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.
Monday, 29 July
2024
![Trifast_col_blue](https://dw6uz0omxro53.cloudfront.net/3123011/d203b0b1-b71d-4b9f-9ec4-aeb6f6102577.jpg)
Trifast plc
(Trifast,
TR or the Company)
Annual
results
Publication of the 2024 Annual report and financial
statements
Trifast publishes
the Group's audited Annual report and financial
statements for the year ended 31 March
2024. The publication can be read
in full via this link:
http://www.rns-pdf.londonstockexchange.com/rns/1022Y_1-2024-7-26.pdf
Webcast presentation
The Company is holding a 'live' presentation via
the Investor Meet Company
platform (IMC) on Thursday 1 August at
11.30am. To register and join
the event please follow the link:https://www.investormeetcompany.com/trifast-plc/register-investor
This session will also be uploaded
and available to watch after the event on the Company's website
at Trifast
plc | Our reports
![A hexagon with blue and green graphics and text Description automatically generated](https://dw6uz0omxro53.cloudfront.net/3123011/7e155038-6e0f-4c48-b69c-5d03c9d2efaa.jpg)
|
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"
|
Key
markers for the business
|
FY2024:
· Underlying operating profit in line with last year,
notwithstanding lower revenue base
· Underlying profit before tax £6.5m (AER), slightly higher than
January guidance
· Strong
performance in light vehicle sector with 22% increase in FY24
revenues compared to prior year
|
· Pipeline wins demonstrate the Group continues to have growth
opportunities
· Initial benefits of cost and productivity initiatives
supported margin increase despite a challenging operating
environment
|
· Significant decrease in inventory c.£15m - driving high cash
conversion and lowering net debt
|
· Launched manufacturing facility in China with JV partner to
better service domestic demand in the region
|
|
Moving ahead:
|
· The
Group's refreshed strategy is underway and will drive performance
going forward
· Our
transformation journey will go through three phases -
Recover - Rebuild
-
Resilience, creating
'One TR'
|
· Consolidation of the National Distribution Centre in the UK
completed last month - stabilisation and efficiency gains will
deliver significant savings going forward
|
· Working capital initiatives will continue to help in reducing
inventories and net debt
|
· FY2024
contract wins beginning to feed through, and the benefits of
organisational change across the Company is having a positive
impact on the operational business and people culture
|
· FY2025
will be a significant turning point for the Group - clear ambition
to deliver measurable progress in profitability, cash generation
and ROCE
|
· The
Board is confident in the future outlook for the business over the
medium term
· Dividend re-investment plan being introduced
|
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 FY2024 Annual report and financial
statements.
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 the Group's FY24 financial
performance
Underlying measures:
|
CER
FY24
|
CER
change
|
AER
FY24
|
AER
change
|
AER
FY23
|
Revenue4
|
£237.9m
|
(2.7)%
|
£233.7m
|
(4.4)%
|
£244.4m
|
Gross profit %
|
25.5%
|
20bps
|
25.4%
|
10bps
|
25.3%
|
Underlying operating profit
(UOP)1
|
£12.7m
|
5.7%
|
£11.9m
|
(0.3)%
|
£12.0m
|
Underlying operating profit
%1
|
5.3%
|
40bps
|
5.1%
|
20bps
|
4.9%
|
Underlying profit before
tax1,4
|
£7.2m
|
(22.2)%
|
£6.5m
|
(29.8)%
|
£9.3m
|
Underlying diluted earnings per
share1
|
-
|
-
|
1.62p
|
(68.4)%
|
5.13p
|
Adjusted leverage
ratio1,3
|
-
|
-
|
1.3x
|
(0.9)x
|
2.2x
|
Adjusted net
debt1,2
|
-
|
-
|
£(21.0)m
|
£17.0m
|
£(38.0)m
|
Return on capital employed
(ROCE)1
|
-
|
-
|
5.7%
|
30bps
|
5.4%
|
Total dividend
|
|
|
1.80p
|
|
2.25p
|
GAAP measures
|
|
|
|
|
|
|
Operating (loss) /profit
|
-
|
-
|
£4.6m
|
|
£(0.0)m
|
|
Operating (loss) / profit
%
|
-
|
-
|
2.0%
|
200bps
|
(0.0)%
|
|
(Loss) / profit before
tax
|
-
|
-
|
£(0.8)m
|
70.4%
|
£(2.7)m
|
|
Diluted (loss) / earnings per
share
|
-
|
-
|
(3.29)p
|
(55.2)%
|
(2.12)p
|
|
|
|
|
|
|
|
|
|
1 .Before separately disclosed items
(see note 1)
|
2. Adjusted net debt is stated
excluding the impact of IFRS 16 Leases. Including right-of-use
lease liabilities, net debt increases by £(18.4)m to £(39.4)m
(FY23: net debt increases by £(15.8)m to £(53.8)m)
|
3. Adjusted leverage ratio is
calculated using adjusted net debt against adjusted underlying
EBITDA
4. FY24 saw some strengthening of
the British pound against the Singapore dollar, Taiwanese dollar,
Swedish krona, Chinese renminbi, Malaysian ringgit and US dollar.
This reduced the value of AER sales by £4.2m and AER underlying
profit before tax by £0.7m on translation into British
pounds.
|
Reference links:
The Board believe that the 2024
Annual report gives a fair and balanced review of the Trifast
business and its strategy for the future.
For ease of reference, the following links will be of
interest:
|
Refer to:
|
Our new strategic
direction
Our culture and our
values
|
Pages 10-17
Pages 8-9,11
|
Being a responsible
business
|
Pages 37-54
|
The National Distribution
Centre
|
Page 27
|
Delivering growth through our
business model
|
Page 18-19
|
EBIT margin bridge
|
Page 17
|
Key performance
indicators
|
Pages 20-21
|
Board and leadership
structure
|
Pages 82-84
|
Stakeholder engagement
|
Pages 24-26
|
Trifast plc
Annual results for the year ended 31
March 2024
Extracts from the letter to shareholders from the
Non-Executive Chair, Serena Lang
![Serena Lang](https://dw6uz0omxro53.cloudfront.net/3123011/4322ee05-b725-4028-ae71-2ae4e41ab3af.jpg)
One of my first roles as Chair was
to work with the Board and conclude the appointment of the new CEO.
