Preliminary Results- year ended 31 March 2013

RNS Number : 7516H
Trifast PLC
25 June 2013
 

 

Date: Tuesday, 25 June 2013

TRIFAST PLC

("Trifast" "Group" or the "Company")

"2013 - Celebrating TR's 40th Anniversary"

Trifast's relentless focus on profit growth and cash generation has been reflected in a strong trading performance; resulting in all KPIs being met at the end of the financial year:

2013 Preliminary results

Year ended

31 March 2013

Year ended

31 March 2012

change

Financial Highlights

Ø Group revenue

£121.54m

£112.51m

+8%

Ø Underlying operating profit*

£7.97m

£5.63m

+42%

Ø Underlying profit before taxation*

£7.25m

£5.00m

+45%

Ø Operating profit

£7.16m

£5.39m

+33%

Ø Profit before tax

£6.44m

£4.76m

+35%

Ø Earnings per share:

-Basic

-Adjusted diluted*

 

4.39p

4.73p

 

3.45p

3.76p

 

+27%

+26%

Ø Dividend - Final proposed

0.80p

0.50p

+60%

Ø Positive cash generation (adjusted)

£7.87m

£4.57m

+72%

Ø Net borrowings reduced

£5.20m

£8.41m

£3.21m

Ø Return on Capital (ROCE)*

 

12.1%

**11.3%

+80bps

Commercial Highlights

Ø Asia

ü New business, PSEP and healthier demand from existing customers despite loss of transfer contracts to China

Ø Europe

ü Strong gains from automotive focus - diversifying from historic electronics & domestic appliances sectors

Ø United Kingdom

ü Very strong performance - the benefit of 'self - help' initiatives

ü Securing significant new business at improved margins

ü Steady profit growth across all regions including Ireland and encouraging contribution from TR Direct

Ø U.S.A

ü Creditable performance reflecting renewed vigour in the US economy and new multinational contract wins

ü Currently, a small part of TR but strategic to the business'  future growth plans

Ø Globally

ü Investment in sourcing, automation, IT analytics and specialist sales engineers

*Before separately disclosed items which are shown in the Financial statements.

** Adjusted for PSEP 12 months pro-rata (9.1% on statutory basis)

 

"As stakeholders know, the global market for fasteners and related components for assembly is vast, and in terms of penetration, TR's revenue is barely measurable; however, even though the market remains fragmented there is an opportunity for smaller more flexible players like ourselves to be "strategic consolidators".

 

"The Board remain very optimistic that the phrase a 'World of Opportunity' initiated last year is gathering momentum as the Group's structure and focus enables further organic growth, and when combined with new business and niche expansion opportunities, TR's operational teams feel confident in their ability to deliver strong results through 2013/14, and into the future."

 

Enquiries:



Trifast plc

LSE Ticker: TRI

TooleyStreet Communications

IR & media relations

Arden Partners plc

Stockbroker & financial adviser

Today : +44 (0) 20 7614 5900

Malcolm Diamond MBE, Executive Chairman

Tel: +44 (0)7979 518493

Fiona Tooley, Director

Today: Tel: +44 (0)7785 703523

or

Adrian Trimmings

Katelin Kennish

Tel: +44 (0)20 7614 5920

Mark Belton, Group Finance Director

+44 (0)7710 177459

Graeme Cull, Consultant

Tel: +44 (0) 7976 228397


Thereafter: +(0) 1825 747630

Office: +44 (0)121 309 0099


The Results presentation is being held at 9.30am (UK time) today - further details can be obtained from TooleyStreet Communications

Tel: +44 (0)7785 703523 or corporate.enquiries@trifast.com

 

 

GROUP OPERATIONAL BUSINESS REVIEW

By Executive Chairman, Malcolm Diamond and Jim Barker, Chief Executive

 

Introduction

Trifast's relentless focus on profit growth and cash generation has been reflected in a strong trading performance; resulting in all KPIs being met at the end of the financial year:

 

TR's Key Performance Indicators - 2012/2013


Objectives set:

Result:



Increase Revenue, organically & acquisitively

ü

8% increase in revenue

Increase profitability

ü

45% uplift in underlying pre-tax profit

On-going margin enhancement

ü

6% net profit margin (2012: 4.4%)

Maintain positive cash generation

ü

Operating cash flow nearly £8 million

Increase Return on Capital (ROCE)

ü

Increase to over 12%

Broadening the skills of management and staff

ü

Value assessment model- identifying the leaders of the future

 

All this has been achieved on a lower percentage cost base and within a global 'mixed' market sector backdrop but more importantly by the TR teams focus on the objectives set before them last year; their hard work and commitment has delivered what we are reporting to shareholders - on behalf of all stakeholders, we congratulate our colleagues around the globe.

 

The key financials are covered in the Group Finance Director's Report, so we will focus on what we have achieved operationally over the year.

 

Business Overview

The 2012/13 financial year has seen many operational developments and we summarise the key ones below:

 

Ø Organic performance of the business

·      Asia

Despite the loss of two previously long-held major component supply European transfer contracts to competing domestic Chinese assemblers, TR Asia has managed to improve overall profitability with a combination of new business wins, the integration of PowerSteel and Electro-Plating Works Sdn. Bhd ("PSEP") and healthier demand from existing customers.

 

·      Europe /Automotive

The decision taken in 2010 to focus our sales engineering resources on Tier 1 automotive assemblers has proved to be timely for two reasons: the product lifecycle - once designed and approved, (it can take between 12-18 months for the specifying, quoting and testing period prior to production start-up) lasts between five to six years, thus providing a stable and lengthy forward revenue stream; also with the edge having come off peak demand for global electronics products in the past four years, our growth has been sustained by diversifying our customer target sector beyond electronics and domestic appliances.  This strategy is no better reflected than by TR Europe with its new automotive contract wins during the year.

 

·      United Kingdom

TR UK has gained by far the most benefit from the Management team's determined focus on 'self-help'. Operational efficiency gains have taken nearly three years to fully yield the material profit gains through lowering both fixed and variable costs and consolidating and re-negotiating terms with key suppliers.

 

The new TR Direct next day delivery of standard products has also made an important contribution to this year's substantial profit growth.

 

·      Ireland

Both our Southern and Northern Ireland operations have enjoyed steady growth in a tough environment, with no sign of their renewed momentum diminishing as we look forward.

 

·      USA

TR's recently restructured US location is performing well; with the additional global multinational customers secured last year we have recently enlarged our US warehouse facilities with a further unit in Houston.

