Trifast Plc - 2014 Preliminary Results
“The Group performed strongly last year and started the current financial year on a similar trend. Couple this with the acquisition of Viterie Italia Centrale Srl (“VIC”) and the other underlying opportunities around, we are confident this all provides a solid base and confidence that will underpin and deliver TR’s future performance.”
Highlights
“The Group performed strongly last year and started the current financial year on a similar trend. Couple this with the acquisition of Viterie Italia Centrale Srl (“VIC”) and the other underlying opportunities around, we are confident this all provides a solid base and confidence that will underpin and deliver TR’s future performance
| Year Ended 31 March 2014 |
Year Ended 31 March 2013 |
change | |
| Group revenue | £129.78m | £121.54m | +7% |
| Underlying operating profit* | £9.70m | £7.97m | +22% |
| Underlying profit before taxation* | £9.16m | £7.25m | +26% |
| Operating profit | £9.41m | £7.16m | +31% |
| Profit before tax | £8.87m | £6.44m | +38% |
| Earnings per share: - Basic - Adjusted diluted* |
6.08p 5.95p |
4.39p 4.73p |
+38% +26% |
| Dividend - final proposed - total for year |
1.00p 1.40p |
- 0.80p |
+75% |
| Strong cash generation, up 50% y-o-y - cash conversion |
£11.83m 109.5% |
£7.87m 85.3% |
+50% |
| Net cash / (borrowings) | £2.03m | (5.20m) | |
| Return on Capital (ROCE) | 16.3% | 12.1% |
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Impressive track record in Total Shareholder Return and increasing market cap from below £10m in 2009 to over £141m on 12 June 2014
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40% of revenue coming from Multinational OEMs- focus on accelerating the growth within this sector of the business
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Strong performance across the globe: organic growth ‘hotspots’ developing across Asia, Europe and US, whilst our ongoing ‘self-help initiatives’ continue to make material improvements around the business particularly gross margins - thus providing tangible impetus to our ongoing financial progress
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Training our people –‘up-skilling’ – adding value and expertise to have the ability to cross sell around the Group
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Adding value through the recruitment of highly skilled applications engineers as TR grows its automotive output
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TR’s Branded and specialised products growth trend continues
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Management confident that the combination of strategic and dynamic business streams are not only driving TR’s current organic growth, but will continue to do so for the foreseeable future; however, as the fastener supply sector remains highly fragmented, there is ample scope for consolidation by acquisition
Post year end:
- Largest acquisition to date - VIC, enhancing TR’s offering and European footprint; also complementary and significantly strengthens TR’s presence in the domestic appliance market whilst offering cross selling opportunities in our existing electronic and automotive Tier 1 markets
- Promotion from Fledgling to the FTSE Small-cap and FTSE All-share indices expected 23 June 2014