Trifast PLC Trading Update (9504P)
February 14 2019 - 2:00AM
UK Regulatory
TIDMTRI
RNS Number : 9504P
Trifast PLC
14 February 2019
Trifast plc
(Trifast, Group or TR)
"Holding the world together"
"Trifast is a global business serving a broad and balanced range
of sectors and geographies and generating c.70% of revenues and
profits outside of the UK. We are a full-service provider to our
multinational customers, delivering reliable product engineering,
quality and supply, via flexible global logistics solutions. It is
these core skills that continue to allow us to increase market
share across a wide customer base and put us in a good position to
keep moving forward and delivering on our future aspirations even
in a less certain world."
Trading Update
London, Thursday, 14 February 2019: Trifast plc (Main market LSE
Symbol: TRI) issues the following unaudited Trading Update covering
the period from the half year to the date of this announcement.
TRADING
Despite the macroeconomic backdrop impacting the outlook for
industry as a whole, we are pleased to announce that the Group
continues to trade in line with our expectations. Furthermore,
recent contract wins, and a strong pipeline gives us confidence as
we look to the future.
Globally, the automotive sector continues to present Trifast
with significant opportunities for organic growth through a mix of
cross-selling, new technologies as a result of the ongoing
evolution to electric vehicles and the collaboration of both local
and international TR capabilities. As expected, the weaknesses we
previously highlighted in the UK automotive markets have remained,
temporarily impacting revenues and profitability at a regional
level. However, outside of the UK, we are continuing to build our
market share with both existing and new key global Tier1 and OEM
customers.
Across the wider Group, the sector and regional trends
experienced in the first half have largely continued through the
period.
It is also pleasing to report that PTS, which we acquired at the
start of the financial year, has settled in well to the Group and
is delivering strong year-on-year growth, while our TR Technical
and Innovation Centres are adding value to our global customer
partnerships. Project Atlas, our Group-wide investment programme to
build the Trifast of tomorrow remains firmly on track and on
budget, and we look forward to providing more detail on our
progress at the full year.
BREXIT
Our cross-functional Brexit team which has been in place for the
last two years has completed its contingency planning. We currently
consider that both the operational and financial impact of any
Brexit scenario will be manageable in the short term. Longer term
implications for the wider UK economy are less easy to predict.
BANKING
We continue to operate well within our current facilities. As we
indicated in the HY report, in order to support our future global
growth aspirations, acquisition strategy and substantial investment
programme over the next 3-5 years, we have initiated discussions
with several banks in order to secure access to additional
facilities and thereby maintain an appropriate degree of funding
flexibility. This process is progressing very well, and we expect
to be able to give more details shortly.
SUMMARY
Notwithstanding the fact that, macroeconomic factors, including
currency volatility, the potential implications of Brexit and the
performance of the world economy generally, will continue to
influence market behaviour in the coming months; the Board is
confident in its strategy and the Group's flexibility to adapt to
change, and remains optimistic for the future.
A further update will be released in mid-April, ahead of the
full year results which are scheduled to be announced in June.
Enquiries please contact:
--------------------------------------------
Trifast plc
Malcolm Diamond MBE, Non-Executive Chairman
Mark Belton, Chief Executive Officer
Clare Foster, Chief Financial Officer
Office: +44 (0) 1825 747630
Email: corporate.enquiries@trifast.com
Peel Hunt LLP
Stockbroker & financial adviser
Mike Bell
Tel: +44 (0)20 7418 8900
TooleyStreet Communications
IR & media relations
Fiona Tooley
Tel : +44 (0)7785 703523
Email : fiona@tooleystreet.com
Editors' note:
------------------------------------------------------------------------------
LSE Premium Listing: Ticker: TRI
LEI number: 213800WFIVE6RUK3CR22
Group website: www.trifast.com
About us:
Trifast plc (TR) is an international specialist in the design, engineering,
manufacture and distribution of high quality industrial and Cat C
fastenings principally to major global assembly industries.
TR employs c.1300 people across 31 business locations within the
UK, Asia, Europe and the USA including eight high volume, high-quality
and cost-effective manufacturing sites across the world. These sites
produce over 33% of the total product which is sold and distributed
by TR to over 60 countries worldwide.
As a full-service provider to multinational OEMs and Tier 1 companies
spanning several sectors, TR delivers comprehensive support to its
customers across every requirement, from concept design through to
technical engineering consultancy, manufacturing, supply management
and global logistics.
For more information, visit
Investor website: www.trifast.com
Commercial website: www.trfastenings.com
LinkedIn: www.linkedin.com/company/tr-fastenings
Twitter: www.twitter.com/trfastenings
Facebook: www.facebook.com/trfastenings
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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