Publication of the 2021 Annual Results


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(Trifast, TR, Company or Group)

“Our fastenings enable innovation today to build a better tomorrow”

LONDON: Tuesday, 22 June 2021: Trifast plc (LSE Premium listing: TRI), a leading international specialist in the design, engineering, manufacture, and distribution of high quality industrial fastenings and Category ‘C’ components principally to major global assembly industries publishes its FY2021 results for the twelve-month period ended 31 March 2021.

The following information contained within this announcement is a summary taken from the Group’s audited Annual Report and Financial Statements for the year ended 31 March 2021 which can be viewed in full here.


“The foundations are largely in place and Trifast stands on the cusp of an extended period of strong growth – both through continued organic growth and with an increasing focus on value-enhancing acquisitions. We aspire to be a much bigger company and are approaching matters with that in mind. In this pivotal year we will have to navigate a number of headwinds, even so, I can say, that this is the most dynamic time for Trifast in more than a decade.” - Jonathan Shearman, Chair

Summary of our FY2021 Group performance

  • We are thankful for the continued support of our employees and wider stakeholders during such a trying period
  • Resilient performance with revenues of £188.1m down 6% year-on-year
  • Underlying operating profit margin of 6.4% (FY2020: 7.9%), assisted by effective cost saving actions
  • Underlying diluted EPS reduce to 6.24p at AER (FY2020: 8.64p)
  • Very strong cash conversion at 147.9% of Underlying EBITDA reinforces the Group’s financial position
  • Balance sheet further strengthened by £16m equity raise in June 2020, providing capacity to support investments for growth including working capital
  • Strong pipeline and high activity levels build well-placed confidence for the future
  • Freight, raw material and lead time pressures impact on margins in the shorter term
  • Project Atlas:
    • Total budget increased to c.£17.5m (from c.£15.0m) to prioritise speed of roll-out
    • Roll-out re-commences into Spain, next site Holland
  • M&A opportunities increase

Our Group performance1

 

 

FY2021 CER

FY2021 AER

FY2020

Movement at CER

Movement at AER

Revenue £188.1m £188.2m £200.2m (6.0)% (6.0)%
Gross profit (GP) £50.1m £49.9m £55.1m (9.2)% (9.4)%
GP% 26.6% 26.5% 27.5% (90)bps (100)bps
Underlying operating profit (UOP) £12.1m £12.0m £15.8m (23.4)% (23.9)%
UOP % 6.4% 6.4% 7.9% (150)bps (150)bps
Underlying EBITDA £17.7m £17.6m £21.2m (16.5)% (17.0)%
Underlying EBITDA % 9.4% 9.4% 10.6% (120)bps (120)bps
Underlying profit before tax £11.1m £11.0m £14.7m (24.6)% (25.2)%
Underlying diluted EPS 1 6.32p 6.24p 8.64p (26.9)% (27.8)%
Cash conversion as a% of UEBITDA   147.9% 105.1%   4,280bps
Underlying ROCE 1,2   6.8% 8.8%   (200)bps
Adjusted net cash / (debt) 3   £13.3m £(15.2)m   £28.5m
Total dividend   1.60p 1.20p   33.3%

GAAP measures

 
Operating profit (OP) £8.9m £8.8m £4.1m 117.4% 114.8%
OP% 4.7% 4.7% 2.0% 270bps 270bps
Profit before tax £7.9m £7.8m £3.0m 159.4% 155.9%
Diluted EPS   4.31p (0.19)p   n/a
  1. Presented after the reclassification of IFRS2 Share-based Payments, including related social security costs on exercise, into underlying results. For EPS, the impact has been a reduction of 0.73p from 6.97p (FY2020: 1.90p from 10.54p). For ROCE, a reduction of 90bps from 9.6% (FY2020: 150bps from 12.0%)
  2. The calculation for ROCE has also been changed in FY2021 (and restated above for FY2020) to reflect an add back of gross, rather than net debt. The impact of this change is a 190bps reduction from 8.7% in FY2021 (FY2020: 170bps reduction from 10.5%)
  3. Stated before IFRS16 Leases
Unless stated otherwise, amounts and comparisons with prior year are calculated at constant currency (Constant Exchange Rate (CER)) and, where we refer to ‘underlying’, this is defined as being before separately disclosed items (see note 2 in Annual report). FY2021 results are presented after the change in classification of IFRS 2 Share-based Payments from a separately disclosed item into underlying results. The FY2020 results have been restated for comparability. A reconciliation to previously reported numbers is provided in note 33 of the Annual Report (IFRS 2 charges, including related NI costs on exercise – FY2021: £1.2m; FY2020: £2.3m).

Click here to download the full 2021 Annual Results which includes a letter from the Chair, as well as further information about our strategic objectives.


Enquiries

Trifast plc

Jonathan Shearman, Non-Executive Chair
Mark Belton, Chief Executive Officer
Clare Foster, Chief Financial Officer
Office: +44 (0) 1825 747630
Email: corporate.enquiries@trifast.com

Peel Hunt LLP

Stockbroker & financial adviser
Mike Bell
Tel: +44 (0) 20 7418 8900

TooleyStreet Communications

IR & media relations
Fiona Tooley
Tel : +44 (0)7785 703523
Email: fiona@tooleystreet.com

Published 22.06.2021

For further information on Trifast plc please visit our investors website: www.trifast.com