April 2011 Trifast plc Trading Update
The Board of Trifast plc publishes the following Trading update ahead of its Preliminary results for the year ended 31 March 2011 which are scheduled to be announced in June.
Since the Group’s Interim Management Statement (16 February 2011), the business has continued to experience buoyant trading conditions; this is evidenced with the last month of the financial year to be reported, recording record sales since the changes made to management and TR structure in early 2009.
After having taken into account the additional costs and negative impact of Foreign Exchange, a point we highlighted in our last Interim Management Statement in February, the Board is pleased to announce that Group profit before tax, pre-exceptionals, is expected to be ahead of current market expectations.
Year-end net debt is higher than at the half year stage and in-line with expectations. This is largely as a function of the required increase in levels of stock to service the new and existing business that came on stream during the year.
The coming financial year is one during which we are intent on continuing to put good business practices into all aspects of Trifast. This will include, well earned wage rises for staff and an on-going focus on maximising margins. Particular attention will be given to the pricing of both new and existing contracts and more efficient sourcing.
Following recent unfortunate events in Japan and the ongoing unrest in the Middle-East, the Group remains mindful of the potential impact on some of its customers but as yet is not seeing this translate to altered ordering patterns.
Overall, as we continue to focus on the delivery of our stated three-phase strategy and building on our performance, the Board remains confident about the future.
We look forward to reporting on our progress over the next financial year.
All investor related materials including video clips can be viewed on the Group’s recently updated website: www.trifast.com