Interim Management Statement

RNS Number : 9137G

Trifast PLC

10 February 2010

 



10 February 2010

Embargoed: 7.00am

Trifast plc

Q3 2009 Interim Management Statement

Trifast plc ("Trifast" or "the Company") publishes its Interim Management Statement covering the period October - December 2009, and a trading update to the date of this announcement as required by the UK Listing Authority Disclosure and Transparency Rules.

Q3 trading indicates that stability has been restored showing an improved position over the previous two quarters. Trifast has continued to witness an on-going improvement in its transactional sales run rates. The improved run rates, particularly in the Asian operations where the trading environment has steadily increased month-on-month, indicates recovering optimism from Trifast customers within some of the sectors the Company serves, such as electronic equipment and automotive.

Trifast continues to focus on working capital management and cash generation ensuring costs, inventories and debtors remain under tight control, but at the same time allowing sufficient scope for Trifast teams to compete effectively.

The Board remains confident that the Group will continue to sustain further progress in line with management expectations throughout the Q4 period ended March 2010.

As the Board has already indicated, its urgent "Phase 1" objective is to return the business back to strong levels of sustained profitability through lean logistics, targeted sales and marketing with on-going margin improvement.

In working closely with the Company's operational management, the Trifast Board has been extremely encouraged by their enthusiasm, willingness to change and adoption of a continuous improvement philosophy supported by "working smarter" in the key areas of service, supply chain, logistics, pricing and packaging.

As Trifast enter the next financial year in April 2010, it will be implementing "Phase 2" of its recovery and rebuild strategy which the Board looks forward to explaining to shareholders as part of its year-end results presentation scheduled to be announced in June 2010.

Enquiries:
Trifast plc	Citigate Dewe Rogerson
Malcolm Diamond, Executive Chairman	Fiona Tooley, Director
Telephone: [phone]	Keith Gabriel, Senior Account Manager
Mobile: [phone] (MMD)	Telephone: [phone]
Arden Partners plc
Richard Day
Adrian Trimmings
Tel: [phone]

Editors Note:

Ticker: TRI

Group website: www.trifast.com

Trifast's trading business, TR Fastenings is a leading international manufacturer and distributor of industrial fastenings to the assembly industries, with operations in Europe, the Americas and Asia. For more information, please visit www.trfastenings.com.

 

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