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



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


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

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