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RNS
Trifast PLC  -  TRI   

Preliminary Results - year ended 31 March 2017

Released 07:00 13-Jun-2017

RNS Number : 8723H
Trifast PLC
13 June 2017
 

Tuesday, 13 June 2017

TRIFAST PLC

 ('Trifast', the 'Group' 'TR' or 'Company')

 

"HOLDING THE WORLD TOGETHER"

 

Leading international specialists in the engineering, manufacturing and distribution

of high quality, industrial fastenings to major global assembly industries

 

Preliminary results for the year ended 31 March 2017

"MOVING FORWARD WITH GROWTH"

 

 

Our FY2017 trading performance across the business has delivered another record breaking financial year

with results, ahead of our expectations.  Dividend for the year is 3.50p per share, an increase of 25.0%

 

 

KEY FINANCIALS

Continuing operations

Year ended

31 March

2017 at CER

Year ended

31 March

2017 at AER

Year ended

31 March

2016

 

Change 

CER

Change

AER^

Total Group revenue

£172.6m

£186.5m

£161.4m

+7.0%

+15.6%

Gross profit %

31.1%

31.1%

29.7%

+140bps

+140bps

Underlying operating profit*

£18.6m

£21.0m

£16.8m

+10.9%

+25.2%

Operating profit

£15.6m

£17.9m

£13.9m

+12.5%

+28.8%

Underlying profit before tax*

£18.1m

£20.5m

£16.0m

+13.2%

+28.1%

Profit before tax

£15.1m

£17.3m

£13.1m

+15.4%

+32.6%

Underlying diluted earnings per share*

11.28p

12.82p

9.99p

+12.9%

+28.3%

Diluted earnings per share

8.97p

10.40p

8.50p

+5.5%

+22.4%

Dividend:

 

 

 

 

 

- final proposed

 

2.50p

2.00p

 

+25.0%

- interim

 

1.00p

0.80p

 

+25.0%

- total for the year

 

3.50p

2.80p

 

+25.0%

Net debt

 

£6.4m

£16.0m

 

-£9.6m

Return on capital employed (ROCE)*

 

19.9%

18.5%

 

+140bps

 

 

 

 

 

 

*Before separately disclosed items (see note 2)

Constant exchange rate (CER)

^Actual exchange rate (AER)

 

 

 

 

 

 

·      Total revenue increase of 7.0% at Constant Exchange Rate (CER), 15.6% at Actual Exchange Rate (AER)

·      Revenue to multinational OEMs up 10.0% at CER

·      At 31.1%, gross margin exceeds 30.0% for the first time in our history

·      Underlying profit before tax increases by 13.2% at CER, 28.1% at AER

·      Significant FX tailwinds add £2.4m to underlying profit before tax

·      Ongoing investment for growth in our sales and operations around the world

·      TR España -  a base to grow from in one of Europe's most vibrant economies

·      TR Kuhlmann continues to perform above expectations

·      Strong cash conversion reduces net debt to £6.4m (normalised £7.6m)

·      Capital investment of £2.9m increases our manufacturing capacity and capabilities, with more to follow

·      Total dividend of 3.50p, an increase of 25.0% on the prior year

 

"The current financial year has started well and, with a robust pipeline in place, there is no indication this will change. The additional investments we are making in our people across the world, including into our global and local sales teams, mean the Group is in a good position to move forward. There are, of course, some macroeconomic factors we cannot fully mitigate, including movements in foreign currency and the ongoing volatility in the raw materials markets, as well as the wider potential implications of Brexit on our business and the UK economy.

 

However, taking the Group as a whole, with our geographical diversity, our balanced sector mix and our clear strategies for growth, we remain optimistic about the Group's prospects."

Mark Belton, CEO

 

"I have had the absolute privilege in witnessing first the recovery, and now the ongoing underlying growth and development of what I regard as a uniquely dynamic, professional and caring organisation that has every reason to feel confident, but not in any way complacent, about its future prosperity"

 

Malcolm Diamond MBE, Non-Executive Chairman

 

PRELIMINARY STATEMENT ATTACHED

NOTE:

Unless stated otherwise, amounts and comparisons with prior year are calculated at constant currency (Constant Exchange Rate 'CER') and, where we refer to 'underlying' this is defined as being before separately disclosed items (see note 2 in this announcement).

 

 

PRESENTATION OF RESULTS

Results briefing will be held at 8.45am-9.45am (UK) today at No1 Cornhill Business Centre, London, EC3V 3ND

Conference dial-in facility: on request, please contact Fiona Tooley on +44 (0)7785 703523 or email fiona@tooleystreet.com.

 

 

Enquiries please contact:

 

Trifast plc

Today:  Mobile: +44 (0) 7979 518493 (MMD)

Malcolm Diamond MBE, Non-Executive Chairman

Mark Belton, Chief Executive Officer

Clare Foster, Chief Financial Officer

Thereafter: +44 (0) 1825 747630

Email: corporate.enquiries@trifast.com

 

Peel Hunt LLP Stockbroker & financial adviser

Justin Jones

Mike Bell

Tel: +44 (0)20 7418 8900

TooleyStreet Communications IR & media relations

Fiona Tooley

Tel : +44 (0)7785 703523

Email : fiona@tooleystreet.com

 

 

EDITOR'S NOTE

 

TRIFAST PLC

LSE Premium Listing: Ticker: TRI

 

About us: Trifast is a leading international specialist in the engineering, manufacturing and distribution of high quality industrial fastenings to major global assembly industries. 

 

We are a 24/7 'full service provider' offering 'end-to-end' support to all our customers.  Our success and ongoing growth is based on a unique mix of high quality manufacturing, sourcing know-how and adaptable, reliable global logistics.

 

Key sectors are automotive, domestic appliances, electronics and distributors.  The Group employs c.1,200 staff across 27 global locations across the UK, Europe, Asia and the USA.

