Trifast Plc - 2015 Preliminary Results

“We are delighted to be able to report a record performance for the year. This is reflected in an impressive increase in terms of revenue, up 19%, and underlying profit before tax, up 56%”


 

Highlights

 
 
Year Ended
31 March 2015
Year Ended
31 March 2014
Change
AER^
Change
CER†
Group Revenue £154.74m £129.78m +19.2% +22.6%
Underlying Operating Profit * £15.27m £9.70m +57.5% +62.1%
Underlying Profit Before Taxation * £14.31m £9.16m +56.2% +62.1%
Operating Profit * £12.82m £9.41m +36.2% +41.0%
Profit Before Taxation  £11.85m £8.87 +33.6% +38.6%
Earnings Per Share:
- Basic
- Underlying Diluted *
 
7.39p
8.68p
 
6.08p
5.95p
 
+21.5%
+45.9%
 
Dividend:
- Final Proposed
- Total for Year
 
1.00p
2.10p
 
1.00p
1.40p
 
+50.0%
+50.0%
 
Return on Capital Employed (ROCE) * 18.6% 16.3% +230bps  
Net (debt) / Cash £13.42m (£2.03m) £15.45m  
*before seperately disclosed items, as shown in note 2
^ Actual Exchange Rate ('AER')
† Constant Exchange Rate ('CER')
 
“The impressive results in 2015 are stronger than originally expected. They reflect the operational improvements implemented by management over recent years which are now delivering growth in both revenue and profitability, together with the upturn in confidence as we progressed through the year. 
 
As a business we remain confident in our ability to deliver our strategy and are excited about the future. There continue to be many opportunities, both across our key sectors and with new and existing customer partnerships, and we believe that the Group will go from strength to strength. We remain encouraged by the future growth profile of the business and our commercial progress looks set to continue positively during 2015/16.”
 
The Board of Trifast plc (Symbol: TRI), the international fastenings group places great importance on progression and succession at the top level of the Group as well as through the teams. Over the past two years, the Board has been carefully examining and refining its future plans and requirements so as to ensure it continues to drive performance and that this is both aligned to the interests of all stakeholders and the further development of its commercial business.

As part of its planning for the future, the Company announces the following changes:- NOTICE OF SUCCESSION – CEO and CFO.

Jim Barker, Chief Executive Officer will step down as CEO on 30 September 2015.

In order to provide continuity and support to the Group, he will remain available to the Group in a consultancy role until 30 June 2016. Jim’s career has spanned over 40 years within the industry. Having retired as CEO in 2007 after five years in the role, he returned to the business in March 2009 as CEO and part of the restructured Board in order to rebuild the TR business and revitalise the senior management team. Over the last five financial years the Group under his joint leadership with Executive Chairman Malcolm Diamond has delivered compound annual EPS growth of 160%.
 

Mark Belton, the Group’s current Group Finance Director will take up the role of Chief Executive Officer, with effect from 1 October 2015.

Mark joined the business in 1999 having qualified as a Chartered Accountant with KPMG. In 2010 and in recognition of managing the Group’s recovery programme, Mark was promoted to the Main Board to officially take up the role of Group Finance Director. Reporting directly to the CEO, Jim Barker he has been managing all aspects of Group financial reporting and financing around the globe. Mark is also a member of the Senior Executive Board. Mark has shown his resilience and upskilled over his 15-year career with Trifast. He has the respect of the global operational teams as he has forged a wealth of knowledge and great understanding of the industry, the TR model, key sectors and our customer portfolio. He also played a pivotal role in the successful acquisitions of PSEP in Asia and VIC in Italy.
 

Clare Foster will be promoted to Chief Financial Officer and will join the Main Board with effect from 1 October 2015.

Since joining Trifast in January 2015, as Group Financial Controller Clare has been responsible for assisting the Group Finance Director in all aspects of group financial management and accounting governance. She is a member of the Senior Executive team and been involved in planning and decision making across all levels. In March 2015 she was appointed Company Secretary. Prior to joining Trifast, Clare began her career in audit within KPMG. Over her 16 years she held a number of client facing and internal roles and latterly handled a variety of strategic projects for the firm, working alongside the UK leadership team in London. She is an FCA with a BA (Hons) degree in Social Anthropology from Sussex University.

For further information see below


Enquiries


Trifast plc
Malcolm Diamond MBE, Executive Chairman
Telephone: +44 (0) 1825 747366
Mobile: +44 (0) 7979 518493

Peel Hunt LLP
Stockbroker and financial adviser
Justin Jones
Mike Bell
Telephone: +44 (0) 20 7418 8900

TooleyStreet Communications IR, corporate & media relations
Fiona Tooley
Mobile: +44 (0) 7785 703523

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