Business
Publication of the 2022 Annual Results
Publication of the 2022 Annual Results.
About this update from Trifast Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Publication of the 2022 Annual Results\n \n \n \n \n \n \n \n \n \n \"Innovation today for a better tomorrow - Growing sustainably, together\"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n LONDON: Tuesday, 26 July 2022:\n \n Trifast\n plc (LSE Premium listing: TRI) ('Trifast', the 'Group' 'TR' or 'Company'), publishes\n the Group's audited Annual report and Financial statements for the year ended\n 31 March 2022.\n The following information contained within this announcement is a summary taken from the Group's audited FY2022 Annual report and Financial statements\n which can be viewed in full via this link:\n \n \n \n \n \n http://www.rns-pdf.londonstockexchange.com/rns/6812T_1-2022-7-25.pdf\n \n \n \n \n \n \n \n \n \"The medium term is increasingly exciting and as a Board we remain confident that the fundamentals of our business model and strategy position us well to become a larger, more profitable company. Over the coming financial year we will continue to make steady progress through a mix of customer service, technical innovation, investment and capturing key opportunities being presented\"\n \n \n \n \n \n \n \n CEO, Mark Belton\n \n \n \n \n \n \n \n FY2022 Summary\n \n \n \n \n \n \n \n \n \n \n ·\n Strong recovery in HY1 and robust growth in HY2 drives a year-on-year revenue increase of 18.7% (organic 15.9%; acquisition 2.8%, 8.9% organic increase at CER against FY2020)\n \n \n \n \n \n \n ·\n Successful phase one price increase negotiation, implemented to mitigate cost inflation, returns gross margins in the month of March 2022 much closer to historic levels\n \n \n \n \n \n \n ·\n Underlying operating margins increase to 6.8% (FY2021: 6.4%), as strong sales growth offsets overhead normalisation\n \n \n \n \n \n \n ·\n Strong financial position allows further investment in inventory to support sales growth and protect supply, even as lead times remain at historic highs\n \n \n \n \n \n \n ·\n Falcon acquired - a first step on our ambitious North American acquisition journey\n \n \n \n \n \n \n ·\n Project Atlas, phased roll-out to our largest subsidiary underway, completion expected by end of 2022\n \n \n \n \n \n \n \n \n \n \n \n \n \n FY2022 Financial highlights\n \n \n \n \n \n...