Although the US operation is currently the smallest contributor to Group revenue, TR Inc. is strategic to our future plans.  A high proportion of our globally sited multinationals are headquartered in the USA, where many of the product designers and engineers are based and who all expect to receive fastener specification advice locally 'on the spot'.  Once TR is nominated on any component drawing, then buyers in Europe and Asia will be able to source exactly to specification as originally designated by their HQ.

 

Ø Competitive advantage

Customers continue to benchmark TR against global fastener competitors and maintain their conclusion that we are uniquely positioned to fully satisfy their increasing demands by being able to combine 'low cost/zero-defect philosophy' production via our six Asian based factories.  This combines with delivery logistics to over 50 countries along with design/application engineers directly employed by TR purely to resolve assembly challenges for our customers, many of whom, despite being large multinationals, do not carry the overhead of fastener engineers on their payroll.

 

This 'one - stop shop' capability of TR is further bolstered by its range of TR Branded speciality fasteners for sheet metal and plastics, plus its launch post year end of a comprehensive new range of plastic fasteners, PCB spacers and cable management components.

 

Although each of TR's 23 location business teams operate to their own P&L targets, the TR attitude of co-operation and cross skilling results in a 'one family' approach with regard to data and inventory sharing together with mutual and enjoined objectives in relation to competitive sourcing and customer quotations. This 'think local - operate global' gives TR the benefit of being swift to market whilst having the resources of an international player.

 

Ø Expansion and new territories

Whilst the continent of India is an exciting area for expansion, we have been cautious in our adoption of new business and the associated investment that is required; however, in the past year we have taken on additional sales engineers to expand our capabilities at our two business offices there, as we serve our mainly US-owned multinational customers that are now firmly established.

 

TR Sweden has been one of our successful European teams in gaining new automotive business - despite their earlier loss of the Saab closure as a going concern.  This growth has enabled them to secure larger new offices in Stockholm in order to provide adequate scope for further expansion of their business.

 

Our Automotive team has opened up business for the first time with Russia, and new customers for our TR Branded sheet metal fasteners have emerged in South Korea, again a first for our sales team.

 

Ø New licences and products

Important new global manufacturing licences have been granted to TR by Phillips Screw Co. and Acument.  These licences dramatically extend our range of fastener drive and clinch applications and these will appeal to those requiring more sophisticated engineered applications such as weight reduction and high torque demands.  The product licence additions add considerable 'kudos' to our engineering/design capabilities in the eyes of many of our existing customers, whilst attracting new applications from both existing and potential customers.

 

TR's ever growing plastics portfolio is now one of the most extensive on the market, with more products being added throughout 2013 in response to customer demand.  TR's plastics range meets all industry standards and legislation and initially, our focus is on automotive and PCB hardware applications.  We are confident that all these developments open up new sectors and opportunities for TR as well as for the customer streamlining production processes; where a fastener is needed to be versatile light and strong, plastic is often the optimal

solution.  An example of this is our working relationship with a UK specialist high performance sports car manufacturer - as we all know, the automotive sector is constantly looking to be more economic and environmentally friendly without compromising quality and performance.

 

Ø Investing for the future

Investment during the year in sophisticated automation is enabling TR to adopt 'zero-defect philosophy' within product quality out of our Singapore and Malaysian factories - with Taiwan targeted for 2014.  This is becoming an absolute requirement for high volume assembly customers who use automation or robotics for inserting fasteners, where a wrong dimension on a screw can bring a production line to a complete halt for anything up to an hour.

 

Our Taiwanese business is multi-site with two factories, one warehouse and a separate sales office.  Post year-end, a cost model has been commissioned to establish a new site with an all-purpose new building to accommodate all the business functions under one roof. Any such move would deliver the double benefit of improved efficiency and more production capacity.  We look forward to updating Shareholders on progress in due course.

 

Authorisation has been given for TR Sweden to upgrade its computer system in order to facilitate real time electronic data interchange with our automotive customers.  The new upgrade is based on the same basic architecture as their existing software, and will be conducted by the same provider - thus minimising delays and disruption.  This new IT system will serve as a teaching/training module for other TR business teams in order to test thoroughly prior to any subsequent upgrades on other TR Europe sites.

 

Management & People - 'Training & adding new skills'

Last year, as part of our operational restructuring we introduced a 'people, performance & responsibilities' programme across the Company and at all levels.  As a direct result of what we term, TR's 'value assessment' model (aligned to strategy and objectives) we are utilising skills and knowledge more effectively which, in turn, is further shaping TR's on-going Senior Executive development and succession planning programmes.  The first three well-deserved appointments to the TR Operating Board have been announced recently - these are in recognition of hard work and skills 'developed and channelled' effectively under the Senior Executive programme - suffice to say, all three candidates possess leadership qualities and specialisms that will drive TR business units to the next level.

 

Through this initiative also, we have been able to more effectively deploy resources within existing systems and structure; this streamlining and realignment of responsibilities within the business is already having an impact and formed part of 'self-help' objectives set as part of the Board's strategy plan put in place at the start of 2012.

 

The Apprenticeship scheme, first introduced in 2011 is going from strength to strength - we have been successful in attracting enthusiastic young school leavers keen to join TR, and we expect to gain greatly from their contribution in the future: the roll-out of the scheme across the UK businesses is also starting to gain momentum.

 

At Board level, we have seen change too: Seamus Murphy, having successfully completed his key strategic projects (set within the lead team's first three-year plan initiated in 2009) stepped down from the Main Board at the end of January 2013 and has since left the business.  Seamus joined us in 2005 following the acquisition of Serco Ryan; the Directors acknowledge his input and service, we wish him and his family well in the future.

 

Post the year end, Scott Mac Meekin joined the business as an Independent Non-Executive Director.  Scott brings a wealth of experience gained over a 20-year career within the US and Asian fastener industry; his additional skills complement both the current Executive and Non-Executive Directors' skills base and provide extra impetus to our expansion aspirations.

 

Finally, we would like to acknowledge every colleague from around the world, all of them have made a difference and worked hard together to achieve another year of solid growth; without their dedication stakeholders would not be sharing in this year's trading achievement.  Jim and I together with our fellow Board colleagues look forward to working with everyone over the coming year, to continue in the success.

 

Celebrating 40 years

On 1 June 2013, Trifast celebrated its 40th Anniversary since being founded as TR Fastenings Ltd in 1973.  TR has over the years played a major part in the transformation of how high volume/variety small lower value assembly components are delivered, creating 'just in time' & 'supply chain' management logistics programmes to its customer base initially from one office in Sussex, and then driven by multinational customer demands, going on to establish an international footprint now serving over 50 countries, delivering over 150 million components worldwide each day by a highly motivated network of TR business teams.  Nearly 30% of the Group's revenue now derives from TR's own Asian manufacturing base.

