Trifast (TRI) Trading Update summary

Trading performance

• Revenue declined by approximately 3.1% year-on-year for the six months ended 30 September 2024, due to softer demand in several end markets.

• Gross margin improved by around 150 basis points, reflecting effective margin management.

• Underlying operating costs were well managed, aided by self-help initiatives and strategic cost-saving measures.

• Achieved a 10% reduction in non-operating headcount and completed consolidation of UK facilities into the National Distribution Centre.

• Pre IFRS 16 net debt reduced to £15.8m from £27.8m year-on-year, with strong liquidity and improved covenant leverage to 0.95x.

Strategic initiatives and outlook

• Operational improvement programme on track to deliver phased cost savings of approximately £3m.

• Strategy focused on Recover, Rebuild, and Resilience continues to progress.

• Board expectations for the year ending 31 March 2025 remain unchanged despite ongoing macroeconomic and geopolitical uncertainties.

• Margin management and working capital efficiency programmes are delivering results.

Company background and upcoming events

• Trifast is an international specialist in industrial fastenings, serving customers in about 70 countries across multiple sectors.

• The half-year report for the period ended 30 September 2024 will be published on 19 November 2024.

• A live presentation of the half-year results will be held, with opportunities for Q&A.

• The company’s vision is to drive customer success by simplifying fastener supply chains and supporting technical requirements.