Summary of Results to March 2013

The Board remain very optimistic that the phrase a 'World of Opportunity' initiated last year is gathering momentum

Summary info

Financial highlights

Year ended
31 March 2013
Year ended
31 March 2012
change
Group revenue£121.54m£112.51m+8%
Underlying operating profit*£7.97m£5.63m+42%
Underlying profit before taxation*£7.25m£5.00m+45%
Operating profit£7.16m£5.39m+33%
Profit before tax£6.44m£4.76m+35%
Earnings per share:
- Basic4.39p3.45p+27%
- Adjusted diluted4.73p3.76p+26%
Dividend – Final proposed0.80p0.50p+60%
Positive cash generation (adjusted)£7.87m£4.57m+72%
Net borrowings reduced£5.20m£8.41m£3.21m
Return on Capital (ROCE)*12.1%**11.3%+80bps

* Before separately disclosed items which are shown in the Financial statements.
** Adjusted for PSEP 12 months pro-rata (9.1% on statutory basis)

Commercial highlights

Asia

  • New business, PSEP and healthier demand from existing customers despite loss of transfer contracts to China

Europe

  • Strong gains from automotive focus – diversifying from historic electronics & domestic appliances sectors

United Kingdom

  • Very strong performance - the benefit of ‘self - help’ initiatives
  • Securing significant new business at improved margins
  • Steady profit growth across all regions including Ireland and encouraging contribution from TR Direct

U.S.A

  • Creditable performance reflecting renewed vigour in the US economy and new multinational contract wins
  • Currently, a small part of TR but strategic to the business’ future growth plans

Globally

  • Investment in sourcing, automation, IT analytics and specialist sales engineers

Gearing

Gearing

Net Debt

Net Debt

as at March 2013

Adjusted Operating Cash

Earnings Per Share

Gross Profit

Net Interest Cover

Roce

Proposed final dividend

...the global market for fasteners and related components for assembly is vast and the market fragmented so there is an opportunity for smaller more flexible players like ourselves to be "strategic consolidators"

Key Performance Indicators

TR's Objectives setResult: March 2013
  • Increase revenue, organically & acquisitively
Tick8% increase in revenue
  • Increase profitability
Tick45% uplift in underlying pre-tax profit
  • Ongoing margin enhancement
Tick6% net profit margin (2012: 4.4%)
  • Maintain positive cash generation
TickOperating cash flow nearly £8 million
  • Increase return on capital (ROCE)
TickIncrease to over 12%
  • Broadening the skills of management and staff
Tick'Value assessment' model – identifying the leaders of the future

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