Half-Yearly Financial Report for the Six Months Ended 30 September 2018
“Another six months of solid growth, with significant ongoing investment across our regions and via Project Atlas”
CEO Mark Belton on strategy and performance, also discussing the growth in Europe, Automotive industry opportunities and Brexit.
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Key Financials
Underlying measures |
CER HY2019 |
CER change v HY2018 |
AER HY2019 |
AER change v HY2018 |
HY2018 |
FY2018 |
Group revenue | £105.4m | +7.8% | £105.0m | +7.3% | £97.8m | £197.6m |
Gross profit % | 30.2% | - | 30.2% | - | 30.2% | 30.5% |
Underlying operating profit* | £12.0m | +7.6% | £11.9m | +6.7% | £11.1m | £22.7m |
Underlying pofit before tax* | £11.7m | +6.8% | £11.6m | +5.9% | £10.9m | £22.2m |
Underlying diluted earnings per share* | 7.27p | +7.2% | 7.20p | +6.2% | 6.78p | 13.78p |
Net debt | £13.5m | +£5.6m | £7.9m | £7.4m | ||
Return on capital employed (ROCE)* | 19.5% | -60bps | 20.1% | 20.1% | ||
Interim/total dividend^ | 1.20p | +9.1% | 1.10p | 3.85p | ||
GAAP measures |
||||||
Operating profit | £8.3m | -10.9% | £9.3m | £19.0m | ||
Profit before tax | £8.0m | -12.2% | £9.1m | £18.5m | ||
Diluted earnings per share | 4.82p | -26.5% | 6.56p | 12.20p | ||
Basic earnings per share | 4.93p | -26.6% | 6.72p | 12.54p |
* Before seperately disclosed items (see notes 2, 6 and 9)
^ Change is in interim dividend only
Operational Highlights
The investment driven growth story continues…
- Revenue up by 7.8% at Constant Exchange Rate (CER), 7.3% at Actual Exchange Rate (AER)
- Organic revenue growth of 4.3% at CER, 3.5% non-organic
- Underlying diluted earnings per share up by 7.2% at CER, 6.2% at AER
- Gross margins remain above our 30% target
- Capital investment of £1.3m increases our manufacturing capacity and capability, with more to follow
- Expanded distribution facilities in USA, support regional revenue growth of 34.8% at CER, 31.1% at AER
- Project Atlas, our multi-year investment in our systems, policies and procedures is on track, with a spend of £1.5m
- Interim dividend of 1.20p, an increase of 9.1% on the prior year interim
“Our solid first half results, together with a robust balance sheet, good access to banking facilities and a proven track record of profitable investment, means the Group is in a great position to keep moving forward. The second half has started well and, with a healthy pipeline in place, the Board remains confident of delivering its expectations for the current financial year.
Despite the macroeconomic backdrop we continue to have confidence in our model. As an international business serving a range of end markets and with c.70% of revenues and profits being generated outside the UK, we recognise the global opportunities that lie ahead in providing good product, skills and services to industry. We have these, coupled with the foresight and flexibility around the Group to keep moving forward and delivering on our future aspirations.”
Malcolm Diamond MBE, Non-Executive Chairman
Read full results: Half-Yearly Financial Report for the Six Months Ended 30 September 2018
Enquiries
Trifast plc
Malcolm Diamond MBE, Non-Executive Chairman
Mark Belton, Chief Executive Officer
Clare Foster, Chief Financial Officer
Office: +44 (0) 1825 747630
Peel Hunt LLP
Stockbroker & financial adviser
Mike Bell
Telephone: +44 (0)20 7418 8900
TooleyStreet Communications
IR & media relations
Fiona Tooley
Telephone: +44 (0)7785 703523