After a thorough and rigorous process, the Board were delighted to
appoint Iain Percival to the role in September 2023. Iain brings
with him deep leadership and business transformation experience and
it is clear that he is already making a significant impact at
Trifast.
Having taken over as Chair in
September 2023, halfway through our financial year, I would
like to take the opportunity to thank my predecessor, Jonathan
Shearman, who served on the Board of Trifast for 14 years, and as
Chair for the final four years. A role he did with care, passion
and diligence during some very challenging times. On behalf of the
Board, I also want to thank Scott MacMeekin for stepping in as the
interim CEO for seven months, allowing the Board the time to
undertake a comprehensive search process.
Looking back at FY24
Last year marked our 50th
anniversary for Trifast and another inflection point in the
Company's history. Good companies continue to change and transform
to meet the needs of their stakeholders and Trifast is no
different. The Company, driven by a 'customer first' attitude,
ramped up inventory levels during the pandemic to protect our
customers manufacturing lines and the subsequent impact of cost
inflation, the Ukraine conflict and customer destocking led to high
inventories and high net debt.
Following Scott Mac Meekin's
appointment as interim CEO in February 2023, together with the
Board, he launched a recovery roadmap for the business based on
several key self-help operational and commercial improvement
programmes. Working closely with Chief Commercial Officer, Dan
Jack, they created a process of Sprints that would enable the
business to start turning the trend on inventories, better
understand customer profitability and focus business development on
the top 200 customers.
I am delighted to say that our
inventory levels have been managed downwards significantly over the
year.
The current geopolitical
uncertainty, leading to supply chain disruption, together with the
macroeconomic environment, continued to challenge the business and
we saw further unexpected destocking and continued inflation‑led
price increases and interest rates, resulting in significant
downward pressure on our revenues and profitability measures, and
our transformation plan will look to address greater resilience in
these areas.
The UK team worked tirelessly to
establish our new National Distribution Centre in the Midlands.
This facility will lead to better efficiencies, improved supply
chain management and clarity of inventory levels across the UK
business. There is still work to do to deliver world‑class
processes and more efficient ways of working and a
multi-disciplinary team has been pulled together to make that
happen.
Our
People
It has been an absolute delight to
visit the Trifast operations and meet our wonderful people. I have
yet to meet everyone; however, what is obvious from those I have
met, is that our employees are dedicated to delivering excellence
to our customers and are passionate about the business, which comes
through clearly in the regular customer satisfaction surveys we
run.
During my visits, it became clear
that we needed greater communication and employee engagement, to
actively listen more and to put in place formal structures that
allow the Board to have better access to the voice of our
employees. This will be critical to the success of strategic
transformation and together with a bottom‑up culture approach, will
be a priority for the Board going forward.
Throughout FY24, our employees have
faced substantial change both from external factors as well as
internal initiatives designed to improve the sustainability of the
business. It was therefore a difficult year for many, as colleagues
moved on from the business and workplaces changed.
On behalf of the Board, I would like
to recognise the amount of change and personal impact that this
period of the Company has had on our employees and thank them for
their continued hard work and loyalty. Together, we will make
Trifast a great place to work again.
Looking forward
It is essential that Trifast becomes
more resilient, and the new strategy and
transformation plan that Iain and the Executive Leadership Team
have developed under the Recover, Rebuild, Resilience framework is
aimed at achieving that, and the Board is pleased that progress on
'Recover' has already begun during FY24. The business will be
focusing on the commercial outcomes, whilst building a strong new
culture where our people thrive, so we can continue to delight our
customers and drive shareholder value.
To read the Chair's letter in
full please refer to pages 4-5 of the 2024 Annual
report.
Trifast plc
Annual results for the year ended 31
March 2024
Extracts from the CEO Review by the Iain
Percival
![Iain Percival](https://dw6uz0omxro53.cloudfront.net/3123011/8c1bfa4c-1133-412b-88e3-b7ca9889cb3d.jpg)
This year's Annual Report
reflects a year of transformation for Trifast; a
year where we have faced challenges but can also reflect and
celebrate success. We delivered a resilient trading and operational
performance in a challenging macroeconomic and geopolitical
environment impacting our customers' demands. I am proud of our
achievements, delivered through our dedicated people.
Without their significant efforts and
contribution, our FY24 achievements would not have been possible. I
look forward to celebrating further success this year as we
collectively execute on the first phase of our journey.
Our
journey - Recover - Rebuild - Resilience
In 2023, TR celebrated 50 years of
business with a proud heritage of serving customers with engineered
fastening supply chain solutions. I feel privileged and excited to
be leading our business as we write the next chapter of our growth
and success story.
Trifast has gained many strengths
over that 50-year history which represent a solid platform on which
to build:
· We are
passionate about the customers that we serve, whether that is a
single engineered component or fulfilling a customers' fastening
requirements with both product and supply chain
solutions
· We
have a loyal, skilled and experienced team
· We are
positioned to serve our customers using our engineering,
manufacturing and distribution capabilities globally
'One TR'
Whilst celebrating our core
strengths and achievements, we must also recognise that the last
few years have been challenging for many of our customers and also
for our business. I have set out in the Annual report attached to
this announcement the transformation plan that will underpin a
return to sustained profitable growth within a safe, engaged and
consistent people culture called 'One TR'.
![A hexagon with blue and green graphics and text Description automatically generated](https://dw6uz0omxro53.cloudfront.net/3123011/36a32042-87aa-40c7-b78c-a3555a62c9c8.jpg)
Our transformation journey will take
us through three phases:
Ø Recover
Our
initial focus is returning to positive margin growth. Despite the
continued challenging macroeconomic and geopolitical environment in
which we are operating, our clear ambition in FY25 is to deliver
measurable progress in profitability, cash generation and return on
capital employed. This will be achieved through focused margin
management actions, supporting our positive profitable growth with
new pipeline wins, combined with continued strict cost control and
working capital management.
This is all supported by our
increasingly robust approach to risk management, more of which can
be read about in our Annual report.
Ø Rebuild
Our medium-term ambition of the
Company strategy is to deliver a business which is performing with
EBIT Margins >10% and ROCE of >12% through the execution of
our new focused business strategy and transformation
plan.