 

A number of those that joined the business at its humble beginnings remain with us to this day including both of us - new "young blood" has since joined us along the way and together, we have all experienced and seen many developments and challenges over the years.  However, through our desire to 'Innovate and Serve,' TR today is recognised as a driving force within the industry, at the cutting edge of fastener technology through its investment in the research & development, new products and services combined with the TR culture.

 

Objectives, strategy and opportunities

As Trifast Directors, we are particularly pleased with the jump in profitability between March 2012 and March 2013.  We remain committed to the pursuit of shareholder value, and as part of this, see lots of reasons that point to further 'bottom-line' growth for the foreseeable future.

 

This will be achieved by, as always, a combination of activities.  There will be no end to our continual pursuit of operational efficiency improvements, even though, as each year passes there will naturally be an element of diminishing materiality in the size of profit gains.  This is why we are now financially in a position to consider prudent new investments in automation, faster more analytical computer systems and additional sales engineers for both automotive and electronics sectors on a global basis.

 

As stakeholders know, the global market for fasteners and related components for assembly is vast, and in terms of penetration, TR's revenue is barely measurable; however, even though the market remains fragmented there is an opportunity for smaller more flexible players like ourselves to be "strategic consolidators".

 

Existing shareholders are aware that as a team we are cautious in our approach to acquisitions, with our demand for low debt/high margin/loyal on-going local management and cash generative businesses in a highly fragmented market, where TR's business model of combining low cost manufacturing with global logistics distribution supported by design and application engineering is relatively unique. Consequently, our networking is constantly in search mode being sustained by our knowledge that, like PSEP the business acquired December 2011 (which today is fully and happily integrated into TR) target companies that meet these criteria certainly do exist.

 

Meanwhile, our highly effective sales and marketing teams continue to open up new revenue opportunities - both geographically and with additional products and customer sectors as they strive to meet our ever ambitious revenue and profit targets.

 

Trading Outlook

The Board remain very optimistic that the phrase a 'World of Opportunity' initiated last year is gathering momentum as the Group's structure and focus  enables further organic growth, and when combined with new business and niche expansion opportunities, TR's operational teams feel confident in their ability to deliver strong results through 2013/14, and into the future.

 

We look forward to updating you on our progress throughout the coming year.

 

Date: 25 June 2013

 

 

FINANCE REVIEW

By Mark Belton, Group Finance Director

 

The on-going benefit of our 'self-help' initiatives, focusing on improving our gross profit margins, reducing percentage overhead content and increasing logistics efficiencies, are strongly evident in these 2013 results. This very creditable performance clearly underpins the Board's commitment to all stakeholders - to build upon Trifast's evolving reputation for 'under promising and over delivering' on performance.

 

An Operational Business Review of the year ended March 2013 has been set out in the Joint Chairman's and CEO Statement.

 

Revenue

In the year being reported on, Group revenue increased by 8.0% to £121.54 million (2012: £112.51m), reflecting in the main the addition of our Malaysian acquisition, PSEP acquired in December 2011. During the year we were also successful in replacing older, non profitable contracts with new business wins at improved margins although we did experience high attrition levels in both the UK due to customer 'end of life' builds finishing and within Asia when two major transfer contracts from Europe came to an end.

 

The Group's key regions can be analysed as follows:

 

 

Continuing operations

Full Year 31 March

2013

Full Year 31 March

2012

% increase

Revenue




UK

£57.26m

£57.78m

(0.9%)

Asia

£38.85m

£31.12m

+24.8%

Europe

£22.91m

£21.20m

+8.1%

USA

£2.52m

£2.41m

+4.6%

Total for the year

£121.54m

£112.51m

+8.0%

 

The key driver of growth in the year was Asia due in the main to the acquisition of PSEP.  Within the UK, revenue remained relatively stable despite a generally lower demand from UK customers and the transfer of some business to our Hungary operation.  Europe delivered a strong performance with increased sales across all the operations in particular Holland and Sweden where we were successful in winning new Automotive business.  The increase in revenue from our North American operation reflects the confidence returning to the US economy.

 

Whilst revenue growth is important to the business, one of our key drivers remains the focus on quality of earnings and margin enhancement.

 

Adjusted pre-tax profit operating margins

The underlying operating (before separately disclosed items) result between the TR represented regions can be analysed as follows:-

 

 

Continuing operations

Full Year 31 March

2013

Full Year 31 March

2012

% increase

Underlying operating result




UK

£4.13m

£2.74m

+50.7%

Asia

£4.41m

£3.76m

+17.3%

Europe

£1.11m

£0.52m

+113.5%

USA

£0.30m

£0.10m

+200.0%

Central costs

(£1.98m)

(£1.49m)

(32.9%)

Total before financing costs

£7.97m

£5.63m

+41.6%

Net financing costs

(£0.72m)

(£0.63m)


Total after financing costs

£7.25m

£5.00m

+45.0%

 

The impressive 45.0% increase in underlying profitability to £7.25 million (before separately disclosed items) was achieved by increasing gross profit margins which showed a 40bps increase in the year to 26.0% (2012: 25.6%) and a reduction in the level of overheads in relation to revenue, to 19.4% (2012: 20.6%).  This resulted in improved underlying net margins from 4.4% in 2012 to 6.0% thereby achieving two of our stated objectives: on-going margin enhancement and increase profitability.

 

By territory, the TR UK contribution increased by 50.7% resulting from the gross profit margin enhancements and overhead and logistical efficiencies previously acknowledged.  Europe more than doubled its 2012 operating profit performance to £1.11 million with strong performances being achieved particularly within the Nordic region.  TR Asia benefitted from the positive addition of PSEP into the Group but conversely was impacted by the loss of business mentioned already.  TR USA, from its 2011 restructuring programme is beginning to bring the region from its previous losses into profit, demonstrating a three-fold increase in profit from 2012 to £0.30 million in the year under review.

Separately disclosed items

The following items are shown separately in the Consolidated income statement and need to be taken into consideration when reviewing the underlying performance of the Group:-

 

Restructuring costs

(£0.39m)

Intangible amortisation

(£0.33m)

IFRS 2 charge

(£0.09m)

Total

(£0.81m)

 

Of the £0.39 million restructuring costs, £0.19 million relates to Director compensation (for loss of office from the Board) and all associated costs inJanuary 2013; the remaining balance relates to further redundancies within the UK to drive the on-going efficiencies.

