Trifast H1 pre-tax profit up 44%
12 November 2015
Trifast Plc has issued a half year interim report showing pre-tax profit increased by 43.9% to GB£ 7.1 million (10 million euros) for the six months to 30th September.
Group revenue increased 5.6% to GB£78.1 million. At constant currency, revenue grew 8.7% with acquisitions representing 5.4%. The report also shows organic growth at constant currency of GB£4.6 million from TR’s top fifty multinational OEMs.
Trifast has completed an expansion program at SFE, its production facility in Taiwan, increasing capacity by 15%. Additional investment in computer controlled ‘lean-lift’ stock storage technology in the UK has halved pick times and allowed the consolidation of TR’s Poole warehouse into Uckfield, delivering operational efficiencies while maintaining customer service.
Chairman Malcolm Diamond commented: “We are pleased to report a solid first half performance, which has delivered an underlying pre-tax profit increase of 24.8% to GB£8.3 million and a 23.2% increase in underlying EPS. Our order pipeline across our key locations remains encouragingly healthy. We continue to focus on cost control and supply chain management, particularly from ongoing investment into efficiency drivers. The positive impact this is having on our margins is expected to continue.”
He added: “Overall, taking into account the current business climate we are operating within, the board remains optimistic about the Group’s prospects and continues to expect its trading for the financial year as a whole to be in-line with its expectations.”
At a detailed level the report notes that the production cost gap between Italy and Taiwan is “narrowing enticingly”. Trifast is currently reviewing the potential to increase manufacturing at VIC, the Italian manufacturer it acquired in 2014, which it also reported had continued to yield strong results in the half year.
Malcolm Diamond said: “Organic growth remains only part of our strategy and we will continue to look for our next strategic acquisition to complement the Group’s existing global, product and sector footprint.” Trifast says it is exploring a number of geographic areas, including Spain and Mexico, for new business opportunities.
On 1st October Mark Belton, handed over his role as chief financial officer to Clare Foster and took on the position of CEO, following the planned retirement of Jim Barker.
