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Trifast plc - Trading Update - September 2015
"Group current trading across all regions in the period to 31 August 2015 remains encouraging and in line with management expectations. Our search actively continues to add niche, well run businesses to the Group’s portfolio which meet our criteria and support our growth plans and ambitions. There are some macroeconomic influences that we cannot control which may affect future earnings; however as a business we remain confident in our ability to deliver our strategy and progression in the future.” - Malcolm Diamond MBE, Executive Chairman
The Board of Trifast plc (Symbol: TRI) provides the following update ahead of the 2015 Annual General Meeting being held today at its headquarters in Uckfield at 12noon:
In the financial year ended 31 March 2015, our business delivered its strongest trading performance since it was formed over 40 years ago. Group current trading across all regions in the period to 31 August 2015 remains encouraging and in line with management expectations. Although the potential Chinese slowdown could have an impact on global markets, our sales within and into China currently amounts to only around 5% of the Group’s annual revenue. Our pipeline is strong so we remain encouraged by the future growth profile of the business and our commercial progress looks set to continue positively during 2015/16.
Our growth opportunity is firmly built around the enticing knowledge that Trifast has less than 1% of the global industrial fastener market. Our offering on an international scale is an attractive USP to many OEMs. Trifast has already shown it is capable of delivering a firm trend of healthy organic growth. However, this is not enough to maximise the opportunities available to us in what is a fragmented market sector. Our search actively continues to add niche, well run businesses to the Group’s portfolio which meet our criteria and support our growth plans and ambitions.
Market research indicates that global demand for mechanical fasteners will continue to grow over the next five years. There are some macroeconomic influences (including the volatility of exchange rates) that we cannot control which may affect future earnings; however as a business we remain confident in our ability to deliver our strategy and progression in the future.
We announced in June that our current CEO, Jim Barker, would be stepping down at the end of September. We would like to take this opportunity to thank him for his leadership and contribution to the Group’s performance over the last six years in particular. Jim’s career has spanned over 40 years within the industry.
In order to provide continuity and support to the Group, he will remain available to the Group in a consultancy role until 30 June 2016.
With effect from 1 October 2015, Mark Belton will take up the role of Chief Executive Officer and Clare Foster, our Group Financial Controller, will become Chief Financial Officer and join the Main Board. We congratulate them both on their new roles. Both have the skill sets, drive and determination to positively lead the team that will take Trifast to the next stage of its growth aspirations.
NOTICE OF HALF-YEAR RESULTS
The Company will update shareholders further on its progress at its Half-Year results which are scheduled to be announced on Tuesday 10 November 2015.
Malcolm Diamond MBE, Executive Chairman
Telephone: +44 (0) 1825 747366
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