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.
Annual Report for the year ended 31 March 2019
Trifast Annual Report 2019
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
Sectors we supply
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Automotive
Interior trim, seating, braking & steering systems, lighting clusters, chassis & body in white (BIW), safety systems, powertrain (<10%)
Electric vehicle
Battery pack modules (EVB), electric vehicle charging units
Electronics & telecoms
Telecoms, information technology, lighting, ATM & retail hardware, consumer electronics, medical, power & energy products
Domestic appliances
Hot, wet, cold, small appliances, catering, special components
General industrial
Robotics, elevator/escalator products, conveyor systems, security & fire products, sensors & switches, heat pumps, water heaters, energy meters
Aerospace & defence
NAS/MS/BSA/SP/AGS parts, screws, nuts, washers, turned parts
Sheet metal
Self clinch, rivet bushes, cage nuts, k series nuts, weld products, blind rivets & rivet nuts
Other
Medical, leisure, distributor, offshore, marine, rail
Our mission and vision
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
Invest in our key strengths
Highlights
- 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
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.
Trust
Respectful of each others' abilities
Integrity / open & honest
Fairness
Adding value and embedding quality in everything we do
Striving to achieve excellence / continual improvement
Team player acting for the good of the Group, recognising the bigger picture
People focused / handling with empathy
Leadership giving the empowerment to employees to take responsibility for their own actions
Commercially minded / entrepreneurial & innovative
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
Group strategy
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.
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