08:00 Mon 21 Oct 2019
Trifast PLC - Trading Update & Notice of Half-year results
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"Holding the world together"
Leading international specialists in the design, engineering, manufacturing and distribution
of high quality industrial and Category 'C' fastenings principally to major global assembly industries
Trading Update
TRADING
The challenging market environment highlighted in our Annual General Meeting update on
The impact of this weakness has reduced revenue levels with a corresponding reduction in gross and operating margins against a semi-fixed cost base. As a result, following a review of our year-to-date results and an update to our forecasts for HY2, the Board has concluded that in the absence of further market deterioration, the Group's underlying profit before tax in FY2020 is expected to be approximately
Notwithstanding the current high levels of uncertainty, we are pleased to report that our pipeline of new wins remains reassuringly solid and activity levels around the Group continue to be encouraging across all sectors. Both our
As ever, the search for the next acquisition remains an important objective for us. In fact, in a less certain world we are starting to see the number of potential M&A opportunities increase. And with new
Project Atlas, our Group-wide investment programme to build the
BREXIT
Our cross-functional Brexit team which has been in place for the last three 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. Although longer term implications for the wider
SUMMARY
Despite the short-term end market weaknesses and macroeconomic uncertainty, the strong long-term fundamentals of our business model and strategy remain unchanged.
With the long-term fundamentals of the business intact, the Board remains committed to its ongoing investment driven growth strategy and is optimistic for the long-term future.
The Directors look forward to providing the next update at the time of the Group's Half-year results in
Enquiries please contact: |
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Malcolm Diamond MBE, Non-Executive Chairman |
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Office: +44 (0) 1825 747630 |
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Stockbroker & financial adviser |
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Tel: +44 (0)20 7418 8900 |
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IR & media relations |
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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:
TR employs c.1300 people across 32 business locations within the
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
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