Annual Report for the year ended 31 March 2019

Annual Report for the year ended 31 March 2019

Holding the world together

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About us

Trifast plc (TR) is an international specialist in the design, engineering, manufacture and distribution of high quality industrial and Category ‘C’ fastenings principally to major global assembly industries

TR employs c.1,300 dedicated and skilled management and staff across 32 business locations within the UK, Europe, Asia and the USA including eight high-volume, high-quality and cost-effective manufacturing sites across the world. TR supplies components to over 5,000 customers across c.75 countries in a wide range of industries

As a full-service provider to multinational OEMs and automotive Tier 1 companies spanning several sectors, TR delivers comprehensive support to its customers across every requirement, from concept design through to technical engineering consultancy, manufacturing, supply management and global logistics

TR is commercially recognised as a market leader and global brand

We believe this report will give shareholders an insight into the culture and workings of the Trifast Group

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Sectors we supply

Our mission and vision

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To continue to grow profitability and improve stakeholder returns through organic and acquisitive growth, and by driving continual efficiencies throughout the organisation

To be acknowledged commercially as the market leader in industrial fastenings in terms of service, quality, engineering support and brand reputation

To promote an environment that is safe and fair, which motivates, develops and maximises the contribution and potential of all TR employees

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Invest in our key strengths

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  • Total revenue increase of 5.8% at Constant Exchange Rate (CER), 5.7% at Actual Exchange Rate (AER)
  • Global market share wins drive strong automotive sales growth of 6.4%
  • Gross margins remain on target at 30% and underlying operating margins up to an historic high of 11.6%
  • Underlying profit before tax increased 5.9% at CER, 5.8% at AER
  • Total dividend of 4.25p, an increase of 10.4% on the prior year
  • PTS, acquired in April 2018, integrating well with double-digit year-on-year growth
  • Expanded distribution facilities in USA, support regional revenue growth of 38.3% at CER, 39.9% at AER
  • Project Atlas, our Group-wide investment programme to build the Trifast of tomorrow, continues to progress well
  • New £80m Group banking facilities provide c. £38m of headroom to support our organic and M&A investment driven growth strategy

Before separately disclosed items (see note 2 in the financial statements). The relevance of these measures and calculations are also discussed in note 2, note 25 and the glossary on page 192 of our Annual Report. For reconciliations to equivalent GAAP measures, please see note 34 in the financial statements and the five year history on page 194 of our Annual Report

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The world of Trifast

Around a third of our income derives from TR’s own manufacturing. The key end markets in which products can be found are automotive, electronics and domestic appliances. Our customers are a mix of multinational and national companies and distributors across the world.

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18

Countries

32

Global locations

8

Manufacturing sites

2

Technical and Innovation Centres

Trifast culture

The Trifast core values are at the forefront of our activities and our relationships with our colleagues. Employees across all of our locations are aware of TR values and these form part of our performance management system across the Group.

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Trust

Trust

Respectful of each others' abilities

Respectful of each others' abilities

Integrity / open & honest

Integrity / open & honest

Fairness

Fairness

Adding value and embedding quality in everything we do

Adding value and embedding quality in everything we do

Striving to achieve excellence/ continual improvement

Striving to achieve excellence / continual improvement

Team player acting for the good of the Group, recognising the bigger picture

Team player acting for the good of the Group, recognising the bigger picture

People focused / handling with empathy

People focused / handling with empathy

Leadership giving the empowerment to employees to take responsibility for their own actions

Leadership giving the empowerment to employees to take responsibility for their own actions

Commercially minded / entrepreneurial & innovative

Commercially minded / entrepreneurial & innovative

Trust

Trust

Respectful of each others' abilities

Respectful of each others' abilities

Integrity / open & honest

Integrity / open & honest

Fairness

Fairness

Adding value and embedding quality in everything we do

Adding value and embedding quality in everything we do

Striving to achieve excellence/ continual improvement

Striving to achieve excellence / continual improvement

Team player acting for the good of the Group, recognising the bigger picture

Team player acting for the good of the Group, recognising the bigger picture

People focused / handling with empathy

People focused / handling with empathy

Leadership giving the empowerment to employees to take responsibility for their own actions

Leadership giving the empowerment to employees to take responsibility for their own actions

Commercially minded / entrepreneurial & innovative

Commercially minded / entrepreneurial & innovative

Stakeholder engagement model

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Our Group business model

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Malcolm Diamond

Chairman's letter

Our core skills continue to allow us to increase market share across a wide customer base and put us in a good position to keep moving forward”

Malcolm Diamond MBE
Chairman

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Group strategy

Core strategy

TR is in a good position to continue to grow. We are a global business serving a broad and balanced range of sectors and geographies and generating c.70% of revenues and profits outside of the UK.

Investing in our people

To promote an environment that motivates, develops and maximises the contribution and potential of all TR employees and at the same time ensuring their health, welfare and wellbeing in the workplace.

Investment driven growth

At TR we are in a sustained period of growth with FY2019 representing another record breaking year for the Group. Growth needs investment, not just in terms of our people, but also via capital expenditure in our warehousing, manufacturing capacity and our digital capabilities.

Continue to add value and differentiate

Our engineering knowledge and experience, supported by our high quality manufacturing locations, means we are able to add real value to our customers throughout the purchasing cycle. From initial enquiry and product development, through to ongoing supply management, we have the skills across the world to problem solve, and to drive efficiencies throughout the life of the build.

Acquisitions

We have a detailed acquisition strategy and process in place to identify key criteria and geographies. Our in-house acquisition team drive our proactive and reactive search for the next successful acquisition.

Operational efficiencies

As a Group, TR is committed to continuous improvement. We are always looking for ways to make our processes more efficient, whether that is by improving our manufacturing capacity and utilisation, working with our vendor base to manage costs, increasing our available warehousing space or improving our management and business information systems.

Core strategy

TR is in a good position to continue to grow. We are a global business serving a broad and balanced range of sectors and geographies and generating c.70% of revenues and profits outside of the UK.

Investing in our people

To promote an environment that motivates, develops and maximises the contribution and potential of all TR employees and at the same time ensuring their health, welfare and wellbeing in the workplace.

Investment driven growth

At TR we are in a sustained period of growth with FY2019 representing another record breaking year for the Group. Growth needs investment, not just in terms of our people, but also via capital expenditure in our warehousing, manufacturing capacity and our digital capabilities.

Continue to add value and differentiate

Our engineering knowledge and experience, supported by our high quality manufacturing locations, means we are able to add real value to our customers throughout the purchasing cycle. From initial enquiry and product development, through to ongoing supply management, we have the skills across the world to problem solve, and to drive efficiencies throughout the life of the build.

Acquisitions

We have a detailed acquisition strategy and process in place to identify key criteria and geographies. Our in-house acquisition team drive our proactive and reactive search for the next successful acquisition.

Operational efficiencies

As a Group, TR is committed to continuous improvement. We are always looking for ways to make our processes more efficient, whether that is by improving our manufacturing capacity and utilisation, working with our vendor base to manage costs, increasing our available warehousing space or improving our management and business information systems.

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Business review

The Group has continued to perform well across all our regions, delivering another year of strong growth”

Mark Belton
Chief Executive Officer

Clare Foster
Chief Financial Officer

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Full annual report

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Strategic report

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Our governance

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Our financials

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