Ø Resilience
We will implement best practice in
our people and business processes that become our means of
generating profitable growth momentum and delivering longer-term
EBIT margins in the range 12-15% and ROCE in the range 15-20%, and
a business that is able to sustain that level of high performance
through future economic cycles and continued supply chain
challenges.
Business strategy
We have spent time during this year
challenging our business strategy, reflecting on what we truly
believe to be our winning ambition, where we play, how we win and
what capabilities are required to execute successfully.
Trifast has operated successfully
for many of its 50-year history as a company built through a series
of acquisitions globally. In the past few years, challenges around
supply chain and demand volatility, as well as increased customer
and stakeholder expectations and demands, has stretched our ability
to support what is a diverse portfolio of operations and
markets.
Our new business strategy is
therefore built on ensuring we recognise, build and focus our core
strengths of customer focus, excellent quality and service,
fastening supply solutions and manufacturing and engineering
capability in selected markets and geographies where we can align
this value proposition with our core customer needs and
expectations.
Building capabilities
We have started to reshape the
organisation to align with our business strategy, creating an
organisational structure of four regional leadership teams, each
headed by a Managing Director that sits on the Executive Leadership
Team (ELT). These regional teams are fully accountable for their
profit and loss and cash flow performance and are supported by six
central enabling functions. Both our ELT and our Senior Leadership
Team, those senior leaders who report directly to ELT members, are
aligned and incentivised per our variable pay policy through a
management bonus scheme linked directly to delivery of our strategy
and budgeted financial performance.
Recognising that we are managing
transformative change, there has been investment into experienced
transformation skills that will ensure we programme, and project
manage strategy execution effectively.
To support our value proposition, we
will also invest in key account management and application
engineering which we see as a critical component of our
differentiation and competitive advantage in the market, helping
our targeted customers solve their fastening supply chain solution
needs.
Finally, having now completed
Project Atlas, to replace the outdated Tribune ERP system with
Microsoft D365, and given the increased needs of our customers in
helping deliver agile and data‑driven solutions, we will be
augmenting our existing technology systems with targeted
transformation projects.
Our
people
Our people are at the centre of our
business. It is their passion, talent and drive for quality and
service excellence that stands out for our customers time and again
and sets Trifast apart from the competition. This was echoed in the
customer feedback we received during our strategy review. I am
truly grateful for all the support and hard work of our people, in
what has been a year of challenge and change.
Our new organisational structure has
fundamentally changed the business from operating as individual
profit centres to a standardised regional business supported by
central enabling functions. This more streamlined approach has
allowed us to both reduce the overhead cost, whilst facilitating
clearer accountabilities and responsibilities, and enable best
practice leverage. There are already benefits being delivered
through enhanced teamwork.
![A diagram of different colored hexagons Description automatically generated](https://dw6uz0omxro53.cloudfront.net/3123011/8bf1aab9-6f3d-4a2a-a2ce-6d5b980878c2.jpg)
Our
new strategic direction
When starting our strategic review
process last year, we felt it important to reflect on the strong
legacy of being a passionately customer focused business whilst
taking the time to understand how their needs are changing and how
our differentiated capabilities at Trifast can ensure that we
Recover, Rebuild and
deliver a Resilient future.
Our new purpose statement is a
consequence of customer, employee and other external stakeholder
feedback and helps us shape our new focused business
strategy.
We recognise that our role is to
help our customers remove and manage complexity in their fastener
supply chain and add value to our relationship through the
engineering and manufacturing talent and capabilities we have. We
are rightly proud of the high‑quality, reliable and responsive
solutions that we provide our customers every day and of the
knowledge and expertise we can leverage to help them
succeed.
Our ambition, described through our
Recover, Rebuild,
Resilience journey, is to create a
high‑performing Trifast that is a safe, inclusive and an enjoyable
place to work for our employees and operates at the upper quartile
of the industrial peer group performance resiliently.
We recognise that whilst Trifast
retained strong performance for our customers, our fragmented
strategy and business model meant we lost momentum in delivering
sustainable and acceptable financial returns.
Our new business strategy sets out
the approach we will take to address the short, medium and
longer‑term delivery of a sustainable and profitable growth
business.
![A diagram of a company's model](https://dw6uz0omxro53.cloudfront.net/3123011/d5e6f53e-d09f-4660-b5e0-2108b8928ece.jpg)
To read more about our new
strategic direction please refer to pages 10-17
of the 2024 Annual report.
To read the CEO review in
full please refer to
pages 6-9 of the 2024 Annual
report.
Trifast plc
Annual results for the year ended 31
March 2024
Extracts from the Financial review by Kate Ferguson, Interim
CFO
As highlighted in Iain's CEO review,
we faced various challenges but also celebrated some significant
achievements as we commenced our Recover, Rebuild and Resilience
journey in FY24.
![Kate Ferguson](https://dw6uz0omxro53.cloudfront.net/3123011/a88dd216-2f4f-4661-a29c-f1a0aed6693e.jpg)
Recover: We have significantly
stabilised our balance sheet through control of inventories and
subsequent reduction in net debt.
Rebuild: Despite the
challenging year and revenue decline, we made gross and EBIT margin
improvements through our commitment to deliver better gross margins
and offset inflationary pressures through a reduction in
non-operating headcount.
We are especially proud of the
consolidation of the National Distribution Centre (NDC) in the
Midlands and, the successful completion of the Atlas project with
the implementation of D365 in Houston, Texas.
FY25 will see a greater focus on
efficiency targets during our Rebuild phase. This will drive our
strategic mid-term commitment to achieve 10% EBIT
margin.
Resilience: Beyond FY25, we see
significant opportunity for sustainable growth. We have refreshed
our strategy and are committed to executing it
successfully.
Revenue
FY24 revenue declined by (2.7)% to
£237.9m (AER: (4.4)% to £233.7m; FY23: £244.4m). It was a
challenging year with performance hampered by volatile demand in
the distribution business and customer destocking activity.
(Further details on page 31 of the Annual report and note 2 of this
announcement).
Gross margin was 25.5%, 20bps higher
than FY23 (AER: 25.4% and 10bps higher than FY23).