 

For more information, please visit

Group website: www.trifast.com 

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

Twitter: www.twitter.com/trfastenings

Facebook: www.facebook.com/trfastenings

 

 

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014.  Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

 

 

TRIFAST PLC

('Trifast', the 'Group' 'TR' or 'Company')

Preliminary results for the year ended 31 March 2017

 

 

CHAIRMAN'S LETTER TO SHAREHOLDERS

The older that one becomes then the quicker the time passes it seems, and this is certainly the case with our progress throughout the 2016/17 Financial Year.

 

In recent years, we have dedicated ourselves to blending organic revenue growth with carefully chosen acquisitions under the umbrella of Continuous Improvement within our operational processes and procedures. This recipe for consistent profit growth clearly keeps on giving as we report another successful year completed and near our first quarter end for the current 2017/18 period.

 

Our Board is regularly asked for the business outlook implications from Brexit, especially with part of our global interests being within the automotive Tier 1 sector. The most strategic impact is likely to be import and export tariffs in and out of the UK. Fortunately, with our substantial logistics facilities based in Germany, Sweden, Hungary and Holland, plus our new Spanish site, we can switch purchase, warehousing and sales activities between Europe and the UK should the markets demand. Our manufacturing and logistics facility in Italy also provides substantial flexibility to our supply chain should the need arise.

 

Despite much research and many site visits, this past year has not yielded a suitable acquisition that we felt comfortable with. However, our consistent organic growth provides robust investor returns sufficient for us to maintain our strict acquisition criteria.

 

This organic growth trajectory is not only driven by selling more to existing customers, and winning new customers, but also by our introduction of new product ranges that are known to be already in demand from our three key market sectors of automotive, domestic appliances and electronics.

 

Our most strategic new product investment by far is into enclosure hardware (e.g. locks, hinges, handles, cable management etc.) where the global market spend extends to hundreds of millions of dollars, and where the majority of our international OEMs are already large users, often paying premium prices due to design, specification and supply constraints. We believe that our enhanced and unique supply chain flexibility provides TR with a competitive market advantage on this vast range of high volume components.

 

This year has seen another period of major capital and people investment to help sustain our future prosperity, including the significant decision to open a greenfield distribution and technical support facility in Barcelona. Although the UK has grown its automotive production significantly in the last decade, it is not widely known that Spain produced 50% more units than the UK last year, providing TR with a clear opportunity to invest to respond to this market demand.

 

Market dynamics have also prompted our TR Midlands team to acquire a second building to accommodate more efficient warehousing plus a training, technical and customer fulfilment facility - mainly to support our automotive customers.

 

The automotive sector is the most prolific exponent of design and production consolidation and rationalisation on a global basis, which has seen Trifast ramp up its technical support and supply chain disciplines across the Group. TR VIC in Italy, TR Kuhlmann in Germany, TR Inc. in USA and TR Spain are now aligned with TR in the UK, Hungary, India, Thailand, Malaysia, Taiwan, Sweden and Holland with the consistent high level capabilities required by this industry. Recent demand has also turned our focus on to Japan, where currency changes and high quality demands have made our exports into that country more competitive.

 

This past year has seen a whole raft of new operational process and people resource initiatives, with our Executive team grasping the reins of a wide range of improvement opportunities that range from broadening our HR support, management training and succession planning to digital investments and treasury management. Most of these activities span more than a year and so I look forward to updating you at a later stage with what I believe will be significant progress.

 

Having re-joined Trifast with Jim Barker way back in March 2009, I have had the absolute privilege in witnessing first the recovery, and now the ongoing underlying growth and development of what I regard as a uniquely dynamic, professional and caring organisation that has every reason to feel confident, but not in any way complacent, about its future prosperity.

 

I fundamentally believe that we now have the most competent and committed management teams across the Group that I have ever seen in my many years with the Company. This trust has allowed me to step down from my Executive role of the last eight years, while still remaining loyal and supportive as Non-Executive Chairman of Trifast going forward.

 

I believe very much that every employee is important and that management must constantly endorse that personally with daily encouragement, recognition and mentorship. It is with pride that I can claim that the TR culture is very light on ego, politics and status seeking, whilst being big on loyalty, commitment and work ethics. As this is a core requirement for success I want to sincerely thank our management and all our staff for their contribution to our Company and its excellent performance, not only on my behalf but on behalf of all our stakeholders.

 

MALCOLM DIAMOND MBE, NON-EXECUTIVE CHAIRMAN

12 June 2017

 

 

 

TRIFAST PLC

('Trifast', the 'Group' 'TR' or 'Company')

Preliminary results for the year ended 31 March 2017

 

"Our people continue to be the driving force of our business and their length of service, their loyalty, their enthusiasm and their skills and experience form the backbone of our success"

Clare Foster, CFO

 

SUMMARY BUSINESS REVIEW

 

 

FY2017

CER

FY2017

AER

FY2016

Growth

at Constant Exchange Rate

(CER)

Growth at Actual Exchange Rate

(AER)

Revenue

£172.6m

£186.5m

£161.4m

7.0%

15.6%

£53.6m

£58.0m

£48.0m

11.7%

20.9%

31.1%

31.1%

29.7%

+140bps

+140bps

£18.6m

£21.0m

£16.8m

10.9%

25.2%

10.8%

11.3%

10.4%

+40bps

+90bps

£15.6m

£17.9m

£13.9m

+12.5%

+28.8%

9.0%

9.6%

8.6%

+40bps

+100bps

£18.1m

£20.5m

£16.0m

13.2%

28.1%

£15.1m

£17.3m

£13.1m

+15.4%

+32.6%

11.28p

12.82p

9.99p

+12.9%

+28.3%

8.97p

10.40p

8.50p

+5.5%

+22.4%

Underlying Return on capital employed (ROCE)*

 

19.9%

18.5%

 

+140bps

 

*Before separately disclosed items (see note 2)

 

OUR GROUP PERFORMANCE

Our performance across the business has delivered another record breaking financial year with strong trading results ahead of our expectations. Strong profitable top line growth has continued across every region, up by 7.0% at CER and leading to revenues of £186.5m at Actual Exchange Rate ('AER') for 2017.

 

Our underlying businesses have performed well with foreign exchange tailwinds also having a positive impact.

