Summary Results March 2017

Holding the world together

"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%"

Key financials

Continuing operations

Year ended

31 March

2017 at CER

Year ended

31 March

2017 at AER

Year ended

31 March

2016

Change AER^Change CER
Group revenue£172.6m£186.5m£161.4m+15.6%+7.0%
Gross profit %31.1%31.1%29.7%+140bps+140bps
Underlying operating profit*£18.6m£21.0m£16.8m+25.2%+10.9%
Operating profit£15.6m£17.9m£13.9m+28.8%+12.5%
Underlying profit before tax*£18.1m£20.5m£16.0m+28.1%+13.2%
Profit before tax£15.1m£17.3m£13.1m+32.6%+15.4%
Underlying diluted earnings per share*11.28p12.82p9.99p+28.3%+12.9%
Basic earnings per share8.97p10.40p8.78p+22.4%+5.5%
Dividend:
— final proposed2.50p2.00p+25.0%
— interim1.00p0.80p+25.0%
— total3.50p2.80p+25.0%
Net debt£6.4m£16.0m-£9.6m
Return on capital employed (ROCE)*19.9%18.5%+140bps

* Before separately disclosed items.

† 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.” - 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” - Malcolm Diamond MBE, Non-Executive Chairman

Click here to view the latest RNS

Click here to view the Trifast 2016 annual report