Trifast plc - Preliminary Results for the Year-ended 31 March, 2017

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