August 2010 - Q1 Interim Management Statement
As the Company indicated in its Preliminary announcement issued on 16 June 2010, the uplift in the last quarter of the previous financial year continued into Q1 of the current financial year ending March 2011.
Group revenue for the three months ended 30 June 2010 was 28% ahead of the same period last year; gross margins remained at levels similar to those of the second half of last financial year.
Trading Update - improving trends continue reflecting a strong recovery and ahead of expectations
Overall, for the year to date, we have continued to witness an improvement in trading and business opportunities despite some caution still prevailing across certain global economies.
TR Asia remains buoyant in terms of both manufacturing and distribution. Due to increasing manufacturing demand and visibility the Board has authorised the restoration of capital expenditure in this region.
Around the rest of the world in general, TR is also witnessing demand and enquiries increasing across both its transactional and global sales. The Group's focus remains sales-led with margin improvement whilst retaining its tight control on cash as the business starts to build up stocks profiled to new customer requirements.
In its ‘rebuild’ phase, the Directors remain confident that Trifast will continue to make good strategic progress throughout the remainder of the financial year. However, the Group continues to be mindful of the number of external macro-factors which could slow global and UK economic recovery such as the significant increases in freight and raw material costs.
Taking all of this into account trading to date is strong, as a result the Group will significantly exceed market expectations for the current year.
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