April 2010 - Trifast plc Pre-close update For the year ended 31 March 2010
The Board of Trifast plc (”Trifast” or “the Company”) publishes the following pre-close update ahead of its Preliminary results for the year ended 31 March 2010.
The recovering optimism witnessed in our Q3 period by customers within some of the sectors we serve such as electronic equipment and automotive has continued. This, together with our implemented ‘Phase 1’ recovery strategy instigated by the Board has seen the Group improve its market positioning significantly by the end of March 2010.
From a trading position, it is pleasing to report Group revenue in Q4 (Jan-March 2010) was ahead of the improved Q3 (Sept-December 2009) reported in February. In addition, it is very encouraging that, in the last month of the financial year ended 31 March 2010, all 21 business units traded profitably; this is ahead of management expectations, underpinning our confidence that TR’s recovery can be sustained.
With banking facilities firmly in place, our on-going focus remains on working capital and cash management: this has seen debt levels continuing to reduce, but at the same time allowing sufficient scope for Trifast teams to compete effectively.
The Board remains confident that the Group will make further progress during this new financial year as we implement “Phase 2” of our growth strategy, details of which will form part of its year-end results presentation scheduled to shareholders in June 2010.
The Trifast Board are keen to acknowledge the enthusiasm and willingness of the TR teams around the world; they have all embraced our continuous improvement and “working smarter” philosophy in the key areas of service, supply chain, logistics, pricing and packaging.
The Directors are confident that TR remains on target with its three-phase strategy and stated objective to return the business back to stronger levels of profitability through lean logistics, targeted sales and marketing with on-going margin improvement, and we look forward to reporting on our progress over the next year.
It is anticipated that the Group’s Preliminary results will be announced on Wednesday 16 June 2010.
For further information on Trifast plc please visit our investors website: www.trifast.com