 

By far the biggest driver of our performance in 2017 has been organic growth (5.2%; 13.7% at AER), with the focus on our core strategy leading to sales increases to our 25 key multinational OEMs of 14.2% at AER. On the non-organic side, 2017 has seen the first full year of trading from our acquisition of TR Kuhlmann, successfully generating 1.8% (1.9% at AER) of revenue growth for the Group.

 

The strongest measure of the Group's success this year has been at the profit level. For the first time in our history we have ended the year with a gross margin in excess of 30%, representing the achievement of a long held ambition. Gross margin has increased by 140bps to 31.1% (at both AER and CER; 2016: 29.7%) and our gross profit is up by 11.7% to £53.6m (£58.0m at AER; 2016: £48.0m).

 

Against this gross margin increase, our Group underlying operating margin has stayed more consistent at 10.8% (11.3% at AER; 2016: 10.4%), reflecting the ongoing investments for growth that we have been making around the Group in our sales and operational teams as well as our capital investment programmes. Despite this ongoing investment for future growth, our underlying operating profit has continued to grow strongly with a 10.9% increase at CER and 25.2% at AER.

 

All of the above factors has helped to drive substantial growth in our underlying diluted EPS, up by 28.3% at AER to 12.82p (2016: 9.99p).

 

Given the significant weakening of Sterling since June 2016, CER continues to be the best way of understanding the positive progress of our business. To aid understanding, the table below details the impact AER has made to some of our key numbers.

 

 

FY2017 CER

AER uplift

FY2017 AER

Revenue

£172.6m

£13.9m

£186.5m

Underlying PBT*

£18.1m

£2.4m

£20.5m

Underlying diluted EPS*

11.28p

1.54p

12.82p

Normalised net debt

£7.1m

£0.5m

£7.6m

Shareholders' funds

£95.4m

£6.3m

£101.7m

  

*Before separately disclosed items (see note 2)

 

DIVIDEND POLICY

With our proven track record, a strong balance sheet and a confident strategy for growth, we remain committed to a progressive dividend policy.

 

As a result the Directors are proposing, subject to shareholder approval, a final dividend of 2.50p per share. This together with the interim dividend of 1.00p (paid on 13 April 2017), brings the total for the year to 3.50p per share, an increase of 25.0% on the prior year (2016: 2.80p). The final dividend will be paid on 13 October 2017 to shareholders on the register at the close of business on 15 September 2017. The ordinary shares will become ex-dividend on 14 September 2017.

 

The 2017 final proposed dividend means that over the last six years dividends have grown from 0.50p to 3.50p, equating to a compound annual growth rate ('CAGR') of 47.6%.

 

At the same time, dividend cover has fallen, now representing a cover of 3.7x. For the medium term, we believe an appropriate level of cover will continue to be in the range of 3x to 4x. As is always the case, the actual dividend each year will need to take in to account our ongoing strategy of investment driven growth, potential acquisitions and the working capital requirements of a growing business.

 

GROUP REVENUE

This year's key revenue message is one of consistent growth. In FY2017, all of our regions have experienced strong top line growth ranging from 4.6% in our UK businesses to 12.3% in the US (4.6% to 28.2% at AER).

 

In Europe, our total growth has been 9.8%, made up of 4.6% of organic growth and 5.2% from acquisitions. This reflects a particularly strong HY1, specifically in our Italian domestic appliances business, and FY2017 gains in electronics in Hungary and automotive in Sweden.

 

In Asia, we have seen a robust return to growth, with total sales (including intercompany) in the region growing by 6.5% to £47.8m (2016: 1.1% and £44.9m) following a strong HY2. Growth at entity level has been equally good, with Singapore continuing to perform well, up by 9.4% (25.2% at AER), in the domestic appliances market and Shanghai, up 9.8% (18.4% at AER), on the automotive side. Most notable is the successful return to growth in our PSEP, Malaysia business. A contraction in the local automotive market has reduced trading levels over recent years. However, in FY2016 we saw this bottom out and in FY2017 top line growth of 6.2% (16.1% at AER) has come from of a mix of both domestic, and export sales.

 

For our UK businesses, it has also been a year of good growth in what is a mature market. Overall total revenues are up 4.6% to £69.3m (2016: £66.2m), with the biggest increase being seen across our distribution businesses, 10.4% to £12.5m at AER, predominantly arising out of additional sales volumes to our European distributors. Outside of this, growth has largely come from increased sales to our multinational OEMs in the automotive sector.

 

In the US, we continue to see very strong revenue growth of 12.3% to £5.3m (£6.0m at AER; 2016: £4.7m) again largely as a result of our ongoing multinational OEMs focus.

 

GROSS MARGIN

The Group's gross margin has increased by 140bps (at both AER and CER) to 31.1% (2016: 29.7%). Outside of the US, gross margin improvements have been seen across all regions. This is most specifically within Europe, largely due to favourable cost variances and capacity increases at our Italian manufacturing site.

 

In the UK, gross margins have increased by 100bps, largely due to transactional gains on our export revenues caused by positive movements in the Euro exchange rate. Whilst in Asia, a change in product mix and capacity increases at our Singapore and Malaysian sites has had a similar margin impact.

 

In the US gross margins have fallen by 410bps as the result of product mix changes and an increased focus on the automotive sector.

 

GROUP UNDERLYING OPERATING MARGIN

Underlying operating margins have increased by 40bps to 10.8% (11.3% at AER; 2016: 10.4%). The biggest increase is in Europe of 160bps (180bps at AER), largely as the result of the increase in gross margin noted above. In Asia, margins have fallen by 40bps to 14.6% (14.9% at AER; 2016: 15.0%) partly as the result of a foreign exchange balance sheet translation loss of £0.2m (2016: gain of £0.2m) due to the ongoing weakness in the Euro & Sterling as well as additional investments to support ongoing growth in the region.

 

In the UK, margins have remained broadly stable at 9.4% (2016: 9.3%), whereas in the US we have seen the drop in gross margin feeding down into a similar fall at the underlying operating profit level. As sales continue to build, we expect underlying operating profits in this region to improve as planned investments for growth can be better absorbed.

