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Trifast plc - Annual General Meeting - RNS - July 2017

Leading international specialists in the engineering, manufacturing and distribution of high quality, industrial fastenings to major global assembly industries.


ANNUAL GENERAL MEETING (Meeting)

At today’s Meeting (12noon 27 July 2017), Chairman, Malcolm Diamond MBE made the following summary statement on behalf of the Board to shareholders present: 
 
“As a Company, we were delighted once again to report an excellent 2016/17 performance which saw record breaking results and, following approval of the final dividend today, it is gratifying to share this success and reward our shareholders. Over the last six years dividends paid have grown from 0.50p to 3.50p, equating to a compound annual growth rate (‘CAGR’) of 47.6%."
 
“Looking ahead and to the current financial year; Trifast entered the year strongly with a robust pipeline in place. The capital and strategic investments already made and being planned in plant, people and logistics will see the Group remain in a good position to achieve further growth and to support our core objective of widening our multinational OEMs portfolio across the Group. With nearly four months trading under our belt, the Board is pleased to report that TR’s underlying business continues to perform well and in line with management expectations.”
 
“As we have stated before, geographically Europe, Asia and the USA all remain key focus areas for us, both organically and non-organically. To complement our strong underlying growth plans, further acquisitions remain an important strategic growth pillar for the Group. Our acquisition strategy has been developed to identify key criteria  and geographies and we will continue to use this to drive our proactive search for the next successful acquisition.”
 
“As highlighted in our Annual Report, there will always be some macroeconomic factors we cannot fully mitigate, including movements in foreign currency and the ongoing volatility in the raw materials markets. However, given the Group’s geographical diversity, our balanced sector mix and our clear strategies for growth, we remain confident about the Group’s prospects.” 
 
The Group’s next Trading Update will be in mid-October ahead of the Half-year Results for the period ending 30 September 2017 which are due for release in November. 

RESULT OF ANNUAL GENERAL MEETING (Meeting)

All resolutions put to Members at today’s Meeting were duly passed on a show of hands. The resolution proxy votes will be provided on the Group’s website, www.trifast.com, shortly and details can also be made available on request to the Company Secretary. In accordance with Listing Rule 9.6.2R, a copy of the resolutions passed as Special Business at the AGM will be submitted to the National Storage Mechanism and available for inspection at www.morningstar.co.uk/uk/nsm.  

DIVIDEND 

With our proven track record, a strong balance sheet and a confident strategy for growth, we remain committed to a progressive dividend policy. Shareholders today approved the payment of a final dividend of 2.50p per share which will be paid on 13 October 2017 to Members on the Register at the close of business on 15 September 2017. The ordinary shares will become ex-dividend on 14 September 2017. The total dividend for the year is 25% up on the prior year (2016: 2.80p). 

Enquiries please contact:


Trifast plc

Lyndsey Case, Company Secretary Tel: +44 (0) 1825 747630
Email: corporate.enquiries@trifast.com
 

Peel Hunt LLP

Stockbroker & financial adviser
Justin Jones or 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 27.07.17

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