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Preliminary Results for the year ended 31 March 2012

Results ahead of market expectations – solid improvement in earnings sees Trifast return to the Dividend stream

Key Financials

Revenue Organic £108.95 million +2.7%
Including Acquisition of PSEP, Malaysia £3.56 million  
Total Group Revenue £112.51 million +6.1%
Underlying EBITDA*   £6.54 million +24.3%
Underlying Pre-Tax Profit* Organic £4.42 million +17.2%
Including Acquisition of PSEP, Malaysia £0.58 million  
Underlying Pre-Tax Profit* £5.00 million +32.6
Pre-Tax Profit   £4.76 million +88.7%
Earnings per Share: Basic 3.45 pence +78.7%
Adjusted diluted EPS*- Organic 3.55 pence +17.2%
Adjusted diluted EPS*-including Acquisition 3.76 pence +24.1%
Re-introduction of Dividend   0.50 pence  
ROCE (adjusted for PSEP 12-month pro-rata basis)   11.3% +29.9%
Strong Balance sheet and cash generation      
Net debt £8.41 million, Gearing 15.7%      
*Before IFRS 2 charge, intangible amortisation, acquisition expenses and restructuring credit/(costs)

Key Commercials

  • Self-help solid improvement across the core TR business with all territories trading profitably
  • Successful US restructuring with new Houston hub trading profitably
  • PSEP integrating well into the Group and trading in line with management expectations
  • Significant Global contract wins across the network
  • TR awarded preferred supplier status and “Lear Corporation Global Supplier Award”
  • Profit reflected in cash a major KPI across all 21 business units
  • A “World of Opportunity” in fragmented market and TR’s next three year strategic plan is underway

“We are now focused and working through this current financial year with an even higher degree of confidence in our ability to further accelerate our growth going forward into 2013 and 2014. Underpinning our confidence in the future of the business, the Board are recommending the re-introduction of a dividend. As all of our business teams continue to trade profitably; Our enquiry log for major new business opportunities remains busy across all three main Continents we serve – and sectors, mainly in Electronics and Automotive. We look forward to updating stakeholders throughout the year on our progress.”

Malcolm Diamond MBE, Executive Chairman & Jim Barker, Group Chief Executive

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