Interest and interest cover

Net financing costs increased slightly by £0.09 million to £0.72 million (2012: £0.63m) reflecting a full year's effect of the acquisition term loan taken out by TR Asia Investment Holdings Pte Ltd ("TR Asia") to part fund the PSEP acquisition in December 2011.

 

Net interest cover (defined as EBITDA to net interest, before one-off separately disclosed items) improved to 12.8 times (2012: 10.4 times).

 

Taxation

Taxation in the period was £1.73 million (2012: £1.60m); this reflects an Effective Tax Rate ("ETR") of 26.9% (2012: 33.6%), whilst the Group's blended tax rate based on the geographical tax regimes was 21.3% (2012: 20.4%).  Nearly all of the Group's current tax charges related to overseas operations as the UK business was able to utilise the remaining UK tax losses that it had suffered over the previous years.

 

Balance sheet and funding

At 31 March 2013, total Shareholder equity amounted to £60.42 million (2012: £53.49m), an increase of 13.0% reflecting the Group's increase in retained profit of £4.71 million during the period and £2.17 million being the translation of Group's overseas assets (predominantly in Asia). 

 

There was no major change in the Group's property, plant and equipment, which represents 13.1% of the Group's total assets.  Intangible assets increased slightly by £0.50 million to £18.37 million (2012: £17.87m) reflecting the movements in Foreign exchange and a fair value adjustment of £0.10 million in respect of PSEP.

 

Working capital as a percentage of revenue remained fairly stable at 30%.  Removing the foreign exchange effect on stock, we saw levels fall by £0.84 million which resulted in net stock weeks dropping from 21.1 in 2012 to 20.2 for 2013.  Debtor days also remained fairly stable at 67 days (2012: 68).  However, total bad debts were slightly higher than in previous years at £0.29 million (2012: £0.08 million).

Gross debt fell by £4.46 million to £15.75 million (2012: £20.21m), which included the final repayment of £1.00 million of the Company's three-year term loan taken out initially in February 2010, and the annual repayment of c.£1.50 million of TR Asia's acquisition loan for PSEP, with the balance being reduced borrowings from the UK's Asset Based Lending facility ('ABL').

 

Group net cash balances as at 31 March 2013 were £10.55 million (2012: £11.80m) of which, £9.47 million was held in foreign currencies (2012: £8.03m).  As a result, year-end net debt reduced by £3.21 million to £5.20 million in March 2013 (2012: £8.41 million) and gearing remained low at 8.6% (2012: 15.7%).

 

The Group continues to trade well within its banking covenants.  In April 2013, Trifast successfully negotiated its UK banking facilities with an additional £5.00 million, three-year revolving credit facility for the Company and extended its current ABL facilities total availability to £18.30 million.

 

Cash flow

Cash generation continues to be another key objective for the TR operations in order for us to be able to provide cash to reinvest back into the growing business.  It is therefore very satisfying to report that operating cash flow as a percentage of EBITDA was 85.5%. 

 

The following analysis reconciles net debt and cash flow:


Full Year

31 March

2013

Full Year

31 March

2012

Adjusted EBITDA

£9.23m

£6.54m

Adjusted working capital changes

(£1.36m)

(£1.97m)

Adjusted operating cash flow

£7.87m

£4.57m

Cash conversion

85.3%

69.9%




Net capital expenditure

(£0.85m)

(£0.53m)

Taxation paid

(£1.43m)

(£0.68m)

Net interest

(£0.72m)

(£0.63m)

Adjusted free cash flow

£4.87m

£2.73m




Deferred consideration / Consideration on PSEP acquisition

(£1.39m)

(£13.49m)

Proceeds from shares issued

£0.23m

£7.18m

Dividends paid (September 2012)

(£0.53m)

-

Net change in cash and cash equivalents

£3.18m

(£3.58m)




Net debt as at 1 April

(£8.41m)

(£7.14m)

Net cash acquired on PSEP acquisition

-

£2.25m

Effect of exchange rate on net debt

£0.03m

£0.06m

Net debt as at 31 March

(£5.20m)

(£8.41m)

 

To support future growth and increase returns in the future, capital expenditure increased to £0.87 million predominantly represented by plant and machinery for our growing Asia business (2012: £0.65 million).

 

PSEP in Malaysia, acquired at the end of 2011, has integrated well and, under the Terms of Acquisition detailed in the Prospectus dated 16 November 2011, a final payment of £1.39 million, (previously retained for twelve months against any warranties and claims) was paid to the previous owners in December 2012.

 

Return on Capital Employed

The Group remains mindful of its objective to invest to increase Return on Capital Employed ("ROCE").  It is therefore pleasing to show that ROCE (being defined as EBIT / net assets + net debt) has once again improved year-on-year, from 9.1% in 2012 (11.3% adjusted for PSEP pro-rata 12 months) to 12.1% by March 2013.

 

Earnings per Share

The adjusted diluted earnings per share ("EPS") which in the Directors' opinion best reflects the underlying performance of the Group, has increased by 25.8% to 4.73 pence (2012: 3.76 pence).

 

Dividend

While the Directors' focus remains on capital growth through investment in the business and increasing ROCE, the return to a progressive dividend stream has been a priority for the Board since its formation in 2009.  In October 2012, we were pleased to achieve this key objective by payment of the final dividend for 2012; to demonstrate the confidence the Management has in the future development and success of the business, the Board will be recommending, a 60% increase in the final dividend of 0.80 pence (net of tax) per Ordinary share.  Subject to Shareholder approval at the Annual General Meeting which is to be held on 17 September 2013, the annual dividend will be paid to Shareholders on the Register at the close of business on 5 July 2013.  The Ordinary shares become ex-dividend on 3 July 2013.

 

People

Once again, I would like to take this opportunity to thank the Finance teams around the globe for their hard work and dedication in supporting the operational business units and myself; I look forward to working with them over the coming year as we look to further enhance working practices across the Group to help improve operational efficiencies and add-value across the TR network.

