Summary of Results to March 2011

H1
30 September
2010
H1
31 March
2011
Full year
31 March
2011
Full year
31 March
2010
Continuing operations
Revenue£52.04m£54.05m£106.09m£85.94m
Underlying EBITDA1£2.48m£2.78m£5.26m£2.13m
Underlying pre-tax profit1£1.72m£2.05m£3.77m£0.92m
Pre-tax profit/(loss)£1.48m£1.04m£2.52m(£2.81m)
Operating cash generation(£0.14m)(£0.91m)(£1.05m)£3.91m
Net Debt£5.63m£7.14m£7.14m£4.68m

1 Underlying profit and EBITDA is calculated before intangible amortisation, IFRS 2 charges, restructuring costs.

Key points

  • Sales led focus yielding the desired outcome
  • Geographically:
    • Asia continued to grow and provides firm foundation
    • UK this year's star performer, £3m swing into profitability
    • US/Mainland Europe improved to break-even 
  • Key metrics:
    • Gross Margin improved to 25.2% (2010: 24.4%)
    • EBITDA margin up to 5.0% (2010: 2.5%)
    • ROCE 8.7% (2010: 2.4%)
  • Firm foundations in place
    • TR Direct (Day to day UK Transactional sales)
    • Investment in 'Automotive Centre of Excellence' in Holland
    • Global sales strategy - increasing representation in China, India, USA and UK
  • Encouraging start to the new fiscal year

Trifast has clearly enjoyed the best of the global recovery in customer demand "catch up" for re-stocking, which now allows our strategy to develop market share to come into its own.  These plans embrace most of our individual business teams across the Group but with special focus in Asia, the UK and America, and we look forward to reporting our progress as we go through the year.

Malcolm Diamond, Chairman & Jim Barker, CEO


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