![A screenshot of a website](https://dw6uz0omxro53.cloudfront.net/3123011/ec1b3d13-8c94-4d8f-bc98-afbeae58e7d6.jpg)
Pricing initiatives countered the
impact of cost inflation (on raw materials, freight and supply of
energy), and higher-than-anticipated costs to consolidate the UK
distribution into one National Distribution Centre (NDC). We expect
most of the benefits for the NDC will be realised in
FY25.
Underlying operating profit was
£12.7m, £0.7m higher than last year (FY23: £12.0m).
On an AER basis it was in line with the last
year.
On 2 June 2023, the Group signed a
new revolving credit facility (RCF) agreement, supported by a UK
Export Finance - Export Development Guarantee (UKEF - EDG)
agreement, providing a combined facility limit of £120.0m. Interest
margins on the new facilities increased within a range of between
2.1%-3.6%, in line with market conditions.
The higher interest and average
borrowings resulted in a £2.7m increase in net finance expense
which reduced the underlying profit before tax to £7.2m (AER:
£6.5m; FY23: £9.3m).
As a response to the higher interest
rates, the Group focused efforts on improving working capital to
reduce net debt.
Consequently, adjusted net debt
reduced to £21.0m (FY23: £38.0m) primarily due to the significant
reduction in gross inventory to £82.3m from £98.7m in
FY23.
The leverage ratio under the new
banking arrangement was 1.3x (FY23: 2.2x under old facility). This
remains within the covenant range of < 3.0x. An addendum to our
interest cover covenant was signed in May 2024 and the ratio was
3.6x as at 31 March, within the temporary covenant range of 3.5x.
Headroom under the new facility was £76.7m. Details of the
refinancing arrangement are provided within the Annual report (note
26).
Dividend policy
Our focus on growth through the
transformation process allows us to remain committed to a
progressive dividend policy that shares the benefit of ongoing
growth with our shareholders.
As a Board we are proposing the
final dividend in FY24 at 1.20p (FY23: 1.50p). This, together with
the interim dividend of 0.60p (paid on 11 April 2024), brings the
total for the year to 1.80p per share (FY23: 2.25p). The final
dividend, subject to shareholder approval at the AGM, will be paid
on 11 October 2024 to shareholders on the register at the close of
business on 13 September 2024. The ordinary shares will become
ex-dividend on 12 September 2024. The underlying dividend cover is
currently 0.9x; the Board considers that an appropriate future
level of underlying dividend cover is in the range of 3.0x to
4.0x.
Dividend Re-investment Plan
With effect from the Company's final
dividend, which will be paid on 11 October
2024 to shareholders on the register on 13
September 2024, the Company will be introducing
the option for shareholders to invest their dividend in a Dividend
Re-investment Plan ("DRIP"). Participation in the DRIP is optional
and will not affect shareholders' cash dividends unless they elect
to participate in the DRIP.
Shareholders will have the option to
elect for their cash dividend payment to be automatically
re-invested through the purchase of additional ordinary shares in
the Company. Shareholders wishing to receive their dividends via
the DRIP should complete the online DRIP election form, which can
be accessed at www.investorcentre.co.uk,
or if a CREST Member, shareholders can submit their election using
the CREST system before 20 September 2024.
The DRIP document mailing date to shareholders will be 21 October
2024.
Underlying operating profit (CER)
The underlying operating profit (UOP) increased to £12.7m with a
UOP margin of 5.3% (FY23: 4.9%).
In Europe, UOP margins increased
350bps to 6.9% and operating profit improved to £6.1m (FY23: 3.4%
and £2.9m). In addition to the transfer of the distribution
business from the UK to TR Germany, there was higher margin in
Sweden and significant margin improvement in TR Italy resulting
from actions last year to manage rising costs, price increases and
improved plant utilisation.
In the UK & Ireland, UOP margins
decreased from 6.4% to 4.4% with UOP at £3.4m (FY23: £5.5m).
Decline in distribution sales was the main contributor, offset by
improvement in the light vehicle sector following the reduction in
semiconductor shortages.
The lower UOP also included the
transfer of the European distribution business to Germany and was
partially offset by the delivery of costs savings from the
NDC.
UOP in Asia has decreased from £9.5m
to £8.4m at a UOP margin of 15.4% (FY23: 15.7%). Consumer demand in
China was low in our second half-year and, overall general market
softness impacted across the Asia region. During the period, we did
however see a significant uplift in light vehicle activity at TR
Malaysia and Thailand, together with price increases in TR
Malaysia.
North America UOP increased £0.3m to
£1.6m, a 5.4% margin (FY23: £1.3m, 4.2%). The improvement was
driven by new contract wins in the light vehicle sector across
several vehicle models. Production started on new models in the
second half of FY24 at a higher margin, while production ended for
several older lower-margin models. The other sectors general
decline was driven by customers burning through their excess stock
following the Pandemic.
Central improved to a loss of £6.9m
(FY23: £7.2m), driven by operational efficiencies and reduction in
headcount as part of a series of self-help initiatives.
Operating cash flow (AER)
The Group has seen excellent
operating cash flow in 2024. Operating cash flow from operations
was £31.9m (FY23: £6.5m), equating to a cash conversion of
underlying EBITDA of 173.0% (FY23: 33.6%). The improvement was
driven by the material reduction in working capital: net inventory
reduced by £15.0m (FY23: £0.2m) and trade creditors increased by
£3.6m (FY23: decreased by £11.7m).
Adjusted net debt
The Group's adjusted net debt has
decreased by £17.0m to £21.0m (FY23: £38.0m) supported by an
operating cash inflow before working capital of £14.2m. This was
partially offset by interest payments of £6.7m (including
arrangement fees of £1.5m on the refinancing in the year), tax
payments of £3.3m and dividend payments of £3.0m. The net spend on
property, plant, equipment and intangibles was only £0.3m as
acquisition of PPE (£4.6m), primarily relating to our investments
in the NDC and in our manufacturing plant in Italy, were
significantly offset with proceeds from sale of PPE (£4.2m)
relating to the sale of the Uckfield premises in the
year.