 

NET FINANCING COSTS (AT AER)

Interest costs have continued to fall to £0.5m (2016: £0.8m) reflecting both a decrease in the average net debt balance to £12.2m (2016: £16.6m) and a reduction in the interest margin charged following an amendment of our HSBC banking facilities on the 7 October 2016.

 

TAXATION (AT AER)

The Underlying Effective Tax Rate ('UETR') has reduced slightly in the year to 23.6% (2016: 24.9%) largely as a result of an increase in the tax deductibility of certain permanent staff costs in Italy.

 

Subject to future tax changes and excluding prior year adjustments, our UETR is expected to be c.25% going forward.

 

NET DEBT (AT AER)

Our net debt position has significantly decreased by £9.6m to £6.4m (2016: £16.0m). One of the key reasons driving that reduction is our very strong cash generation. In FY2017 our underlying EBITDA to underlying operating cash conversion rate was 97.3% (2016: 88.9%, 102.7% net of the de-factoring in VIC). This led to an operating cash inflow of £22.5m, and despite our significant increase in trading (15.6% and £25.1m at AER), a working capital increase of only £0.8m reflecting our continued high focus on working capital levels around the Group.

 

Our normalised net debt position at 31 March 2017 is higher at £7.6m. This adjustment reduces our cash holding at year end to take in to account the £1.2m of cash specifically held to settle the NI and income tax payments (due in April 2017) relating to Malcolm Diamond's exercise of 1,000,000 share options on 17 February 2017. Further information is included in the Directors' Remuneration Report regarding this transaction and Malcolm's shareholding.

 

BANKING FACILITIES

The Group finalised amended banking facilities with HSBC on 7 October 2016.  In summary, the amendments reduce the Group's reliance on the Asset-Backed Lending (ABL) facilities, decrease the overall cost structure and extend the maturity profile of a proportion of our borrowings to better reflect the Group's core funding and investment requirements.

Taking these changes into account, headroom has increased by c.£5.0m, helping to support our strategy of investment driven growth.  In addition, an Accordion facility of £20.0m has been written in to the agreement, providing the potential flexibility to debt finance future acquisitions and investments.

RETURN ON CAPITAL EMPLOYED (AT AER)

As at 31 March 2017, the Group's shareholders' equity had increased significantly to £101.7m (2016: £83.8m). This £17.9m movement is made up of retained earnings of £11.3m, share issues totalling £0.3m and a substantial foreign exchange reserve gain of £6.3m which arose due to the sustained weakening in Sterling in the financial year.

 

Over this increased asset base, our very strong trading performance has led to a higher underlying ROCE of 19.9% (2016: 18.5%).

 

GROUP OUTLOOK

Looking ahead, the global fastenings market is forecast to grow by 5% a year over the next 5 years, with all our regions predicting growth.

 

Geographically Europe, Asia and USA all remain key focus areas for us both organically and non-organically and with our new Spanish greenfield site now up and running, we are in a prime position to continue to develop that important market in the future.

 

The current financial year has started well and, with a robust pipeline in place, there is no indication this will change. The additional investments we are making in our people across the world, including into our global and local sales teams, mean the Group is in a good position to move forward. Moreover, the strategic investments we are making in our global Customer Relationship Management systems and our key account management have been specifically targeted to further support our core strategy of focusing on our multinational OEMs.

 

In manufacturing, our capital expenditure plans will increase capacity at both our Italian and Singaporean sites so as to reduce our per part production costs, and allow us to retain higher profits per sale by bringing more manufacturing in-house in the future.

 

To complement these strong underlying growth plans, further acquisitions remain an important strategic growth pillar for the Group. Our acquisition strategy has been developed to identify key criteria and geographies and we will continue to use this to drive our proactive search for the next successful acquisition.

 

There are, of course, some macroeconomic factors we cannot fully mitigate, including movements in foreign currency and the ongoing volatility in the raw materials markets, as well as the wider potential implications of Brexit on our business and the UK economy. We are already starting to see some purchase price challenges arising out of both the ongoing weakness in Sterling and the relative strength of the US$, which we expect to increase over time if circumstances persist. However, taking the Group as a whole, with our geographical diversity, our balanced sector mix and our clear strategies for growth, we remain optimistic about the Group's prospects.

 

 

MARK BELTON, CEO

CLARE FOSTER, CFO

TRIFAST PLC

 

12 June 2017

 

 

TRIFAST PLC

('Trifast', the 'Group' 'TR' or 'Company')

Preliminary results for the year ended 31 March 2017

 

 

CONSOLIDATED INCOME STATEMENT

for the year ended 31 March 2017

 

Note

2017

£000

2016

£000

Continuing operations

 

 

 

Revenue

3

186,512

161,370

Cost of sales

 

(128,495)

(113,366)

Gross profit

 

58,017

48,004

Other operating income

4

395

317

Distribution expenses

 

(3,964)

(3,202)

Administrative expenses before separately disclosed items

 

(33,430)

(28,326)

IFRS2 charge

2

(1,512)

(1,687)

Acquired intangible amortisation

2

(1,273)

(974)

Net acquisition costs

2

-

(264)

Profit on sale of fixed assets

2

195

-

Costs on exercise of executive share options

2

(567)

-

Total administrative expenses

 

(36,587)

(31,251)

Operating profit

5

17,861

13,868

Financial income

 

60

60

Financial expenses

 

(581)

(851)

Net financing costs

 

(521)

(791)

Profit before taxation

2,3

17,340

13,077

Taxation

6

(4,642)

(2,852)

Profit for the year (attributable to equity shareholders of the Parent Company)

 

12,698

10,225

Earnings per share

 

 

 

Basic

13

10.72p

8.78p

Diluted

13

10.40p

8.50p

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the year ended 31 March 2017

 

2017

£000

2016

£000

Profit for the year

12,698

10,225

Other comprehensive income/(expense) for the year:

 

 

Items that may be reclassified subsequently to profit or loss:

 

 

Exchange differences on translation of foreign operations

8,486

4,764

(Loss) on a hedge of a net investment taken to equity

(2,155)

