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Interim Management Statement & Trading Update - August 2011

At today’s Annual General Meeting, Malcolm Diamond, Executive Chairman, addressed shareholders and all Resolutions were duly passed. Details of the proxy votes will be provided on the Group’s website or on request from the Company Secretary.

The Company also issued the following Interim Management Statement which covers the period from 1 April to 30 June 2011 and a Trading Update to the date of this announcement.
 
The Board is encouraged by the business performance which has seen revenue growth over the comparable period last year and more importantly a solid increase in profitability. Even with the traditionally quieter weeks of summer and the potential fragility of some economies and industries, we are continuing to witness further business opportunities in our key market sectors.
 
In-house manufacturing and strong sector focus underpins Trifast’s powerful customer offering both locally and globally. Trifast’s business models in both Europe and Asia are now well defined and firmly established. This year, we are looking to consolidate and then grow our customer support and logistics resource in the USA by initiating the restructure of our business teams to separate OEM sales and distribution into a new warehouse in Houston, and our Branded Products team into a new warehouse just outside Boston.
 
Looking forward; as we highlighted in both our 2011 published Report & Accounts and presentations in June, our focus in this new financial year will be on:-
 
  • Selective contract price increases
  • Improved sourcing
  • Growth within Branded Products and TR Direct (transactional sales)
  • Increased sales focus on our USA and China operations
As a Board, we are delighted to report that there has already been progress in all these areas which has had a positive impact not only on our teams around the globe but also on some of our key financial KPI objectives.
 
Continued focus on working capital management to support the growth mentioned above has ensured net debt remains at similar levels to those reported in our 2011 published Report & Accounts and is in-line with Management expectations.
 
Building from a firm foundation and given this positive start to the year, the Directors remain confident about Trifast’s prospects and look forward to updating shareholders further on its performance at the Half-year stage.

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