![A graph showing a bridge that has been cut down](https://dw6uz0omxro53.cloudfront.net/3123011/7d0a8b8f-39ee-4f92-94e3-d629a6178e9f.jpg)
Banking facilities
The Group signed new banking
facilities in June 2023 to support our focus on growth. The two
agreements provide a total facility limit of £120.0m, split between
an RCF (£70.0m) and a UKEF Export Development Guarantee (EDG)
(£50.0m). Interest margins have increased in line with market
conditions and will now be within a range of 2.10-3.60% (compared
to 1.10-2.20% under the previous RCF). Post year end, KBC Bank NV
(KBC) became a lender as part of the RCF agreement. The facility
commitment remained at £70.0m as an existing lender transferred
part of their commitment to KBC. This commitment will support the
Group's treasury strategy and plans in Eastern Europe.
Taxation (at AER)
The underlying effective tax rate
(ETR) is high at 66.6% (FY23: underlying effective tax rate:
25.6%). The higher ETR in FY24 is primarily related to deferred tax
assets not recognised on tax losses and reversal of deferred tax
assets on carried forward losses primarily in the UK region.
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)
Reflecting the challenging
performance as explained above, our underlying PBT at AER is down
29.8% to £6.5m (FY23: £9.3m). This, coupled with the increase in
our underlying effective tax rate, has resulted in a reduction in
underlying diluted earnings per share (EPS) of 68.4% to 1.62p at
AER (FY23: 5.13p).
Outlook
Whilst the macroeconomic environment
continues to present short-term challenges, current trading remains
in line with management expectations. We continue to have a strong
focus on cash generation to reduce net debt and working capital and
are driving EBIT improvement through margin management, focused
growth, organisational effectiveness and operational
efficiency.
Operationally, we have been setting
ourselves up for growth when the market recovers by rightsizing the
business through a restructuring programme, the completion of the
Atlas Project and the consolidation of the NDC.
We are ensuring our focus remains on
core business with the disposal of the TR Norway business in April
2024 and the establishment of a China JV to support our strategy
for manufacturing and distribution in China.
We believe there is significant
scope for improvement in the mid-term and are confident we will be
more profitable, effective and efficient in FY25.
The macroeconomic and geopolitical
environment remains volatile, and we continue to be challenged by
inflationary pressures. We are confident we have the right strategy
to capture margin upside and deliver sustained growth. We believe
there is significant opportunity to return performance to historic
levels.
Trifast has made strong progress in
managing working capital to reduce its net debt through working
capital initiatives and remains focused on driving profit
initiatives to improve our margins.
To read the Financial review
in full please refer to pages 28-35 of the 2024 Annual
report.
Trifast plc
Annual results for the year ended 31
March 2024
The
notes on pages 168-227 of the 2024 Annual Report form part of these
financial statements.
Consolidated income statement
Annual results for the year ended 31
March 2024
|
Annual report
note
|
2024
£000
|
2023
£000
|
Continuing operations
|
|
|
|
Revenue
|
3,
35
|
233,671
|
244,391
|
Cost of sales
|
|
(174,404)
|
(182,462)
|
Gross profit
|
|
59,267
|
61,929
|
Other operating income
|
4
|
721
|
510
|
Distribution expenses
|
|
(6,633)
|
(6,727)
|
Administrative expenses before
separately disclosed items
|
|
(41,321)
|
(43,728)
|
Acquired intangible
amortisation
|
2,
13
|
(1,780)
|
(1,798)
|
Project Atlas
|
2
|
(2,079)
|
(1,722)
|
Restructuring and related
charges
|
2
|
(1,491)
|
(4,235)
|
Impairment of non-current
assets
|
2,
10,12,13
|
(1,964)
|
(2,926)
|
Settlement for loss of
office
|
2
|
-
|
(1,050)
|
Aborted acquisition costs
|
2
|
-
|
(261)
|
Total administrative
expenses
|
|
(48,635)
|
(55,720)
|
Share of loss of joint venture
accounted for using the equity method
|
36
|
(90)
|
-
|
Operating profit / (loss)
|
5, 6,
7
|
4,630
|
(8)
|
Financial income
|
8
|
269
|
158
|
Financial expenses
|
8
|
(5,688)
|
(2,842)
|
Net
financing costs
|
|
(5,419)
|
(2,684)
|
Loss before taxation
|
3
|
(789)
|
(2,692)
|
Taxation
|
9
|
(3,651)
|
(174)
|
Loss for the year
(attributable to equity shareholders
of the Parent Company)
|
|
(4,440)
|
(2,866)
|
Loss per share
|
|
|
|
Basic
|
25
|
(3.29)p
|
(2.12)p
|
Diluted
|
25
|
(3.29)p
|
(2.12)p
|
Consolidated statement of comprehensive
income
for the year ended 31 March
2024
|
2024
£000
|
2023
£000
|
Loss for the year
|
(4,440)
|
(2,866)
|
Other comprehensive income /
(expense) for the year:
|
|
|
Items that may be reclassified
subsequently to profit or loss:
|
|
|
Exchange differences on translation
of foreign operations
|
(5,075)
|
4,053
|
Gain / (loss) on a hedge of a net
investment taken to equity
|
889
|
(1,655)
|
Other comprehensive income / (expense)
|
(4,186)
|
2,398
|
Total comprehensive (expense) / income recognised for the
year
|
|
|
(attributable to the equity
shareholders of the Parent Company)
|
(8,626)
|
(468)
|
Trifast plc
Annual results for the year ended 31
March 2024
Consolidated statement of changes 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
|
Consolidated statement of changes in equity
for the year ended 31 March
2023
|
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 2022
|
6,804
|
22,512
|
16,328
|
(3,487)
|
12,284
|
84,704
|
139,145
|
Total comprehensive income /
(expense) for the year:
|
|
|
|
|
|
|
|
Loss for the year
|
-
|
-
|
-
|
-
|
-
|
(2,866)
|
(2,866)
|
Other comprehensive income for the
year
|
-
|
-
|
-
|
-
|
2,398
|
-
|
2,398
|
Total comprehensive income / (expense) recognised for the
year
|
-
|
-
|
-
|
-
|
2,398
|
(2,866)
|
(468)
|
Issue of share capital
|
1
|
18
|
-
|
-
|
-
|
-
|
19
|
Share-based payment transactions
(net of tax)
|
-
|
-
|
-
|
-
|
-
|
5
|
5
|
Movement in own shares
held
|
-
|
-
|
-
|
470
|
-
|
(470)
|
-
|
Dividends
|
-
|
-
|
-
|
-
|
-
|
(2,812)
|
(2,812)
|
Total transactions with owners
|
1
|
18
|
-
|
470
|
-
|
(3,277)
|
(2,788)
|
Balance at 31 March 2023
|
6,805
|
22,530
|
16,328
|
(3,017)
|
14,682
|
78,561
|
135,889
|
Note:
Company statement
of changes in equity can be found on pages 163-164 of the Annual
report.