(2,537)

Other comprehensive income recognised directly in equity

6,331

2,227

Total comprehensive income recognised for the year

 

 

(attributable to the equity shareholders of the Parent Company)

19,029

12,452

 

 

TRIFAST PLC

('Trifast', the 'Group' 'TR' or 'Company')

Preliminary results for the year ended 31 March 2017

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the year ended 31 March 2017

 

Share

capital

£000

Share

premium

£000

Translation

reserve

£000

Retained

earnings

£000

Total

equity

£000

Balance at 31 March 2016

5,837

21,161

8,569

48,183

83,750

Total comprehensive income for the year:

 

 

 

 

 

 Profit for the year

-

-

-

12,698

12,698

 Other comprehensive income for the year

-

-

6,331

-

6,331

Total comprehensive income recognised for the year

-

-

6,331

12,698

19,029

Issue of share capital

177

217

-

(53)

341

Share based payment transactions (including tax)

-

-

-

1,888

1,888

Dividends (note 12)

-

-

-

(3,310)

(3,310)

Total transactions with owners

177

217

-

(1,475)

(1,081)

Balance at 31 March 2017

6,014

21,378

14,900

59,406

101,698

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the year ended 31 March 2016

 

Share

capital

 £000

Share

premium

£000

Translation

reserve

£000

Retained

earnings

£000

Total

equity

£000

Balance at 31 March 2015

5,809

20,978

6,342

38,551

71,680

Total comprehensive income for the year:

 

 

 

 

 

 Profit for the year

-

-

-

10,225

10,225

 Other comprehensive income for the year

-

-

2,227

-

2,227

Total comprehensive income recognised for the year

-

-

2,227

10,225

12,452

Issue of share capital

28

183

-

-

211

Share based payment transactions (including tax)

-

-

-

1,847

1,847

Dividends (note 12)

-

-

-

(2,440)

(2,440)

Total transactions with owners

28

183

-

(593)

(382)

Balance at 31 March 2016

5,837

21,161

8,569

48,183

83,750

 

COMPANY STATEMENT OF CHANGES IN EQUITY

for the year ended 31 March 2017

 

Share

capital

£000

Share

premium

£000

Merger

reserve

£000

Retained

earnings

£000

Total

equity

£000

Balance at 31 March 2016

5,837

21,161

1,521

16,013

44,532

Total comprehensive income for the year:

 

 

 

 

 

Profit for the year

-

-

-

4,814

4,814

Total comprehensive income recognised for the year

-

-

-

4,814

4,814

Issue of share capital

177

217

-

(53)

341

Share based payment transactions (including tax)

-

-

-

1,758

1,758

Dividends (note 12)

-

-

-

(3,310)

(3,310)

Total transactions with owners

177

217

-

(1,605)

(1,211)

Balance at 31 March 2017

6,014

21,378

1,521

19,222

48,135

COMPANY STATEMENT OF CHANGES IN EQUITY

for the year ended 31 March 2016

 

Share

capital

£000

Share

premium

£000

Merger

reserve

£000

Retained

earnings

£000

Total

equity

£000

Balance at 31 March 2015

5,809

20,978

1,521

5,586

33,894

Total comprehensive income for the year:

 

 

 

 

 

Profit for the year

-

-

-

11,068

11,068

Total comprehensive income recognised for the year

-

-

-

11,068

11,068

Issue of share capital

28

183

-

-

211

Share based payment transactions (including tax)

-

-

-

1,799

1,799

Dividends (note 12)

-

-

-

(2,440)

(2,440)

Total transactions with owners

28

183

-

(641)

(430)

Balance at 31 March 2016

5,837

21,161

1,521

16,013

44,532

 

 

TRIFAST PLC

('Trifast', the 'Group' 'TR' or 'Company')

Preliminary results for the year ended 31 March 2017

 

 

STATEMENTS OF FINANCIAL POSITION

at 31 March 2017

 

 

Group

Company

 

Note

2017

£000

2016

£000

2017

£000

2016

£000

Non-current assets

 

 

 

 

 

Property, plant and equipment

 

19,258

17,171

2,574

2,362

Intangible assets

 

39,682

38,259

-

-

Equity investments

 

-

-

41,440

41,440

Deferred tax assets

 

2,359

2,165

685

836

Total non-current assets

 

61,299

57,595

44,699

44,638

Current assets

 

 

 

 

 

Inventories

7

41,926

39,438

-

-

Trade and other receivables

8

49,360

43,386

31,382

33,613

Cash and cash equivalents

9

24,645

17,614

2,587

1,406

Total current assets

 

115,931

100,438

33,969

35,019

Total assets

3

177,230

158,033

78,668

79,657

Current liabilities

 

 

 

 

 

Bank overdraft

9

-

33

-

2,273

Other interest-bearing loans and borrowings

10

14,872

16,901

11,077

12,091

Trade and other payables

11

37,145

33,030

4,362

5,720

Tax payable

 

2,471

2,773

-

-

Provisions

 

76

76

-

-

Total current liabilities

 

54,564

52,813

15,439

20,084

Non-current liabilities

 

 

 

 

 

Other interest-bearing loans and borrowings

10

16,221

16,675

14,930

14,866

Provisions

 

1,111

1,117

-

-

Deferred tax liabilities

 

3,636

3,678

164

175

Total non-current liabilities

 

20,968

21,470

15,094

15,041

Total liabilities

3

75,532

74,283

30,533

35,125

Net assets

 

101,698

83,750

48,135

44,532

Equity

 

 

 

 

 

Share capital

 

6,014

5,837

6,014

5,837

Share premium

 

21,378

21,161

21,378

21,161

Reserves

 

14,900

8,569

1,521

1,521

Retained earnings

 

59,406

48,183

19,222

16,013

Total equity

 

101,698

83,750

48,135

44,532

 

 

TRIFAST PLC

('Trifast', the 'Group' 'TR' or 'Company')

Preliminary results for the year ended 31 March 2017

 

 

STATEMENTS OF CASH FLOWS

for the year ended 31 March 2017

 

 

Group

Company

 

