Business
Trading Update & Appointment of Independent NED
Trading Update & Appointment of Independent NED.
About this update from Trifast Plc
[{"type":"text","content":"\n \nRNS Number : 1782D Trifast PLC 25 April 2013 \n\n \n\n\n\n\nDate: Thursday, 25 April 2013 \n\n\nImmediate Release\n\n\n\n\nTrifast plc\n(\"Trifast\" \"TR\" or \"Group\")\n \nTrading Update\n&\nAppointment of Independent Non-Executive Director\n \n\n\n\n\n \nv TRADING UPDATE\nThe Group has achieved another year of consistent growth and so remains on track to meet market expectations.\n \nOverall, very encouraging operational performance has been achieved within what is best described as a 'mixed' market sector backdrop; however, Trifast's relentless on-going focus on profit growth has been reflected in the business' much improved cash generation, thereby underpinning the Board's confidence of achieving the KPI objectives detailed in the Group's last published Annual Report.\n \nThe Group trades well within its banking covenants as net debt continues to fall since the HY-Report in November 2012. Since the year-end, Trifast has successfully negotiated an additional £5 million, three-year revolving credit facility and increased its Asset-based lending facilities to £18.3 million within the UK.\n \nv MAIN BOARD APPOINTMENT - ADDING NEW SKILLS TO THE LEAD TEAM\nThe Group is pleased to welcome Scott Mac Meekin to the business - he joins with effect from today (25 April 2013) as an Independent Non-Executive Director. Scott, aged 55 brings a wealth of experience gained over a 20-year career in both commercial and corporate structures across all major continents and cultures. These skills will complement both the current Executive and Non-Executive Directors' skills base and provide extra impetus to our expansion aspirations.\n \nAfter driving the expansion of US distributor, Porteous Fastener Co. between 1988-1995, Scott began his successful career with Bossard AG Switzerland; here, he created a new logistics strategy which was implemented across the global organisation; From 1996-2009, he was CEO at Bossard Asia Pacific achieving in that time from a greenfield start-up, a market leading position in the Asia; concurrent to this, he had a similar role with Bossard North America. From 1998 he was also a member of Bossard AG's Executive Committee playing an important role in Bossard's transformational initiatives which created a global industrial business. ...