Trifast plc
Statements of financial position
at 31 March 2024
|
|
Group
|
Company
|
|
Annual
report
note
|
2024
|
2023
(
(
|
2024
|
2023
|
|
|
(restated)
|
|
|
|
£000
|
£000
|
£000
|
£000
|
Non-current assets
|
|
|
|
|
|
Property, plant, and
equipment
|
10,
11
|
19,070
|
19,417
|
5
|
6
|
Right-of-use assets
|
12
|
16,450
|
14,395
|
55
|
36
|
Intangible assets
|
13,
14
|
36,275
|
40,451
|
6,097
|
7,854
|
Equity investments
|
15,36
|
159
|
-
|
42,186
|
42,298
|
Non-current trade and other
receivables
|
19
|
-
|
-
|
61,208
|
76,848
|
Deferred tax assets
|
16,
17
|
4,256
|
4,289
|
63
|
998
|
Total non-current assets
|
|
76,210
|
78,552
|
109,614
|
128,040
|
Current assets
|
|
|
|
|
|
Inventories
|
18
|
73,403
|
90,948
|
-
|
-
|
Trade and other
receivables
|
19
|
59,039
|
63,158
|
3,623
|
3,754
|
Assets classified as held for
sale
|
10,
11,29
|
623
|
2,130
|
-
|
2,130
|
Cash and cash
equivalents
|
26
|
20,884
|
31,798
|
910
|
640
|
Total current assets
|
|
153,949
|
188,034
|
4,533
|
6,524
|
Total assets
|
3
|
230,159
|
266,586
|
114,147
|
134,564
|
Current liabilities
|
|
|
|
|
|
Trade and other payables
|
21
|
36,218
|
35,507
|
1,660
|
2,395
|
Right-of-use liabilities
|
12, 20,
26
|
3,392
|
3,498
|
11
|
21
|
Other interest-bearing loans and
borrowings
|
20,26
|
-
|
-
|
6,447
|
-
|
Provisions
|
23
|
2,432
|
2,809
|
607
|
396
|
Liabilities classified as held for
sale
|
29
|
348
|
-
|
-
|
-
|
Tax payable
|
|
2,167
|
2,560
|
-
|
-
|
Total current liabilities
|
|
44,557
|
44,374
|
8,725
|
2,812
|
Non-current liabilities
|
|
|
|
|
|
Other interest-bearing loans and
borrowings
|
20,
26
|
41,848
|
69,825
|
41,848
|
69,825
|
Right-of-use liabilities
|
12, 20,
26
|
15,031
|
12,315
|
99
|
17
|
Other payables
|
21
|
892
|
1,077
|
-
|
-
|
Provisions
|
23
|
1,548
|
1,443
|
-
|
-
|
Deferred tax liabilities
|
16,
17
|
2,105
|
1,663
|
-
|
-
|
Total non-current liabilities
|
|
61,424
|
86,323
|
41,947
|
69,842
|
Total liabilities
|
3
|
105,981
|
130,697
|
50,672
|
72,654
|
Net assets
|
|
124,178
|
135,889
|
63,475
|
61,910
|
Equity
|
|
|
|
|
|
Share capital
|
|
6,806
|
6,805
|
6,806
|
6,805
|
Share premium
|
|
22,537
|
22,530
|
22,537
|
22,530
|
Merger reserve
|
|
16,328
|
16,328
|
16,328
|
16,328
|
Own shares held
|
|
(2,194)
|
(3,017)
|
(2,194)
|
(3,017)
|
Translation reserves
|
|
10,496
|
14,682
|
-
|
-
|
Retained earnings
|
|
70,205
|
78,561
|
19,998
|
19,264
|
Total equity
|
|
124,178
|
135,889
|
63,475
|
61,910
|
The profit after tax for the
Company is £4.6m (FY23: loss after tax £4.3m)
Trifast plc
Statements of cash flows
for the year ended 31 March
2024
|
|
Group
|
Company
|
|
Annual
report
note
|
2024
|
2023
|
2024
|
2023
|
|
|
(restated)
|
|
|
|
£000
|
£000
|
£000
|
£000
|
Cash flows from operating activities
|
|
|
|
|
|
(Loss) / profit for the
year
|
|
(4,440)
|
(2,866)
|
4,663
|
(4,325)
|
Adjustments for:
|
|
|
|
|
|
Depreciation and
amortisation
|
10, 11,
13, 14
|
5,616
|
5,471
|
711
|
638
|
Right-of-use asset
depreciation
|
12
|
4,068
|
3,640
|
26
|
23
|
Unrealised foreign currency loss /
(gain)
|
|
(248)
|
(50)
|
1
|
(43)
|
Financial income
|
8
|
(269)
|
(158)
|
(1,792)
|
(1,268)
|
Financial expense (excluding
right-of-use liabilities)
|
8
|
4,893
|
2,412
|
4,914
|
2,383
|
Right-of-use liabilities' financial
expense
|
8,
12
|
796
|
430
|
3
|
1
|
Profit on assets classified as held
for sale
|
|
(2,014)
|
-
|
(2,014)
|
-
|
Loss / (profit) on sale of property,
plant and equipment, intangibles, and investments
|
|
(59)
|
149
|
-
|
9
|
Dividends received
|
|
-
|
-
|
(15,657)
|
(7,434)
|
Equity settled share-based payment
charge
|
|
(101)
|
24
|
1
|
(398)
|
Impairment of goodwill and
intangible assets
|
2,3,13
|
1,476
|
2,926
|
1,476
|
-
|
Gain on termination of right-of-use
liabilities and
|
|
|
|
|
|
expense on lease back
|
|
(454)
|
-
|
44
|
-
|
Loans due to subsidiaries written
back
|
|
-
|
-
|
(267)
|
-
|
Investments and loans / debtors due
from subsidiaries written off
|
|
-
|
-
|
175
|
-
|
Impairment of right-of-use assets
and property, plant
|
|
|
|
|
|
and equipment
|
2,10,11,12
|
1,330
|
1,426
|
-
|
-
|
Taxation expense /
(income)
|
9
|
3,651
|
174
|
953
|
(300)
|
Operating cash inflow / (outflow) before changes in working
capital and provisions