Note

2017

£000

2016

£000

2017

£000

2016

£000

Cash flows from operating activities

 

 

 

 

 

Profit for the year

 

12,698

10,225

4,814

11,068

Adjustments for:

 

 

 

 

 

 Depreciation, amortisation and impairment/(reversal)

 

3,123

2,331

76

(6,676)

 Unrealised foreign currency loss/(gain)

 

165

(119)

-

(256)

 Financial income

 

(60)

(60)

(28)

(32)

 Financial expense

 

581

851

350

406

 (Gain)/loss on sale of property, plant and equipment and investments

 

(184)

15

-

-

 Dividends received

 

-

-

(10,814)

(8,532)

 Equity settled share based payment charge

 

1,512

1,687

1,145

1,224

 Taxation charge/(credit)

 

4,642

2,852

402

(277)

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

and provisions

 

 

22,477

 

17,782

 

(4,055)

 

(3,075)

Change in trade and other receivables

 

(3,075)

(1,360)

4,653

(3,914)

Change in inventories

 

(273)

(421)

-

-

Change in trade and other payables

 

3,764

(58)

(1,361)

(3,743)

Change in provisions

 

(6)

(70)

-

-

Cash generated from/(used in) operations

 

22,887

15,873

(763)

(10,732)

Tax paid

 

(5,136)

(3,080)

-

-

Net cash from/(used in) operating activities

 

17,751

12,793

(763)

(10,732)

Cash flows from investing activities

 

 

 

 

 

Proceeds from sale of property, plant and equipment

 

198

16

-

-

Interest received

 

60

91

26

32

Acquisition of subsidiary, net of cash acquired

 

(1,471)

(7,684)

-

-

Acquisition of property, plant and equipment and intangibles

 

(2,948)

(2,339)

(288)

(2)

Dividends received

 

-

-

10,814

8,532

Net cash (used in)/from investing activities

 

(4,161)

(9,916)

10,552

8,562

Cash flows from financing activities

 

 

 

 

 

Proceeds from the issue of share capital, net of acquisition

 

341

181

341

181

Proceeds from new loan

 

2,236

11,451

2,100

9,252

Repayment of borrowings

 

(7,030)

(8,969)

(5,120)

(1,825)

Payment of finance lease liabilities

 

(6)

(31)

-

-

Dividends paid

 

(3,310)

(2,440)

(3,310)

(2,440)

Interest paid

 

(581)

(895)

(346)

(419)

Net cash (used in)/from financing activities

 

(8,350)

(703)

(6,335)

4,749

Net change in cash and cash equivalents

 

5,240

2,174

3,454

2,579

Cash and cash equivalents at 1 April

9

17,581

15,014

(867)

(3,446)

Effect of exchange rate fluctuations on cash held

 

1,824

393

-

-

Cash and cash equivalents at 31 March

9

24,645

17,581

2,587

(867)

 

 

TRIFAST PLC

('Trifast', the 'Group' 'TR' or 'Company')

NOTES TO THE PRELIMINARY STATEMENT

 

 

1. PREPARATION OF THE PRELIMINARY STATEMENT

The preliminary results announcement for the year ended 31 March 2017 has been prepared by the Directors based on the results and position reflected in the statutory accounts.  The statutory accounts are prepared in accordance with international Financial Reporting Standards as adopted by the European Union ('Adopted IFRS').

 

The Board of Directors approved the preliminary announcement on 12 June 2017.

 

2. UNDERLYING PROFIT BEFORE TAX AND SEPARATELY DISCLOSED ITEMS

 

 

2017

£000

2016

£000

Underlying profit before tax

 

20,497

16,002

Separately disclosed items within administrative expenses

 

 

 

 IFRS2 share based payment charge

 

(1,512)

(1,687)

 Acquired intangible amortisation

 

(1,273)

(974)

 Net acquisition costs

 

-

(264)

    Profit on sale of fixed assets

 

195

-

    Costs on exercise of executive share options

 

(567)

-

Profit before tax

 

17,340

13,077

 

 

 

 

 

 

2017

£000

2016

£000

Underlying EBITDA

 

22,868

18,150

Separately disclosed items within administrative expenses

 

 

 

 IFRS2 share based payment charge

 

(1,512)

(1,687)

 Net acquisition costs

 

-

(264)

    Profit on sale of fixed assets

 

195

-

    Costs on exercise of executive share options

 

(567)

-

EBITDA

 

20,984

16,199

Acquired intangible amortisation

 

(1,273)

(974)

Depreciation and non-acquired amortisation

 

(1,850)

(1,357)

Operating profit

 

17,861

13,868

 

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 each segment's 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.  Goodwill and intangible assets acquired on business combinations are included in the region to which they relate. 

 

Geographical operating segments

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

- UK

- Europe: includes Norway, Sweden, Hungary, Ireland, Holland, Italy, Germany, Spain 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 2017

UK

 £000

Europe

 £000

USA

£000

Asia

£000

Common

costs

£000

Total

£000

Revenue

 

 

 

 

 

 

Revenue from external customers

66,825

67,231

5,900

46,556

-

186,512

Inter segment revenue

2,443

613

123

7,262

-

10,441

Total revenue

69,268

67,844

6,023

53,818

-

196,953

Underlying operating result

6,538

9,818

334

8,005

(3,677)

21,018

Net financing costs

(145)

(73)

-

20

(323)

(521)

Underlying segment result

6,393

9,745

334

8,025

(4,000)

20,497

Separately disclosed items (see note 2)

 

 

 

 

 

(3,157)

Profit before tax

 

 

 

 

 

17,340

Specific disclosure items

 

 

 

 

 

 

Depreciation and amortisation

423

1,626

25

973

76

3,123

Assets and liabilities

 

 

 

 

 

 

Segment assets

40,348

68,289

3,742

58,876

5,975

177,230

Segment liabilities

(19,535)

(13,689)

(294)

(11,581)

(30,433)

(75,532)

 

March 2016

UK^

 £000

Europe

 £000

USA

£000

Asia*

£000

Common

costs ^

£000

Total

£000

Revenue

 

 

 

 

 

 

