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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%  

  • Impressive track record in Total Shareholder Return and increasing market cap from below £10m in 2009 to over £141m on 12 June 2014
  • 40% of revenue coming from Multinational OEMs- focus on accelerating the growth within this sector of the business
  • 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
  • Training our people –‘up-skilling’ – adding value and expertise to have the ability to cross sell around the Group
  • Adding value through the recruitment of highly skilled applications engineers as TR grows its automotive output
  • TR’s Branded and specialised products growth trend continues
  • 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