 

Date: 25 June 2013

 

Trifast plc

Consolidated income statement

for the year ended 31 March 2013


Note

2013

2012



£000

£000





Continuing operations








Revenue

3

121,544

112,510

Cost of sales


(89,969)

(83,680)





Gross profit


31,575

28,830

Other operating income


486

209

Distribution expenses


(2,732)

(2,220)





Administrative expenses before separately disclosed items:

2

(21,358)

(21,190)

   IFRS2 charge


(91)

(227)

   Intangible amortisation


(331)

(281)

   Acquisition expenses


-

(391)

   Restructuring (costs) / credit


(389)

656





Total administrative expenses


(22,169)

(21,433)





Operating profit

4

7,160

5,386





Financial income


45

42

Financial expenses


(763)

(669)





Net financing costs


(718)

(627)





Profit before tax

2,3

6,442

4,759

Taxation

5

(1,734)

(1,597)





Profit for the period

   (attributable to equity shareholders of the Parent Company)


 

4,708

 

3,162





Earnings per share (total)




   Basic

13

4.39p

3.45p

   Diluted

13

4.18p

3.25p

 

Statements of comprehensive income

for the year ended 31 March 2013




Group



2013

2012


£000

£000




Profit for the year

4,708

3,162




Other comprehensive income:



   Foreign currency translation differences

2,167

(27)




Other comprehensive income recognised directly in equity net of income tax

 

2,167

 

(27)




Total comprehensive income recognised for the year



   (attributable to the equity shareholders of the Parent Company)

6,875

3,135




 

Trifast plc

Consolidated statement of changes in equity

for the year ended 31 March 2013



Share capital

Share premium

Translation reserve

Retained earnings

Total

equity


£000

£000

£000

£000

£000







Balance at 31 March 2012

5,343

18,263

9,804

20,078

53,488







Total comprehensive income for the year:






   Profit for the year

-

-

-

4,708

4,708

Other comprehensive income






   Foreign currency translation differences

-

-

2,167

-

2,167







Total other comprehensive income

-

-

2,167

4,708

6,875







Total comprehensive income recognised for the year

 

-

 

-

 

2,167

 

4,708

 

6,875







Transactions with owners, recorded directly in equity












   Issue of share capital

69

164

-

-

233

   Share based payment transactions

-

-

-

360

360

   Dividends

-

-

-

(534)

(534)







Total transactions with owners

69

164

-

(174)

59







Balance at 31 March 2013

5,412

18,427

11,971

24,612

60,422













Consolidated statement of changes in equity

for the year ended 31 March 2012


Share capital

Share premium

Translation reserve

Retained earnings

Total

equity


£000

£000

£000

£000

£000







Balance at 31 March 2011

4,262

12,167

9,831

16,585

42,845







Total comprehensive income for the year






   Profit for the year

-

-

-

3,162

3,162

Other comprehensive income






   Foreign currency translation differences

-

-

(27)

-

(27)







Total other comprehensive income

-

-

(27)

-

(27)







Total comprehensive income recognised for the year

 

-

 

-

 

(27)

 

3,162

 

3,135







Transactions with owners, recorded directly in equity






   Issue of share capital

1,081

6,096

-

-

7,177

   Share based payment transactions

-

-

-

331

331







Total transactions with owners

1,081

6,096

-

331

7,508







Balance at 31 March 2012

5,343

18,263

9,804

20,078

53,488








Company statement of changes in equity

for the year ended 31 March 2013


Share capital

Share premium

Merger reserve

Retained earnings

Total

equity


£000

£000

£000

£000

£000







Balance at 31 March 2012

5,343

18,263

1,521

4,048

29,175







Total comprehensive income for the year:






   Loss for the year

-

-

-

(674)

(674)







Total comprehensive loss recognised for the year

 

-

 

-

 

-

 

(674)

 

(674)







Transactions with owners, recorded directly in equity












   Issue of share capital

69

164

-

-

233

   Share based payment transactions

-

-

-

268

268

   Dividends

-

-

-

(534)

(534)







Total transactions with owners

69

164

-

(266)

(33)







Balance at 31 March 2013

5,412

18,427

1,521

3,108

28,468













Company statement of changes in equity

for the year ended 31 March 2012








Share capital

Share premium

Merger reserve

Retained earnings

Total

equity


£000

£000

£000

£000

£000







Balance at 31 March 2011

4,262

12,167

1,521

4,532

22,482







Total comprehensive income for the year:






   Loss for the year

-

-

-

(799)

(799)







Total comprehensive income recognised for the year

 

-

 

-

 

-

 

(799)

 

(799)







Transactions with owners, recorded directly in equity












   Issue of share capital

1,081

6,096

-

-

7,177

   Share based payment transactions

-

-

-

315

315







Total transactions with owners

1,081

6,096

-

315

7,492







Balance at 31 March 2012

5,343

18,263

1,521

4,048

29,175

 

Trifast plc

Statements of financial position

at 31 March 2013






Note

    Group

 Company



2013

2012

2013

2012



£000

£000

£000

£000







Non-current assets






Property, plant and equipment


13,360

13,292

2,457

2,510

Intangible assets


18,366

17,869

-

-

Equity investments


-

-

33,551

33,551

Deferred tax assets


966

1,256

436

361







Total non-current assets


32,692

32,417

36,444

36,422







Current assets






Stocks

6

30,439

30,517

-

-

Trade and other receivables

7

27,248

26,295

1,422

1,152

Cash and cash equivalents

8

10,750

12,612

154

1,081







Total current assets


68,437

69,424

1,576

2,233







Total assets

3

101,129

101,841

38,020

38,655







Current liabilities






Bank overdraft

8

195

814

6,048

5,042

Other interest-bearing loans and borrowings

9

11,334

14,520

-

999

Trade and other payables

10

21,029

23,035

3,396

3,439

Taxation payable


1,424

1,420

-

-

Provisions


596

1,157

104

-







Total current liabilities


34,578

40,946

9,548

9,480







Non-current liabilities






Other interest-bearing loans and borrowings

9

4,418

5,688

-

-

Provisions


805

882

-

-

Deferred tax liabilities


906

837

4

-







Total non-current liabilities


6,129

7,407

4

-







Total liabilities

3

40,707

48,353

9,552

9,480







Net assets


60,422

53,488

28,468

29,175







Equity






Share capital


5,412

5,343

5,412

5,343

Share premium


18,427

18,263

18,427

18,263

Reserves


11,971

9,804

1,521

1,521

Retained earnings


24,612

20,078

3,108

4,048







Total equity


60,422

53,488

28,468

29,175







 

Trifast plc

Statement of cash flows

for the year ended 31 March 2013






Note

  Group

  Company



2013

2012

2013

2012



£000

£000

£000

£000







Cash flows from operating activities






Profit / (loss) for the year


4,708

3,162

(674)

(799)

Adjustments for:






   Depreciation, amortisation and impairment


1,586

1,043

56

56

   Financial income


(45)

(42)

(36)

(2)

