Business
Preliminary results -year ended 31 March 2020
Preliminary results -year ended 31 March 2020.
About this update from Trifast Plc
[{"type":"text","content":"\n \n \n RNS Number : 2250U\n Trifast PLC\n 28 July 2020\n \n \n \n \n \n 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.\n \n \n \n \n \n \n TRIFAST \n \n \n PLC\n \n \n \n ('Trifast', the 'Group' 'TR' or 'Company')\n \n \n \n \n \n \"Our fastenings enable innovation today, to build a better tomorrow\"\n \n \n \n \n \n Preliminary results for the year ended 31 March 2020\n \n \n \n \n London: Tuesday, 28 July 2020: Trifast (LSE Premium listing: TRI),\n \n leading international specialist in the design, engineering, manufacture and distribution of high-quality industrial and Category 'C' components to major global assembly industries announces preliminary results for the year ended 31 March 2020:\n \n \n \n \n \"\n Trifast\n is a global business serving a broad and balanced range of sectors and geographies and with no one customer representing greater than 7% of revenue. We are a full-service provider to our multinational customers, delivering reliable product engineering, quality, and supply via flexible global logistics solutions. Even in uncertain times, this gives us a very good base from which to keep moving forward and delivering on our future aspirations.\"\n \n \n \n \n Our Group performance\n \n \n \n \n \n \n \n \n · \n Resilient performance maintains revenues of £200m, despite challenging market conditions\n \n \n \n \n \n \n · \n Ongoing market share wins offset automotive downturn\n \n \n \n \n \n \n · \n Underlying operating profit margins holds up well at 9.0% (FY2019: 11.6%)\n \n \n \n \n \n \n · \n Strong cash conversion at 95.9% of UEBITDA reinforces the Group's financial position\n \n \n \n \n \n \n · \n Balance sheet further strengthened by £16m equity raise in June 2020, providing confidence to invest in significant long-term growth opportunities\n \n \n \n \n \n \n · \n Swift and effective action in response to COVID-19 reduces impact on the business\n \n \n \n \n \n \n · \n Project Atlas ended FY2020 on track and on budget, the impact of CO...