Revenue from external customers

64,156

54,030

4,602

38,582

-

161,370

Inter segment revenue

2,057

341

97

6,276

-

8,771

Total revenue

66,213

54,371

4,699

44,386

-

170,141

Underlying operating result

6,172

6,880

401

6,730

(3,390)

16,793

Net financing costs

(278)

(107)

(2)

(29)

(375)

(791)

Underlying segment result

5,894

6,773

399

6,701

(3,765)

16,002

Separately disclosed items (see note 2)

 

 

 

 

 

(2,925)

Profit before tax

 

 

 

 

 

13,077

Specific disclosure items

 

 

 

 

 

 

Depreciation and amortisation

231

1,181

22

833

64

2,331

Assets and liabilities

 

 

 

 

 

 

Segment assets

36,525

63,568

3,164

50,295

4,481

158,033

Segment liabilities

(15,792)

(14,952)

(385)

(9,679)

(33,475)

(74,283)

^       Including the offset of the UK overdrafts from Common costs, as allowable under financing agreements with HSBC.

*Historically this was stated after eliminating revenue between Asian entities. However management believe it is more appropriate to include this in the inter segment revenue number above and therefore this has been restated to £6.3m from £5.8m. In FY2017 the equivalent adjustment was £0.3m.

 

There were no material differences in Europe and USA between the external revenue based on location of the entities and the location of the customers.  Of the UK, external revenue £11.3m (2016: £10.4m) was sold into the European market.  Of the Asian external revenue, £4.6m (2016: £3.9m) was sold into the American market and £5.5m (2016: £5.9m) sold into the European market.

 

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

 

4. OTHER OPERATING INCOME

 

2017

£000

2016

£000

Rental income received from freehold properties

152

139

Other income

243

178

 

395

317

 

5. EXPENSES AND AUDITOR'S REMUNERATION

Included in profit for the year are the following:

 

Note

2017

£000

2016

£000

Depreciation and amortisation

 

1,850

1,357

Amortisation of acquired intangibles

2

1,273

974

Operating lease expense

 

2,529

2,507

Net foreign exchange gain

 

(46)

(661)

(Gain)/loss on disposal of fixed assets

 

(184)

15

Auditor's remuneration:

 

2017

£000

2016

£000

Audit of these financial statements

38

41

Audit of financial statements of subsidiaries pursuant to legislation

222

208

Taxation compliance services

15

15

Other assurance services

28

27

Other services relating to transaction services

-

60

 

6. TAXATION

Recognised in the income statement

2017

£000

2016

£000

Current UK tax expense:

 

 

 Current year

520

554

 Adjustments for prior years

(8)

210

 

512

764

Current foreign tax expense:

 

 

 Current year

4,756

3,052

 Adjustments for prior years

(138)

19

 

4,618

3,071

Total current tax

5,130

3,835

Deferred tax expense:

 

 

 Origination and reversal of temporary differences

(454)

(196)

 Adjustments for prior years

(34)

(787)

Deferred tax income

(488)

(983)

Tax in income statement

4,642

2,852

 

Tax recognised directly in equity

2017

£000

2016

£000

Current tax recognised directly in equity - IFRS2 share based tax credit

(522)

(70)

Deferred tax recognised directly in equity - IFRS2 share based tax charge/(credit)

130

(90)

Total tax recognised in equity

(392)

(160)

 

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

2017

£000

ETR

%

2016

£000

ETR

%

Profit for the period

12,698

 

10,225

 

Tax from continuing operations

4,642

 

2,852

 

Profit before tax

17,340

 

13,077

 

Tax using the UK corporation tax rate of 20% (2016: 21%)

3,468

20

2,615

20

Tax suffered on dividends

264

2

133

2

Retention tax

102

1

71

-

Non-deductible expenses

190

1

223

2

Tax incentives

(274)

(2)

(123)

(1)

IFRS2 share option charge / (credit)

(1)

-

112

1

Deferred tax assets not recognised

511

3

72

-

Different tax rates on overseas earnings

540

3

256

2

Adjustments in respect of prior years

(180)

(1)

(558)

(4)

Tax rate change

22

-

51

-

Total tax in income statement

4,642

27

2,852

22

A reduction in the UK corporation tax rate from 21% to 20% (effective from 1 April 2015) was substantively enacted on 2 July 2013.  Further reductions to 19% (effective from 1 April 2017) and to 18% (effective 1 April 2020) were substantively enacted on 26 October 2015, and an additional reduction to 17% (effective 1 April 2020) was substantively enacted on 6 September 2016.  This will reduce the Company's future current tax charge accordingly.  Deferred tax has been calculated based on these rates.

 

7. INVENTORIES - GROUP

 

2017

£000

2016

£000

Raw materials and consumables

4,903

4,067

Work in progress

1,972

1,458

Finished goods and goods for resale

35,051

33,913

 

41,926

39,438

 

8. TRADE AND OTHER RECEIVABLES

 

Group

Company

 

2017

£000

2016

£000

2017

£000

2016

£000

Trade receivables

47,497

41,931

-

-

Non trade receivables and prepayments

1,863

1,455

183

41

Amounts owed by subsidiary undertakings

-

-

31,199

33,572

 

49,360

43,386

31,382

33,613

 

9. CASH AND CASH EQUIVALENTS/BANK OVERDRAFTS

 

Group

Company

 

2017

£000

2016

£000

2017

£000

2016

£000

Cash and cash equivalents per Statement of financial position

24,645

17,614

2,587

1,406

Bank overdrafts per Statement of financial position

-

(33)

-

(2,273)

Cash and cash equivalents per Statements of cash flows

24,645

17,581

2,587

(867)

 

10. OTHER INTEREST BEARING LOANS AND BORROWINGS

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

 

Initial loan value

Rate

Maturity

Current

Non-current

2017

£000

2016

£000

2017

£000

2016

£000

Group

 

 

 

 

 

 