   Financial expense


763

669

50

90

   Gain on sale of property, plant & equipment and  investments


 

(14)

 

(14)

 

-

 

-

Dividends received


-

-

(1,619)

(874)

Equity settled share-based payment charge


91

227

76

156

Taxation


1,734

1,597

108

(33)







Operating cash inflow / (outflow) before changes in working capital and provisions


 

8,823

 

6,642

 

(2,039)

 

(1,406)

Change in trade and other receivables


(183)

600

(77)

(135)

Change in stocks


839

(1,663)

-

-

Change in trade and other payables


(969)

331

(43)

206

Change in provisions


(638)

(1,492)

104

-







Cash generated from / (used in) operations


7,872

4,418

(2,055)

(1,335)

Taxation paid


(1,427)

(678)

(178)

(87)







Net cash from / (used in) operating activities


6,445

3,740

(2,233)

(1,422)







Cash flows from investing activities






Proceeds from sale of property, plant & equipment


18

272

-

-

Interest received


45

42

36

2

Acquisition of subsidiary, net of cash acquired


(1,389)

(10,455)

-

-

Increase in subsidiary investment


-

-

-

(5,477)

Acquisition of property, plant & equipment


(869)

(653)

(3)

-

Dividends received


-

-

1,617

874







Net cash (used in) / from investing activities


(2,195)

(10,794)

1,650

(4,601)







Cash flows from financing activities






Proceeds from the issue of share capital


233

7,177

233

7,177

Proceeds from new loan

9

-

7,483

-

-

Repayment of borrowings

9

(4,707)

(2,276)

(999)

(1,334)

Payment of finance lease liabilities

9

(178)

(52)

-

-

Dividends paid


(534)

-

(534)

-

Interest paid


(763)

(669)

(50)

(90)







Net cash (used in) / from financing activities


(5,949)

11,663

(1,350)

5,753







Net change in cash and cash equivalents


(1,699)

4,609

(1,933)

(270)

Cash and cash equivalents at 1 April

8

11,798

7,140

(3,961)

(3,691)

Effect of exchange rate fluctuations on cash held


456

49

-

-







Cash and cash equivalents at 31 March

8

10,555

11,798

(5,894)

(3,961)

 

 

Trifast plc

Notes to the Financial Statements


1. Basis of preparation

The financial statements are prepared in Sterling, rounded to the nearest thousand.  They are prepared on the historical cost basis with the exception of certain items which are measured at fair value as disclosed in the accounting policies below.

 

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an on-going basis.  Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects current and future periods.

 

Judgements made by management in the application of IFRS that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed in the 2013 Report and Accounts.

 

A review of the business activity and future prospects of the Group are covered in the Chairman's and CEO's Statement and the Directors' Business Review. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the Finance Review.  Detailed information regarding the Group's current facility levels, liquidity risk and maturity dates are provided in the 2013 Report and Accounts.

 

Current trading and forecasts show that the Group will continue to be profitable and generate cash. The banking facilities and covenants that are in place provide appropriate headroom against our forecasts.

 

On 31 December 2012, the Company term loan was fully repaid.  On 23 April 2013, the Company secured a three-year £5.00 million multi-currency Revolving Credit Facility.  This is in addition to the Asset Based Lending facility, which was increased to a maximum £18.30 million availability.  Discussions with our existing Bankers confirm that they have no reason not to continue in the ordinary course of business to provide funding facilities to the Company on the current basis. The Asian term loan of £7.50m (S$15.10m) taken out in December 2011 to facilitate the purchase of PSEP is being repaid quarterly with the final repayment in December 2016. Current forecasts show that the Group has sufficient liquidity and headroom to continue to operate within these facilities.

 

Considering the current forecasts, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

 

2. Underlying profit and separately disclosed items



2013

2012


£000

£000




Underlying profit before tax

7,253

5,002




Separately disclosed items within administrative expenses



   IFRS2 share-based payment charge

(91)

(227)

   Intangible amortisation

(331)

(281)

   Acquisition expenses

-

(391)

   Restructuring (costs) / credit

(389)

656




Profit from continuing operations before tax

6,442

4,759


 

Of the 2013 restructuring costs £0.19 million refers to redundancy payments and associated costs in relation to compensation for loss of office for Seamus Murphy following his departure from the Board on 31 January 2013.  The remaining balance of £0.20 million, are further redundancies within the UK to drive the on-going efficiencies.

 

The 2012 acquisition expenses were predominantly legal and accountancy fees, in relation to due diligence required in the purchase of the Malaysian company Power Steel & Electro-Plating Works SDN Bhd ('PSEP') in December 2011.

 

The 2012 restructuring credit of £0.66 million comprised £0.84 million of provision releases in respect of onerous leases that had been surrendered with potential liabilities up to 2017. The costs in relation to this had previously been provided and separately disclosed.  This was offset by £0.18 million costs incurred to close one of our sites in the US; the majority of these costs refer to redundancies and an onerous lease.

 

 

3. Operating segmental analysis


Segment information, is presented in the consolidated financial statements in respect of the Group's geographical segments.  This reflects the Group's management and internal reporting structure, and the operating basis on which individual operations are reviewed by the Chief Operating Decision Maker (the Board).

 

Performance is measured based on segment underlying profit before finance costs and income tax as included in the internal management reports that are reviewed by the Chief Operating Decision Maker. This is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within the industry.

 

Inter-segment pricing is determined on an arm's length basis.

 

Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. 

 

Segment capital expenditure is the total cost incurred during the period to acquire segment assets that are expected to be used for more than one period.

 

The Group is comprised of the following main geographical operating segments:

UK


Mainland Europe:

includes Norway, Sweden, Hungary, Ireland, Holland and Poland

USA:

includes USA and Mexico

Asia:

includes Malaysia, China, Singapore, Taiwan, Thailand and India

 

In presenting information on the basis of geographical operating segments, segment revenue and segment assets are based on the geographical location of our entities across the world, and are consolidated into the four distinct geographical regions, which the Board use to monitor and assess the Group.

