Trifast Plc - 2017 Preliminary Results

"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 CER Change AER^
Total Group revenue £172.6m £186.5m £161.4m +7.0% +15.6%
Gross profit % 31.1% 31.1% 29.7% +140bps +140bps
Underlying operating profit* £18.6m £21.0m £16.8m +10.9% +25.2%
Operating profit £15.6m £17.9m £13.9m +12.5% +28.8%
Underlying profit before tax* £18.1m £20.5m £16.0m +13.2% +28.1%
Profit before tax £15.1m £17.3m £13.1m +15.4% +32.6%
Underlying diluted earnings per share* 11.28p 12.82p 9.99p +12.9% +28.3%
Diluted earnings per share 8.97p 10.40p 8.50p +5.5% +22.4%
- final proposed
- interim
- total for the year   3.50p 2.80p   +25.0%
Net debt   £6.4m £16.0m   -£9.6m
Return on capital employed (ROCE)*   19.9% 18.5%   +140bps
*Before seperately disclosed items (see note 2)
†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 



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 this announcement). 

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