13th Feb 2008 07:00
Trifast PLC13 February 2008 TRIFAST PLC ('Trifast' or 'the Company' or 'the Group') INTERIM MANAGEMENT STATEMENT 13 February 2008 Trifast, a worldwide manufacturer and distributor of industrial fasteners andcomponents, today announces its interim management statement for the thirdquarter to 31 December 2007. Group operating profit for the first two months of the period indicated thatmarket expectations for the year as a whole would be met. However, December'sresult fell below that expected due to the longer than anticipated shutdownperiod at OEMs in Europe resulting in fewer invoicing days. The Board is pleasedto report however, that the indications for January trading are ahead of prioryear results and in line with expectations for the month. The December result has had an inevitable impact on trading for the year as awhole. Consequently the Board believes that, subject to the performance ofTrifast's worldwide markets in the remainder of the current year and based oncurrent sales performance, the profit before tax (before restructuring costs,intangible amortisation and IFRS2 charge) for the full year ending 31 March 2008will be broadly in line with that reported for the year ended 31 March 2007 of£8.8 million. This trading performance would reflect an operating margin of7.9%, a 7% improvement on the March 2007 figure of 7.4%, a credible step towardsachieving the Board's target of 10% net operating profit (before restructuringcosts, intangible amortisation and IFRS2 charge). During the period the Company continued its recruitment drive for quality salespeople and our restructured sales team is now nearing completion. It will have apositive impact, and already we have seen the number of new enquiries frompotential customers increase significantly. The Board remains focused on the Trifast strategy for long term profitable salesgrowth with the continued emphasis on the quality of business won. The fullbenefit is yet to be realised. The key elements of this strategy are: - Targeting growth market sectors;- Developing market leading customer service plans;- Manufacturing high quality products and- Providing full technical and engineering support. Furthermore the management team have implemented a number of initiatives,including: - Driving into new market areas including Poland and other areas of Central Europe;- Focused sales team in Asia to drive into local markets;- Improving percentage of total fastenings sales within the existing customer base;- Master Distributor Programme gaining momentum in the USA and- Developing our business in India. - ENDS - Enquiries Trifast Group plc Tel: 01825 747 366Steve Auld, Chief Executive OfficerStuart Lawson, Chief Financial Officer Smithfield ConsultantsReg Hoare / Will Swan Tel: 020 7360 4900 Fairfax I.S. plcSteve Roberts / Jeremy Porter Tel: 020 7598 5368 For more information please visit www.trifast.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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