Trifast Plc released its half yearly report to the end September 2017, showing 2018 H1 revenue at GB£97.8 million (€110 million), up 9% on same period previous year. Revenue increased 4.8% at constant exchange rate. Growth was entirely organic.
Gross profit for the half year was 30.2%, down from 31.6% the same period the previous year. Underlying profit before tax was GB£10.9 million, up 9.7% year-on-year. Actual profit before tax was GB£9.1 million, up 7.7%. Trfiast reported capital investments during the half year of GB£1.3 million to increase manufacturing capacity and capability, with 'more to follow'.
The company also announced expanded distribution facilities in Shanghai - with plans in place for the Netherlands and Northern Ireland; a new TR Innovation and Technical Centre to be set up in Gothenburg, Sweden’s electric vehicle development area; plus TR Fastenings Espana is up and running, with a strong pipeline in place
Malcolm Diamond, non-executive chairman at Trifast, commented: “HY2018 delivered another six months of strong growth, with ongoing investment across all of our regions. Our strong first half results, together with a robust balance sheet, good access to banking facilities and a proven track record of profitable investment, means the Group is in a great position to keep moving forward. The second half has started well and, with a robust pipeline in place, the board remain confident of delivering its expectations for the current financial year.
As an international business with over 70% of our revenue being generated outside of the UK, and a very well-balanced geographical and sector spread, the Board remains confident we have the flexibility and foresight to continue to grow, while facing any challenges head on as and when they arise.”
Summarising its outlook Trifast said: "Our strong first half results, together with a robust balance sheet, good access to banking facilities and a proven track record of profitable investment, means the Group is in a great position to keep moving forward. The second half has started well and, with a robust pipeline in place, the board remain confident of delivering its expectations for the current financial year. There are, of course, some macroeconomic factors we cannot fully mitigate, including the ongoing volatility in the foreign currency and raw materials markets, input cost pressures in the UK due to the protracted weakness of sterling, as well as the wider potential implications of Brexit on our business and the UK economy.
However, as an international business with over 70% of our revenue being generated outside of the UK, and a very well-balanced geographical and sector spread, the board remains confident we have the flexibility and foresight to continue to grow, while facing any challenges head on as and when they arise.”
Having held senior management roles in leading automotive and fastener businesses, Phil joined Fastener + Fixing Magazine as editor in 2002. Convinced there is no substitute for ‘being there’, over 17 years of visits and interviews around the world means he has accumulated an extraordinary knowledge and perspective of the global fastener industry, reflected in his incisive and thought provoking reporting.
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