 

 

March 2013

UK

Mainland Europe

USA

Asia

Common costs

Total


£000

£000

£000

£000

£000

£000








Revenue







Revenue from external customers

57,258

22,912

2,519

38,855

-

121,544

Inter segment revenue

1,672

564

104

4,253

-

6,593








Total revenue

58,930

23,476

2,623

43,108

-

128,137














Underlying operating result

4,135

1,108

295

4,411

(1,978)

7,971








Net financing costs

(471)

(1)

(1)

(195)

(50)

(718)








Underlying segment result

3,664

1,107

294

4,216

(2,028)

7,253








Separately disclosed items (note 2)






(811)








Profit before tax






6,442








Specific disclosure items







Depreciation and amortisation

140

49

15

1,065

317

1,586








Assets and liabilities







Segment assets

34,071

10,448

1,362

51,401

3,847

101,129

Segment liabilities

(22,925)

(2,817)

(150)

(13,152)

(1,663)

(40,707)









 

March 2012

UK

Mainland Europe

USA

Asia

Common costs

Total


£000

£000

£000

£000

£000

£000








Revenue







Revenue from external customers

57,782

21,197

2,409

31,122

-

112,510

Inter segment revenue

1,489

514

35

4,052

-

6,090








Total revenue

59,271

21,711

2,444

35,174

-

118,600








Underlying operating result

2,735

522

97

3,764

(1,489)

5,629








Net financing costs

(487)

-

(1)

(51)

(88)

(627)















Underlying segment result

2,248

522

96

3,713

(1,577)

5,002








Separately disclosed items (note 2)






(243)








Profit before tax






4,759








Specific disclosure items







Depreciation and amortisation

177

38

18

645

318

1,196








Assets and liabilities







Segment assets

35,291

9,229

1,001

50,327

5,993

101,841

Segment liabilities

(26,396)

(3,072)

(255)

(16,048)

(2,582)

(48,353)








 

There were no major customers that represent more than 10% of the revenue.

 

There was no material difference in the UK, Europe Mainland and USA regions between the external revenue based on location of the entities and the location of the customers.  Of the Asian external revenue, £2.66 million (2012: £2.73 million) was sold into the American market and £5.64 million (2012: £4.81 million) sold into the European market.

 

Revenue is derived solely from the manufacture and logistical supply of industrial fasteners and category 'C' components.

 

4. Expenses and auditor's remuneration


Included in profit for the year are the following:


2013

2012


£000

£000




Depreciation

1,255

915

Amortisation of acquired intangibles

331

281

Operating lease expense

1,095

1,137

Foreign exchange loss

250

249




Auditors remuneration






Audit of these financial statements

40

39

Audit of financial statements of subsidiaries pursuant to legislation

147

140

Services in relation to the acquisition of PSEP

-

355

Other services relating to taxation

36

38

Other services supplied pursuant to such legislation

5

5

 

5. Taxation




2013

2012


£000

£000

Recognised in the income statement



Current UK tax expense



   Current year

5

-

   Double taxation relief

-

-


5

-




Current tax on foreign income for the year

1,192

1,030

   Adjustments for prior years

114

(60)


1,306

970




Total current tax

1,311

970




Deferred tax expense



   Origination and reversal of temporary differences

434

705

   Adjustments for prior years

(11)

(78)


423

627




Tax in income statement

1,734

1,597



2013

2012


£000

£000

Tax recognised directly in equity



Current tax recognised directly in equity

(69)

-

Deferred tax recognised in equity

(160)

(103)




Total tax recognised in equity

(229)

(103)


Reconciliation of effective tax rate ("ETR") and tax expense



2013

£000

ETR

%

2012

£000

ETR

%






Profit for the period

4,708


3,162


Tax from continuing operations

1,734


1,597


Profit before tax

6,442


4,759







Tax using the UK corporation tax rate of 24.0%

(2012: 26.0%)

1,546

24

1,237

26

Tax suffered on dividends

174

3

102

2

Non-deductible expenses

231

4

307

7

IFRS2 share option (credit) / charge

(10)

-

4

-

Deferred tax assets not recognised

(184)

(3)

287

6

Different tax rates on overseas earnings

(171)

(3)

(265)

(6)

Adjustments in respect of prior years

103

2

(138)

(3)

Tax rate change

45

-

63

2






Total tax in income statement

1,734

27

1,597

34


The UK current tax expense was low during the period as the UK was able to utilise the remaining UK tax losses that it suffered during the previous years.

 

On 21 March 2012, the Chancellor announced a reduction in the main rate of UK corporation tax to 24%, with effect from 1 April 2012.  On 3 July 2012, a further reduction in the UK corporation tax rate from 24% to 23%, with effect from 1 April 2013, became substantively enacted.  The effect of the rate reduction on the deferred tax balances as at 31 March 2013 has been included in the figures above.

 

On 20 March 2013, the Chancellor announced proposed changes to further reduce the main rate of corporation tax to 20% by 1 April 2015.  The corporation tax rate reductions to 21% and 20% have not yet been substantively enacted and therefore are not included in the figures above.

 

It has not yet been possible to quantify the full anticipated effect of the announced further 3% rate reduction, although this will further reduce the Company's future current tax charge and reduce the Company's deferred tax accordingly.

 

 

6 Stocks


Group


2013

2012


£000

£000




Raw materials and consumables

3,374

3,741

Work in progress

1,460

1,302

Finished goods and goods for resale

25,605

25,474


30,439

30,517

 

7. Trade and other receivables


Group


Company



2013

2012

2013

2012


£000

£000

£000

£000






Trade receivables

25,872

24,882

-

-

Non trade receivables and prepayments

1,376

1,413

6

13

Amounts owed by subsidiary undertakings

-

-

1,416

1,139


27,248

26,295

1,422

1,152

 

8. Cash and cash equivalents / bank overdrafts



Group


Company



2013

2012

2013

2012


£000

£000

£000

£000






Cash and cash equivalents per Statement of

financial position

 

10,750

 

12,612

 

154

 

1,081

Bank overdrafts per Statement of financial position

(195)

(814)

(6,048)

(5,042)







10,555

11,798

(5,894)

(3,961)

 

9. Other interest-bearing loans and borrowings

 

This note provides information about the contractual terms of the Group and Company's interest-bearing loans and borrowings.

For more information about the Group and Company's exposure to interest rate and foreign currency risk, please refer to the 2013 Report and Accounts.

 




Current

Non-current

Initial Loan Value

Rate

Maturity

2013

2012

2013

2012








Company







Term loan £4.00 million

Libor +3.75%

2012

-

999

-

-




-

999

-

-








Other Group







Asset based lending

£18.30 million (Maximum)

Base +1.89% to 2.25%

2014

9,675

11,804

-

-

Acquisition term loan

S$15.11 million

Fixed 3.14%

2016

1,604

1,503

4,411

5,640

Bankers acceptances

3.64%

2013

-

41

-

-

MYR 0.2 million







Finance lease liabilities

Various

2013/2014

55

173

7

48




11,334

13,521

4,418

5,688








Total Group

11,334

14,520

4,418

5,688







Minimum lease payments

Interest

Principal

Finance lease liabilities

2013

2013

2013


£000

£000

£000





Less than one year

55

1

54

Between one and two years

7

1

6


62

2

60





 

In April 2013 the Company negotiated a £5.00 million three-year multi-currency Revolving Credit facility, which is secured by corporate guarantees and debentures over the Group's UK entities.

