 23 November 2021 ,
details of which can be obtained by contacting either the Company
or advisers as detailed below.
In addition, CEO Mark Belton and CFO Clare Foster will provide a
live presentation via the Investor Meet Company platform (IMC) at
11.30am on Thursday, 25 November 2021. This presentation will be
open to all existing and potential shareholders. Investors who
already follow Trifast on the IMC platform will automatically be
invited. Questions can be submitted pre-event via the Investor Meet
Company dashboard up until 9.00am the day before the meeting or at
any time during the live presentation. To sign up please follow the
following link:
https://www.investormeetcompany.com/trifast-plc/register-investor
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' notes
About Trifast plc (TR) 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.
TR supplies to c. 5,000 customers in c.75 countries across a wide range
of industries, including Light vehicle, Heavy vehicle, Health & Home,
Energy, Tech and Infrastructure, General industrial and Distributors
. As a full-service provider to multinational OEMs and Tier 1 companies
spanning several sectors, TR delivers comprehensive support to its customers
from concept design through to technical engineering consultancy, manufacturing,
supply management and global logistics.
TR employs c.1,300 people across 34 business locations within the UK,
Asia, Europe, and the USA including seven high-volume, high-quality and
cost-effective manufacturing sites and three technical & innovation centres
across the world.
"Our fastenings enable innovation today to build a better tomorrow"
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
Note
Trifast, TR and TR Fastenings are registered trademarks of the Company.
LEI number: 213800WFIVE6RUK3CR22
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