Asset based lending

Base +1.49%

-

3,280

3,144

-

-

PSEP acquisition loan

Fixed 3.14%

2016

-

1,170

-

-

VIC unsecured loan

EURIBOR +1.95%

2020

513

476

1,283

1,665

Kuhlmann unsecured loan

EURIBOR +1.55%

2024

-

18

-

132

Finance lease liabilities

Various

2017-19

2

2

8

12

 

 

 

 

 

 

 

Group and Company

 

 

 

 

 

 

Facility A VIC acquisition loan

EURIBOR +1.50%

2021

3,208

2,091

12,830

14,866

Facility B Revolving Credit Facility

LIBOR/EURIBOR +1.50%

2019/2021

7,869

10,000

-

-

Property Loan

Base +1.25%

2021

-

-

2,100

-

Total Group

 

 

14,872

16,901

16,221

16,675

Total Company

 

 

11,077

12,091

14,930

14,866

 

11. TRADE AND OTHER PAYABLES

 

Group

Company

 

2017

£000

2016

£000

2017

£000

2016

£000

Trade payables

19,302

17,164

-

-

Amounts payable to subsidiary undertakings

-

-

954

2,630

Deferred consideration

-

1,348

-

1,348

Non-trade payables and accrued expenses

15,322

13,149

2,073

1,623

Other taxes and social security

2,521

1,369

1,335

119

 

37,145

33,030

4,362

5,720

 

12. DIVIDENDS

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

 

2017

£000

2016

£000

Final paid 2016 - 2.00p (2015: 1.50p) per qualifying ordinary share

2,376

1,743

Interim paid 2016 - 0.80p (2015: 0.60p) per qualifying ordinary share

934

697

 

3,310

2,440

After the balance sheet date a final dividend of 2.50p per qualifying ordinary share (2016: 2.00p) was proposed by the Directors and an interim dividend of 1.00p (2016: 0.80p) was paid in April 2017.

 

 

2017

£000

2016

£000

Final proposed 2017- 2.50p (2016: 2.00p) per qualifying ordinary share

3,007

2,376

Interim paid 2017 - 1.00p (2016: 0.80p) per qualifying ordinary share

1,203

934

 

4,210

3,310

 

Subject to Shareholder approval at the Annual General Meeting which is to be held on 27 July 2017, the final dividend will be paid on 13 October 2017 to Members on the Register at the close of business on 15 September 2017.  The ordinary shares will become ex-dividend on 14 September 2017.  

 

13. EARNINGS PER SHARE

Basic earnings per share

The calculation of basic earnings per share at 31 March 2017 was based on the profit attributable to ordinary shareholders of £12.7m (2016: £10.2m) and a weighted average number of ordinary shares outstanding during the year ended 31 March 2017 of 118,493,886 (2016: 116,388,265), calculated as follows:

 

Weighted average number of ordinary shares

 

2017

2016

Issued ordinary shares at 1 April

116,747,887

116,174,086

Effect of shares issued

1,745,999

214,179

Weighted average number of ordinary shares at 31 March

118,493,886

116,388,265

Diluted earnings per share

The calculation of diluted earnings per share at 31 March 2017 was based on profit attributable to ordinary shareholders of £12.7m (2016: £10.2m) and a weighted average number of ordinary shares outstanding during the year ended 31 March 2017 of 122,143,769 (2016: 120,345,662), calculated as follows:

 

Weighted average number of ordinary shares (diluted)

 

2017

2016

Weighted average number of ordinary shares at 31 March

118,493,886

116,388,265

Effect of share options on issue

3,649,883

3,957,397

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

122,143,769

120,345,662

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 and deferred equity awards were outstanding.

 

Underlying earnings per share

EPS (total)

2017 EPS

2016 EPS

Earnings

£000

Basic

Diluted

Earnings

£000

Basic

 Diluted

Profit after tax for the financial year

12,698

10.72p

10.40p

10,225

8.78p

8.50p

Separately disclosed items:

 

 

 

 

 

 

 IFRS2 share option

1,512

1.28p

1.24p

1,687

1.45p

1.40p

 Intangible amortisation

1,273

1.07p

1.04p

974

0.84p

0.81p

 Net acquisition costs

-

-

-

264

0.23p

0.22p

 Costs on exercise of

 

 

 

 

 

 

 executive share options

567

0.48p

0.46p

-

-

-

    Sale of fixed assets

(195)

(0.17p)

(0.16p)

-

-

-

 Tax charge on adjusted items^

(193)

(0.16p)

(0.16p)

(1,132)

(0.97p)

(0.94p)

Underlying profit after tax

15,662

13.22p

12.82p

12,018

10.33p

9.99p

^       For the 2016 calculation this includes adjusting for the recognition of the deferred tax asset in TR Fastenings Inc

 

The 'underlying 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.

 

14. Preliminary statement

The financial information set out above does not constitute the Group's statutory Report and Accounts for the years ended 31 March 2017 or 2016 but is derived from the 2017 Report and Accounts. The Report and Accounts for 2016 have been delivered to the Registrar of Companies and those for 2017 will be delivered in due course. The external auditor has reported on the 2017 Report and Accounts; the report was (i) unqualified, (ii) did not include references to any matters to which the external auditor drew attention by way of emphasis without qualifying the reports and (iii) did not contain statements under section 498(2) or (3) of the Companies Act 2006.

 

15. INVESTOR COMMUNICATIONS

The Company is not proposing to bulk print and distribute hard copies of this Preliminary statement unless specifically requested by individual shareholders, however it can be downloaded from the investor website.  News updates, Regulatory News, and previous years' Annual Reports, can also be viewed and downloaded from the Group's website, www.trifast.com.

 

The Report and Accounts for the year ended 31 March 2017, together with the Notice of Meeting will be posted to shareholders where requested and uploaded to the National Storage Mechanism (http://www.morningstar.co.uk/uk/NSM) and the Group's website, www.trifast.com in due course.

 

The 2017 Annual Report and Financial Statements will also 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.

 

16. ANNUAL GENERAL MEETING

The Annual General Meeting will be held on 27 July 2017 at Trifast House, Bellbrook Park, Uckfield, East Sussex, TN22 1QW.

 

 

13 June 2017


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Preliminary Results - year ended 31 March 2017 - RNS