 

The Asset Based Lending facility ('ABL') is secured over the receivables and stock of the Group's UK companies and the property of the Company.  The amount available is dependent on the receivables and stock levels.  Due to the revolving nature of this facility, it is shown as current on the Statement of financial position.

 

10. Trade and other payables



Group


Company



2013

2012

2013

2012


£000

£000

£000

£000






Trade payables

12,851

13,856

-

-

Amounts payable to subsidiary undertakings

-

-

2,593

2,590

Non-trade payables and accrued expenses

7,012

8,206

782

848

Other taxes and social security

1,166

973

21

1


21,029

23,035

3,396

3,439


11. Capital and reserves


Capital and reserves - Group and Company; see Statements of Changes in Equity shown earlier.

 

The translation reserve comprises all foreign exchange differences arising from the translation of foreign operations, as well as from the translation of liabilities that hedge the Company's net investment in foreign subsidiaries.

 

The merger reserve has arisen under Section 612 Companies Act 2006 and is a non-distributable reserve.


Share capital



Number of Ordinary shares


2013

2012




In issue at 1 April

106,867,708

85,246,086

Shares issued

1,363,202

21,621,622




In issue at 31 March - fully paid

108,230,910

106,867,708





The fair value of the ordinary shares issued was based on a share price of 17.0 pence and a nominal value of 5.0 pence. The total number of shares issued during the year was 1,363,202.


2013

2012




Authorised



Ordinary shares of 5p each

10,000

10,000






Allotted, called up and fully paid



Ordinary shares of 5p each

5,412

5,343


The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.

 

12. Dividends


During the year the following dividends were declared and paid by the Group:


2013

2012


£000

£000

Final paid 2012 - 0.50p (2011: nil p) per qualifying ordinary share

534

-

Interim paid 2013 - nil p (2012: nil p) per qualifying ordinary share

-

-


534

-







After the Balance sheet date, a final dividend of 0.80p per qualifying ordinary share (2012: 0.50p) was proposed by the Directors.

 


2013

2012


£000

£000

Final proposed 2013 - 0.80p, (2012: 0.50p) per qualifying ordinary share

866

534

 

13. Earnings per share


Basic earnings per share

The calculation of basic earnings per share at 31 March 2013 was based on the profit attributable to ordinary shareholders of £4.71 million (2012: £3.16 million) and a weighted average number of ordinary shares outstanding during the year ended 31 March 2013 of 107,324,310 (2012: 91,643,717), calculated as follows:

 

Weighted average number of ordinary shares


2013

2012

Issued ordinary shares at 1 April

106,867,708

85,246,086

Effect of shares issued

456,602

6,397,631

Weighted average number of ordinary shares at 31 March

107,324,310

91,643,717


Diluted earnings per share

The calculation of diluted earnings per share at 31 March 2013 was based on profit attributable to ordinary shareholders of £4.71 million (2012:  £3.16 million) and a weighted average number of ordinary shares outstanding during the year ended 31 March 2013 of 112,586,386 (2012: 97,438,412), calculated as follows:

Weighted average number of ordinary shares (diluted)


2013

2012

Weighted average number of ordinary shares at 31 March

107,324,310

91,643,717

Effect of share options on issue

5,262,076

5,794,695

Weighted average number of ordinary shares (diluted) at 31 March

112,586,386

97,438,412

 

The average market value of the Company's shares for the purposes of calculating the dilutive effect of share options was based on quoted market prices for the period that the options were outstanding.

 

EPS (Total)


2013

EPS



2012

EPS



Earnings

£000

Basic

Diluted

Earnings

£000

Basic

Diluted








Profit for the financial year

4,708

4.39p

4.18p

3,162

3.45p

3.25p

Separately disclosed items:







   IFRS2 share option

91

0.08p

0.08p

227

0.25p

0.23p

   Intangible amortisation

331

0.31p

0.29p

281

0.31p

0.29p

   Acquisition expenses

-

-

-

391

0.43p

0.40p

   Restructuring costs / (credit)

389

0.36p

0.35p

(656)

(0.72p)

(0.67p)

   Tax (charge) / credit on adjusted items

(195)

(0.18p)

(0.17p)

258

0.28p

0.26p

Adjusted

5,324

4.96p

4.73p

3,663

4.00p

3.76p







The 'Adjusted diluted' earnings per share is detailed in the above tables.  In the Directors' opinion, this best reflects the underlying performance of the Group and assists in the comparison with the results of earlier years (see note 2).


14. Preliminary announcement

The financial information contained in this Preliminary announcement which was approved by the Board of Directors does not constitute the Company's statutory accounts for the years ended 31 March 2013 or 2012.  Statutory accounts for 2012 have been delivered to the Registrar of Companies, and those for 2013 will be delivered following the Company's Annual General Meeting. The auditor has reported on those accounts; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under 498(2) or (3) Companies Act 2006.

 

15. Report and Accounts

This Preliminary announcement has been prepared in accordance with the accounting policies adopted under IFRS.  This Statement is not being posted to shareholders.  The Report & Accounts for the year ended 31 March 2013, together with the Notice of Meeting will be posted to shareholders and uploaded to the National Storage Mechanism in due course.

 

Further copies will be available on request by writing to: The Company Secretary, Trifast plc, Trifast House, Bellbrook Park, Uckfield, East Sussex, TN22 1QW, Email: corporate.enquiries@trifast.com.  A copy will also be available on-line at  www.trifast.com.

 

16. Annual General Meeting


The Annual General Meeting will be held at 12noon on Tuesday, 17 September 2013 at Trifast House, Bellbrook Park, Uckfield, East Sussex TN22 1QW.

 


LSE Premium Listing: 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


Facebook: www.facebook.com/trfastenings

LinkedIn:www.linkedin.com/company/tr-fastenings

Twitter: www.twitter.com/trfastenings



 

Forward-Looking Statements

This document contains certain forward-looking statements.  The forward-looking statements reflect the knowledge and information available to the Company during the preparation and up to the publication of this document.  By their very nature, these statements depend upon circumstances and relate to events that may occur in the future thereby involving a degree of uncertainty.  Therefore, nothing in this document should be construed as a profit forecast by the Company.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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