|
|
14,245
|
13,578
|
(6,764)
|
(10,714)
|
Change in trade and other
receivables
|
|
(4)
|
392
|
1,037
|
(536)
|
Change in inventories
|
|
14,977
|
215
|
-
|
-
|
Change in trade and other
payables
|
|
3,593
|
(10,487)
|
(450)
|
661
|
Change in provisions
|
|
(900)
|
2,792
|
214
|
396
|
Cash generated from / (used in) operations
|
|
31,911
|
6,490
|
(5,963)
|
(10,193)
|
Tax paid
|
|
(3,335)
|
(3,529)
|
(10)
|
-
|
Net
cash generated from / (used in) operating
activities
|
|
28,576
|
2,961
|
(5,973)
|
(10,193)
|
Cash flows from investing activities
|
|
|
|
|
|
Proceeds from sale of property,
plant, and equipment
|
|
91
|
27
|
-
|
-
|
Proceeds from sale of assets
classified as held for sale
|
10
|
4,144
|
-
|
4,144
|
-
|
Interest received
|
|
265
|
138
|
804
|
366
|
Investment in joint
venture
|
|
(162)
|
-
|
-
|
-
|
Acquisition of property, plant and
equipment and intangibles
|
10,11,13,14
|
(4,573)
|
(5,625)
|
(429)
|
(1,394)
|
Lending to subsidiary
undertakings
|
|
-
|
-
|
(6,421)
|
(9,897)
|
Repayment by subsidiary
undertakings
|
|
-
|
-
|
20,512
|
2,125
|
Dividends received
|
|
-
|
-
|
15,115
|
7,434
|
Net
cash generated (used in) / from investing
activities
|
|
(235)
|
(5,460)
|
33,725
|
(1,366)
|
Cash flows from financing activities
|
|
|
|
|
|
Proceeds from the issue of share
capital
|
24
|
8
|
19
|
8
|
19
|
Proceeds from new loan
|
|
-
|
16,423
|
-
|
16,423
|
Repayment of external
loans
|
|
(116,500)
|
-
|
(116,500)
|
-
|
Proceeds from external
loans
|
|
91,414
|
-
|
91,414
|
-
|
Proceeds from loans from
subsidiaries
|
|
-
|
-
|
6,447
|
-
|
Repayment of right-of-use
liabilities
|
12
|
(3,362)
|
(3,792)
|
(22)
|
(24)
|
Dividends paid
|
24
|
(3,026)
|
(2,812)
|
(3,026)
|
(2,812)
|
Interest paid
|
|
(6,702)
|
(2,477)
|
(5,803)
|
(2,011)
|
Net
cash generated (used in) / from financing
activities
|
|
(38,168)
|
7,361
|
(27,482)
|
11,595
|
Net change in cash and cash
equivalents
|
|
(9,827)
|
4,862
|
270
|
36
|
Cash and cash equivalents at 1
April
|
|
31,798
|
26,741
|
640
|
604
|
Effect of exchange rate fluctuations
on cash held
|
|
(1,087)
|
195
|
-
|
-
|
Cash and cash equivalents at 31 March
|
|
20,884
|
31,798
|
910
|
640
|
Trifast plc
Annual results for the year ended 31
March 2024
Summary notes to the Annual Results
Announcement:
1.
Underlying profit before tax and separately
disclosed items
|
Annual
report
|
2024
|
2023
|
|
note
|
£000
|
£000
|
Underlying profit before
tax
|
|
6,525
|
9,300
|
Separately disclosed items within
administrative expenses:
|
|
|
|
Acquired intangible
amortisation
|
13
|
(1,780)
|
(1,798)
|
Project Atlas
|
|
(2,079)
|
(1,722)
|
Restructuring and reorganisation
related charges
|
|
(1,491)
|
(4,235)
|
Impairment of non-current
assets
|
13
|
(1,964)
|
(2,926)
|
Settlement for loss of
office1
|
|
-
|
(1,050)
|
Aborted acquisition
costs
|
|
-
|
(261)
|
Profit / (loss) before tax
|
|
(789)
|
(2,692)
|
|
Annual
report
|
2024
|
2023
|
|
note
|
£000
|
£000
|
Underlying EBITDA
|
|
19,848
|
19,297
|
Separately disclosed items within
administrative expenses:
|
|
|
|
Project Atlas
|
|
(2,079)
|
(1,722)
|
Restructuring and reorganisation
related charges
|
|
(1,491)
|
(4,235)
|
Impairment of non-current
assets
|
13
|
(1,964)
|
(2,926)
|
Settlement for loss of
office1
|
|
-
|
(1,050)
|
Aborted acquisition
costs
|
|
-
|
(261)
|
EBITDA
|
|
14,314
|
9,103
|
Acquired intangible
amortisation
|
13
|
(1,780)
|
(1,798)
|
Depreciation and non-acquired
amortisation
|
|
(7,904)
|
(7,313)
|
Operating (loss) / profit
|
|
4,630
|
(8)
|
1The settlement for loss
of office costs of £0.5m (FY23: £1.1m) within restructuring and
reorganizational related charges, (see note 2 and
7).
2. Geographical operating
segments
The Group is comprised of the
following main geographical operating segments:
UK
& Ireland
|
Europe: includes Norway,
Sweden, Hungary, Holland, Italy, Germany and Spain
|
North America
|
Asia: includes Malaysia, China,
Singapore, Taiwan, Thailand and India
|
Ireland up until FY23 was reported
as part of Europe. However, for FY24 it is now reported and
reviewed as part of UK & Ireland segment. Hence, for the
disclosure in FY24 below Ireland is reported as part of UK segment
and FY23 numbers are restated to include Ireland within
UK.
