Half-Yearly Financial Report for the Six Months Ended 30 September 2020

“Our fastenings enable innovation today, to build a better tomorrow”


Key Financials

Underlying measures

CER HY2021

CER change

AER HY2021

AER change

HY2020

Revenue £81.5m (21.0)% £81.0m (21.4)% £103.1m
Gross profit % 27.1% (170)bps 27.0% (180)bps 28.8%
Underlying operating profit (UOP)* £4.6m (58.0)% £4.6m (58.9)% £11.1m
Underlying operating profit %* 5.7% (500)bps 5.6% (510)bps 10.7%
Underlying profit before tax* £4.1m (60.8)% £4.1m (61.7)% £10.6m
Underlying diluted earnings per share* 2.38p (63.5)% 2.31p (64.6)% 6.52p
Bank facility headroom     £40.6m +£0.7m £39.9m
Adjusted net cash/(debt)^     £3.4m +£19.1m £(15.7)m
Return on capital employed (ROCE)*     7.8% (870)bps 16.5%

GAP measures

 
Operating profit     £3.2m (62.6)% £8.4m
Operating profit %     3.9% (430)bps 8.2%
Profit before tax     £2.7m (66.5)% £7.9m
Diluted earnings per share     1.48p (69.3)% 4.82p
 
"CER” being Constant Exchange Rate & “AER” being Average Exchange Rate
* Before separately disclosed items (see notes 2, 6 and 9)
^Adjusted net cash/(debt) is presented excluding the impact of IFRS16 Leases as this is how the calculation is performed for the purposes of the Group’s banking facilities. Including right-of-use-liabilities, net cash would decrease by £13.9m to net debt of £10.5m (HY2020: net debt would increase by £16.1m to £31.8m)

Operational Highlights

  • Resilient performance in extremely challenging macroeconomic conditions
  • Swift and effective operational and cost saving actions secure underlying operating profit margins of 5.7% (HY2020: 10.7%)
  • Recovery begins across all sectors and regions during Q2:
    • Domestic appliances sector has shown the fastest recovery
    • European region returns to consistent growth for each month of Q2 against the prior year
    • Automotive and UK recovery begins, but is slower off the mark
  • Operational Executive Board (‘OEB’) hits the ground running to develop and drive organic growth and efficiency opportunities
  • Project Atlas:
    • First successful site roll-out in Ireland in October
    • New global HR system starts to be implemented across Europe and the USA first
  • Net cash position following a successful equity raise and c.£40m of banking facility headroom provide flexibility and
  • confidence to finance our investment driven growth plans

“In the short term, the outlook for the macroeconomic environment remains uncertain. Second waves of COVID-19 infection in our major markets in the UK, Europe and the USA and any resulting local lockdowns could impact on operations or trading volumes. However, we have already demonstrated that as a business we can react quickly and effectively in the face of such disruption. We continue to have good access to banking facilities, with headroom of c.£40m, providing us with the security and flexibility to continue to invest in our future growth. The Board therefore remains committed to its ongoing investment driven growth strategy and is optimistic for the medium and long-term future”
 

Jonathan Shearman, Non-Executive Chair


“We are not complacent, but we are excited by the activity levels and pipeline of opportunities that we are seeing, with additional prospects for growth already secured, and enquiries underway across a number of sectors including electric vehicle, 5G and medical”
 

Mark Belton, Chief Executive Officer


Enquiries

Trifast plc

Jonathan Shearman, Non-Executive Chair
Mark Belton, Chief Executive Officer
Clare Foster, Chief Financial Officer
Office: +44 (0) 1825 747630
Email: corporate.enquiries@trifast.com

Peel Hunt LLP

Stockbroker & financial adviser
Mike Bell
Tel: +44 (0) 20 7418 8900

TooleyStreet Communications

IR & media relations
Fiona Tooley
Tel : +44 (0)7785 703523
Email: fiona@tooleystreet.com

Published 24.11.2020

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