Tuesday, 16 February 2016
(TTR, the Group)
The Board of Trifast issues the following unaudited Trading Update for the period 1 October 2015 to the date of this announcement:
Whilst the UK industrial market has shown signs of some softening as we expected when we reported last November, our markets in both mainland Europe and Asia remain strong.
It is also pleasing to report that Kuhlmann, in Germany (acquired in Q3) and VIC (acquired in May 2014) in Italy are both trading well; both these highly experienced teams have excellent technical knowledge which is assisting us in driving our core growth strategy of increasing revenues from our multi-national OEM base on a global basis. A combined investment programme in excess of £1million is underway in both VIC and Kuhlmann in order to further develop the many opportunities we have in their respective domestic and export markets.
Sales enquiries remain brisk through our TR portal and this underpins our operational teams' confidence in the continuing growth of the business. Our order pipeline remains encouraging, particularly as our offering on an international scale is an attractive USP to many OEMs; currently we are in negotiations with a number of multi- national OEM customers to extend the plants we service and to widen the product ranges we currently supply; therefore, our foundation long term strategy for business expansion stays firmly on track.
As a Board, we continue to explore new geographic areas to broaden our reach and search for suitable acquisitions to further add to the momentum of our organic growth to complement the Group's existing global, product and sector footprint.
Although global sentiment and the Brexit/EU debate might be influencing the current climate, and consequently impinging on economic confidence, from Trifast's own perspective, Group trading has not been unduly affected, however we remain diligent and far from complacent as we look forward.
Overall, we are making good progress against our strategic objectives and we remain optimistic about the Group's prospects. Therefore, we remain confident of meeting our full year expectations for the year ending 31 March 2016.
The Company will provide a further update in April ahead of the Preliminary results which are due to be published in mid-June 2016.
Enquiries please contact:
Malcolm Diamond MBE, Executive Chairman
Mark Belton, Chief Executive Officer
Clare Foster, Chief Financial Officer
Office: +44 (0) 1825 747630
Peel Hunt LLP
Stockbroker & financial adviser
Tel: +44 (0)20 7418 8900
IR & media relations
Tel: +44 (0)7785 703523
About Trifast plc
The Company is quoted on the London Stock Exchange (LSE Premium Listing: Ticker: TRI)
Group website: www.trifast.com
Trifast's trading business TR Fastenings is a leading international manufacturer (35% of sales) and distributor (65% of sales) of industrial fastenings to major assembly industries, with operations in Europe, the Americas and Asia supplying both distributors and OEMs. TR has over 5,000 customers and has attained 'preferred supplier status' with over 40 global OEM customers.
Group sales derive from industrial sectors: Automotive (32%), Electronics (17%) Domestic appliance (23%) Distributors (9%) with the remaining 19% from a combination of other sectors.
TR is well established and respected in the industry; built from one office in East Sussex, England in 1973 employing five people, today TR is an international business employing over 1100 staff in 17 countries; it operates through 26 business locations within Asia, North America and Europe and offers manufacturing and logistics capabilities serving over 50 countries 24/7. The TR business has strong leadership, experienced and motivated people throughout the business.
For more information, please visit www.trfastenings.com: LinkedIn: www.linkedin.com/company/tr-fastenings:
Facebook: www.facebook.com/trfastenings: Twitter: www.twitter.com/trfastenings