March 2024
|
UK &
Ireland
£000
|
Europe
£000
|
North
America
£000
|
Asia
£000
|
Common
amounts
£000
|
Total
£000
|
Revenue
|
|
|
|
|
|
|
Revenue from external
customers
|
73,394
|
86,403
|
28,989
|
44,885
|
-
|
233,671
|
Inter-segment revenue
|
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
|
(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
|
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.
March 2023
|
UK &
Ireland
(restated)
£000
|
Europe
(restated)
£000
|
North
America
£000
|
Asia
£000
|
Common
amounts
£000
|
Total
(restated)
£000
|
Revenue
|
|
|
|
|
|
|
Revenue from external
customers
|
80,620
|
82,599
|
29,657
|
51,515
|
-
|
244,391
|
Inter-segment revenue
|
6,034
|
3,075
|
271
|
8,893
|
-
|
18,273
|
Total revenue
|
86,654
|
85,674
|
29,928
|
60,408
|
-
|
262,664
|
Underlying operating result
|
5,507
|
2,917
|
1,256
|
9,473
|
(7,169)
|
11,984
|
Net financing costs
|
(376)
|
(634)
|
(593)
|
28
|
(1,109)
|
(2,684)
|
Underlying segment
result
|
5,131
|
2,283
|
663
|
9,501
|
(8,278)
|
9,300
|
Separately disclosed
items
|
4,002
|
4,073
|
401
|
88
|
3,428
|
(11,992)
|
Profit / (loss) before tax
|
1,129
|
(1,790)
|
262
|
9,413
|
(11,706)
|
(2,692)
|
Specific disclosure items
|
|
|
|
|
|
|
Depreciation and
amortisation
|
(2,279)
|
(3,500)
|
(902)
|
(1,770)
|
(660)
|
(9,111)
|
Government support
income
|
-
|
-
|
-
|
-
|
-
|
-
|
Assets and liabilities
|
|
|
|
|
|
|
Non-current asset
additions
|
1,231
|
5,702
|
1,082
|
2,222
|
1,412
|
11,649
|
Non-current assets
|
17,880
|
19,838
|
5,920
|
22,725
|
7,900
|
74,263
|
Segment assets
|
75,713
|
82,221
|
27,426
|
69,475
|
11,751
|
266,586
|
Segment liabilities
|
(23,657)
|
(17,659)
|
(3,612)
|
(13,608)
|
(72,161)
|
(130,697)
|
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, £7.3m (FY23: £12.0m) was sold into the European market. Of
the Asian external revenue, £5.3m (FY23: £5.8m) was sold into the
North American market and £4.5m (FY23: £7.6m) was sold into the
European market.
Within Europe, TR Italy has revenue
of £28.2m (FY23: £27.3m) and non-current assets of £10.0m (FY23:
£11.7m). Within Asia, TR Formac Singapore has revenue of £18.7m
(FY23: £20.4m) and non-current assets of £3.9m (FY23:
£4.5m).
Revenue is derived solely from the
manufacture and logistical supply of industrial fasteners and
Category 'C' components.
3.
Revenue by sector
(CER)
Europe
has seen revenues increase 3.8% to £88.9m (FY23: £85.7m), driven by
the uplift in the light and heavy vehicle sectors in Sweden, helped
by new and existing customers transitioning to EV technology, and
during FY24, we successfully completed the transfer of the European
distribution business from the UK to TR Germany. Hungary continues
to be impacted by the current downturn in customer demand and the
ongoing Ukraine conflict, whilst our manufacturing facility in
Italy is starting to see some recovery in legacy business and new
business opportunities from manufacturing investment.
In Asia, we have reported a 9.3%
decrease in revenue to £54.8m (FY23: £60.4m), mainly driven by the
distributor sector and the continuing softness in the Asia market.
China is still experiencing low consumer demand following the
Pandemic shutdowns and the general macroeconomic climate. The
result also appears less favourable in comparison to TR Taiwan's
outstanding performance in FY23. There was however a significant
uplift in the light vehicle sector in Malaysia and
Thailand.
UK & Ireland's revenue reduced
by 10.5% to £77.5m (FY23: £86.7m) due to reduced distribution sales
as a blend of volume (destocking and demand), lower market pricing
and the completed transfer of distribution business to TR
Germany.
The decline has been partially
offset by revenues from contract OEM customers from new wins
secured in FY23.
North America demonstrates continued
growth, mainly in the light vehicle sector, offset by declines in
E,T&I and general industrial sectors, resulting in revenue of
£30.2m (FY23: £29.9m).
4.
2024 Annual report
The Annual report and financial
statements for the year ended 31 March 2024 were approved by the
Board of Directors on 26 July 2024.
In addition to the link on the
front of this announcement to a pdf of the 2024 Annual report, 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 2024 or 2023. However, it
is derived from the 2024 Report and Accounts (pdf
attached to this announcement).
The Report and Accounts for 2023
has been delivered to the Registrar of Companies and those for 2024
will be delivered in due course. The external auditor has reported
on the 2024 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 151-158
of the 2024 Annual report.
5.
Annual General Meeting
(AGM)
The Annual General Meeting will be
held at the National Distribution Centre, West Midlands on 10
September 2024 at 12.30pm.
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 2024
Annual report can be sent to: The Company Secretary, Trifast plc,
Trifast House, Bellbrook Park, Uckfield, East Sussex TN22 1QW,
alternatively email: Companysecretariat@trifast.com.
Further enquiries please contact:
|
Trifast plc
|
Iain Percival, CEO
Kate Ferguson, Interim
CFO
Christopher Morgan, Company
Secretary
|
Tel: +44 (0) 1825 747630
Email: corporate.enquiries@trifast.com
Shareholders:
Companysecretariat@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
|
About
Trifast plc (LSE Main listing: symbol: TRI)
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 light
vehicle, heavy vehicle, health & home, energy, tech, &
infrastructure (ET&I), general industrial and
distributors. 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.
For more information,
visit:
TRIFAST PLC TRI Stock | London Stock Exchange
website: www.trifast.com
LinkedIn: www.linkedin.com/company/tr-fastenings
X: www.x.com/trfastenings
Facebook: www.facebook.com/trfastenings
Note
Trifast, TR and TR Fastenings are
registered trademarks of the Company
LEI number: 213800WFIVE6RWK3CR22
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